N-CSR

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: 9/30/22

Item 1 - Reports to Shareholders

	ANNUAL REPORT September 30, 2022
Janus Henderson Asia Equity Fund
Janus Investment Fund
		HIGHLIGHTS ·Portfolio management perspective ·Investment strategy behind your fund ·Fund performance, characteristics and holdings

Table of Contents

Janus Henderson Asia Equity Fund

Management Commentary 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	25
Report of Independent Registered Public Accounting Firm	38
Additional Information	39
Useful Information About Your Fund Report	50
Designation Requirements	53
Trustees and Officers	54

Janus Henderson Asia Equity Fund (unaudited)

FUND SNAPSHOT Janus Henderson Asia Equity Fund seeks long-term growth of capital. Matthew Culley co-portfolio manager Daniel Graña co-portfolio manager

PERFORMANCE

The Janus Henderson Asia Equity Fund Class I Shares returned -31.29% for the 12-month period ended September 30, 2022. The Fund’s benchmark, the MSCI All Country Asia ex Japan Index^SM, returned -28.75%.

INVESTMENT ENVIRONMENT

Global stocks declined as supply chain bottlenecks, rising inflation, and more restrictive central bank policies added to economic uncertainty. Rising interest rates also fueled fears of a potential recession in the U.S. and other markets, with implications for global growth. Against this backdrop, we saw a sharp sell-off in risk-related assets, particularly in countries, industries, and companies that would be sensitive to a slowing global demand. The outlook for slower global growth pressured equity performance in South Korea and China in particular. Chinese stocks also faced headwinds due to regulatory uncertainty, the country’s renewed COVID lockdowns, and concerns over the health of China’s property sector. Conversely, higher raw materials prices and a shift away from Russian producers provided a tailwind for economic fundamentals and investment performance in commodities-exporting countries, such as Indonesia.

PERFORMANCE DISCUSSION

During the period, Fund management transitioned to Daniel Graña and Matthew Culley.

The past year has been especially challenging for Chinese equities, against a backdrop of regulatory uncertainty, renewed COVID lockdowns, and concerns over the health of China’s property sector. While the Fund doesn't own any property developers in China, several of our holdings were negatively impacted because of their indirect exposure to the property market. These included Linklogis, a Chinese blockchain technology company that counts leading property developers as clients. While Linklogis may see reduced business volumes in the near term, we have continued to see significant long-term potential for the business given its leading blockchain technology, strong customer relationships, and expanding addressable market. As a result, we held onto the position. Economic uncertainty and worries over COVID factory lockdowns also pressured Wingtech Technology, a leading domestic semiconductor distributor for the Chinese market. Despite near-term cyclical headwinds, we believe Wingtech is well positioned over the medium term to benefit from growth in the overall semiconductor market. Additionally, we believe it has the potential to pursue a larger share of this market as Chinese companies seek to localize their sourcing of semiconductors.

Relative performance was lifted by several investments in India, as declining COVID rates led to improved economic fundamentals for the country. Top contributors included Varun Beverages, a prominent bottler of Pepsi products in India. Per capita consumption of soft drinks in India is a fraction of what it is in other countries, so we have seen ample opportunity for growth as Varun has sought to tap more of this potential market. The company experienced a rebound in on-the-go beverage consumption in India as COVID fears eased. It was also able to maintain profit margins and deliver strong financial performance despite higher commodities prices. Relative performance also benefited from our investment in Indonesia’s PT Bank Central Asia. This well-capitalized bank reported strong earnings performance, supported by an improved macroeconomic backdrop in Indonesia. This bank has seen increased loan growth and widening profit margins, aided by reduced funding costs and a favorable shift in the composition of its business.

OUTLOOK

We expect global equity markets to remain volatile in the near term given the risks around inflation, higher interest rates, slowing consumer demand, and heightened geopolitical instability. In our view, these dynamics have increased the probability of recession in many developed markets, which may ultimately dampen economic

Janus Investment Fund 1

Janus Henderson Asia Equity Fund (unaudited)

prospects for the emerging markets. We believe our disciplined investment approach may help us navigate this challenging period, guided by our multi-lens approach that considers company fundamentals and governance as well as the macro and policy landscape. In keeping with this approach, we remain on the lookout for signs of a more accommodative stance in China, one of the few emerging market countries with the ability to conduct independent macroeconomic policy. While other central banks are tightening monetary and fiscal conditions, China appears to be going in the opposite direction with measures to stimulate growth. The country also appears to be moving beyond the worst effects of COVID, which could lead to improved logistics, supply chain conditions, and consumer mobility. Outside of China, we continue to find opportunities in Vietnam and Indonesia. Both countries have been benefiting from the diversification of supply chains and the trend toward near-shoring, as corporations seek to secure supply chains closer to home. Above all, we remain committed to seeking good companies with good governance that operate in favorable countries. We believe this strategy may lead to favorable investment outcomes over the longer term.

Thank you for investing in the Janus Henderson Asia Equity Fund.

2 SEPTEMBER 30, 2022

Janus Henderson Asia Equity Fund (unaudited)

Fund At A Glance

September 30, 2022

5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
Varun Beverages Ltd	1.03%	0.76%	Sea Ltd (ADR)	1.62%	-0.96%
ICICI Bank Ltd	2.08%	0.68%	Wingtech Technology Co Ltd - Class A	0.74%	-0.70%
Bank Negara Indonesia Persero Tbk PT	1.23%	0.55%	Linklogis Inc - Class B	1.00%	-0.67%
MediaTek Inc	1.05%	0.52%	Wuxi Biologics Cayman Inc	0.74%	-0.53%
Bharti Airtel Ltd	0.64%	0.47%	Samsung Electronics Co Ltd	7.88%	-0.45%

	5 Top Contributors - Sectors*
		Relative	Fund	MSCI All Country Asia ex-Japan Index
		Contribution	Average Weight	Average Weight
	Other**	1.30%	3.33%	0.00%
	Information Technology	0.43%	30.88%	23.64%
	Consumer Discretionary	0.17%	9.70%	14.71%
	Materials	0.10%	2.12%	5.38%
	Financials	0.06%	24.89%	19.94%
	5 Top Detractors - Sectors*
		Relative	Fund	MSCI All Country Asia ex-Japan Index
		Contribution	Average Weight	Average Weight
	Industrials	-0.88%	7.58%	6.51%
	Utilities	-0.77%	1.93%	2.97%
	Energy	-0.59%	1.14%	3.39%
	Real Estate	-0.33%	1.93%	3.95%
	Communication Services	-0.29%	9.43%	10.29%
	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 3

Janus Henderson Asia Equity Fund (unaudited)

Fund At A Glance

September 30, 2022

5 Largest Equity Holdings -(% of Net Assets)
Taiwan Semiconductor Manufacturing Co Ltd
Semiconductor & Semiconductor Equipment	7.9%
Tencent Holdings Ltd
Interactive Media & Services	4.7%
AIA Group Ltd
Insurance	4.6%
ICICI Bank Ltd
Banks	4.5%
Housing Development Finance Corp Ltd
Thrifts & Mortgage Finance	4.1%
	25.8%

Asset Allocation - (% of Net Assets)
Common Stocks	92.7%
Investment Companies	5.9%
Investments Purchased with Cash Collateral from Securities Lending	2.5%
Other		(1.1)%
		100.0%

Emerging markets comprised 82.9% of total net assets.

Top Country Allocations - Long Positions -(% of Investment Securities)
As of September 30, 2022	As of September 30, 2021

4 SEPTEMBER 30, 2022

Janus Henderson Asia Equity Fund (unaudited)

Performance

See important disclosures on the next page.

Average Annual Total Return - for the periods ended September 30, 2022					Prospectus Expense Ratios
	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses‡	Net Annual Fund Operating Expenses‡
Class A Shares at NAV	-31.45%	-3.11%	2.32%	1.36%	2.10%	1.30%
Class A Shares at MOP	-35.39%	-4.25%	1.72%	0.83%
Class C Shares at NAV	-31.89%	-3.79%	1.60%	0.65%	3.16%	2.09%
Class C Shares at CDSC	-32.56%	-3.79%	1.60%	0.65%
Class D Shares	-31.25%	-2.92%	2.50%	1.54%	1.69%	1.14%
Class I Shares	-31.29%	-2.83%	2.62%	1.66%	1.69%	1.02%
Class N Shares	-31.17%	-2.77%	2.27%	1.28%	1.53%	0.99%
Class S Shares	-31.12%	-2.98%	2.39%	1.41%	2.49%	1.49%
Class T Shares	-31.35%	-2.99%	2.46%	1.49%	1.92%	1.24%
MSCI All Country Asia ex-Japan Index	-28.75%	-1.21%	3.03%	2.09%
Morningstar Quartile - Class I Shares	3rd	4th	3rd	3rd
Morningstar Ranking - based on total returns for Pacific/Asia ex-Japan Stock Funds	29/57	41/51	28/42	30/40

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.

For certain periods, the Fund’s performance may reflect the effect of expense waivers.

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

Janus Investment Fund 5

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), Environmental, Social and Governance (ESG) factors, 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.

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.

© 2022 Morningstar, Inc. All Rights Reserved.

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 March 1, 2022, Matthey Culley and Daniel J. Graña are Co-Portfolio Managers of the Fund.

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

‡ As stated in the prospectus. Net expense ratios reflect the expense waivers, if any, contractually agreed to for at least a one-year period commencing on January 28, 2022. See Financial Highlights for actual expense ratios during the reporting period.

6 SEPTEMBER 30, 2022

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 (4/1/22)	Ending Account Value (9/30/22)	Expenses Paid During Period (4/1/22 - 9/30/22)†	Beginning Account Value (4/1/22)	Ending Account Value (9/30/22)	Expenses Paid During Period (4/1/22 - 9/30/22)†	Net Annualized Expense Ratio (4/1/22 - 9/30/22)
Class A Shares		$1,000.00	$788.00	$5.47	$1,000.00	$1,018.95	$6.17	1.22%
Class C Shares		$1,000.00	$785.20	$8.82	$1,000.00	$1,015.19	$9.95	1.97%
Class D Shares		$1,000.00	$789.60	$4.58	$1,000.00	$1,019.95	$5.16	1.02%
Class I Shares		$1,000.00	$790.10	$4.08	$1,000.00	$1,020.51	$4.61	0.91%
Class N Shares		$1,000.00	$789.60	$3.81	$1,000.00	$1,020.81	$4.31	0.85%
Class S Shares		$1,000.00	$789.80	$3.86	$1,000.00	$1,020.76	$4.36	0.86%
Class T Shares		$1,000.00	$788.90	$4.89	$1,000.00	$1,019.60	$5.52	1.09%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/365 (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 7

Janus Henderson Asia Equity Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Common Stocks– 92.7%
Banks – 12.4%
	Bank Negara Indonesia Persero Tbk PT	1,468,300	$858,573
	China Merchants Bank Co Ltd - Class A	45,928	215,388
	HDFC Bank Ltd	45,452	787,638
	ICICI Bank Ltd	116,809	1,223,669
	Vietnam Technological & Commercial Joint Stock Bank*	228,700	308,795
			3,394,063
Beverages – 1.0%
	Varun Beverages Ltd	21,523	275,336
Biotechnology – 1.2%
	Zai Lab Ltd*,#	93,000	322,453
Building Products – 0.5%
	Xinyi Glass Holdings Ltd	94,000	136,155
Capital Markets – 4.0%
	CITIC Securities Co Ltd	395,500	670,381
	Hong Kong Exchanges & Clearing Ltd	12,600	427,823
			1,098,204
Communications Equipment – 1.3%
	Accton Technology Corp	42,000	356,162
Containers & Packaging – 1.1%
	Yunnan Energy New Material Co Ltd - Class A	12,549	305,891
Diversified Financial Services – 1.0%
	Linklogis Inc - Class B (144A)*,#	646,000	267,354
Diversified Telecommunication Services – 2.5%
	Telekomunikasi Indonesia Persero Tbk PT	2,390,700	696,517
Electronic Equipment, Instruments & Components – 6.1%
	E Ink Holdings Inc	57,000	376,624
	Hon Hai Precision Industry Co Ltd	209,000	667,268
	Sinbon Electronics Co Ltd	39,000	323,871
	Wingtech Technology Co Ltd - Class A	44,448	296,506
			1,664,269
Entertainment – 1.3%
	Sea Ltd (ADR)*	6,339	355,301
Food & Staples Retailing – 1.9%
	BGF retail Co Ltd	4,439	511,993
Food Products – 3.6%
	Masan Group Corp	120,840	497,136
	Tingyi Cayman Islands Holding Corp	282,000	482,696
			979,832
Health Care Providers & Services – 0.8%
	New Horizon Health Ltd (144A)*	119,500	220,370
Hotels, Restaurants & Leisure – 2.7%
	Yum China Holdings Inc	15,510	731,905
Independent Power and Renewable Electricity Producers – 1.3%
	China Longyuan Power Group Corp Ltd	282,000	352,655
Insurance – 4.6%
	AIA Group Ltd	152,000	1,262,029
Interactive Media & Services – 4.7%
	Tencent Holdings Ltd	38,100	1,286,754
Internet & Direct Marketing Retail – 6.9%
	Alibaba Group Holding Ltd*	94,300	945,943
	JD.Com Inc - Class A	37,600	949,479
			1,895,422
Life Sciences Tools & Services – 2.0%
	Syngene International Ltd (144A)	51,761	355,454
	Wuxi Biologics Cayman Inc (144A)*	32,000	191,732
			547,186
Machinery – 2.1%
	Sany Heavy Industry Co Ltd	143,889	279,503

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
8	SEPTEMBER 30, 2022

Janus Henderson Asia Equity Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Common Stocks– (continued)
Machinery– (continued)
	Shenzhen Inovance Technology Co Ltd - Class A	38,009	$304,975
			584,478
Metals & Mining – 3.2%
	Allkem Ltd*	41,883	372,272
	BHP Group Ltd	16,172	402,668
	Chalice Mining Ltd*	42,869	105,669
			880,609
Pharmaceuticals – 0.3%
	Zhaoke Ophthalmology Ltd (144A)*	269,000	89,123
Real Estate Management & Development – 1.4%
	Vinhomes JSC (144A)	182,500	385,517
Road & Rail – 2.0%
	Full Truck Alliance Co (ADR)*,#	83,078	544,161
Semiconductor & Semiconductor Equipment – 8.7%
	LEENO Industrial Inc	2,793	240,417
	Taiwan Semiconductor Manufacturing Co Ltd	164,000	2,155,799
			2,396,216
Technology Hardware, Storage & Peripherals – 3.8%
	Samsung Electronics Co Ltd	28,439	1,045,017
Thrifts & Mortgage Finance – 4.1%
	Housing Development Finance Corp Ltd	41,005	1,141,926
Transportation Infrastructure – 1.3%
	International Container Terminal Services Inc	135,790	363,083
Water Utilities – 1.5%
	China Water Affairs Group Ltd	526,000	414,620
Wireless Telecommunication Services – 3.4%
	Bharti Airtel Ltd	95,905	936,750
Total Common Stocks (cost $29,927,701)			25,441,351
Investment Companies– 5.9%
Money Markets – 5.9%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº,£((cost $1,614,983)	1,614,822	1,614,983
Investments Purchased with Cash Collateral from Securities Lending– 2.5%
Investment Companies – 2.0%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº,£	541,056	541,056
Time Deposits – 0.5%
	Royal Bank of Canada, 3.0600%, 10/3/22	$135,264	135,264
Total Investments Purchased with Cash Collateral from Securities Lending (cost $676,320)			676,320
Total Investments (total cost $32,219,004) – 101.1%			27,732,654
Liabilities, net of Cash, Receivables and Other Assets – (1.1)%			(304,329)
Net Assets – 100%			$27,428,325

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	9

Janus Henderson Asia Equity Fund

Schedule of Investments

September 30, 2022

Summary of Investments by Country - (Long Positions) (unaudited)
		% of
		Investment
Country	Value	Securities
China	$8,871,889	32.0	%
India	4,720,773	17.0
Taiwan	4,235,025	15.3
United States	2,291,303	8.2
Hong Kong	1,826,007	6.6
South Korea	1,797,427	6.5
Indonesia	1,555,090	5.6
Vietnam	1,191,448	4.3
Australia	880,609	3.2
Philippines	363,083	1.3

Total $27,732,654 100.0 %

Schedules of Affiliated Investments – (% of Net Assets)

		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 9/30/22
Investment Companies - 5.9%
Money Markets - 5.9%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº	$	5,273	$	(110)	$	-	$	1,614,983
Investments Purchased with Cash Collateral from Securities Lending - 2.0%
Investment Companies - 2.0%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº		7,411∆		-		-		541,056
Total Affiliated Investments - 7.9%		$	12,684	$	(110)	$	-	$	2,156,039

		Value at 9/30/21		Purchases		Sales Proceeds		Value at 9/30/22
Investment Companies - 5.9%
Money Markets - 5.9%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº		495,460		25,076,028		(23,956,395)		1,614,983
Investments Purchased with Cash Collateral from Securities Lending - 2.0%
Investment Companies - 2.0%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº		-		6,244,506		(5,703,450)		541,056

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
10	SEPTEMBER 30, 2022

Janus Henderson Asia Equity Fund

Schedule of Investments

September 30, 2022

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		$	637,992	$	—	$	(637,992)	$	—
(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.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	11

Janus Henderson Asia Equity Fund

Notes to Schedule of Investments and Other Information

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.

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 year ended September 30, 2022 is $1,509,550, which represents 5.5% of net assets.

* Non-income producing security.

ºº Rate shown is the 7-day yield as of September 30, 2022.

# Loaned security; a portion of the security is on loan at September 30, 2022.

£ 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 September 30, 2022. 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
Entertainment	$	355,301	$	-	$	-
Road & Rail		544,161		-		-
All Other		-		24,541,889		-
Investment Companies		-		1,614,983		-
Investments Purchased with Cash Collateral from Securities Lending		-		676,320		-
Total Assets	$	899,462	$	26,833,192	$	-

12 SEPTEMBER 30, 2022

Janus Henderson Asia Equity Fund

Statement of Assets and Liabilities

September 30, 2022

See footnotes at the end of the Statement.

Assets:
	Unaffiliated investments, at value (cost $30,062,965)(1)		$	25,576,615
	Affiliated investments, at value (cost $2,156,039)			2,156,039
	Cash denominated in foreign currency (cost $512,524)			491,086
	Trustees' deferred compensation			825
	Receivables:
		Investments sold		533,283
		Fund shares sold		164,590
		Dividends		55,867
		Foreign tax reclaims		2,359
		Dividends from affiliates		1,647
	Other assets			12,478
Total Assets				28,994,789
Liabilities:
	Due to custodian			13
	Collateral for securities loaned (Note 2)			676,320
	Payables:			—
		Investments purchased		514,097
		Fund shares repurchased		168,847
		Foreign tax liability		103,560
		Professional fees		50,986
		Advisory fees		9,494
		Custodian fees		7,814
		Transfer agent fees and expenses		3,097
		Trustees' deferred compensation fees		825
		12b-1 Distribution and shareholder servicing fees		259
		Trustees' fees and expenses		156
		Affiliated fund administration fees payable		64
		Accrued expenses and other payables		30,932
Total Liabilities				1,566,464
Net Assets			$	27,428,325

See Notes to Financial Statements.
Janus Investment Fund	13

Janus Henderson Asia Equity Fund

Statement of Assets and Liabilities

September 30, 2022

Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	36,039,363
	Total distributable earnings (loss) (includes $103,560 of foreign capital gains tax)		(8,611,038)
Total Net Assets		$	27,428,325
Net Assets - Class A Shares		$	135,912
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		15,964
Net Asset Value Per Share(2)		$	8.51
Maximum Offering Price Per Share(3)		$	9.03
Net Assets - Class C Shares		$	114,907
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		13,838
Net Asset Value Per Share(2)		$	8.30
Net Assets - Class D Shares		$	8,319,741
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		964,343
Net Asset Value Per Share		$	8.63
Net Assets - Class I Shares		$	297,063
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		34,466
Net Asset Value Per Share		$	8.62
Net Assets - Class N Shares		$	17,456,880
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,022,143
Net Asset Value Per Share		$	8.63
Net Assets - Class S Shares		$	400,261
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		46,926
Net Asset Value Per Share		$	8.53
Net Assets - Class T Shares		$	703,561
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		82,532
Net Asset Value Per Share		$	8.52

(1)Includes $637,992 of securities on loan. See Note 2 in Notes to Financial Statements.

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

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

See Notes to Financial Statements.
14	SEPTEMBER 30, 2022

Janus Henderson Asia Equity Fund

Statement of Operations

For the year ended September 30, 2022

Investment Income:
	Dividends		$	603,465
	Non-cash dividends			129,128
	Affiliated securities lending income, net			7,411
	Dividends from affiliates			5,273
	Unaffiliated securities lending income, net			4,818
	Other income			431
	Foreign tax withheld			(85,660)
Total Investment Income				664,866
Expenses:
	Advisory fees			280,033
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		1,048
		Class C Shares		3,616
		Class S Shares		—
	Transfer agent administrative fees and expenses:
		Class D Shares		12,697
		Class S Shares		1,292
		Class T Shares		3,127
	Transfer agent networking and omnibus fees:
		Class A Shares		467
		Class C Shares		360
		Class I Shares		646
	Other transfer agent fees and expenses:
		Class A Shares		52
		Class C Shares		39
		Class D Shares		5,370
		Class I Shares		110
		Class N Shares		1,116
		Class S Shares		19
		Class T Shares		55
	Registration fees			114,691
	Non-affiliated fund administration fees			63,772
	Professional fees			60,331
	Custodian fees			23,612
	Shareholder reports expense			8,992
	Affiliated fund administration fees			884
	Trustees’ fees and expenses			730
	Other expenses			5,611
Total Expenses				588,670
Less: Excess Expense Reimbursement and Waivers				(240,409)
Net Expenses				348,261
Net Investment Income/(Loss)				316,605

See Notes to Financial Statements.
Janus Investment Fund	15

Janus Henderson Asia Equity Fund

Statement of Operations

For the year ended September 30, 2022

Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions (net of foreign taxes of $135,161)	$	(1,528,208)
	Investments in affiliates		(110)
Total Net Realized Gain/(Loss) on Investments			(1,528,318)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and Trustees’ deferred compensation (net of decrease in deferred foreign taxes of $113,956)		(11,450,185)
Total Change in Unrealized Net Appreciation/Depreciation			(11,450,185)
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	(12,661,898)

See Notes to Financial Statements.
16	SEPTEMBER 30, 2022

Janus Henderson Asia Equity Fund

Statements of Changes in Net Assets

			Year ended September 30, 2022		Year ended September 30, 2021
Operations:
	Net investment income/(loss)		$	316,605	$	152,753
	Net realized gain/(loss) on investments			(1,528,318)		4,485
	Change in unrealized net appreciation/depreciation			(11,450,185)		(116,185)
Net Increase/(Decrease) in Net Assets Resulting from Operations				(12,661,898)		41,053
Dividends and Distributions to Shareholders:
		Class A Shares		(8,994)		—
		Class C Shares		(4,775)		—
		Class D Shares		(268,168)		(7,118)
		Class I Shares		(14,751)		(1,614)
		Class N Shares		(502,789)		(22,900)
		Class S Shares		(12,605)		—
		Class T Shares		(31,358)		—
Net Decrease from Dividends and Distributions to Shareholders				(843,440)		(31,632)
Capital Share Transactions:
		Class A Shares		(282,715)		(457,369)
		Class C Shares		(254,541)		(44,545)
		Class D Shares		(1,668,050)		3,477,658
		Class I Shares		(273,700)		104,905
		Class N Shares		7,874,375		4,918,183
		Class S Shares		12,608		(16,791)
		Class T Shares		(416,332)		(6,609)
Net Increase/(Decrease) from Capital Share Transactions				4,991,645		7,975,432
Net Increase/(Decrease) in Net Assets				(8,513,693)		7,984,853
Net Assets:
	Beginning of period			35,942,018		27,957,165
	End of period		$	27,428,325	$	35,942,018

See Notes to Financial Statements.
Janus Investment Fund	17

Janus Henderson Asia Equity Fund

Financial Highlights

Class A Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$12.64	$12.00	$10.39	$11.42	$11.45
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.05	0.01	0.01	0.10	0.07
		Net realized and unrealized gain/(loss)	(3.96)	0.63(2)	1.67	(0.27)	0.22
	Total from Investment Operations		(3.91)	0.64	1.68	(0.17)	0.29
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.22)	—	(0.07)	(0.02)	(0.05)
		Distributions (from capital gains)	—	—	—	(0.84)	(0.27)
	Total Dividends and Distributions		(0.22)	—	(0.07)	(0.86)	(0.32)
	Net Asset Value, End of Period		$8.51	$12.64	$12.00	$10.39	$11.42
	Total Return*		(31.45)%	5.33%	16.20%	(0.69)%	2.48%
	Net Assets, End of Period (in thousands)		$136	$557	$951	$822	$816
	Average Net Assets for the Period (in thousands)		$425	$1,130	$901	$822	$954
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.60%	2.10%	2.44%	2.72%	2.08%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.29%	1.43%	1.43%	1.49%	1.53%
		Ratio of Net Investment Income/(Loss)	0.48%	0.04%	0.14%	0.95%	0.60%
	Portfolio Turnover Rate		117%	60%	53%	34%	41%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

(2)The amount shown does not correlate with the change in the aggregate gains and losses in the Fund's securities for the year or period due to the timing of sales and repurchases of the Fund's shares in relation to fluctuating market values for the Fund's securities.

See Notes to Financial Statements.
18	SEPTEMBER 30, 2022

Janus Henderson Asia Equity Fund

Financial Highlights

Class C Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$12.32	$11.79	$10.23	$11.30	$11.36
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.02)	(0.09)	(0.07)	(0.03)	(0.01)
		Net realized and unrealized gain/(loss)	(3.87)	0.62(2)	1.63	(0.20)	0.22
	Total from Investment Operations		(3.89)	0.53	1.56	(0.23)	0.21
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.13)	—	—	—	—
		Distributions (from capital gains)	—	—	—	(0.84)	(0.27)
	Total Dividends and Distributions		(0.13)	—	—	(0.84)	(0.27)
	Net Asset Value, End of Period		$8.30	$12.32	$11.79	$10.23	$11.30
	Total Return*		(31.89)%	4.50%	15.25%	(1.28)%	1.80%
	Net Assets, End of Period (in thousands)		$115	$489	$506	$535	$1,244
	Average Net Assets for the Period (in thousands)		$373	$552	$482	$746	$1,233
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	3.42%	3.13%	3.50%	3.35%	2.78%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.99%	2.17%	2.20%	2.07%	2.25%
		Ratio of Net Investment Income/(Loss)	(0.19)%	(0.68)%	(0.66)%	(0.28)%	(0.04)%
	Portfolio Turnover Rate		117%	60%	53%	34%	41%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

(2)The amount shown does not correlate with the change in the aggregate gains and losses in the Fund's securities for the year or period due to the timing of sales and repurchases of the Fund's shares in relation to fluctuating market values for the Fund's securities.

See Notes to Financial Statements.
Janus Investment Fund	19

Janus Henderson Asia Equity Fund

Financial Highlights

Class D Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$12.83	$12.17	$10.53	$11.54	$11.56
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.08	0.04	0.03	0.09	0.07
		Net realized and unrealized gain/(loss)	(4.01)	0.63(2)	1.70	(0.23)	0.23
	Total from Investment Operations		(3.93)	0.67	1.73	(0.14)	0.30
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.27)	(0.01)	(0.09)	(0.03)	(0.05)
		Distributions (from capital gains)	—	—	—	(0.84)	(0.27)
	Total Dividends and Distributions		(0.27)	(0.01)	(0.09)	(0.87)	(0.32)
	Net Asset Value, End of Period		$8.63	$12.83	$12.17	$10.53	$11.54
	Total Return*		(31.25)%	5.48%	16.45%	(0.44)%	2.57%
	Net Assets, End of Period (in thousands)		$8,320	$14,083	$10,793	$11,198	$13,089
	Average Net Assets for the Period (in thousands)		$11,105	$17,722	$10,678	$11,599	$21,221
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.74%	1.69%	2.03%	2.29%	1.72%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.08%	1.25%	1.26%	1.33%	1.33%
		Ratio of Net Investment Income/(Loss)	0.74%	0.31%	0.27%	0.88%	0.55%
	Portfolio Turnover Rate		117%	60%	53%	34%	41%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

(2)The amount shown does not correlate with the change in the aggregate gains and losses in the Fund’s securities for the year or period due to the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values for the Fund’s securities.

See Notes to Financial Statements.
20	SEPTEMBER 30, 2022

Janus Henderson Asia Equity Fund

Financial Highlights

Class I Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$12.86	$12.19	$10.54	$11.45	$11.56
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.03	0.06	—(2)	0.13	(0.03)
		Net realized and unrealized gain/(loss)	(3.97)	0.63(3)	1.74	(0.17)	0.26
	Total from Investment Operations		(3.94)	0.69	1.74	(0.04)	0.23
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.30)	(0.02)	(0.09)	(0.03)	(0.07)
		Distributions (from capital gains)	—	—	—	(0.84)	(0.27)
	Total Dividends and Distributions		(0.30)	(0.02)	(0.09)	(0.87)	(0.34)
	Net Asset Value, End of Period		$8.62	$12.86	$12.19	$10.54	$11.45
	Total Return*		(31.29)%	5.62%	16.62%	0.45%	1.90%
	Net Assets, End of Period (in thousands)		$297	$696	$692	$1,406	$1,029
	Average Net Assets for the Period (in thousands)		$758	$1,834	$1,061	$1,208	$5,848
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.02%	1.69%	2.07%	2.32%	1.44%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.05%	1.14%	1.15%	1.21%	1.26%
		Ratio of Net Investment Income/(Loss)	0.24%	0.45%	0.02%	1.28%	(0.25)%
	Portfolio Turnover Rate		117%	60%	53%	34%	41%

*Total return includes adjustments in accordance 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)The amount shown does not correlate with the change in the aggregate gains and losses in the Fund’s securities for the year or period due to the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values for the Fund’s securities.

See Notes to Financial Statements.
Janus Investment Fund	21

Janus Henderson Asia Equity Fund

Financial Highlights

Class N Shares
For a share outstanding during the year or period ended September 30			2022	2021	2020	2019	2018(1)
	Net Asset Value, Beginning of Period		$12.83	$12.17	$10.52	$11.56	$12.73
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(2)	0.12	0.07	0.06	0.11	0.16
		Net realized and unrealized gain/(loss)	(4.04)	0.61(3)	1.69	(0.26)	(1.33)
	Total from Investment Operations		(3.92)	0.68	1.75	(0.15)	(1.17)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.28)	(0.02)	(0.10)	(0.05)	—
		Distributions (from capital gains)	—	—	—	(0.84)	—
	Total Dividends and Distributions		(0.28)	(0.02)	(0.10)	(0.89)	—
	Net Asset Value, End of Period		$8.63	$12.83	$12.17	$10.52	$11.56
	Total Return*		(31.17)%	5.59%	16.69%	(0.51)%	(9.19)%
	Net Assets, End of Period (in thousands)		$17,457	$17,938	$12,809	$8,886	$8,501
	Average Net Assets for the Period (in thousands)		$20,799	$17,351	$11,337	$7,989	$7,978
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.54%	1.53%	1.80%	2.05%	1.75%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.91%	1.11%	1.10%	1.17%	1.13%
		Ratio of Net Investment Income/(Loss)	1.06%	0.49%	0.51%	1.08%	1.96%
	Portfolio Turnover Rate		117%	60%	53%	34%	41%

*Total return includes adjustments in accordance 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)The amount shown does not correlate with the change in the aggregate gains and losses in the Fund’s securities for the year or period due to the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values for the Fund’s securities.

See Notes to Financial Statements.
22	SEPTEMBER 30, 2022

Janus Henderson Asia Equity Fund

Financial Highlights

Class S Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$12.67	$12.00	$10.41	$11.45	$11.48
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.11	0.04	0.01	0.09	0.06
		Net realized and unrealized gain/(loss)	(3.98)	0.63(2)	1.66	(0.25)	0.22
	Total from Investment Operations		(3.87)	0.67	1.67	(0.16)	0.28
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.27)	—	(0.08)	(0.04)	(0.04)
		Distributions (from capital gains)	—	—	—	(0.84)	(0.27)
	Total Dividends and Distributions		(0.27)	—	(0.08)	(0.88)	(0.31)
	Net Asset Value, End of Period		$8.53	$12.67	$12.00	$10.41	$11.45
	Total Return*		(31.12)%	5.58%	16.13%	(0.55)%	2.37%
	Net Assets, End of Period (in thousands)		$400	$581	$566	$481	$484
	Average Net Assets for the Period (in thousands)		$515	$653	$502	$467	$501
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.22%	2.18%	2.85%	2.98%	2.36%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.85%	1.20%	1.47%	1.34%	1.58%
		Ratio of Net Investment Income/(Loss)	1.01%	0.32%	0.11%	0.91%	0.52%
	Portfolio Turnover Rate		117%	60%	53%	34%	41%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

(2)The amount shown does not correlate with the change in the aggregate gains and losses in the Fund’s securities for the year or period due to the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values for the Fund’s securities.

See Notes to Financial Statements.
Janus Investment Fund	23

Janus Henderson Asia Equity Fund

Financial Highlights

Class T Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$12.67	$12.03	$10.41	$11.37	$11.42
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.06	0.04	0.03	0.10	0.06
		Net realized and unrealized gain/(loss)	(3.96)	0.60(2)	1.67	(0.21)	0.20
	Total from Investment Operations		(3.90)	0.64	1.70	(0.11)	0.26
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.25)	—	(0.08)	(0.01)	(0.04)
		Distributions (from capital gains)	—	—	—	(0.84)	(0.27)
	Total Dividends and Distributions		(0.25)	—	(0.08)	(0.85)	(0.31)
	Net Asset Value, End of Period		$8.52	$12.67	$12.03	$10.41	$11.37
	Total Return*		(31.35)%	5.32%	16.37%	(0.14)%	2.27%
	Net Assets, End of Period (in thousands)		$704	$1,598	$1,641	$1,310	$1,032
	Average Net Assets for the Period (in thousands)		$1,247	$2,205	$1,340	$1,210	$2,799
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.01%	1.92%	2.27%	2.53%	1.81%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.16%	1.36%	1.35%	1.40%	1.41%
		Ratio of Net Investment Income/(Loss)	0.50%	0.29%	0.26%	0.98%	0.54%
	Portfolio Turnover Rate		117%	60%	53%	34%	41%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

(2)The amount shown does not correlate with the change in the aggregate gains and losses in the Fund’s securities for the year or period due to the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values for the Fund’s securities.

See Notes to Financial Statements.
24	SEPTEMBER 30, 2022

Janus Henderson Asia Equity Fund

Notes to Financial Statements

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 39 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC (formerly Janus Capital Management LLC) is the investment adviser (the “Adviser”) to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors, 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, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (formerly Janus Distributors LLC) (the “Distributor”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory

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Notes to Financial Statements

programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The 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

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The 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 Adviser-approved pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a 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 valuation policies provide for the use of systematic fair valuation models provided by independent pricing services to value foreign 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.

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

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Notes to Financial Statements

thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund’s Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps, investments in unregistered investment companies, options, and forward contracts.

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

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

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of September 30, 2022 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.

Investment Transactions and Investment Income

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

Expenses

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Indemnifications

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

Foreign Currency Translations

The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

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Notes to Financial Statements

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

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 in response to the COVID-19 pandemic. This and other government intervention into the economy and financial markets to address the COVID-19 pandemic may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Government actions to mitigate the economic impact of the pandemic have resulted in a large expansion of government deficits and debt, the long term consequences of which are not known. The COVID-19 pandemic could adversely affect the value and liquidity of a Fund’s investments, impair a Fund’s ability to satisfy redemption requests, and negatively impact a Fund’s performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

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 the Adviser 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

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Notes to Financial Statements

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. Among other things, these developments have adversely affected the value and exchange rate of the euro and pound sterling, and may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse effect on the Fund’s investments in such countries, other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.

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. Emerging market countries in which the Fund may invest include frontier market countries, the economies of which are less developed than other emerging market countries. To the extent that the Fund invests a significant amount of its assets in one or more of these countries, its returns and net asset value may be affected to a large degree by events and economic conditions in such countries. The risks of foreign investing are heightened when investing in emerging markets, which may result in the price of investments in emerging markets experiencing sudden and sharp price swings. In many developing markets, there is less government supervision and regulation of stock exchanges, brokers, and listed companies, making these investments potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. Similarly, issuers in such markets may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which U.S. companies are subject. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the Fund’s investments may be denominated in foreign currencies and therefore, changes in the value of a country’s currency compared to the U.S. dollar may affect the value of the Fund’s investments. To the extent that the Fund invests a significant portion of its assets in the securities of issuers in or companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund’s performance. Developing countries may also experience a higher level of exposure and vulnerability to the adverse effects of climate change. This can be attributed to both the geographic location of emerging market countries and/or a country’s lack of access to technology or resources to adjust and adapt to its effects. An increased occurrence and severity of natural disasters and extreme weather events such as droughts and decreased crop yields, heat waves, flooding and rising sea levels, and increased spread of disease, could cause harmful effects to the performance of affected economies. Additionally, foreign and emerging market risks, including, but not limited to, price controls, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, nationalization, and restrictions on repatriation of assets may be heightened to the extent the Fund invests in Chinese local market securities.

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.

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Notes to Financial Statements

Counterparties

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.

Securities Lending

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the SEC. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.

Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

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

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Notes to Financial Statements

105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of September 30, 2022, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $637,992. Gross amounts of recognized liabilities for securities lending (collateral received) as of September 30, 2022 is $676,320, resulting in the net amount due to the counterparty of $38,328.

Offsetting Assets and Liabilities

The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

The Offsetting Assets and Liabilities table located in the Schedule of Investments presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the Fund's Schedule of Investments.

3. Investment Advisory Agreements and Other Transactions with Affiliates

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

The investment advisory fee rate paid to the Adviser by the Fund consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the Fund’s average daily net assets during the previous month (the “Base Fee Rate”), plus or minus (2) a performance-fee adjustment (the “Performance Adjustment”) calculated by applying a variable rate of up to 0.15% (positive or negative) to the Fund’s average daily net assets based on the Fund’s relative performance compared to the cumulative investment record of its benchmark index over a 36-month performance measurement period or shorter time period, as applicable. The investment advisory fee rate is calculated daily and paid monthly.

The investment performance of the Fund’s Class A Shares (waiving the upfront sales load) for the performance measurement period is used to calculate the Performance Adjustment. The Fund’s Base Fee Rate prior to any performance adjustment (expressed as an annual rate) is 0.92%, 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 the Adviser’s fee even if the Fund’s Shares lose value during the performance measurement period and could decrease the Adviser’s fee even if the Fund’s Shares increase in value during the performance measurement period. For purposes of computing the Base Fee Rate and the Performance Adjustment, net assets are averaged over different periods (average daily net assets during the previous month for the Base Fee Rate, versus average daily net assets during the performance measurement period for the Performance Adjustment). Performance of the Fund is calculated net of expenses whereas the Fund’s benchmark index does not have any fees or expenses. Reinvestment of dividends and distributions is included in calculating both the performance of a Fund and the Fund’s benchmark index.

The Fund’s prospectuses and statement(s) of additional information contain additional information about performance-based fees. The amount shown as advisory fees on the Statement of Operations reflects the Base Fee Rate plus/minus any Performance Adjustment. For the year ended September 30, 2022, the performance adjusted investment advisory fee rate before any waivers and/or reimbursements of expenses is 0.79%.

The Adviser has entered into a personnel-sharing arrangement with its foreign (non-U.S.) affiliates, Henderson Global Investors Limited, Henderson Global Investors (Japan) Ltd., and Henderson Global Investors (Singapore) Ltd. (collectively, “HGIL”), pursuant to which HGIL and certain employees of HGIL serve as “associated persons” of the

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Notes to Financial Statements

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

The Adviser has contractually agreed to waive the investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, excluding any performance adjustments to management 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 payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.99% of the Fund’s average daily net assets. The Adviser has agreed to continue the waiver for at least a one-year period commencing on January 28, 2022. The previous expense limit (for the one-year period commencing January 28, 2021) was 1.11%. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (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 the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $502,935 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 2022. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

Janus Henderson Services US LLC (formerly Janus Services LLC) (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

Average Daily Net Assets of Class D Shares of the Janus Henderson funds	Administrative Services Fee
Under $40 billion	0.12%
$40 billion – $49.9 billion	0.10%
Over $49.9 billion	0.08%

During the reporting period, the administrative services fee rate was 0.11%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities

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Janus Henderson Asia Equity Fund

Notes to Financial Statements

Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the year ended September 30, 2022, the Distributor retained upfront sales charges of $94.

A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the year ended September 30, 2022.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class C Shares during the year ended September 30, 2022.

The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of September 30, 2022 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended September 30, 2022 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $436,813 were paid by the Trust to the Trustees under the Deferred Plan during the year ended September 30, 2022.

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Janus Henderson Asia Equity Fund

Notes to Financial Statements

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests 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.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended September 30, 2022 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

As of September 30, 2022, shares of the Fund were owned by affiliates of the Adviser, and/or other funds advised by the Adviser, as indicated in the table below:

Class	% of Class Owned		% of Fund Owned
Class A Shares	-	%	-	%
Class C Shares	-		-
Class D Shares	-		-
Class I Shares	-		-
Class N Shares	65		41
Class S Shares	97		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

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes (reduced by foreign tax liability).

Other book to tax differences primarily consist of deferred compensation. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ -	$ -	$ (3,513,128)	$ (175,365)	$ -	$ (12,725)	$ (4,909,820)

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Janus Henderson Asia Equity Fund

Notes to Financial Statements

Accumulated capital losses noted below represent net capital loss carryovers, as of September 30, 2022, 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, 2022
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$(3,513,128)	$ -	$ (3,513,128)

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 2022 are noted below. The primary difference between book and tax appreciation or depreciation of investments are wash sale loss deferrals and investments in passive foreign investment companies.

Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 32,538,914	$ 1,559,196	$ (6,365,456)	$ (4,806,260)

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.

For the year ended September 30, 2022
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 843,440	$ -	$ -	$ -

For the year ended September 30, 2021
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 31,632	$ -	$ -	$ -

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. The following reclassifications have been made to the Fund:

Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ -	$ 195,393	$ (195,393)

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Janus Henderson Asia Equity Fund

Notes to Financial Statements

5. Capital Share Transactions

	Year ended September 30, 2022		Year ended September 30, 2021
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	1,701	$ 19,065	43,087	$ 599,145
Reinvested dividends and distributions	755	8,994	-	-
Shares repurchased	(30,585)	(310,774)	(78,244)	(1,056,514)
Net Increase/(Decrease)	(28,129)	$ (282,715)	(35,157)	$ (457,369)
Class C Shares:
Shares sold	88	$ 1,051	1,945	$ 25,852
Reinvested dividends and distributions	402	4,698	-	-
Shares repurchased	(26,342)	(260,290)	(5,140)	(70,397)
Net Increase/(Decrease)	(25,852)	$ (254,541)	(3,195)	$ (44,545)
Class D Shares:
Shares sold	212,834	$ 2,347,645	1,194,283	$17,664,904
Reinvested dividends and distributions	21,613	260,651	496	6,982
Shares repurchased	(368,071)	(4,276,346)	(984,038)	(14,194,228)
Net Increase/(Decrease)	(133,624)	$ (1,668,050)	210,741	$ 3,477,658
Class I Shares:
Shares sold	437,740	$ 5,697,390	143,947	$ 2,073,753
Reinvested dividends and distributions	518	6,239	43	601
Shares repurchased	(457,900)	(5,977,329)	(146,639)	(1,969,449)
Net Increase/(Decrease)	(19,642)	$ (273,700)	(2,649)	$ 104,905
Class N Shares:
Shares sold	1,013,632	$12,029,576	435,658	$ 6,193,228
Reinvested dividends and distributions	41,691	502,789	1,628	22,900
Shares repurchased	(431,396)	(4,657,990)	(92,005)	(1,297,945)
Net Increase/(Decrease)	623,927	$ 7,874,375	345,281	$ 4,918,183
Class S Shares:
Shares sold	(941)	$ (11,957)	1,166	$ 15,296
Reinvested dividends and distributions	1,057	12,605	-	-
Shares repurchased	941	11,960	(2,438)	(32,087)
Net Increase/(Decrease)	1,057	$ 12,608	(1,272)	$ (16,791)
Class T Shares:
Shares sold	39,226	$ 443,130	190,991	$ 2,730,673
Reinvested dividends and distributions	2,507	29,914	-	-
Shares repurchased	(85,311)	(889,376)	(201,299)	(2,737,282)
Net Increase/(Decrease)	(43,578)	$ (416,332)	(10,308)	$ (6,609)

6. Purchases and Sales of Investment Securities

For the year ended September 30, 2022, 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
$41,828,529	$ 39,211,456	$ -	$ -

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Janus Henderson Asia Equity Fund

Notes to Financial Statements

7. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to September 30, 2022 and through the date of issuance of the Fund’s financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.

Janus Investment Fund 37

Janus Henderson Asia Equity Fund

Report of Independent Registered Public Accounting Firm

TotheBoard of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Asia Equity Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Asia Equity Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2022, the related statement of operations for the year ended September 30, 2022, the statements of changes in net assets for each of the two years in the period ended September 30, 2022,including the related notes,and the financial highlightsfor each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2022 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Denver, Colorado

November 28, 2022

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

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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 (each, a “Fund,” and collectively, the “Funds” and 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 agreement for each Janus Henderson Fund that utilizes a subadviser.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (formerly, Janus Capital Management LLC) (the “Adviser”) and the subadviser 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 meetings held on November 3-4, 2021 and December 7-8, 2021, the Trustees’ evaluated the information provided by the Adviser, the subadviser, and the independent fee consultant, as well as other information addressed during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser and each subadviser, as applicable, were fair and reasonable in light of the nature, extent and quality of the services provided by the Adviser, its affiliates and the subadviser, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund and the subadvisory agreement for each subadvised Janus Henderson Fund, for the period from February 1, 2022 through February 1, 2023, subject to earlier termination as provided for in each agreement.

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

Nature, Extent and Quality of Services

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

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Janus Henderson Asia Equity Fund

Additional Information (unaudited)

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 the Adviser and the 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 the Adviser or the subadviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

The Trustees concluded that the nature, extent and quality of the services provided by the Adviser and 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 the Adviser and the subadviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and each 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, 2021, approximately 55% of the Janus Henderson Funds were in the top two quartiles of performance versus Broadridge peers, and for the 12 months ended September 30, 2021, approximately 45% 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 second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser 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)

Fixed-Income Funds

·For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·For Janus Developed World Bond Fund, the Trustees noted the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

Global and International Equity Funds

·For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the

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Janus Henderson Asia Equity Fund

Additional Information (unaudited)

Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

Money Market Funds

·For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was 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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

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·For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser 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 bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser and subadviser had taken or were taking to improve performance.

·For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson International Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser and subadviser had taken or were taking to improve performance.

·For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser and subadviser had taken or were taking to improve performance.

U.S. Equity Funds

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

·For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

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Additional Information (unaudited)

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 the Adviser out of its management fees collected from such Janus Henderson Fund.

The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge Expense Group peers; and (3) and the management fees for the Janus Henderson Funds, on average, were 6% 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.

The Trustees considered the methodology used by the Adviser and 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 the Adviser and subadviser to comparable separate account clients and to comparable non-affiliated funds subadvised by the Adviser or subadviser (for which the Adviser 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 the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser 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; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged to Janus Henderson subadvised fund and separate account investors; and (4) as part of its 2020 review, 9 of 10 Janus Henderson Funds have lower management fees than similar funds subadvised by the Adviser.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2020, including the VIT Portfolios, and noted the following with regard to each VIT Portfolio’s total expenses, net of applicable fee waivers (the VIT Portfolio’s “total expenses”):

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Additional Information (unaudited)

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 the Adviser 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.

·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 the Adviser 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 the Adviser 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 one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser 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 the Adviser 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 the Adviser has contractually agreed to limit the Fund’s expenses.

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

·For Janus Henderson Short Duration 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 the Adviser 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 the Adviser 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 certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser 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 the Adviser has contractually agreed to limit the Fund’s expenses.

·For Janus Henderson Global Equity Income 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 the Adviser 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.

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Additional Information (unaudited)

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

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

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

Money Market Funds

·For Janus Henderson Government 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 the Adviser has voluntarily agreed to limit the Fund’s expenses to assist the Fund in attempting to maintain a yield of at least 0.00%.

·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 the Adviser has agreed to limit the Fund’s expenses to assist the Fund in attempting to maintain a yield of at least 0.00%.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted 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 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 the Adviser 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 the Adviser 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

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Additional Information (unaudited)

that the Adviser 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 the Adviser 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 the Adviser 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, 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 the Adviser 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 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 the Adviser 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.

·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 the Adviser 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 the Adviser 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 Mid Cap Value Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

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

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by

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Additional Information (unaudited)

numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser and 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 the Adviser 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 the Adviser 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 the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser and its affiliates, as well as the fees paid by the Adviser to the subadviser 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 the Adviser and the subadviser 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 the Adviser and subadviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

Economies of Scale

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 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 75% of these Janus Henderson Funds’ have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. The Trustees also noted the following: (1) that for those Janus Henderson Funds whose expenses are being reduced by the contractual expense limitations of the Adviser, the Adviser is subsidizing certain of these Janus Henderson Funds because they have not reached adequate scale; (2) 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 (3) 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 the Adviser 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 the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, the Adviser appeared to be investing to increase the likelihood that these Janus

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Additional Information (unaudited)

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 the Adviser.

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

Other Benefits to the Adviser

The Trustees also considered benefits that accrue to the Adviser and its affiliates and subadviser to the Janus Henderson Funds from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by 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 the Adviser and/or the Adviser, and/or subadviser to a Janus Henderson Fund. The Trustees concluded that the Adviser’s and the subadviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates and subadviser pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser and the subadviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser and the subadviser 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 the Adviser’s and/or the subadviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser and/or other clients of the subadviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser, the subadviser or other Janus Henderson funds, and that the success of the Adviser and the subadviser could enhance the Adviser’s and the subadviser’s ability to serve the Janus Henderson Funds.

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Useful Information About Your Fund Report (unaudited)

Management Commentary

The Management Commentary in this report includes valuable insight as well as statistical information to help you understand how your Fund’s performance and characteristics stack up against those of comparable indices.

If the Fund invests in foreign securities, this report may include information about country exposure. Country exposure is based primarily on 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.

Please keep in mind that the opinions expressed in the Management Commentary are just that: opinions. They are a reflection based on best judgment at the time this report was compiled, which was September 30, 2022. As the investing environment changes, so could opinions. These views are unique and are not necessarily shared by fellow employees or by Janus Henderson in general.

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 the Adviser 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. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by Bloomberg 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.

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Useful Information About Your Fund Report (unaudited)

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.

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.

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.

Janus Investment Fund 51

Janus Henderson Asia Equity Fund

Useful Information About Your Fund Report (unaudited)

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 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.

52 SEPTEMBER 30, 2022

Janus Henderson Asia Equity Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2022:

Foreign Taxes Paid	$85,660
Foreign Source Income	$732,593

Janus Investment Fund 53

Janus Henderson Asia Equity Fund

Trustees and Officers (unaudited)

The following are the Trustees and officers of the Trust, together with a brief description of their principal occupations during the last five years (principal occupations for certain Trustees may include periods over five years). The Fund’s Statement of Additional Information includes additional information about the Trustees and officers and is available, without charge, by calling 1-877-335-2687.

Each Trustee has served in that capacity since he or she was originally elected or appointed. The Trustees do not serve a specified term of office. Each Trustee will hold office until the termination of the Trust or his or her earlier death, resignation, retirement, incapacity, or removal. Under the Fund’s Governance Procedures and Guidelines, the policy is for Trustees to retire no later than the end of the calendar year in which the Trustee turns 75. The Trustees review the Fund’s Governance Procedures and Guidelines from time to time and may make changes they deem appropriate. The Fund’s Nominating and Governance Committee will consider nominees for the position of Trustee recommended by shareholders. Shareholders may submit the name of a candidate for consideration by the Committee by submitting their recommendations to the Trust’s Secretary. Each Trustee is currently a Trustee of one other registered investment company advised by the Adviser: Janus Aspen Series. Collectively, these two registered investment companies consist of 50 series or funds referred to herein as the Fund Complex.

The Trust’s officers are elected annually by the Trustees for a one-year term. Certain officers also serve as officers of Janus Aspen Series. Certain officers of the Fund may also be officers and/or directors of the Adviser. Except as otherwise disclosed, Fund officers receive no compensation from the Fund, except for the Fund’s Chief Compliance Officer, as authorized by the Trustees.

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Janus Henderson Asia Equity Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Chairman Trustee	5/22-Present 1/13-Present	Principal, Curam Holdings LLC (since 2018). Formerly, Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm) (2012-2018), Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	50	Advisory Board Member of AEW Core Property Trust (open-end property fund) (since 2020), and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016), Director of Nuveen Global Investors LLC (2007-2011), Director of Communities in Schools (2004-2010), and Director of Mutual Fund Education Alliance (until 2010).
Cheryl D. Alston 151 Detroit Street Denver, CO 80206 DOB: 1966	Trustee	8/22-Present	Executive Director and Chief Investment Officer, Employees’ Retirement Fund of the City of Dallas (since 2004).	50	Director of Blue Cross Blue Shield of Kansas City (a not-for-profit health insurance provider) (since 2016) and Director of Global Life Insurance (life and supplemental health insurance provider) (since 2017). Formerly, Director of Federal Home Loan Bank of Dallas (2017-2021).

Janus Investment Fund 55

Janus Henderson Asia Equity Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000), and Chief Investment Officer (1987-1994) and Vice Chairman and Director (1990-1994) of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	50	Member, Limited Partner Advisory Committee, Karmel Capital Fund III (later stage growth fund) (since 2022), Member of the Investment Committee for the Orange County Community Foundation (a grantmaking foundation) (since 2020), Advisory Board Member, RevOZ Fund LP and related funds (real estate investments for opportunity zones) (since 2020), and Advisory Board Member, Innovate Partners Emerging Growth and Equity Fund I (early stage venture capital fund) (since 2014). Formerly, Managing Trustee of National Retirement Partners Liquidating Trust (2013-2016), Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (2005-2013), Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009), Director of RemedyTemp, Inc. (temporary help services company) (1996-2006), and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).

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Janus Henderson Asia Equity Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Founder, Daraja Capital (advisory and investment firm) (since 2016). Formerly, Senior Vice President and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (2011-2021), and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	50	Member of the Investment Committee for Cooper Union (private college) (since 2021), Board Member, Van Alen Institute (nonprofit architectural and design organization) (since 2019), and Director of Brightwood Capital Advisors, LLC (since 2014).

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Janus Henderson Asia Equity Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Darrell B. Jackson 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	8/22-Present	President and Chief Executive Officer, The Efficace Group Inc. (since 2018). Formerly, President and Chief Executive Officer, Seaway Bank and Trust Company (community bank) (2014-2015), and Executive Vice President and Co-President, Wealth Management (2009-2014), and several senior positions, including Group Executive, Senior Vice President, and Vice President (1995-2009) of Northern Trust Company (financial services company) (1995-2014).	50	Director of Amalgamated Financial Corp (bank) (since August 2021), Director of YR Media (a not-for-profit production company) (since 2021), and Director of Gray-Bowen-Scott (transportation project consulting firm) (since April 2020). Formerly, Director of Delaware Place Bank (closely held commercial bank) (2016-2018) and Director of Seaway Bank and Trust Company (2014-2015).

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Janus Henderson Asia Equity Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Trustee	6/02-Present	Chief Executive Officer, muun chi LLC (organic food business) (since 2022) and Independent Consultant (since 2019). Formerly, Chief Operating Officer, muun chi LLC (2020-2022), Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (2016-2019), Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations) (2009-2016), Chief Executive Officer, Imprint Capital Advisors (impact investment firm) (2013-2015), and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	50	Chairman of the Board and Trustee of The Investment Fund for Foundations Investment Program (TIP) (consisting of 1 fund) (since 2008). Formerly, Director of the F.B. Heron Foundation (a private grantmaking foundation) (2006-2022), and Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds) (2016-2021).

Janus Investment Fund 59

Janus Henderson Asia Equity Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company.	50	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013). Formerly, Director, West Bend Mutual Insurance Company (property/casualty insurance) (2013-2021), Trustee of Northwestern Mutual Life Insurance Company (2010-2013), and Director of Frank Russell Company (global asset management firm) (2008-2013).
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired. Formerly, Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006) and Treasurer for Driehaus Mutual Funds (1996-2002).	50	Formerly, Director of Family Service of Lake County (2019-2021), Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017), Independent Trustee, State Farm Associates’ Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017).

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Janus Henderson Asia Equity Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	50	Director of Chicago Community Trust (Regional Community Foundation), Lurie Children’s Hospital (Chicago, IL), and Shirley Ryan Ability Lab. Formerly, Director of Wrapports, LLC (until 2022), Director of Chicago Council on Global Affairs (until 2019), InnerWorkings (until 2019) and Director of Walmart (until 2017).

Janus Investment Fund 61

Janus Henderson Asia Equity Fund

Trustees and Officers (unaudited)

OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Matthew Culley 151 Detroit Street Denver, CO 80206 DOB: 1986	Executive Vice President and Co-Portfolio Manager Janus Henderson Asia Equity Fund	3/22-Present	Portfolio Manager for other Janus Henderson accounts and an Analyst for the Adviser. Formerly, portfolio manager at Putnam Investment Management, LLC (2008-2019).
Daniel J. Graña 151 Detroit Street Denver, CO 80206 DOB: 1971	Executive Vice President and Co-Portfolio Manager Janus Henderson Asia Equity Fund	3/22-Present	Portfolio Manager for other Janus Henderson accounts. Formerly, portfolio manager at Putnam Investment Management, LLC (2003-2019).
Michelle Rosenberg 151 Detroit Street Denver, CO 80206 DOB: 1973	President and Chief Executive Officer	9/22-Present	General Counsel and Corporate Secretary of Janus Henderson Investors (since 2018). Formerly, Interim President and Chief Executive Officer of the Trust and Janus Aspen Series (2022), Senior Vice President and Head of Legal, North America of Janus Henderson Investors (2017-2018) and Deputy General Counsel of Janus Henderson US (Holdings) Inc. (2015-2018).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

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Janus Henderson Asia Equity Fund

Trustees and Officers (unaudited)

OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Kristin Mariani 151 Detroit Street Denver, CO 80206 DOB: 1966	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	7/20-Present	Head of Compliance, North America for Janus Henderson Investors (since September 2020) and Chief Compliance Officer for Janus Henderson Investors US LLC (since September 2017). Formerly, Global Head of Investment Management Compliance for Janus Henderson Investors (February 2019 - August 2020), Vice President, Head of Global Distribution Compliance and Chief Compliance Officer of Janus Henderson Distributors US LLC (May 2017 – September 2017), Vice President, Compliance at Janus Henderson US (Holdings) Inc., Janus Henderson Investors US LLC, and Janus Henderson Distributors US LLC (2009-2017).
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Head of U.S. Fund Administration, Janus Henderson Investors and Janus Henderson Services US LLC.
Abigail J. Murray 151 Detroit Street Denver, CO 80206 DOB: 1975	Vice President, Chief Legal Officer, and Secretary	12/20-Present	Managing Counsel (2020-present). Formerly, Senior Counsel for Invesco Ltd. (2017-2020), and Vice President and Senior Counsel, ALPS Fund Services, Inc. and Assistant General Counsel, ALPS Advisors, Inc. (2015-2017).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

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Janus Henderson Asia Equity Fund

Notes

NotesPage1

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Janus Henderson Asia Equity Fund

Notes

NotesPage2

Janus Investment Fund 65

This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Janus Henderson Distributors US LLC
	125-02-93036 11-22

	ANNUAL REPORT September 30, 2022
Janus Henderson Balanced Fund
Janus Investment Fund
		HIGHLIGHTS ·Portfolio management perspective ·Investment strategy behind your fund ·Fund performance, characteristics and holdings

Table of Contents

Janus Henderson Balanced Fund

Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	27
Statement of Assets and Liabilities	29
Statement of Operations	31
Statements of Changes in Net Assets	33
Financial Highlights	34
Notes to Financial Statements	42
Report of Independent Registered Public Accounting Firm	56
Additional Information	57
Useful Information About Your Fund Report	68
Designation Requirements	71
Trustees and Officers	72

Janus Henderson Balanced Fund (unaudited)

FUND SNAPSHOT Balanced Fund’s dynamic asset allocation strategy has the flexibility to defensively position ahead of market volatility while seeking long-term capital growth, consistent with preservation of capital and balanced by current income. 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. Jeremiah Buckley co-portfolio manager Michael Keough co-portfolio manager Greg Wilensky co-portfolio manager

PERFORMANCE

The Janus Henderson Balanced Fund’s Class I Shares returned -14.93% for the 12-month period ended September 30, 2022. That compares with -15.47% for the Fund’s primary benchmark, the S&P 500^® Index, and -14.60% for the Bloomberg U.S. Aggregate Bond Index. The Balanced Index, an internally calculated benchmark composed of a 55% weighting in the S&P 500^® Index and a 45% weighting in the Bloomberg U.S. Aggregate Bond Index, returned -14.79%.

INVESTMENT ENVIRONMENT

The period began amid optimism that increased vaccination rates and the imminent arrival of oral antiviral drugs could help lessen the health risks posed by the COVID virus, but investor mood soured rapidly as the Federal Reserve (Fed) realized that it was behind the curve in fighting inflation. Investors hoped the Fed would slow the pace of its interest rate hikes on early signs that inflation could be easing, but that did not materialize. Inflation remained elevated, and the Fed continued to tighten monetary policy aggressively and conveyed that rates would need to remain higher for longer to bring inflation back to its 2% target. While the U.S. economy contracted in the first and second quarters of 2022, the economic outlook remained uncertain given consumer and labor force data as well as corporate earnings were relatively resilient even amid fears of a weaker economic environment.

Equities finished the period with significant losses; however, the energy sector experienced a strong gain based on generally higher commodities prices, due in part to the Russia-Ukraine war. Additionally, more defensive sectors such as utilities and consumer staples fared better than higher-growth segments of the economy, as valuation multiples contracted and the economic growth outlook deteriorated.

Fixed income investors also faced a volatile year, with both interest rate and credit sectors generating substantially negative total returns. Treasury yields rose dramatically, with the benchmark 10-year Treasury yield jumping to 3.8%, from 1.5% one year ago. The yield curve segment between the 2-year and 10-year ultimately inverted beyond 0.5% - a level not seen since 2000 - on elevated concerns of a possible recession. Despite relatively strong fundamentals, corporate bonds suffered further as spreads widened from near historic lows toward long-term averages. While spread widening alongside rising Treasury yields has been historically unusual, corporate and securitized markets were caught in the broader sell-off in risk assets amid mounting concerns over an economic slowdown.

PERFORMANCE DISCUSSION

We entered the period with a bullish outlook for equities relative to fixed income; however, as central bank intentions became clearer, the anticipated Fed tightening led us to move toward a neutral stance of 60% equity, 40% fixed income. As interest rates continued to move higher, the risk/reward trade-off between equities and fixed income shifted substantially from where it began. In the latter half of the period, we adopted a more cautious stance in our asset allocation. We reduced the equity exposure of the Fund from approximately 64% at the end of September 2021 to approximately 52% at the end of September 2022, with 47% in fixed income and the remainder in cash.

The equity portion of the Fund underperformed the S&P 500 Index, due in part to a material underweight in the strong-performing energy sector. Due to the low returns on capital and extreme volatility in the sector, we are traditionally underweight. We continue to analyze whether that positioning remains appropriate given the greater shareholder cash return focus of the industry and the continued resilient demand for commodities. Individual

Janus Investment Fund 1

Janus Henderson Balanced Fund (unaudited)

holdings that detracted from relative performance included Comcast Corp., which fell on a growth slowdown in its high-speed Internet business and concerns around increased competition from fiber and wireless offerings. Additionally, a slowing economic environment could eat into Comcast’s sizable advertising revenue. Semicap equipment manufacturer Lam Research suffered as fears of a broad economic slowdown hurt overall expectations for semiconductor capital equipment expenditures. As a result of these lowered assumptions, particularly in the memory segment of the market, estimates for Lam’s business declined.

Our holdings in the healthcare sector contributed to relative performance, as the more defensive sector generally held up better than the market during a volatile period. Large-cap pharmaceutical company Eli Lilly reported strong results and had success with its product portfolio and pipeline, including treatments for diabetes and a new therapy for obesity that demonstrated efficacy in clinical trials. UnitedHealth Group also reported solid growth and moderately raised guidance during the period. The company has seen continued strength in its Medicare Advantage healthcare plan and Optum, its information and technology-enabled health services business focused on lowering costs within the healthcare system.

The fixed income allocation outperformed the Bloomberg U.S. Aggregate Bond Index. Entering the period, we were moderately underweight duration relative to the index, as we expected the combination of an improving job market and rising inflation to prompt the Fed to pivot and begin removing their highly accommodative monetary policy, with a resultant increase in interest rates. Rates did rise sharply, and while we ended the period with a smaller duration underweight, portfolio duration was, on average, lower than the index. This was the main driver of relative returns. In addition, rates rallied and pulled back several times intra-period, and we remained dynamic in our duration positioning, seeking to increase or reduce duration depending on our present conviction regarding expectations for the future trajectory of interest rates.

While we maintained relatively low spread risk positioning over the period, it did detract overall, given we were overweight versus the Bloomberg U.S. Aggregate Bond Index in a period when spreads widened. Within spread risk positioning, we continued to improve the overall credit quality of the portfolio, preferring higher-rated issuers in anticipation of a more challenging economic environment. Our underweight to corporate investment-grade bonds contributed, as did tactical trades into, and subsequently out of, Treasury Inflation-Protected Securities (TIPS). Security selection within corporate investment grade detracted, as did our moderate out-of-index allocation to high-yield corporate bonds. Spreads widened on concerns of an economic slowdown or recession, and we remain cautious within corporate credit as we believe there is still scope for further spread widening in the sector. We were constructive on securitized sectors during the period. We believe spreads on securitized assets, particularly agency mortgage-backed securities (MBS), commercial mortgage-backed securities (CMBS), and asset-backed securities (ABS), widened to levels that better reflect the risk of recession. Within securitized, security selection in MBS contributed, as did our exposure to ABS. Exposure to CMBS and collateralized mortgage obligations (CMOs) somewhat offset relative outperformance.

DERIVATIVES USAGE

Please see the Derivative Instruments section in the “Notes to Financial Statements” for a discussion of derivatives used by the Fund.

OUTLOOK

The U.S. equity market has readjusted aggressively, as investors try to assess what effects inflation, and the Fed’s response, will have on economic growth and corporate earnings. For now, it remains uncertain how much demand destruction we will see from higher rates and what level they will need to reach for inflation to return to sustainable levels. Consumers, who drive the bulk of the U.S. economy, are in a stronger position than in previous rate-hiking cycles. This has complicated the Fed’s task of reining in inflation, as continued consumer demand has kept upward pressure on prices despite tightening monetary policy and fears of a recession.

While we have seen marginal shifts in some data, we continue to look for signals that would make the economic outlook more favorable. An increase in labor force participation, which has lagged since the onset of the pandemic, would help contain wage inflation. At the same time, improved labor productivity as newly hired employees season and pandemic-related disruptions abate would help ease businesses’ need to hire additional workers. Improved raw material and electronic component supplies, as well as easing in other lingering supply chain bottlenecks, would help drive down prices and improve the growth outlook. For now, we remain cautious, as external uncertainties, from the Russia/Ukraine war, dramatically higher interest rates, increasing restrictions on cross-

2 SEPTEMBER 30, 2022

Janus Henderson Balanced Fund (unaudited)

border trade, and global currency fluctuations, keep the outlook unpredictable.

Given current market uncertainty, in the equity allocation, we remain focused on companies with the ability to generate sustainable cash flow in various economic scenarios, with flexible management teams and business models able to adapt to either a potential quick recovery or a more severe downturn. We have increasingly turned our focus to companies with better short-term earnings visibility and higher earnings yields and have taken advantage of market volatility to add to positions where we think earnings will prove more resilient than feared by the market. While the inflation-driven increase of yields has been painful for returns across fixed income, bonds generally now offer the most attractive yield seen since the Global Financial Crisis. Additionally, this should improve fixed income’s ability to provide diversification benefits. After roughly a decade of low rates, we are finally getting the “income” that investors expect from their fixed income allocation. As such, we expect to maintain a cautious stance regarding our asset allocation between equities and bonds in the Fund until there is more certainty around the economic outlook.

Within the fixed income allocation, we believe that in the short term, continued deterioration in the macro environment is likely to place pressure on credit spreads, and we remain cautiously positioned within spread sectors. Corporate high-yield and investment-grade spreads continue to trade near their long-term averages, and, in our opinion, are pricing in either a low probability of recession, or an extremely shallow recession. As the impacts from tighter monetary policy work their way through the economy and markets, we think corporate spreads will need to move wider from current levels. That said, we believe that spreads in securitized sectors have widened to levels that we think better reflect the economic outlook, and therefore look attractive on a relative valuation basis.

As always, we will dynamically adjust each of the equity and fixed income allocations, as well as the Fund’s overall mix between equities and fixed income, as we analyze the risks and opportunities in each market.

Thank you for investing in Janus Henderson Balanced Fund.

Janus Investment Fund 3

Janus Henderson Balanced Fund (unaudited)

Fund At A Glance

September 30, 2022

5 Top Contributors - Equity Sleeve Holdings			5 Top Detractors - Equity Sleeve Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
UnitedHealth Group Inc	3.61%	0.85%	Adobe Inc	2.10%	-0.58%
Eli Lilly & Co	2.18%	0.72%	Comcast Corp	1.84%	-0.47%
Progressive Corp/The	1.92%	0.66%	Lam Research Corp	2.14%	-0.40%
Dollar General Corp	1.57%	0.39%	Align Technology Inc	0.48%	-0.36%
AbbVie Inc	1.64%	0.30%	NIKE Inc - Class B	1.30%	-0.30%

	5 Top Contributors - Equity Sleeve Sectors*
		Relative	Equity Sleeve	S&P 500 Index
		Contribution	Average Weight	Average Weight
	Financials	0.79%	10.88%	11.11%
	Communication Services	0.47%	9.35%	9.46%
	Health Care	0.47%	15.24%	13.77%
	Industrials	0.38%	8.99%	7.89%
	Consumer Staples	0.28%	7.35%	6.30%
	5 Top Detractors - Equity Sleeve Sectors*
		Relative	Equity Sleeve	S&P 500 Index
		Contribution	Average Weight	Average Weight
	Energy	-1.55%	0.31%	3.79%
	Information Technology	-0.68%	31.50%	27.75%
	Utilities	-0.51%	0.00%	2.75%
	Real Estate	-0.05%	0.46%	2.75%
	Materials	-0.04%	0.53%	2.59%
	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.

4 SEPTEMBER 30, 2022

Janus Henderson Balanced Fund (unaudited)

Fund At A Glance

September 30, 2022

5 Largest Equity Holdings -(% of Net Assets)
Microsoft Corp
Software	4.3%
Apple Inc
Technology Hardware, Storage & Peripherals	3.0%
Alphabet Inc - Class C
Interactive Media & Services	2.4%
UnitedHealth Group Inc
Health Care Providers & Services	2.2%
Mastercard Inc
Information Technology Services	1.7%
	13.6%

Asset Allocation - (% of Net Assets)
Common Stocks	52.2%
United States Treasury Notes/Bonds	16.9%
Mortgage-Backed Securities	11.3%
Corporate Bonds	9.8%
Asset-Backed/Commercial Mortgage-Backed Securities	8.4%
Investment Companies	5.4%
Inflation-Indexed Bonds	0.6%
Other		(4.6)%
		100.0%

Top Country Allocations - Long Positions -(% of Investment Securities)
As of September 30, 2022	As of September 30, 2021

Janus Investment Fund 5

Janus Henderson Balanced Fund (unaudited)

Performance

See important disclosures on the next page.

Average Annual Total Return - for the periods ended September 30, 2022					Prospectus Expense Ratios
	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses‡
Class A Shares at NAV	-15.13%	6.35%	7.64%	9.06%	0.89%
Class A Shares at MOP	-20.01%	5.10%	7.00%	8.84%
Class C Shares at NAV	-15.73%	5.61%	6.88%	8.37%	1.63%
Class C Shares at CDSC	-16.54%	5.61%	6.88%	8.37%
Class D Shares	-14.97%	6.57%	7.86%	9.17%	0.70%
Class I Shares	-14.93%	6.63%	7.93%	9.20%	0.65%
Class N Shares	-14.87%	6.71%	8.01%	9.21%	0.57%
Class R Shares	-15.50%	5.92%	7.21%	8.67%	1.32%
Class S Shares	-15.27%	6.18%	7.48%	8.90%	1.07%
Class T Shares	-15.07%	6.45%	7.75%	9.12%	0.82%
S&P 500 Index	-15.47%	9.24%	11.70%	9.56%
Bloomberg U.S. Aggregate Bond Index	-14.60%	-0.27%	0.89%	4.51%
Balanced Index	-14.79%	5.23%	6.97%	7.57%
Morningstar Quartile - Class T Shares	2nd	1st	1st	1st
Morningstar Ranking - based on total returns for Allocation - 50% to 70% Equity Funds	282/761	39/691	41/612	15/189

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.

For certain periods, the Fund’s performance may reflect the effect of expense waivers.

6 SEPTEMBER 30, 2022

Janus Henderson Balanced 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), Environmental, Social and Governance (ESG) factors, 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.

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 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.

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.

© 2022 Morningstar, Inc. All Rights Reserved.

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.

Janus Investment Fund 7

Janus Henderson Balanced 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 (4/1/22)	Ending Account Value (9/30/22)	Expenses Paid During Period (4/1/22 - 9/30/22)†	Beginning Account Value (4/1/22)	Ending Account Value (9/30/22)	Expenses Paid During Period (4/1/22 - 9/30/22)†	Net Annualized Expense Ratio (4/1/22 - 9/30/22)
Class A Shares		$1,000.00	$842.90	$4.16	$1,000.00	$1,020.56	$4.56	0.90%
Class C Shares		$1,000.00	$840.00	$7.47	$1,000.00	$1,016.95	$8.19	1.62%
Class D Shares		$1,000.00	$843.80	$3.28	$1,000.00	$1,021.51	$3.60	0.71%
Class I Shares		$1,000.00	$843.80	$3.05	$1,000.00	$1,021.76	$3.35	0.66%
Class N Shares		$1,000.00	$844.20	$2.68	$1,000.00	$1,022.16	$2.94	0.58%
Class R Shares		$1,000.00	$841.20	$6.14	$1,000.00	$1,018.40	$6.73	1.33%
Class S Shares		$1,000.00	$842.20	$4.94	$1,000.00	$1,019.70	$5.42	1.07%
Class T Shares		$1,000.00	$843.30	$3.79	$1,000.00	$1,020.96	$4.15	0.82%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/365 (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.

8 SEPTEMBER 30, 2022

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– 8.4%
	208 Park Avenue Mortgage Trust 2017-280P,
	ICE LIBOR USD 1 Month + 0.8800%, 3.5850%, 9/15/34 (144A)‡	$11,417,538	$11,151,666
	ACC Auto Trust 2022-A A, 4.5800%, 7/15/26 (144A)	8,889,519	8,794,025
	ACM Auto Trust 2022-1A A, 3.2300%, 4/20/29 (144A)	6,158,691	6,141,107
	Affirm Asset Securitization Trust 2021-B A, 1.0300%, 8/17/26 (144A)	12,148,000	11,488,446
	Aimco 2020-11A AR,
	ICE LIBOR USD 3 Month + 1.1300%, 3.8703%, 10/17/34 (144A)‡	5,821,000	5,551,686
	Angel Oak Mortgage Trust I LLC 2019-5, 2.5930%, 10/25/49 (144A)‡	1,684,263	1,640,122
	Angel Oak Mortgage Trust I LLC 2019-6,
	ICE LIBOR USD 12 Month + 0.9500%, 2.6200%, 11/25/59 (144A)‡	1,488,456	1,425,626
	Angel Oak Mortgage Trust I LLC 2020-3,
	ICE LIBOR USD 12 Month + 1.0000%, 2.4100%, 4/25/65 (144A)‡	3,379,266	3,184,321
	Aqua Finance Trust 2021-A A, 1.5400%, 7/17/46 (144A)	5,935,145	5,373,755
	ARES CLO Ltd 2021-60A A,
	ICE LIBOR USD 3 Month + 1.1200%, 3.8603%, 7/18/34 (144A)‡	5,454,000	5,196,991
	Arivo Acceptance Auto Loan Receivables 2022-1A A, 3.9300%, 5/15/28 (144A)	7,801,960	7,567,445
	Babson CLO Ltd 2020-4A A,
	ICE LIBOR USD 3 Month + 1.2200%, 3.9299%, 1/20/32 (144A)‡	7,293,853	7,091,157
	Barclays Commercial Mortgage Securities LLC 2015-SRCH,
	4.1970%, 8/10/35 (144A)	8,386,000	7,842,893
	Barclays Commercial Mortgage Securities LLC 2017-DELC,
	ICE LIBOR USD 1 Month + 0.9750%, 3.7927%, 8/15/36 (144A)‡	7,553,000	7,380,603
	BPR Trust 2022-OANA A,
	CME Term SOFR 1 Month + 1.8980%, 4.7434%, 4/15/37 (144A)‡	33,039,000	32,812,120
	BX Commercial Mortgage Trust 2019-OC11, 3.6050%, 12/9/41 (144A)	4,134,000	3,419,854
	BX Commercial Mortgage Trust 2019-OC11, 3.8560%, 12/9/41 (144A)	8,218,000	6,791,441
	BX Commercial Mortgage Trust 2019-XL,
	ICE LIBOR USD 1 Month + 0.9200%, 3.7380%, 10/15/36 (144A)‡	20,339,089	20,076,272
	BX Commercial Mortgage Trust 2019-XL,
	ICE LIBOR USD 1 Month + 1.0800%, 3.8980%, 10/15/36 (144A)‡	6,531,400	6,417,996
	BX Commercial Mortgage Trust 2020-VKNG A,
	ICE LIBOR USD 1 Month + 0.9300%, 3.7477%, 10/15/37 (144A)‡	3,923,366	3,816,936
	BX Commercial Mortgage Trust 2021-LBA AJV,
	ICE LIBOR USD 1 Month + 0.8000%, 3.6180%, 2/15/36 (144A)‡	18,764,000	17,886,738
	BX Commercial Mortgage Trust 2021-LBA AV,
	ICE LIBOR USD 1 Month + 0.8000%, 3.6180%, 2/15/36 (144A)‡	18,857,000	17,967,185
	BX Commercial Mortgage Trust 2021-VINO A,
	ICE LIBOR USD 1 Month + 0.6523%, 3.4703%, 5/15/38 (144A)‡	18,990,000	18,268,822
	BX Commercial Mortgage Trust 2021-VOLT B,
	ICE LIBOR USD 1 Month + 0.9500%, 3.7677%, 9/15/36 (144A)‡	15,945,000	15,268,319
	BX Commercial Mortgage Trust 2021-VOLT D,
	ICE LIBOR USD 1 Month + 1.6500%, 4.4677%, 9/15/36 (144A)‡	16,692,000	15,890,749
	BXP Trust 2017-GM, 3.3790%, 6/13/39 (144A)	4,190,000	3,793,357
	Carvana Auto Receivables Trust 2021-P4 A2, 0.8200%, 4/10/25	7,956,331	7,861,747
	CBAM CLO Management 2019-11RA A1,
	ICE LIBOR USD 3 Month + 1.1800%, 2.2427%, 1/20/35 (144A)‡	16,984,000	16,286,348
	CBAM CLO Management 2019-11RA B,
	ICE LIBOR USD 3 Month + 1.7500%, 2.8127%, 1/20/35 (144A)‡	6,819,244	6,377,487
	CF Hippolyta Issuer LLC 2021-1A A1, 1.5300%, 3/15/61 (144A)	16,239,377	14,216,605
	CF Hippolyta Issuer LLC 2021-1A B1, 1.9800%, 3/15/61 (144A)	6,132,325	5,233,604
	CF Hippolyta Issuer LLC 2022-1A A1, 5.9700%, 8/15/62 (144A)	21,826,000	21,110,286
	CF Hippolyta Issuer LLC 2022-1A A2, 6.1100%, 8/15/62 (144A)	51,013,000	49,067,451
	Chase Auto Credit Linked Notes 2021-1 B, 0.8750%, 9/25/28 (144A)	3,799,868	3,703,359
	Chase Auto Credit Linked Notes 2021-2 B, 0.8890%, 12/26/28 (144A)	8,526,867	8,271,215
	Chase Mortgage Finance Corp 2021-CL1 M1,
	US 30 Day Average SOFR + 1.2000%, 3.4807%, 2/25/50 (144A)‡	16,104,639	15,290,765
	CIFC Funding Ltd 2018-3A A,
	ICE LIBOR USD 3 Month + 1.1000%, 3.8403%, 7/18/31 (144A)‡	10,918,000	10,620,102
	CIFC Funding Ltd 2021-7A B,
	ICE LIBOR USD 3 Month + 1.6000%, 2.7840%, 1/23/35 (144A)‡	5,524,216	5,139,764

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	9

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	CIM Trust 2021-NR1 A1, 2.5690%, 7/25/55 (144A)Ç	$9,535,722	$8,958,986
	Cold Storage Trust 2020-ICE5 A,
	ICE LIBOR USD 1 Month + 0.9000%, 3.7177%, 11/15/37 (144A)‡	24,568,865	23,926,719
	Cold Storage Trust 2020-ICE5 B,
	ICE LIBOR USD 1 Month + 1.3000%, 4.1177%, 11/15/37 (144A)‡	10,924,957	10,639,855
	Cold Storage Trust 2020-ICE5 C,
	ICE LIBOR USD 1 Month + 1.6500%, 4.4677%, 11/15/37 (144A)‡	10,966,242	10,593,980
	COLT Funding LLC 2020-2,
	ICE LIBOR USD 12 Month + 1.5000%, 1.8530%, 3/25/65 (144A)‡	401,225	394,787
	COLT Funding LLC 2020-3,
	ICE LIBOR USD 12 Month + 1.2000%, 1.5060%, 4/27/65 (144A)‡	1,239,268	1,182,248
	Conn Funding II LP 2021-A A, 1.0500%, 5/15/26 (144A)	2,718,670	2,676,608
	Connecticut Avenue Securities Trust 2014-C04,
	ICE LIBOR USD 1 Month + 4.9000%, 7.9840%, 11/25/24‡	727,827	745,916
	Connecticut Avenue Securities Trust 2015-C01 1M2,
	ICE LIBOR USD 1 Month + 4.3000%, 7.3840%, 2/25/25‡	4,669,764	4,773,460
	Connecticut Avenue Securities Trust 2018-R07,
	ICE LIBOR USD 1 Month + 2.4000%, 5.4840%, 4/25/31 (144A)‡	1,803,767	1,799,340
	Connecticut Avenue Securities Trust 2019-R02,
	ICE LIBOR USD 1 Month + 2.3000%, 5.3840%, 8/25/31 (144A)‡	719,762	718,125
	Connecticut Avenue Securities Trust 2019-R03,
	ICE LIBOR USD 1 Month + 2.1500%, 5.2340%, 9/25/31 (144A)‡	1,140,562	1,137,924
	Connecticut Avenue Securities Trust 2019-R07,
	ICE LIBOR USD 1 Month + 2.1000%, 5.1840%, 10/25/39 (144A)‡	1,359,369	1,350,429
	Connecticut Avenue Securities Trust 2021-R02 2M2,
	US 30 Day Average SOFR + 2.0000%, 4.2807%, 11/25/41 (144A)‡	32,659,000	29,351,564
	Connecticut Avenue Securities Trust 2021-R03 1M2,
	US 30 Day Average SOFR + 1.6500%, 3.9307%, 12/25/41 (144A)‡	10,646,000	9,688,942
	Connecticut Avenue Securities Trust 2022-R02 2M2,
	US 30 Day Average SOFR + 3.0000%, 5.2807%, 1/25/42 (144A)‡	12,368,000	11,275,485
	Connecticut Avenue Securities Trust 2022-R03 1M1,
	US 30 Day Average SOFR + 2.1000%, 4.3807%, 3/25/42 (144A)‡	24,249,979	23,978,123
	Connecticut Avenue Securities Trust 2022-R04 1M1,
	US 30 Day Average SOFR + 2.0000%, 4.2807%, 3/25/42 (144A)‡	10,396,138	10,296,719
	Connecticut Avenue Securities Trust 2022-R05 2M1,
	US 30 Day Average SOFR + 1.9000%, 4.1807%, 4/25/42 (144A)‡	11,601,041	11,402,097
	Connecticut Avenue Securities Trust 2022-R05 2M2,
	US 30 Day Average SOFR + 3.0000%, 5.2807%, 4/25/42 (144A)‡	9,001,000	8,294,502
	Connecticut Avenue Securities Trust 2022-R06 1M1,
	US 30 Day Average SOFR + 2.7500%, 5.0307%, 5/25/42 (144A)‡	7,631,993	7,627,217
	Connecticut Avenue Securities Trust 2022-R08 1M1,
	US 30 Day Average SOFR + 2.5500%, 4.8547%, 7/25/42 (144A)‡	6,065,529	6,057,889
	Connecticut Avenue Securities Trust 2022-R09 2M1,
	US 30 Day Average SOFR + 2.5000%, 0%, 9/25/42 (144A)‡	22,776,000	22,765,712
	Consumer Loan Underlying Bond Credit Trust 2018-P2 C,
	5.2100%, 10/15/25 (144A)	602,142	602,130
	Consumer Loan Underlying Bond Credit Trust 2018-P3 C,
	5.5400%, 1/15/26 (144A)	1,228,493	1,228,600
	Consumer Loan Underlying Bond Credit Trust 2019-P2 C,
	4.4100%, 10/15/26 (144A)	3,186,943	3,170,926
	Consumer Loan Underlying Bond Credit Trust 2020-P1 C,
	4.6100%, 3/15/28 (144A)	1,603,790	1,594,009
	CP EF Asset Securitization I LLC 2002-1A A, 5.9600%, 4/15/30 (144A)	9,803,086	9,686,960
	Credit Suisse Commercial Mortgage Trust 2019-ICE4,
	ICE LIBOR USD 1 Month + 0.9800%, 3.7980%, 5/15/36 (144A)‡	26,562,000	26,198,063
	Credit Suisse Commercial Mortgage Trust 2019-ICE4 C,
	ICE LIBOR USD 1 Month + 1.4300%, 4.2480%, 5/15/36 (144A)‡	5,508,000	5,366,414
	Credit Suisse Commercial Mortgage Trust 2021-WEHO A,
	ICE LIBOR USD 1 Month + 3.9693%, 6.7873%, 4/15/23 (144A)‡	12,723,721	12,270,514
	Diamond Infrastructure Funding LLC 2021-1A A, 1.7600%, 4/15/49 (144A)	17,354,000	14,245,435

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
10	SEPTEMBER 30, 2022

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	Domino's Pizza Master Issuer LLC, 4.1160%, 7/25/48 (144A)	$11,629,888	$11,002,644
	Dryden Senior Loan Fund 2020-83A A,
	ICE LIBOR USD 3 Month + 1.2200%, 3.9603%, 1/18/32 (144A)‡	7,111,119	6,912,840
	Elmwood CLO VIII Ltd 2019-2A AR,
	ICE LIBOR USD 3 Month + 1.1500%, 3.8599%, 4/20/34 (144A)‡	8,217,000	7,929,553
	Exeter Automobile Receivables Trust 2019-1, 5.2000%, 1/15/26 (144A)	8,200,000	8,148,740
	Exeter Automobile Receivables Trust 2021-1A D, 1.0800%, 11/16/26	11,355,000	10,688,148
	Extended Stay America Trust 2021-ESH A,
	ICE LIBOR USD 1 Month + 1.0800%, 3.8980%, 7/15/38 (144A)‡	9,043,343	8,772,970
	Extended Stay America Trust 2021-ESH B,
	ICE LIBOR USD 1 Month + 1.3800%, 4.1980%, 7/15/38 (144A)‡	5,818,192	5,579,757
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 5.0000%, 8.0840%, 7/25/25‡	3,449,477	3,500,536
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 5.7000%, 8.7840%, 4/25/28‡	3,553,416	3,730,411
	Fannie Mae REMICS, 3.0000%, 5/25/48	8,267,337	7,454,708
	Fannie Mae REMICS, 3.0000%, 11/25/49	10,826,018	9,810,380
	Flagstar Mortgage Trust 2021-13IN A2, 3.0000%, 12/30/51 (144A)‡	33,919,188	28,101,362
	Foursight Capital Auto Receivables Trust 2021-1 B, 0.8700%, 1/15/26 (144A)	7,165,000	6,972,415
	Freddie Mac Structured Agency Credit Risk Debt Notes 2019-DNA4 M2,
	ICE LIBOR USD 1 Month + 1.9500%, 5.0340%, 10/25/49 (144A)‡	443,604	438,938
	Freddie Mac Structured Agency Credit Risk Debt Notes 2020-DNA6 M2,
	US 30 Day Average SOFR + 2.0000%, 4.2807%, 12/25/50 (144A)‡	15,791,833	15,676,385
	Freddie Mac Structured Agency Credit Risk Debt Notes 2020-HQA2 M2,
	ICE LIBOR USD 1 Month + 3.1000%, 6.1840%, 3/25/50 (144A)‡	4,929,815	4,892,317
	Freddie Mac Structured Agency Credit Risk Debt Notes 2020-HQA4 M2,
	ICE LIBOR USD 1 Month + 3.1500%, 6.2340%, 9/25/50 (144A)‡	390,768	391,600
	Freddie Mac Structured Agency Credit Risk Debt Notes 2020-HQA5 M2,
	US 30 Day Average SOFR + 2.6000%, 4.8807%, 11/25/50 (144A)‡	17,623,031	17,558,278
	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA2 M2,
	US 30 Day Average SOFR + 2.3000%, 4.5807%, 8/25/33 (144A)‡	6,224,000	6,103,102
	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA7 M1,
	US 30 Day Average SOFR + 0.8500%, 3.1307%, 11/25/41 (144A)‡	13,786,000	13,424,054
	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-HQA1 M2,
	US 30 Day Average SOFR + 2.2500%, 4.5307%, 8/25/33 (144A)‡	23,429,000	21,485,271
	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-HQA4 M1,
	US 30 Day Average SOFR + 0.9500%, 3.2307%, 12/25/41 (144A)‡	23,356,179	22,298,483
	Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA2 M1A,
	US 30 Day Average SOFR + 1.3000%, 3.5807%, 2/25/42 (144A)‡	5,301,302	5,211,693
	Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA3 M1A,
	US 30 Day Average SOFR + 2.0000%, 4.2807%, 4/25/42 (144A)‡	4,893,816	4,847,478
	Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA5 M1A,
	US 30 Day Average SOFR + 2.9500%, 5.2307%, 6/25/42 (144A)‡	15,350,015	15,384,637
	Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA6 M1A,
	US 30 Day Average SOFR + 2.1500%, 4.4350%, 9/25/42 (144A)‡	4,059,839	4,034,973
	Freddie Mac Structured Agency Credit Risk Debt Notes 2022-HQA1 M1A,
	US 30 Day Average SOFR + 2.1000%, 4.3807%, 3/25/42 (144A)‡	10,657,025	10,668,586
	Freddie Mac Structured Agency Credit Risk Debt Notes 2022-HQA2 M1A,
	US 30 Day Average SOFR + 2.6500%, 4.9307%, 7/25/42 (144A)‡	7,603,930	7,565,656
	Freddie Mac Structured Agency Credit Risk Debt Notes 2022-HQA3 M1A,
	US 30 Day Average SOFR + 2.3000%, 4.5807%, 8/25/42 (144A)‡	6,752,703	6,702,095
	FREED ABS Trust 2019-2 C, 4.8600%, 11/18/26 (144A)	2,621,295	2,620,489
	GCAT 2022-INV1 A1, 3.0000%, 12/25/51 (144A)‡	43,573,107	36,331,313
	Great Wolf Trust,
	ICE LIBOR USD 1 Month + 1.0340%, 3.8520%, 12/15/36 (144A)‡	19,125,000	18,625,789
	Great Wolf Trust,
	ICE LIBOR USD 1 Month + 1.3340%, 4.1520%, 12/15/36 (144A)‡	4,405,000	4,243,745
	Great Wolf Trust,
	ICE LIBOR USD 1 Month + 1.6330%, 4.4510%, 12/15/36 (144A)‡	4,900,000	4,742,271

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	11

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	Highbridge Loan Management Ltd 2021-16A B,
	ICE LIBOR USD 3 Month + 1.7000%, 4.4830%, 1/23/35 (144A)‡	$5,360,143	$4,979,015
	LAD Auto Receivables Trust 2021-1A A, 1.3000%, 8/17/26 (144A)	7,779,955	7,541,832
	LAD Auto Receivables Trust 2022-1A A, 5.2100%, 6/15/27 (144A)	23,645,455	23,206,093
	LCM LP 24A AR, ICE LIBOR USD 3 Month + 0.9800%, 3.6899%, 3/20/30 (144A)‡	7,293,853	7,163,067
	Lendbuzz Securitization Trust 2021-1A A, 4.2200%, 5/17/27 (144A)‡	19,519,678	19,132,589
	Life Financial Services Trust 2021-BMR A,
	ICE LIBOR USD 1 Month + 0.7000%, 3.5180%, 3/15/38 (144A)‡	26,199,103	25,207,484
	Life Financial Services Trust 2021-BMR C,
	ICE LIBOR USD 1 Month + 1.1000%, 3.9180%, 3/15/38 (144A)‡	15,119,064	14,346,790
	Life Financial Services Trust 2022-BMR2 A1,
	CME Term SOFR 1 Month + 1.2952%, 4.1406%, 5/15/39 (144A)‡	36,759,000	35,935,234
	Life Financial Services Trust 2022-BMR2 B,
	CME Term SOFR 1 Month + 1.7939%, 4.6393%, 5/15/39 (144A)‡	6,155,000	5,972,144
	MED Trust 2021-MDLN C,
	ICE LIBOR USD 1 Month + 1.8000%, 4.6180%, 11/15/38 (144A)‡	4,649,000	4,428,678
	MED Trust 2021-MDLN D,
	ICE LIBOR USD 1 Month + 2.0000%, 4.8180%, 11/15/38 (144A)‡	4,904,000	4,645,590
	MED Trust 2021-MDLN E,
	ICE LIBOR USD 1 Month + 3.1500%, 5.9680%, 11/15/38 (144A)‡	21,424,000	20,142,068
	MED Trust 2021-MDLN F,
	ICE LIBOR USD 1 Month + 4.0000%, 6.8180%, 11/15/38 (144A)‡	14,528,000	13,597,941
	Mello Mortgage Capital Acceptance Trust 2021-INV2 A11,
	US 30 Day Average SOFR + 0.9500%, 3.2307%, 8/25/51 (144A)‡	11,339,705	10,600,424
	Mello Mortgage Capital Acceptance Trust 2021-INV3 A11,
	US 30 Day Average SOFR + 0.9500%, 3.2307%, 10/25/51 (144A)‡	14,233,625	13,305,451
	Mello Mortgage Capital Acceptance Trust 2021-INV4 A3,
	2.5000%, 12/25/51 (144A)‡	8,553,861	6,824,349
	Mello Mortgage Capital Acceptance Trust 2022-INV1 A2,
	3.0000%, 3/25/52 (144A)‡	29,374,711	24,394,616
	Mercury Financial Credit Card Master Trust 2021-1A A,
	1.5400%, 3/20/26 (144A)	14,022,000	13,334,855
	MHC Commercial Mortgage Trust 2021-MHC A,
	ICE LIBOR USD 1 Month + 0.8010%, 3.6190%, 4/15/38 (144A)‡	27,729,249	26,829,138
	MHC Commercial Mortgage Trust 2021-MHC C,
	ICE LIBOR USD 1 Month + 1.3510%, 4.1690%, 4/15/38 (144A)‡	15,653,295	14,897,062
	New Residential Mortgage Loan Trust 2018-2,
	ICE LIBOR USD 6 Month + 0.6800%, 4.5000%, 2/25/58 (144A)‡	1,515,024	1,475,576
	NRZ Excess Spread Collateralized Notes 2020-PLS1 A,
	3.8440%, 12/25/25 (144A)	4,337,489	4,001,533
	NRZ Excess Spread Collateralized Notes 2021-FHT1 A, 3.1040%, 7/25/26 (144A)	10,757,259	9,328,238
	Oak Street Investment Grade Net Lease Fund 2020-1A A1,
	1.8500%, 11/20/50 (144A)	13,145,826	11,606,309
	Oasis Securitization 2022-1A A, 4.7500%, 5/15/34 (144A)	7,473,344	7,340,738
	Oceanview Mortgage Trust 2021-5 AF,
	US 30 Day Average SOFR + 0.8500%, 3.0332%, 11/25/51 (144A)‡	16,081,865	14,883,545
	Oceanview Mortgage Trust 2022-1 A1, 3.0000%, 12/25/51 (144A)‡	17,700,121	14,651,316
	Oceanview Mortgage Trust 2022-2 A1, 3.0000%, 12/25/51 (144A)‡	32,790,204	27,224,186
	Onslow Bay Financial LLC 2021-INV3 A3, 2.5000%, 10/25/51 (144A)‡	9,970,853	7,995,811
	Onslow Bay Financial LLC 2022-INV1 A1, 3.0000%, 12/25/51 (144A)‡	33,057,874	27,247,655
	Onslow Bay Financial LLC 2022-INV1 A18, 3.0000%, 12/25/51 (144A)‡	14,017,717	11,515,255
	Pagaya AI Debt Selection Trust 2022-1 A, 2.0300%, 10/15/29 (144A)	10,541,654	10,138,253
	Preston Ridge Partners Mortgage Trust 2020-4 A1, 2.9510%, 10/25/25 (144A)Ç	9,713,580	9,423,023
	Preston Ridge Partners Mortgage Trust 2021-10 A1, 2.4870%, 10/25/26 (144A)Ç	25,367,927	22,978,134
	Preston Ridge Partners Mortgage Trust 2021-9 A1, 2.3630%, 10/25/26 (144A)Ç	19,100,690	17,761,122
	Preston Ridge Partners Mortgage Trust 2022-2 A1, 5.0000%, 3/25/27 (144A)Ç	25,773,243	24,974,638
	Regatta XXIII Funding Ltd 2021-4A B,
	ICE LIBOR USD 3 Month + 1.7000%, 4.4099%, 1/20/35 (144A)‡	5,891,224	5,373,150
	Santander Bank Auto Credit-Linked Notes 2021-1A B, 1.8330%, 12/15/31 (144A)	4,273,638	4,142,090
	Santander Bank Auto Credit-Linked Notes 2022-A B, 5.2810%, 5/15/32 (144A)	16,232,228	16,028,519

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
12	SEPTEMBER 30, 2022

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	Santander Bank Auto Credit-Linked Notes 2022-B A2, 5.5870%, 8/16/32 (144A)	$5,984,000	$5,990,590
	Santander Drive Auto Receivables Trust 2020-3 D, 1.6400%, 11/16/26	27,434,000	26,480,413
	Sequoia Mortgage Trust 2013-5, 2.5000%, 5/25/43 (144A)‡	2,359,341	2,042,232
	Sequoia Mortgage Trust 2020-2, 3.5000%, 3/25/50 (144A)‡	967,035	847,693
	Sound Point CLO Ltd 2019-1A AR,
	ICE LIBOR USD 3 Month + 1.0800%, 3.7899%, 1/20/32 (144A)‡	26,345,000	25,369,102
	Spruce Hill Mortgage Loan Trust 2020-SH1 A1,
	ICE LIBOR USD 12 Month + 0.9500%, 2.5210%, 1/28/50 (144A)‡	162,395	160,575
	Spruce Hill Mortgage Loan Trust 2020-SH1 A2,
	ICE LIBOR USD 12 Month + 1.0500%, 2.6240%, 1/28/50 (144A)‡	856,807	846,407
	SREIT Trust 2021-MFP A,
	ICE LIBOR USD 1 Month + 0.7308%, 3.5485%, 11/15/38 (144A)‡	2,350,000	2,264,968
	Tesla Auto Lease Trust 2021-B A3, 0.6000%, 9/22/25 (144A)	8,570,000	8,041,508
	Tesla Auto Lease Trust 2021-B B, 0.9100%, 9/22/25 (144A)	4,395,000	4,083,524
	Theorem Funding Trust 2021-1A A, 1.2100%, 12/15/27 (144A)	3,965,627	3,877,171
	THL Credit Wind River CLO Ltd 2019-1A AR,
	ICE LIBOR USD 3 Month + 1.1600%, 3.8699%, 7/20/34 (144A)‡	7,594,000	7,262,423
	TPI Re-Remic Trust 2022-FRR1 AK33, 0%, 7/25/46 (144A)◊	8,395,000	7,997,202
	TPI Re-Remic Trust 2022-FRR1 AK34, 0%, 7/25/46 (144A)◊	6,915,000	6,587,332
	TPI Re-Remic Trust 2022-FRR1 AK35, 0%, 8/25/46 (144A)◊	9,375,000	8,878,193
	Tricolor Auto Securitization Trust 2022-1A A, 3.3000%, 2/18/25 (144A)	2,747,268	2,723,094
	United Wholesale Mortgage LLC 2021-INV1 A9,
	US 30 Day Average SOFR + 0.9000%, 3.0832%, 8/25/51 (144A)‡	13,521,161	12,604,945
	United Wholesale Mortgage LLC 2021-INV4 A3, 2.5000%, 12/25/51 (144A)‡	6,592,254	5,246,892
	Upstart Securitization Trust 2021-4 A, 0.8400%, 9/20/31 (144A)	7,249,302	7,000,464
	Upstart Securitization Trust 2021-5 A, 1.3100%, 11/20/31 (144A)	4,871,021	4,711,543
	Upstart Securitization Trust 2022-1 A, 3.1200%, 3/20/32 (144A)	20,212,771	19,473,359
	Upstart Securitization Trust 2022-2 A, 4.3700%, 5/20/32 (144A)	29,454,222	28,790,849
	Vantage Data Centers LLC 2020-1A A2, 1.6450%, 9/15/45 (144A)	17,832,000	15,659,105
	Vantage Data Centers LLC 2020-2A A2, 1.9920%, 9/15/45 (144A)	11,511,000	9,577,233
	VASA Trust 2021-VASA A,
	ICE LIBOR USD 1 Month + 0.9000%, 3.7180%, 7/15/39 (144A)‡	8,418,000	8,104,907
	VCAT Asset Securitization LLC 2021-NPL1 A1, 2.2891%, 12/26/50 (144A)	3,315,818	3,177,605
	VMC Finance LLC 2021-HT1 A,
	ICE LIBOR USD 1 Month + 1.6500%, 4.6434%, 1/18/37 (144A)‡	10,311,722	9,990,969
	Wells Fargo Commercial Mortgage Trust 2021-SAVE A,
	ICE LIBOR USD 1 Month + 1.1500%, 3.9680%, 2/15/40 (144A)‡	8,375,727	8,024,288
	Westgate Resorts 2022-1A A, 1.7880%, 8/20/36 (144A)	5,703,251	5,369,095
	Westlake Automobile Receivable Trust 2020-1A D, 2.8000%, 6/16/25 (144A)	12,457,000	12,240,064
	Woodward Capital Management 2021-3 A21,
	US 30 Day Average SOFR + 0.8000%, 2.9832%, 7/25/51 (144A)‡	10,133,531	9,430,207
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $1,973,471,193)			1,858,697,123
Corporate Bonds– 9.8%
Banking – 4.3%
	American Express Co, SOFR + 2.2550%, 4.9890%, 5/26/33‡	27,645,000	25,675,627
	Bank of America Corp, ICE LIBOR USD 3 Month + 1.5120%, 3.7050%, 4/24/28‡	12,653,000	11,513,452
	Bank of America Corp, SOFR + 1.5800%, 4.3760%, 4/27/28‡	31,762,000	29,762,122
	Bank of America Corp, ICE LIBOR USD 3 Month + 1.0700%, 3.9700%, 3/5/29‡	11,944,000	10,805,704
	Bank of America Corp, SOFR + 1.0600%, 2.0870%, 6/14/29‡	25,438,000	20,671,798
	Bank of America Corp, SOFR + 2.1500%, 2.5920%, 4/29/31‡	51,219,000	40,619,793
	Bank of America Corp, SOFR + 1.8300%, 4.5710%, 4/27/33‡	32,892,000	29,460,923
	Bank of America Corp, ICE LIBOR USD 3 Month + 3.7050%, 6.2500%‡,µ	21,700,000	20,967,625
	Bank of America Corp, ICE LIBOR USD 3 Month + 3.1350%, 5.2000%‡,µ	7,250,000	6,960,000
	Bank of Montreal,
	US Treasury Yield Curve Rate 5 Year + 1.4000%, 3.0880%, 1/10/37‡	53,212,000	39,680,264
	BNP Paribas SA, SOFR + 1.2280%, 2.5910%, 1/20/28 (144A)‡	12,805,000	10,935,169
	BNP Paribas SA, SOFR + 1.5610%, 3.1320%, 1/20/33 (144A)‡	10,937,000	8,296,650
	Citigroup Inc, ICE LIBOR USD 3 Month + 1.5630%, 3.8870%, 1/10/28‡	36,115,000	33,240,700
	Citigroup Inc, SOFR + 3.9140%, 4.4120%, 3/31/31‡	24,901,000	22,339,410
	Citigroup Inc, ICE LIBOR USD 3 Month + 3.4660%, 5.3500%‡,µ	8,824,000	8,360,740

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	13

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Banking– (continued)
	Citigroup Inc, ICE LIBOR USD 3 Month + 3.9050%, 5.9500%‡,µ	$8,361,000	$7,567,099
	Citigroup Inc, ICE LIBOR USD 3 Month + 3.4230%, 6.3000%‡,µ	2,012,000	1,873,752
	Commonwealth Bank of Australia, 3.7840%, 3/14/32 (144A)	22,906,000	18,254,734
	First Republic Bank/CA, 4.6250%, 2/13/47	5,767,000	4,621,151
	Goldman Sachs Group Inc, 3.5000%, 4/1/25	39,166,000	37,411,476
	Goldman Sachs Group Inc, SOFR + 1.4100%, 3.1020%, 2/24/33‡	15,819,000	12,564,314
	JPMorgan Chase & Co, SOFR + 1.8500%, 2.0830%, 4/22/26‡	9,471,000	8,628,920
	JPMorgan Chase & Co, SOFR + 1.3200%, 4.0800%, 4/26/26‡	20,833,000	20,058,271
	JPMorgan Chase & Co, ICE LIBOR USD 3 Month + 1.2450%, 3.9600%, 1/29/27‡	24,028,000	22,672,415
	JPMorgan Chase & Co, SOFR + 1.7500%, 4.5650%, 6/14/30‡	17,992,000	16,580,148
	JPMorgan Chase & Co, SOFR + 2.5150%, 2.9560%, 5/13/31‡	22,144,000	17,540,176
	JPMorgan Chase & Co, SOFR + 1.2600%, 2.9630%, 1/25/33‡	36,264,000	28,506,574
	JPMorgan Chase & Co, SOFR + 1.8000%, 4.5860%, 4/26/33‡	8,818,000	7,934,549
	JPMorgan Chase & Co, SOFR + 2.5800%, 5.7170%, 9/14/33‡	39,262,000	37,127,896
	JPMorgan Chase & Co, SOFR + 3.3800%, 5.0000%‡,µ	7,243,000	6,531,375
	JPMorgan Chase & Co, SOFR + 3.1250%, 4.6000%‡,µ	7,646,000	6,660,431
	Mitsubishi UFJ Financial Group Inc,
	US Treasury Yield Curve Rate 1 Year + 1.7000%, 4.7880%, 7/18/25‡	15,834,000	15,626,054
	Mitsubishi UFJ Financial Group Inc,
	US Treasury Yield Curve Rate 1 Year + 1.9500%, 5.0170%, 7/20/28‡	37,892,000	36,365,581
	Mitsubishi UFJ Financial Group Inc,
	US Treasury Yield Curve Rate 1 Year + 1.9000%, 5.3540%, 9/13/28‡	18,900,000	18,428,509
	Mitsubishi UFJ Financial Group Inc,
	US Treasury Yield Curve Rate 1 Year + 2.1250%, 5.1330%, 7/20/33‡	13,562,000	12,671,270
	Mitsubishi UFJ Financial Group Inc,
	US Treasury Yield Curve Rate 1 Year + 2.1250%, 5.4720%, 9/13/33‡	13,694,000	13,173,536
	Morgan Stanley, SOFR + 1.9900%, 2.1880%, 4/28/26‡	24,836,000	22,781,484
	Morgan Stanley, 4.3500%, 9/8/26	14,618,000	13,922,546
	Morgan Stanley, SOFR + 0.8790%, 1.5930%, 5/4/27‡	11,537,000	9,968,957
	Morgan Stanley, SOFR + 1.0340%, 1.7940%, 2/13/32‡	20,010,000	14,623,730
	Morgan Stanley, SOFR + 1.1780%, 2.2390%, 7/21/32‡	31,595,000	23,734,713
	Morgan Stanley, SOFR + 1.2900%, 2.9430%, 1/21/33‡	39,331,000	31,093,642
	Morgan Stanley, SOFR + 1.3600%, 2.4840%, 9/16/36‡	38,024,000	27,249,087
	National Australia Bank Ltd, 2.9900%, 5/21/31 (144A)	28,726,000	22,101,770
	Nordea Bank Abp, 5.3750%, 9/22/27 (144A)	30,029,000	29,267,248
	SVB Financial Group,
	US Treasury Yield Curve Rate 5 Year + 3.0740%, 4.2500%‡,µ	41,202,000	30,329,716
	SVB Financial Group,
	US Treasury Yield Curve Rate 10 Year + 3.0640%, 4.1000%‡,µ	23,100,000	15,752,303
	US Bancorp, SOFR + 2.1100%, 4.9670%, 7/22/33‡	5,612,000	5,240,590
	US Bancorp,
	US Treasury Yield Curve Rate 5 Year + 0.9500%, 2.4910%, 11/3/36‡	20,457,000	15,375,223
	Westpac Banking Corp,
	US Treasury Yield Curve Rate 5 Year + 1.7500%, 2.6680%, 11/15/35‡	19,870,000	14,616,810
			946,146,027
Basic Industry – 0.2%
	Axalta Coating Systems Ltd, 3.3750%, 2/15/29 (144A)	27,737,000	21,744,421
	Element Solutions Inc, 3.8750%, 9/1/28 (144A)	20,844,000	16,783,589
	Reliance Steel & Aluminum Co, 4.5000%, 4/15/23	7,932,000	7,914,585
			46,442,595
Brokerage – 0.1%
	Charles Schwab Corp,
	US Treasury Yield Curve Rate 10 Year + 3.0790%, 4.0000%‡,µ	10,811,000	7,941,578
	Charles Schwab Corp,
	US Treasury Yield Curve Rate 5 Year + 4.9710%, 5.3750%‡,µ	8,634,000	8,396,565
			16,338,143
Capital Goods – 0%
	General Dynamics Corp, 3.5000%, 4/1/27	7,372,000	6,966,903

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
14	SEPTEMBER 30, 2022

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Capital Goods– (continued)
	Standard Industries Inc/NJ, 4.3750%, 7/15/30 (144A)	$5,859,000	$4,482,135
			11,449,038
Communications – 0.1%
	AT&T Inc, 3.8000%, 12/1/57	13,125,000	8,866,523
	AT&T Inc, 3.6500%, 9/15/59	2,171,000	1,406,592
	Charter Communications Operating LLC / Charter Communications Operating Capital,
	6.4840%, 10/23/45	3,584,000	3,156,024
	Comcast Corp, 3.7500%, 4/1/40	6,795,000	5,341,638
	Fox Corp, 4.0300%, 1/25/24	8,690,000	8,582,535
			27,353,312
Consumer Cyclical – 0.3%
	Amazon.com Inc, 3.0000%, 4/13/25	22,878,000	22,089,057
	Amazon.com Inc, 3.9500%, 4/13/52	10,704,000	8,779,594
	Amazon.com Inc, 4.1000%, 4/13/62	17,572,000	14,010,318
	Dollar General Corp, 4.1250%, 4/3/50	11,279,000	8,781,580
	GLP Capital LP / GLP Financing II Inc, 5.2500%, 6/1/25	4,305,000	4,161,120
	GLP Capital LP / GLP Financing II Inc, 5.3750%, 4/15/26	9,419,000	9,009,368
	GLP Capital LP / GLP Financing II Inc, 5.3000%, 1/15/29	1,226,000	1,117,446
			67,948,483
Consumer Non-Cyclical – 1.0%
	Aramark Services Inc, 6.3750%, 5/1/25 (144A)	25,501,000	24,990,980
	CSL Finance Ltd, 3.8500%, 4/27/27 (144A)	6,306,000	5,968,098
	CSL Finance Ltd, 4.0500%, 4/27/29 (144A)	12,756,000	11,749,155
	CSL Finance Ltd, 4.2500%, 4/27/32 (144A)	7,400,000	6,755,626
	CVS Health Corp, 5.0500%, 3/25/48	9,216,000	8,116,184
	Diageo Capital PLC, 1.3750%, 9/29/25	11,362,000	10,301,813
	Diageo Capital PLC, 2.0000%, 4/29/30	10,703,000	8,576,373
	Diageo Capital PLC, 2.1250%, 4/29/32	8,585,000	6,643,952
	GSK Consumer Healthcare Capital US LLC, 3.3750%, 3/24/27 (144A)	10,875,000	9,862,560
	GSK Consumer Healthcare Capital US LLC, 3.3750%, 3/24/29 (144A)	5,546,000	4,833,601
	Hasbro Inc, 3.9000%, 11/19/29	25,055,000	21,913,522
	Hasbro Inc, 6.3500%, 3/15/40	7,010,000	6,693,851
	Hasbro Inc, 5.1000%, 5/15/44	3,976,000	3,225,596
	HCA Inc, 5.8750%, 2/15/26	4,146,000	4,090,056
	HCA Inc, 5.3750%, 9/1/26	3,180,000	3,080,793
	HCA Inc, 5.6250%, 9/1/28	9,208,000	8,774,467
	HCA Inc, 5.8750%, 2/1/29	6,941,000	6,749,326
	HCA Inc, 5.5000%, 6/15/47	3,767,000	3,182,342
	JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc,
	5.5000%, 1/15/30 (144A)	19,216,000	17,750,780
	JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc,
	3.6250%, 1/15/32 (144A)	9,318,000	7,279,687
	JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc,
	3.0000%, 5/15/32 (144A)	13,810,000	10,198,685
	JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc,
	4.3750%, 2/2/52 (144A)	21,043,000	14,104,281
	Mondelez International Inc, 2.7500%, 4/13/30	1,182,000	984,507
	Royalty Pharma PLC, 3.5500%, 9/2/50	14,211,000	8,856,116
			214,682,351
Electric – 0.4%
	Algonquin Power & Utilities Corp,
	US Treasury Yield Curve Rate 5 Year + 3.2490%, 4.7500%, 1/18/82‡	22,545,000	18,414,080
	Duke Energy Corp, 4.3000%, 3/15/28	15,581,000	14,666,681
	Duquesne Light Holdings Inc, 2.7750%, 1/7/32 (144A)	16,995,000	13,002,621
	NRG Energy Inc, 6.6250%, 1/15/27	5,517,000	5,402,612
	NRG Energy Inc, 3.3750%, 2/15/29 (144A)	17,426,000	14,108,787
	NRG Energy Inc, 3.6250%, 2/15/31 (144A)	19,673,000	15,344,940
			80,939,721

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	15

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Energy – 0.2%
	Energy Transfer Operating LP, 4.9500%, 6/15/28	$626,000	$583,049
	EQT Corp, 5.6780%, 10/1/25	17,974,000	17,863,370
	EQT Corp, 5.7000%, 4/1/28	7,749,000	7,596,732
	Hess Midstream Operations LP, 5.1250%, 6/15/28 (144A)	17,367,000	15,207,150
	Southwestern Energy Co, 4.7500%, 2/1/32	12,491,000	10,468,707
			51,719,008
Finance Companies – 0.6%
	AerCap Ireland Capital DAC / AerCap Global Aviation Trust,
	4.6250%, 10/15/27	18,600,000	16,702,126
	AerCap Ireland Capital DAC / AerCap Global Aviation Trust,
	3.0000%, 10/29/28	12,919,000	10,360,594
	Air Lease Corp, 1.8750%, 8/15/26	17,148,000	14,532,580
	Air Lease Corp, 3.0000%, 2/1/30	8,657,000	6,855,607
	Ares Capital Corp, 2.8750%, 6/15/27	17,055,000	14,247,621
	OWL Rock Core Income Corp, 4.7000%, 2/8/27	2,729,000	2,390,269
	OWL Rock Core Income Corp, 7.7500%, 9/16/27 (144A)	16,398,000	16,148,988
	Quicken Loans LLC, 3.6250%, 3/1/29 (144A)	11,261,000	8,667,029
	Quicken Loans LLC, 3.8750%, 3/1/31 (144A)	12,708,000	9,211,444
	Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc,
	2.8750%, 10/15/26 (144A)	19,212,000	15,753,840
	Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc,
	4.0000%, 10/15/33 (144A)	14,597,000	10,035,639
			124,905,737
Insurance – 1.1%
	Athene Global Funding, 1.7160%, 1/7/25 (144A)	10,522,000	9,618,055
	Athene Global Funding, 1.7300%, 10/2/26 (144A)	33,310,000	28,258,948
	Athene Global Funding, 2.7170%, 1/7/29 (144A)	21,681,000	17,543,562
	Athene Global Funding, 2.6460%, 10/4/31 (144A)	32,528,000	24,469,689
	Brown & Brown Inc, 4.2000%, 3/17/32	6,426,000	5,493,733
	Brown & Brown Inc, 4.9500%, 3/17/52	18,886,000	15,308,859
	Centene Corp, 4.2500%, 12/15/27	53,971,000	49,367,274
	Centene Corp, 2.4500%, 7/15/28	16,998,000	13,840,112
	Centene Corp, 3.0000%, 10/15/30	18,048,000	14,292,933
	Molina Healthcare Inc, 4.3750%, 6/15/28 (144A)	48,521,000	43,790,202
	Prudential Financial Inc,
	US Treasury Yield Curve Rate 5 Year + 3.0350%, 3.7000%, 10/1/50‡	27,945,000	22,070,961
			244,054,328
Real Estate Investment Trusts (REITs) – 0.2%
	Agree LP, 2.0000%, 6/15/28	11,528,000	9,290,393
	Agree LP, 2.9000%, 10/1/30	7,437,000	5,941,676
	Agree LP, 2.6000%, 6/15/33	8,647,000	6,300,540
	Invitation Homes Inc, 2.0000%, 8/15/31	19,425,000	13,935,096
	Sun Communities Inc, 2.7000%, 7/15/31	21,657,000	16,368,069
			51,835,774
Technology – 1.2%
	Analog Devices Inc, 2.9500%, 4/1/25	10,074,000	9,682,270
	Broadcom Inc, 4.3000%, 11/15/32	14,848,000	12,466,897
	CoStar Group Inc, 2.8000%, 7/15/30 (144A)	12,054,000	9,514,728
	Equinix Inc, 2.1500%, 7/15/30	9,552,000	7,323,155
	Global Payments Inc, 2.1500%, 1/15/27	11,282,000	9,653,933
	Global Payments Inc, 5.3000%, 8/15/29	20,156,000	18,955,609
	Global Payments Inc, 2.9000%, 11/15/31	16,923,000	12,938,818
	Global Payments Inc, 5.4000%, 8/15/32	9,144,000	8,485,366
	Marvell Technology Inc, 1.6500%, 4/15/26	13,225,000	11,551,975
	Marvell Technology Inc, 4.8750%, 6/22/28	14,717,000	13,793,497
	Microchip Technology Inc, 2.6700%, 9/1/23	23,076,000	22,488,485
	MSCI Inc, 4.0000%, 11/15/29 (144A)	1,532,000	1,323,188
	MSCI Inc, 3.6250%, 9/1/30 (144A)	25,762,000	21,196,896
	MSCI Inc, 3.8750%, 2/15/31 (144A)	21,571,000	18,162,005

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
16	SEPTEMBER 30, 2022

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Technology– (continued)
	PayPal Holdings Inc, 1.6500%, 6/1/25	$8,019,000	$7,381,677
	Total System Services Inc, 4.8000%, 4/1/26	11,686,000	11,282,482
	Trimble Inc, 4.7500%, 12/1/24	18,923,000	18,716,435
	Trimble Inc, 4.9000%, 6/15/28	11,312,000	10,758,020
	TSMC Arizona Corp, 3.8750%, 4/22/27	15,891,000	15,145,025
	Workday Inc, 3.5000%, 4/1/27	8,410,000	7,779,187
	Workday Inc, 3.8000%, 4/1/32	13,725,000	11,913,051
			260,512,699
Transportation – 0.1%
	GXO Logistics Inc, 1.6500%, 7/15/26	14,940,000	12,207,334
	GXO Logistics Inc, 2.6500%, 7/15/31	2,271,000	1,607,898
			13,815,232
Total Corporate Bonds (cost $2,538,977,548)			2,158,142,448
Inflation-Indexed Bonds– 0.6%
	United States Treasury Inflation Indexed Bonds, 0.6250%, 7/15/32ÇÇ((cost $131,974,582)	142,668,907	129,440,359
Mortgage-Backed Securities– 11.3%
Fannie Mae:
	2.0000%, TBA, 15 Year Maturity	47,739,539	42,008,551
	2.5000%, TBA, 15 Year Maturity	28,461,400	25,750,338
	3.0000%, TBA, 15 Year Maturity	4,361,241	4,048,466
	3.0000%, TBA, 30 Year Maturity	207,365,688	180,149,149
	3.5000%, TBA, 30 Year Maturity	261,109,922	234,662,620
	4.0000%, TBA, 30 Year Maturity	123,844,525	114,778,239
	4.5000%, TBA, 30 Year Maturity	107,474,904	102,267,208
	5.0000%, TBA, 30 Year Maturity	162,956,484	158,743,896
			862,408,467
Fannie Mae Pool:
	7.5000%, 7/1/28	35,598	37,058
	3.0000%, 10/1/34	1,419,523	1,331,082
	2.5000%, 11/1/34	971,410	883,439
	3.0000%, 11/1/34	553,224	518,756
	3.0000%, 12/1/34	587,227	550,641
	6.0000%, 2/1/37	222,908	232,542
	4.5000%, 11/1/42	1,218,855	1,193,501
	3.0000%, 1/1/43	691,666	617,701
	3.0000%, 2/1/43	166,781	148,946
	3.0000%, 5/1/43	1,619,756	1,444,286
	5.0000%, 7/1/44	132,851	133,057
	4.5000%, 10/1/44	3,060,974	2,988,646
	4.5000%, 3/1/45	4,580,520	4,472,287
	4.5000%, 6/1/45	2,350,359	2,300,991
	3.5000%, 12/1/45	1,363,378	1,247,702
	3.0000%, 1/1/46	255,389	226,094
	4.5000%, 2/1/46	5,325,656	5,214,874
	3.5000%, 7/1/46	3,076,930	2,813,672
	3.0000%, 9/1/46	15,714,718	14,012,320
	3.0000%, 2/1/47	44,824,065	39,968,207
	3.0000%, 3/1/47	5,391,013	4,771,420
	3.5000%, 3/1/47	1,191,525	1,090,430
	3.5000%, 7/1/47	1,057,169	967,474
	3.5000%, 8/1/47	976,176	892,428
	3.5000%, 8/1/47	958,814	878,786
	3.5000%, 12/1/47	475,902	436,181
	3.5000%, 12/1/47	279,474	256,148
	3.5000%, 1/1/48	2,864,892	2,603,134
	4.0000%, 1/1/48	9,871,886	9,270,832
	4.0000%, 1/1/48	3,579,993	3,356,172

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	17

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Fannie Mae Pool– (continued)
	3.0000%, 2/1/48	$3,474,907	$3,076,315
	3.5000%, 3/1/48	425,281	389,359
	4.0000%, 3/1/48	2,764,306	2,596,018
	4.5000%, 3/1/48	119,148	115,151
	5.0000%, 5/1/48	2,919,957	2,882,708
	3.5000%, 7/1/48	27,326,026	24,988,052
	4.5000%, 8/1/48	67,665	65,395
	4.0000%, 10/1/48	2,147,059	2,022,126
	4.0000%, 2/1/49	1,463,548	1,378,387
	4.0000%, 6/1/49	870,386	817,676
	3.0000%, 8/1/49	3,500,679	3,071,697
	3.0000%, 8/1/49	1,868,772	1,639,768
	3.0000%, 9/1/49	710,653	622,967
	4.0000%, 11/1/49	13,956,329	13,144,238
	4.0000%, 11/1/49	1,216,603	1,142,926
	3.5000%, 12/1/49	35,667,872	32,607,857
	2.5000%, 1/1/50	1,866,233	1,583,198
	4.5000%, 1/1/50	11,213,780	10,837,578
	2.5000%, 3/1/50	2,774,755	2,337,834
	4.0000%, 3/1/50	20,387,587	19,201,274
	4.0000%, 3/1/50	11,140,321	10,492,088
	4.0000%, 3/1/50	4,154,671	3,912,919
	4.5000%, 7/1/50	18,037,191	17,246,640
	2.5000%, 8/1/50	57,739,496	49,164,208
	2.5000%, 8/1/50	2,425,628	2,069,024
	4.0000%, 9/1/50	21,620,469	20,311,142
	2.5000%, 10/1/50	2,784,850	2,357,778
	4.0000%, 10/1/50	22,291,820	20,941,837
	4.5000%, 10/1/50	13,862,215	13,397,162
	4.0000%, 3/1/51	57,385,067	53,909,851
	4.0000%, 3/1/51	1,107,253	1,040,198
	4.0000%, 3/1/51	535,428	504,272
	2.5000%, 1/1/52	14,556,904	12,318,905
	2.5000%, 2/1/52	71,812,347	60,710,613
	2.5000%, 3/1/52	29,474,105	24,894,904
	2.5000%, 3/1/52	28,646,727	24,218,124
	2.5000%, 3/1/52	10,567,626	8,950,108
	2.5000%, 3/1/52	2,522,633	2,129,631
	2.5000%, 3/1/52	2,370,264	2,002,011
	2.5000%, 3/1/52	2,007,500	1,697,153
	2.5000%, 3/1/52	823,793	697,336
	3.0000%, 3/1/52	14,093,684	12,297,188
	3.5000%, 3/1/52	19,655,503	17,808,710
	3.0000%, 4/1/52	12,017,276	10,485,795
	3.0000%, 4/1/52	10,574,172	9,224,714
	3.5000%, 4/1/52	10,360,460	9,366,398
	3.5000%, 4/1/52	7,516,471	6,833,382
	3.5000%, 4/1/52	5,784,624	5,226,688
	3.5000%, 4/1/52	3,515,282	3,177,999
	3.5000%, 4/1/52	2,115,158	1,911,278
	3.5000%, 4/1/52	1,676,451	1,514,755
	4.0000%, 4/1/52	8,462,526	7,904,374
	4.5000%, 4/1/52	1,605,785	1,529,219
	4.5000%, 4/1/52	1,235,675	1,176,756
	4.5000%, 4/1/52	708,782	674,986
	4.5000%, 4/1/52	643,125	612,460
	4.5000%, 4/1/52	562,627	535,800
	4.5000%, 4/1/52	362,266	344,986
	3.5000%, 5/1/52	9,090,674	8,233,708

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
18	SEPTEMBER 30, 2022

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Fannie Mae Pool– (continued)
	3.5000%, 5/1/52	$5,894,317	$5,328,314
	4.5000%, 5/1/52	1,960,121	1,866,659
	3.5000%, 6/1/52	31,458,726	28,585,133
	3.5000%, 6/1/52	18,135,509	16,500,298
	3.5000%, 6/1/52	11,897,064	10,704,990
	4.0000%, 6/1/52	6,299,875	5,849,614
	4.0000%, 6/1/52	1,687,745	1,567,119
	3.5000%, 7/1/52	40,258,366	36,457,008
	3.5000%, 7/1/52	4,531,414	4,117,492
	3.5000%, 7/1/52	1,687,977	1,535,517
	4.0000%, 7/1/52	2,692,327	2,499,903
	4.5000%, 7/1/52	9,592,287	9,134,573
	4.5000%, 7/1/52	7,997,915	7,627,597
	3.5000%, 8/1/52	7,995,966	7,239,713
	3.5000%, 8/1/52	2,982,406	2,709,515
	4.5000%, 8/1/52	31,930,931	30,452,470
	5.5000%, 9/1/52	40,360,609	40,261,568
	3.5000%, 8/1/56	10,924,501	10,009,435
	3.0000%, 2/1/57	11,184,822	9,823,389
	3.0000%, 6/1/57	209,028	183,618
			893,658,356
Freddie Mac Gold Pool:
	3.5000%, 1/1/47	821,993	760,651
Freddie Mac Pool:
	3.0000%, 5/1/31	12,207,222	11,512,935
	3.0000%, 9/1/32	2,712,788	2,547,029
	3.0000%, 10/1/32	1,340,256	1,258,362
	3.0000%, 12/1/32	961,131	893,522
	3.0000%, 1/1/33	1,845,722	1,732,943
	2.5000%, 12/1/33	12,555,748	11,680,206
	3.0000%, 10/1/34	3,123,171	2,928,738
	3.0000%, 10/1/34	1,473,297	1,381,577
	2.5000%, 11/1/34	4,043,338	3,677,079
	2.5000%, 11/1/34	965,930	878,433
	6.0000%, 4/1/40	3,477,153	3,628,175
	3.5000%, 7/1/42	611,208	565,040
	3.5000%, 8/1/42	692,585	640,270
	3.5000%, 8/1/42	614,372	567,965
	3.5000%, 2/1/43	1,518,828	1,402,347
	3.0000%, 3/1/43	7,179,243	6,401,756
	3.0000%, 6/1/43	228,090	201,529
	3.5000%, 2/1/44	1,837,255	1,696,353
	4.5000%, 5/1/44	962,096	941,867
	3.5000%, 12/1/44	10,969,850	10,128,554
	3.0000%, 1/1/45	2,825,017	2,502,842
	4.0000%, 4/1/45	23,490	22,380
	3.0000%, 1/1/46	517,675	461,613
	3.5000%, 7/1/46	2,261,866	2,056,473
	3.0000%, 10/1/46	6,071,981	5,373,967
	4.0000%, 3/1/47	1,083,058	1,027,350
	3.0000%, 4/1/47	1,229,365	1,088,042
	3.5000%, 4/1/47	475,763	435,076
	3.5000%, 9/1/47	3,903,489	3,568,766
	3.5000%, 12/1/47	6,537,217	5,976,652
	3.5000%, 2/1/48	2,241,912	2,032,825
	4.0000%, 3/1/48	2,705,197	2,540,572
	4.5000%, 3/1/48	104,819	101,300
	4.0000%, 4/1/48	2,335,964	2,189,993
	4.0000%, 4/1/48	2,305,374	2,171,281

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	19

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Freddie Mac Pool– (continued)
	4.0000%, 5/1/48	$4,154,918	$3,913,247
	4.5000%, 7/1/48	614,594	593,966
	5.0000%, 9/1/48	111,962	110,530
	4.0000%, 12/1/48	7,132,930	6,718,042
	4.5000%, 12/1/48	2,179,217	2,110,869
	3.0000%, 8/1/49	2,733,711	2,398,783
	3.0000%, 8/1/49	1,160,774	1,018,558
	3.0000%, 12/1/49	1,384,492	1,214,867
	3.0000%, 12/1/49	1,151,967	1,010,830
	2.5000%, 1/1/50	858,443	728,281
	3.0000%, 3/1/50	1,785,068	1,565,834
	3.5000%, 3/1/50	605,533	547,212
	4.5000%, 3/1/50	8,533,347	8,149,475
	4.0000%, 6/1/50	11,359,201	10,698,491
	2.5000%, 8/1/50	1,236,881	1,055,455
	2.5000%, 8/1/50	462,753	394,715
	2.5000%, 9/1/50	2,319,639	1,977,781
	4.5000%, 9/1/50	20,909,798	20,207,973
	4.0000%, 10/1/50	2,018,676	1,896,457
	2.5000%, 6/1/51	17,743,122	15,070,713
	2.5000%, 11/1/51	15,928,978	13,513,505
	2.5000%, 1/1/52	4,627,577	3,922,597
	2.5000%, 1/1/52	2,787,933	2,360,676
	2.5000%, 2/1/52	6,548,853	5,536,246
	3.0000%, 2/1/52	3,782,164	3,300,814
	3.0000%, 2/1/52	2,845,741	2,483,976
	2.5000%, 3/1/52	1,014,742	857,086
	3.0000%, 3/1/52	3,992,174	3,484,140
	4.5000%, 3/1/52	304,917	290,381
	3.5000%, 4/1/52	4,324,317	3,909,552
	3.5000%, 4/1/52	4,021,960	3,636,196
	3.5000%, 4/1/52	1,410,556	1,274,640
	3.5000%, 4/1/52	1,216,364	1,099,084
	3.5000%, 6/1/52	17,991,086	16,298,471
	3.5000%, 7/1/52	65,663,157	59,465,123
	4.0000%, 7/1/52	6,056,186	5,623,405
	4.0000%, 8/1/52	6,914,330	6,423,924
	4.5000%, 8/1/52	70,131,272	67,053,935
	4.5000%, 8/1/52	29,536,612	28,169,538
	4.5000%, 8/1/52	15,021,003	14,325,651
	5.0000%, 8/1/52	15,663,160	15,513,573
	5.5000%, 9/1/52	10,022,086	10,051,895
			446,190,299
Ginnie Mae:
	2.5000%, TBA, 30 Year Maturity	148,691,910	127,441,160
	3.5000%, TBA, 30 Year Maturity	60,543,177	54,928,221
			182,369,381
Ginnie Mae I Pool:
	6.0000%, 1/15/34	59,175	61,997
	4.0000%, 1/15/45	10,167,670	9,695,933
	4.5000%, 8/15/46	12,253,952	11,869,427
	4.0000%, 7/15/47	2,034,424	1,929,102
	4.0000%, 8/15/47	244,081	231,445
	4.0000%, 11/15/47	319,264	302,736
	4.0000%, 12/15/47	863,521	818,817
			24,909,457
Ginnie Mae II Pool:
	4.0000%, 8/20/47	1,201,680	1,137,166
	4.0000%, 8/20/47	242,191	229,413

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
20	SEPTEMBER 30, 2022

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Ginnie Mae II Pool– (continued)
	4.0000%, 8/20/47	$187,342	$177,285
	4.5000%, 2/20/48	1,290,960	1,252,227
	4.5000%, 5/20/48	2,213,039	2,145,193
	4.5000%, 5/20/48	413,751	401,067
	4.0000%, 6/20/48	9,908,881	9,342,437
	5.0000%, 8/20/48	3,881,085	3,853,766
	3.0000%, 7/20/51	25,237,431	22,410,575
	3.0000%, 8/20/51	56,774,083	50,447,585
			91,396,714
Total Mortgage-Backed Securities (cost $2,674,314,787)			2,501,693,325
United States Treasury Notes/Bonds– 16.9%
	0.1250%, 8/31/23	74,246,000	71,493,678
	0.3750%, 10/31/23	85,664,600	82,110,857
	0.8750%, 1/31/24	41,703,000	39,841,026
	1.5000%, 2/29/24	53,678,000	51,618,945
	1.5000%, 2/15/25	19,258,000	18,052,118
	1.7500%, 3/15/25	5,709,000	5,375,826
	3.0000%, 7/15/25	56,424,100	54,537,419
	0.3750%, 1/31/26	170,339,600	150,045,234
	0.7500%, 4/30/26	164,071,000	145,286,152
	0.8750%, 6/30/26	235,686,000	208,655,762
	3.2500%, 6/30/27	308,250,100	297,076,034
	2.7500%, 7/31/27	318,601,400	300,008,020
	3.1250%, 8/31/27	565,031,400	541,988,713
	1.1250%, 8/31/28	119,582,000	101,238,308
	2.8750%, 4/30/29	78,858,000	73,615,175
	2.7500%, 5/31/29	43,080,100	39,894,529
	2.7500%, 8/15/32	677,495,200	619,484,673
	2.3750%, 2/15/42	70,057,000	53,681,176
	3.3750%, 8/15/42	677,528,000	613,692,159
	2.8750%, 5/15/52	328,345,000	275,348,065
Total United States Treasury Notes/Bonds (cost $4,013,879,812)			3,743,043,869
Common Stocks– 52.2%
Aerospace & Defense – 1.1%
	General Dynamics Corp	741,733	157,373,491
	L3Harris Technologies Inc	433,177	90,027,176
			247,400,667
Air Freight & Logistics – 1.1%
	United Parcel Service Inc	1,530,719	247,272,347
Banks – 1.9%
	Bank of America Corp	7,642,906	230,815,761
	JPMorgan Chase & Co	1,780,274	186,038,633
			416,854,394
Beverages – 1.2%
	Constellation Brands Inc	400,169	91,910,816
	Monster Beverage Corp*	2,027,266	176,291,051
			268,201,867
Biotechnology – 1.1%
	AbbVie Inc	1,839,991	246,945,192
Capital Markets – 2.5%
	Charles Schwab Corp	1,272,536	91,457,162
	CME Group Inc	841,760	149,100,949
	Goldman Sachs Group Inc	348,386	102,094,517
	Morgan Stanley	2,566,444	202,774,740
			545,427,368
Chemicals – 0.5%
	Corteva Inc	1,982,225	113,284,159

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	21

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Common Stocks– (continued)
Communications Equipment – 0.3%
	Motorola Solutions Inc	258,216	$57,832,638
Consumer Finance – 0.9%
	American Express Co	1,435,159	193,617,301
Electrical Equipment – 0.3%
	Rockwell Automation Inc	272,936	58,711,263
Electronic Equipment, Instruments & Components – 0.5%
	Corning Inc	2,181,453	63,305,766
	TE Connectivity Ltd	459,968	50,762,068
			114,067,834
Entertainment – 0.8%
	Walt Disney Co*	1,941,902	183,179,616
Food & Staples Retailing – 1.4%
	Costco Wholesale Corp	370,854	175,143,219
	Sysco Corp	1,781,175	125,946,884
			301,090,103
Food Products – 0.5%
	Hershey Co	517,618	114,119,240
Health Care Equipment & Supplies – 1.9%
	Abbott Laboratories	1,794,464	173,632,337
	Edwards Lifesciences Corp*	714,764	59,060,949
	Intuitive Surgical Inc*	259,638	48,666,547
	Medtronic PLC	690,866	55,787,429
	Stryker Corp	388,706	78,728,513
			415,875,775
Health Care Providers & Services – 2.2%
	UnitedHealth Group Inc	956,715	483,179,344
Hotels, Restaurants & Leisure – 2.6%
	Hilton Worldwide Holdings Inc	1,524,949	183,939,348
	McDonald's Corp	1,021,240	235,640,918
	Starbucks Corp	1,905,783	160,581,276
			580,161,542
Household Products – 0.8%
	Procter & Gamble Co	1,394,165	176,013,331
Industrial Conglomerates – 0.8%
	Honeywell International Inc	1,075,502	179,576,569
Information Technology Services – 2.8%
	Accenture PLC	527,582	135,746,849
	Cognizant Technology Solutions Corp	1,034,205	59,404,735
	Fidelity National Information Services Inc	750,643	56,726,091
	Mastercard Inc	1,315,605	374,079,126
			625,956,801
Insurance – 1.3%
	Progressive Corp/The	2,409,658	280,026,356
Interactive Media & Services – 2.4%
	Alphabet Inc - Class C*	5,587,355	537,224,183
Internet & Direct Marketing Retail – 1.7%
	Amazon.com Inc*	2,668,923	301,588,299
	Booking Holdings Inc*	43,393	71,303,812
			372,892,111
Leisure Products – 0.3%
	Hasbro Inc	1,078,762	72,730,134
Life Sciences Tools & Services – 0.8%
	Thermo Fisher Scientific Inc	366,284	185,775,582
Machinery – 1.7%
	Deere & Co	699,798	233,655,554
	Parker-Hannifin Corp	263,739	63,906,597
	Trane Technologies PLC	555,246	80,405,173
			377,967,324

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
22	SEPTEMBER 30, 2022

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Common Stocks– (continued)
Media – 0.8%
	Comcast Corp	5,830,534	$171,009,562
Multiline Retail – 0.9%
	Dollar General Corp	836,255	200,584,124
Oil, Gas & Consumable Fuels – 0.8%
	ConocoPhillips	1,722,802	176,311,557
Personal Products – 0.3%
	Estee Lauder Cos Inc	329,012	71,033,691
Pharmaceuticals – 2.6%
	Eli Lilly & Co	872,309	282,061,115
	Merck & Co Inc	2,341,453	201,645,932
	Zoetis Inc	665,726	98,720,509
			582,427,556
Real Estate Management & Development – 0.2%
	CBRE Group Inc*	713,128	48,143,271
Semiconductor & Semiconductor Equipment – 2.8%
	Advanced Micro Devices Inc*	1,219,019	77,237,044
	Lam Research Corp	554,947	203,110,602
	NVIDIA Corp	1,434,889	174,181,176
	Texas Instruments Inc	995,903	154,145,866
			608,674,688
Software – 5.0%
	Adobe Inc*	316,231	87,026,771
	Cadence Design Systems Inc*	328,594	53,702,117
	Microsoft Corp	4,103,263	955,649,953
			1,096,378,841
Specialty Retail – 1.6%
	Home Depot Inc	763,865	210,780,908
	TJX Cos Inc	2,330,493	144,770,225
			355,551,133
Technology Hardware, Storage & Peripherals – 3.0%
	Apple Inc	4,827,195	667,118,349
Textiles, Apparel & Luxury Goods – 0.8%
	NIKE Inc - Class B	2,208,259	183,550,488
Total Common Stocks (cost $7,052,774,684)			11,556,166,301
Investment Companies– 5.4%
Money Markets – 5.4%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº,£((cost $1,202,708,804)	1,202,617,319	1,202,737,581
Total Investments (total cost $19,588,101,410) – 104.6%			23,149,921,006
Liabilities, net of Cash, Receivables and Other Assets – (4.6)%			(1,008,720,355)
Net Assets – 100%			$22,141,200,651

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	23

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2022

Summary of Investments by Country - (Long Positions) (unaudited)
		% of
		Investment
Country	Value	Securities
United States	$22,799,886,569	98.5	%
Japan	96,264,950	0.4
Australia	79,446,193	0.3
Canada	58,094,344	0.3
Finland	29,267,248	0.1
Ireland	27,062,720	0.1
United Kingdom	25,522,138	0.1
France	19,231,819	0.1
Taiwan	15,145,025	0.1

Total $23,149,921,006 100.0 %

Schedules of Affiliated Investments – (% of Net Assets)

		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 9/30/22
Investment Companies - 5.4%
Money Markets - 5.4%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº	$	12,056,623	$	(52,475)	$	8,231	$	1,202,737,581

		Value at 9/30/21		Purchases		Sales Proceeds		Value at 9/30/22
Investment Companies - 5.4%
Money Markets - 5.4%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº		1,228,554,350		6,865,537,434		(6,891,309,959)		1,202,737,581

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
24	SEPTEMBER 30, 2022

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2022

Schedule of Futures

Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation/(Depreciation)
Futures Long:
10 Year US Treasury Note		1,750	12/30/22	$	196,109,375	$	(9,912,110)
2 Year US Treasury Note		70	1/5/23		14,377,344		(129,593)
Ultra 10-Year Treasury Note		298	12/30/22		35,308,344		(1,353,523)
Ultra Long Term US Treasury Bond		1,733	12/30/22		237,421,000		(21,210,753)
Total - Futures Long							(32,605,979)
Futures Short:
5 Year US Treasury Note		2,910	1/5/23		(312,847,736)		2,167,171
Total						$	(30,438,808)

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	25

Janus Henderson Balanced Fund

Schedule of Investments

September 30, 2022

The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of September 30, 2022.

Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of September 30, 2022
	Interest Rate Contracts
Asset Derivatives:
*Futures contracts	$ 2,167,171
Liability Derivatives:
*Futures contracts	$32,605,979
*The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the year ended September 30, 2022.

The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the year ended September 30, 2022
Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative	Interest Rate Contracts
Futures contracts	$(60,094,855)
Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative	Interest Rate Contracts
Futures contracts	$(30,438,808)

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

Average Ending Monthly Value of Derivative Instruments During the Year Ended September 30, 2022
Futures contracts:
Average notional amount of contracts - long	$ 768,497,024
Average notional amount of contracts - short	(239,529,206)

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
26	SEPTEMBER 30, 2022

Janus Henderson Balanced Fund

Notes to Schedule of Investments and Other Information

Balanced Index	Balanced Index is an internally-calculated, hypothetical combination of total returns from the S&P 500® Index (55%) and the Bloomberg U.S. Aggregate Bond Index (45%).
Bloomberg U.S. Aggregate Bond Index	Bloomberg 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.

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 year ended September 30, 2022 is $2,320,368,284, which represents 10.5% of net assets.

* Non-income producing security.

‡ Variable or floating rate security. Rate shown is the current rate as of September 30, 2022. 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 September 30, 2022.

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.

◊ Zero coupon bond.

£ 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 27

Janus Henderson Balanced Fund

Notes to Schedule of Investments and Other Information

The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of September 30, 2022. 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		$	-	$	1,858,697,123	$	-
Corporate Bonds			-		2,158,142,448		-
Inflation-Indexed Bonds			-		129,440,359		-
Mortgage-Backed Securities			-		2,501,693,325		-
United States Treasury Notes/Bonds			-		3,743,043,869		-
Common Stocks			11,556,166,301		-		-
Investment Companies			-		1,202,737,581		-
Total Investments in Securities		$	11,556,166,301	$	11,593,754,705	$	-
Other Financial Instruments(a):
Futures Contracts			2,167,171		-		-
Total Assets		$	11,558,333,472	$	11,593,754,705	$	-
Liabilities
Other Financial Instruments(a):
Futures Contracts		$	32,605,979	$	-	$	-
(a)	Other financial instruments include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date.

28 SEPTEMBER 30, 2022

Janus Henderson Balanced Fund

Statement of Assets and Liabilities

September 30, 2022

See footnotes at the end of the Statement.

Assets:
	Unaffiliated investments, at value (cost $18,385,392,606)		$	21,947,183,425
	Affiliated investments, at value (cost $1,202,708,804)			1,202,737,581
	Deposits with brokers for futures			21,600,000
	Variation margin receivable on futures contracts			291,896
	Trustees' deferred compensation			664,825
	Receivables:
		Investments sold		393,332,698
		TBA investments sold		169,105,453
		Interest		51,756,455
		Fund shares sold		35,021,545
		Dividends		7,182,720
		Dividends from affiliates		3,343,533
	Other assets			28,112
Total Assets				23,832,248,243
Liabilities:
	Due to custodian			753
	Variation margin payable on futures contracts			4,653,799
	Payables:			—
		TBA investments purchased		1,260,266,947
		Investments purchased		343,141,277
		Fund shares repurchased		58,605,677
		Advisory fees		11,334,945
		Dividends		5,375,292
		Transfer agent fees and expenses		3,198,823
		12b-1 Distribution and shareholder servicing fees		2,694,783
		Trustees' deferred compensation fees		664,825
		Trustees' fees and expenses		114,473
		Professional fees		90,012
		Affiliated fund administration fees payable		51,522
		Custodian fees		43,479
		Accrued expenses and other payables		810,985
Total Liabilities				1,691,047,592
Net Assets			$	22,141,200,651

See Notes to Financial Statements.
Janus Investment Fund	29

Janus Henderson Balanced Fund

Statement of Assets and Liabilities

September 30, 2022

Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	18,446,322,384
	Total distributable earnings (loss)		3,694,878,267
Total Net Assets		$	22,141,200,651
Net Assets - Class A Shares		$	1,748,525,190
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		48,676,845
Net Asset Value Per Share(1)		$	35.92
Maximum Offering Price Per Share(2)		$	38.11
Net Assets - Class C Shares		$	2,180,940,544
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		61,498,144
Net Asset Value Per Share(1)		$	35.46
Net Assets - Class D Shares		$	1,946,256,015
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		54,006,594
Net Asset Value Per Share		$	36.04
Net Assets - Class I Shares		$	9,457,091,036
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		262,321,950
Net Asset Value Per Share		$	36.05
Net Assets - Class N Shares		$	1,777,708,012
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		49,366,952
Net Asset Value Per Share		$	36.01
Net Assets - Class R Shares		$	368,360,083
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		10,327,767
Net Asset Value Per Share		$	35.67
Net Assets - Class S Shares		$	373,119,476
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		10,389,750
Net Asset Value Per Share		$	35.91
Net Assets - Class T Shares		$	4,289,200,295
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		119,203,374
Net Asset Value Per Share		$	35.98

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

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

See Notes to Financial Statements.
30	SEPTEMBER 30, 2022

Janus Henderson Balanced Fund

Statement of Operations

For the year ended September 30, 2022

Investment Income:
	Interest		$	240,649,927
	Dividends			191,992,337
	Dividends from affiliates			12,056,623
	Other income			2,140,024
	Foreign withholding tax income			5,731
Total Investment Income				446,844,642
Expenses:
	Advisory fees			146,906,323
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		5,039,376
		Class C Shares		25,797,221
		Class R Shares		2,284,812
		Class S Shares		1,255,063
	Transfer agent administrative fees and expenses:
		Class D Shares		2,621,681
		Class R Shares		1,145,419
		Class S Shares		1,262,897
		Class T Shares		13,166,970
	Transfer agent networking and omnibus fees:
		Class A Shares		1,280,556
		Class C Shares		1,667,221
		Class I Shares		9,647,537
	Other transfer agent fees and expenses:
		Class A Shares		119,189
		Class C Shares		122,913
		Class D Shares		237,162
		Class I Shares		483,269
		Class N Shares		63,367
		Class R Shares		4,051
		Class S Shares		4,328
		Class T Shares		40,266
	Shareholder reports expense			720,472
	Affiliated fund administration fees			667,757
	Trustees’ fees and expenses			566,915
	Registration fees			325,773
	Professional fees			232,152
	Custodian fees			150,223
	Other expenses			1,449,647
Total Expenses				217,262,560
Less: Excess Expense Reimbursement and Waivers				(482,589)
Net Expenses				216,779,971
Net Investment Income/(Loss)				230,064,671

See Notes to Financial Statements.
Janus Investment Fund	31

Janus Henderson Balanced Fund

Statement of Operations

For the year ended September 30, 2022

Net Realized Gain/(Loss) on Investments:
	Investments	$	397,625,431
	Investments in affiliates		(52,475)
	Futures contracts		(60,094,855)
Total Net Realized Gain/(Loss) on Investments			337,478,101
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and Trustees’ deferred compensation		(4,643,081,663)
	Investments in affiliates		8,231
	Futures contracts		(30,438,808)
Total Change in Unrealized Net Appreciation/Depreciation			(4,673,512,240)
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	(4,105,969,468)

See Notes to Financial Statements.
32	SEPTEMBER 30, 2022

Janus Henderson Balanced Fund

Statements of Changes in Net Assets

			Year ended September 30, 2022		Year ended September 30, 2021
Operations:
	Net investment income/(loss)		$	230,064,671	$	219,235,486
	Net realized gain/(loss) on investments			337,478,101		1,088,154,513
	Change in unrealized net appreciation/depreciation			(4,673,512,240)		2,493,558,324
Net Increase/(Decrease) in Net Assets Resulting from Operations				(4,105,969,468)		3,800,948,323
Dividends and Distributions to Shareholders:
		Class A Shares		(93,860,314)		(35,331,714)
		Class C Shares		(112,296,142)		(37,789,179)
		Class D Shares		(111,180,078)		(49,717,591)
		Class I Shares		(566,344,120)		(207,941,551)
		Class N Shares		(94,817,591)		(36,454,465)
		Class R Shares		(20,085,711)		(7,295,538)
		Class S Shares		(23,632,020)		(10,876,463)
		Class T Shares		(254,266,348)		(145,991,988)
Net Decrease from Dividends and Distributions to Shareholders				(1,276,482,324)		(531,398,489)
Capital Share Transactions:
		Class A Shares		201,004,623		216,989,230
		Class C Shares		(98,921,615)		58,219,595
		Class D Shares		41,772,637		49,335,057
		Class I Shares		118,058,604		2,890,909,675
		Class N Shares		577,810,669		122,411,936
		Class R Shares		(13,564,711)		11,140,051
		Class S Shares		(96,353,423)		(60,806,557)
		Class T Shares		(291,459,655)		(1,833,754,835)
Net Increase/(Decrease) from Capital Share Transactions				438,347,129		1,454,444,152
Net Increase/(Decrease) in Net Assets				(4,944,104,663)		4,723,993,986
Net Assets:
	Beginning of period			27,085,305,314		22,361,311,328
	End of period		$	22,141,200,651	$	27,085,305,314

See Notes to Financial Statements.
Janus Investment Fund	33

Janus Henderson Balanced Fund

Financial Highlights

Class A Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$44.26	$38.77	$35.45	$35.22	$32.46
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.34	0.34	0.49	0.60	0.50
		Net realized and unrealized gain/(loss)	(6.67)	6.02	3.75	1.82	3.87
	Total from Investment Operations		(6.33)	6.36	4.24	2.42	4.37
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.33)	(0.41)	(0.53)	(0.60)	(0.50)
		Distributions (from capital gains)	(1.68)	(0.46)	(0.39)	(1.59)	(1.11)
	Total Dividends and Distributions		(2.01)	(0.87)	(0.92)	(2.19)	(1.61)
	Net Asset Value, End of Period		$35.92	$44.26	$38.77	$35.45	$35.22
	Total Return*		(15.13)%	16.58%	12.14%	7.73%	13.81%
	Net Assets, End of Period (in thousands)		$1,748,525	$1,963,351	$1,519,093	$1,082,508	$768,529
	Average Net Assets for the Period (in thousands)		$2,006,053	$1,788,265	$1,249,156	$905,165	$666,296
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.89%	0.89%	0.90%	0.93%	0.95%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.89%	0.89%	0.90%	0.93%	0.95%
		Ratio of Net Investment Income/(Loss)	0.80%	0.80%	1.34%	1.78%	1.48%
	Portfolio Turnover Rate		79%(2)	60%(2)	90%(2)	81%(2)	88%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

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

See Notes to Financial Statements.
34	SEPTEMBER 30, 2022

Janus Henderson Balanced Fund

Financial Highlights

Class C Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$43.74	$38.34	$35.09	$34.90	$32.19
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.03	0.04	0.23	0.37	0.27
		Net realized and unrealized gain/(loss)	(6.57)	5.95	3.71	1.79	3.84
	Total from Investment Operations		(6.54)	5.99	3.94	2.16	4.11
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.06)	(0.13)	(0.30)	(0.38)	(0.29)
		Distributions (from capital gains)	(1.68)	(0.46)	(0.39)	(1.59)	(1.11)
	Total Dividends and Distributions		(1.74)	(0.59)	(0.69)	(1.97)	(1.40)
	Net Asset Value, End of Period		$35.46	$43.74	$38.34	$35.09	$34.90
	Total Return*		(15.75)%	15.76%	11.37%	6.98%	13.06%
	Net Assets, End of Period (in thousands)		$2,180,941	$2,817,466	$2,415,890	$1,992,062	$1,594,610
	Average Net Assets for the Period (in thousands)		$2,683,015	$2,671,210	$2,207,746	$1,743,474	$1,403,777
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.60%	1.60%	1.61%	1.62%	1.62%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.60%	1.60%	1.61%	1.62%	1.62%
		Ratio of Net Investment Income/(Loss)	0.08%	0.10%	0.64%	1.10%	0.81%
	Portfolio Turnover Rate		79%(2)	60%(2)	90%(2)	81%(2)	88%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

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

See Notes to Financial Statements.
Janus Investment Fund	35

Janus Henderson Balanced Fund

Financial Highlights

Class D Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$44.40	$38.89	$35.54	$35.30	$32.52
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.41	0.42	0.56	0.68	0.58
		Net realized and unrealized gain/(loss)	(6.68)	6.04	3.77	1.82	3.89
	Total from Investment Operations		(6.27)	6.46	4.33	2.50	4.47
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.41)	(0.49)	(0.59)	(0.67)	(0.58)
		Distributions (from capital gains)	(1.68)	(0.46)	(0.39)	(1.59)	(1.11)
	Total Dividends and Distributions		(2.09)	(0.95)	(0.98)	(2.26)	(1.69)
	Net Asset Value, End of Period		$36.04	$44.40	$38.89	$35.54	$35.30
	Total Return*		(14.97)%	16.80%	12.39%	7.95%	14.10%
	Net Assets, End of Period (in thousands)		$1,946,256	$2,362,421	$2,022,689	$1,860,900	$1,761,817
	Average Net Assets for the Period (in thousands)		$2,286,371	$2,246,350	$1,895,563	$1,759,287	$1,667,210
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.70%	0.70%	0.71%	0.72%	0.71%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.70%	0.70%	0.71%	0.72%	0.71%
		Ratio of Net Investment Income/(Loss)	0.98%	0.99%	1.54%	2.00%	1.71%
	Portfolio Turnover Rate		79%(2)	60%(2)	90%(2)	81%(2)	88%

*Total return includes adjustments in accordance 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.
36	SEPTEMBER 30, 2022

Janus Henderson Balanced Fund

Financial Highlights

Class I Shares
For a share outstanding during the year ended September 30					2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period			$44.41		$38.90	$35.55	$35.31	$32.53
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)		0.43		0.44	0.58	0.70	0.61
		Net realized and unrealized gain/(loss)		(6.68)		6.04	3.77	1.83	3.88
	Total from Investment Operations		(6.25)			6.48	4.35	2.53	4.49
	Less Dividends and Distributions:
		Dividends (from net investment income)		(0.43)		(0.51)	(0.61)	(0.70)	(0.60)
		Distributions (from capital gains)		(1.68)		(0.46)	(0.39)	(1.59)	(1.11)
	Total Dividends and Distributions		(2.11)			(0.97)	(1.00)	(2.29)	(1.71)
	Net Asset Value, End of Period		$36.05			$44.41	$38.90	$35.55	$35.31
	Total Return*		(14.93)%			16.86%	12.45%	8.02%	14.18%
	Net Assets, End of Period (in thousands)		$9,457,091			$11,674,873	$7,688,726	$5,225,684	$3,197,893
	Average Net Assets for the Period (in thousands)		$11,504,986			$9,205,809	$6,311,815	$4,116,708	$2,460,247
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses		0.66%		0.65%	0.65%	0.65%	0.64%
		Ratio of Net Expenses (After Waivers and Expense Offsets)		0.66%		0.65%	0.65%	0.65%	0.64%
		Ratio of Net Investment Income/(Loss)		1.02%		1.04%	1.59%	2.07%	1.80%
	Portfolio Turnover Rate		79%(2)			60%(2)	90%(2)	81%(2)	88%

*Total return includes adjustments in accordance 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	37

Janus Henderson Balanced Fund

Financial Highlights

Class N Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$44.37	$38.86	$35.51	$35.28	$32.50
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.47	0.48	0.61	0.73	0.63
		Net realized and unrealized gain/(loss)	(6.69)	6.03	3.76	1.81	3.88
	Total from Investment Operations		(6.22)	6.51	4.37	2.54	4.51
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.46)	(0.54)	(0.63)	(0.72)	(0.62)
		Distributions (from capital gains)	(1.68)	(0.46)	(0.39)	(1.59)	(1.11)
	Total Dividends and Distributions		(2.14)	(1.00)	(1.02)	(2.31)	(1.73)
	Net Asset Value, End of Period		$36.01	$44.37	$38.86	$35.51	$35.28
	Total Return*		(14.87)%	16.96%	12.53%	8.07%	14.26%
	Net Assets, End of Period (in thousands)		$1,777,708	$1,611,032	$1,285,159	$946,741	$2,480,945
	Average Net Assets for the Period (in thousands)		$1,904,719	$1,562,471	$1,142,389	$1,651,136	$2,273,486
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.57%	0.57%	0.57%	0.58%	0.57%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.57%	0.57%	0.57%	0.58%	0.57%
		Ratio of Net Investment Income/(Loss)	1.13%	1.12%	1.67%	2.19%	1.86%
	Portfolio Turnover Rate		79%(2)	60%(2)	90%(2)	81%(2)	88%

*Total return includes adjustments in accordance 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.
38	SEPTEMBER 30, 2022

Janus Henderson Balanced Fund

Financial Highlights

Class R Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$43.96	$38.52	$35.23	$35.02	$32.29
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.15	0.16	0.34	0.47	0.37
		Net realized and unrealized gain/(loss)	(6.61)	5.97	3.73	1.80	3.85
	Total from Investment Operations		(6.46)	6.13	4.07	2.27	4.22
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.15)	(0.23)	(0.39)	(0.47)	(0.38)
		Distributions (from capital gains)	(1.68)	(0.46)	(0.39)	(1.59)	(1.11)
	Total Dividends and Distributions		(1.83)	(0.69)	(0.78)	(2.06)	(1.49)
	Net Asset Value, End of Period		$35.67	$43.96	$38.52	$35.23	$35.02
	Total Return*		(15.50)%	16.08%	11.71%	7.29%	13.38%
	Net Assets, End of Period (in thousands)		$368,360	$473,663	$404,420	$366,621	$345,667
	Average Net Assets for the Period (in thousands)		$456,123	$450,253	$375,839	$347,861	$339,637
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.32%	1.32%	1.32%	1.32%	1.32%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.32%	1.31%	1.32%	1.32%	1.32%
		Ratio of Net Investment Income/(Loss)	0.35%	0.38%	0.93%	1.39%	1.11%
	Portfolio Turnover Rate		79%(2)	60%(2)	90%(2)	81%(2)	88%

*Total return includes adjustments in accordance 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	39

Janus Henderson Balanced Fund

Financial Highlights

Class S Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$44.24	$38.76	$35.43	$35.20	$32.44
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.25	0.27	0.43	0.55	0.46
		Net realized and unrealized gain/(loss)	(6.65)	6.00	3.76	1.82	3.87
	Total from Investment Operations		(6.40)	6.27	4.19	2.37	4.33
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.25)	(0.33)	(0.47)	(0.55)	(0.46)
		Distributions (from capital gains)	(1.68)	(0.46)	(0.39)	(1.59)	(1.11)
	Total Dividends and Distributions		(1.93)	(0.79)	(0.86)	(2.14)	(1.57)
	Net Asset Value, End of Period		$35.91	$44.24	$38.76	$35.43	$35.20
	Total Return*		(15.29)%	16.35%	11.99%	7.56%	13.67%
	Net Assets, End of Period (in thousands)		$373,119	$566,156	$551,605	$551,985	$589,812
	Average Net Assets for the Period (in thousands)		$503,092	$570,377	$532,958	$549,514	$610,278
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.07%	1.07%	1.07%	1.08%	1.07%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.07%	1.07%	1.07%	1.07%	1.07%
		Ratio of Net Investment Income/(Loss)	0.59%	0.63%	1.18%	1.64%	1.36%
	Portfolio Turnover Rate		79%(2)	60%(2)	90%(2)	81%(2)	88%

*Total return includes adjustments in accordance 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.
40	SEPTEMBER 30, 2022

Janus Henderson Balanced Fund

Financial Highlights

Class T Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$44.34	$38.83	$35.49	$35.26	$32.49
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.36	0.38	0.52	0.64	0.54
		Net realized and unrealized gain/(loss)	(6.68)	6.02	3.76	1.82	3.88
	Total from Investment Operations		(6.32)	6.40	4.28	2.46	4.42
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.36)	(0.43)	(0.55)	(0.64)	(0.54)
		Distributions (from capital gains)	(1.68)	(0.46)	(0.39)	(1.59)	(1.11)
	Total Dividends and Distributions		(2.04)	(0.89)	(0.94)	(2.23)	(1.65)
	Net Asset Value, End of Period		$35.98	$44.34	$38.83	$35.49	$35.26
	Total Return*		(15.09)%	16.67%	12.26%	7.82%	13.97%
	Net Assets, End of Period (in thousands)		$4,289,200	$5,616,342	$6,473,729	$5,813,161	$5,422,276
	Average Net Assets for the Period (in thousands)		$5,242,961	$6,945,465	$6,067,333	$5,475,178	$5,098,558
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.82%	0.82%	0.82%	0.83%	0.82%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.81%	0.81%	0.82%	0.82%	0.82%
		Ratio of Net Investment Income/(Loss)	0.87%	0.89%	1.43%	1.90%	1.61%
	Portfolio Turnover Rate		79%(2)	60%(2)	90%(2)	81%(2)	88%

*Total return includes adjustments in accordance 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	41

Janus Henderson Balanced Fund

Notes to Financial Statements

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 39 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term capital growth, consistent with preservation of capital and balanced by current income. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC (formerly Janus Capital Management LLC) is the investment adviser (the “Adviser”) to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Shareholders, including other funds, individuals, accounts, as well as the Fund’s portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s Shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors, 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, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (formerly Janus Distributors LLC) (the

42 SEPTEMBER 30, 2022

Janus Henderson Balanced Fund

Notes to Financial Statements

“Distributor”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

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

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

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

Investment Valuation

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The 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 Adviser-approved pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a 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 valuation policies provide for the use of systematic fair valuation models provided by independent pricing services to value foreign 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

Janus Investment Fund 43

Janus Henderson Balanced Fund

Notes to Financial Statements

an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

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

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

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

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of September 30, 2022 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.

Investment Transactions and Investment Income

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

Expenses

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Indemnifications

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

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Foreign Currency Translations

The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

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

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

Dividends and Distributions

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

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

Federal Income Taxes

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

2. Derivative Instruments

The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the year ended September 30, 2022 is discussed in further detail below. A summary of derivative activity by the Fund is reflected in the tables at the end of this section.

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

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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:

·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 the Adviser’s ability to establish and maintain appropriate systems and trading.

Futures Contracts

A futures contract is an exchange-traded agreement to take or make delivery of an underlying asset at a specific time in the future for a specific predetermined negotiated price. The Fund may enter into futures contracts to gain exposure to the stock market or other markets pending investment of cash balances or to meet liquidity needs. The Fund is

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subject to interest rate risk, equity risk, and currency risk in the normal course of pursuing its investment objective through its investments in futures contracts. The Fund may also use such derivative instruments to hedge or protect from adverse movements in securities prices, currency rates or interest rates. The use of futures contracts may involve risks such as the possibility of illiquid markets or imperfect correlation between the values of the contracts and the underlying securities, or that the counterparty will fail to perform its obligations.

Futures contracts are valued at the settlement price on valuation date on the exchange as reported by an approved vendor. Mini contracts, as defined in the description of the contract, shall be valued using the Actual Settlement Price or “ASET” price type as reported by an approved vendor. In the event that foreign futures trade when the foreign equity markets are closed, the last foreign futures trade price shall be used.

Futures contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities (if applicable). The change in unrealized net appreciation/depreciation is reported on the Statement of Operations (if applicable). When a contract is closed, a realized gain or loss is reported on the Statement of Operations (if applicable), equal to the difference between the opening and closing value of the contract.

Securities held by the Fund that are designated as collateral for market value on futures contracts are noted on the Schedule of Investments (if applicable). Such collateral is in the possession of the Fund’s futures commission merchant.

With futures, there is minimal counterparty credit risk to the Fund since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.

During the year, the Fund purchased interest rate futures to increase exposure to interest rate risk.

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

3. Other Investments and Strategies

Additional Investment Risk

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 in response to the COVID-19 pandemic. This and other government intervention into the economy and financial markets to address the COVID-19 pandemic may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Government actions to mitigate the economic impact of the pandemic have resulted in a large expansion of government deficits and debt, the long term consequences of which are not known. The COVID-19 pandemic could adversely affect the value and liquidity of a Fund’s investments, impair a Fund’s ability to satisfy redemption requests, and negatively impact a Fund’s performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

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 the Adviser 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.

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

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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. Among other things, these developments have adversely affected the value and exchange rate of the euro and pound sterling, and may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse effect on the Fund’s investments in such countries, other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.

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.

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

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rates, and prepayment risk, where borrowers pay off their debt obligations sooner than expected in times of declining interest rates. These risks may reduce the Fund’s returns. In addition, investments in mortgage- and asset-backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation risk, extension risk (if interest rates rise), and liquidity risk than various other types of fixed-income securities. Additionally, although mortgage-backed securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that guarantors or insurers will meet their obligations.

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 delivery of a specific security, the characteristics of the security delivered to the Fund may be less favorable than expected. If the counterparty to a transaction fails to deliver the security, the Fund could suffer a loss. To facilitate TBA commitments, the Fund will segregate or otherwise earmark liquid assets marked to market daily in an amount at least equal to such TBA commitments. Proposed rules of the Financial Industry Regulatory Authority (“FINRA”) include mandatory margin requirements for TBA commitments which, in some circumstances, will require the Fund to also post collateral. These collateral requirements may increase costs associated with the Fund’s participation in the TBA market.

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

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party to a transaction fails to deliver the securities, the Fund could miss a favorable price or yield opportunity. If the Fund remains substantially fully invested at a time when when-issued, delayed delivery, or forward commitment purchases are outstanding, the purchases may result in a form of leverage. If the Fund remains substantially fully invested at a time when when-issued, delayed delivery, or forward commitment purchases (including TBA commitments) are outstanding, the purchases may result in a form of leverage.

When the Fund has sold a security on a when-issued, delayed delivery, or forward commitment basis, the Fund does not participate in future gains or losses with respect to the security. If the other party to a transaction fails to pay for the securities, the Fund could suffer a loss. Additionally, when selling a security on a when-issued, delayed delivery, or forward commitment basis without owning the security, the Fund will incur a loss if the security’s price appreciates in value such that the security’s price is above the agreed upon price on the settlement date. The Fund may dispose of or renegotiate a transaction after it is entered into, and may purchase or sell when-issued, delayed delivery or forward commitment securities before the settlement date, which may result in a gain or loss.

4. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pay the Adviser an investment advisory fee which is calculated daily and paid monthly. The Fund’s contractual investment advisory fee rate (expressed as an annual rate) is 0.55% of its average daily net assets.

The Adviser has contractually agreed to waive the investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, 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 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. The Adviser has agreed to continue the waivers for at least a one-year period commencing on January 28, 2022. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (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 the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $502,935 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 2022. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

Janus Henderson Services US LLC (formerly Janus Services LLC) (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

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Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

Average Daily Net Assets of Class D Shares of the Janus Henderson funds	Administrative Services Fee
Under $40 billion	0.12%
$40 billion – $49.9 billion	0.10%
Over $49.9 billion	0.08%

During the reporting period, the administrative services fee rate was 0.11%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class R Shares, Class S Shares, and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares, and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R Shares, Class S Shares, and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, of up to 0.50% of the Class R Shares' average daily net assets, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the year ended September 30, 2022, the Distributor retained upfront sales charges of $593,679.

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

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year ended September 30, 2022, redeeming shareholders of Class A Shares paid CDSCs of $43,771 to Janus Henderson Distributors.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the year ended September 30, 2022, redeeming shareholders of Class C Shares paid CDSCs of $316,833.

The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of September 30, 2022 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended September 30, 2022 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $436,813 were paid by the Trust to the Trustees under the Deferred Plan during the year ended September 30, 2022.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests 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.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended September 30, 2022 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

The Fund is permitted to purchase or sell securities (“cross-trade”) between itself and other funds or accounts managed by the Adviser in accordance with Rule 17a-7 under the Investment Company Act of 1940 (“Rule 17a-7”), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust’s Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the year ended September 30, 2022, the Fund engaged in cross trades amounting to $32,816,440 in purchases and $125,522,844 in sales, resulting in a net realized loss of $404,797. The net realized loss is included within the “Net Realized Gain/(Loss) on Investments” section of the Fund’s Statement of Operations.

52 SEPTEMBER 30, 2022

Janus Henderson Balanced Fund

Notes to Financial Statements

5. Federal Income Tax

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.

Other book to tax differences primarily consist of deferred compensation and derivatives. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ 29,942,570	$ 190,364,176	$ -	$ -	$ -	$ (621,216)	$3,475,192,737

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 2022 are noted below. The primary difference 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)
$19,674,728,269	$4,712,555,928	$(1,237,363,191)	$3,475,192,737

Information on the tax components of derivatives as of September 30, 2022 is as follows:

Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ (30,438,808)	$ 2,167,171	$(32,605,979)	$ (30,438,808)

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

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.

For the year ended September 30, 2022
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 334,408,653	$ 942,073,671	$ -	$ -

For the year ended September 30, 2021
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 270,195,746	$ 261,202,743	$ -	$ -

Janus Investment Fund 53

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Notes to Financial Statements

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. The following reclassifications have been made to the Fund:

Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ 28,531,222	$ 24,532,841	$ (53,064,063)

Capital has been adjusted by $23,648,316, all of which is long-term capital gain, for distributions in connection with Fund share redemptions (tax equalization).

6. Capital Share Transactions

	Year ended September 30, 2022		Year ended September 30, 2021
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	11,215,506	$ 483,931,491	13,764,827	$ 577,780,633
Reinvested dividends and distributions	1,748,607	77,348,564	678,524	28,028,513
Shares repurchased	(8,644,941)	(360,275,432)	(9,265,354)	(388,819,916)
Net Increase/(Decrease)	4,319,172	$ 201,004,623	5,177,997	$ 216,989,230
Class C Shares:
Shares sold	8,116,014	$ 346,462,334	14,639,459	$ 609,241,001
Reinvested dividends and distributions	2,307,498	102,685,111	856,542	34,428,980
Shares repurchased	(13,341,146)	(548,069,060)	(14,090,972)	(585,450,386)
Net Increase/(Decrease)	(2,917,634)	$ (98,921,615)	1,405,029	$ 58,219,595
Class D Shares:
Shares sold	3,365,077	$ 144,011,071	5,033,315	$ 212,246,387
Reinvested dividends and distributions	2,435,454	107,803,525	1,161,749	48,189,661
Shares repurchased	(5,003,519)	(210,041,959)	(5,001,298)	(211,100,991)
Net Increase/(Decrease)	797,012	$ 41,772,637	1,193,766	$ 49,335,057
Class I Shares:
Shares sold	60,564,553	$2,612,624,805	104,377,111	$ 4,545,352,003
Reinvested dividends and distributions	11,626,166	514,657,671	4,391,432	182,787,869
Shares repurchased	(72,736,618)	(3,009,223,872)	(43,550,749)	(1,837,230,197)
Net Increase/(Decrease)	(545,899)	$ 118,058,604	65,217,794	$ 2,890,909,675
Class N Shares:
Shares sold	19,919,433	$ 857,849,812	13,020,268	$ 539,999,694
Reinvested dividends and distributions	1,949,229	85,765,840	779,841	32,372,046
Shares repurchased	(8,813,944)	(365,804,983)	(10,561,427)	(449,959,804)
Net Increase/(Decrease)	13,054,718	$ 577,810,669	3,238,682	$ 122,411,936
Class R Shares:
Shares sold	1,715,273	$ 73,018,763	1,999,222	$ 83,728,367
Reinvested dividends and distributions	450,411	20,015,516	177,843	7,227,617
Shares repurchased	(2,613,108)	(106,598,990)	(1,902,127)	(79,815,933)
Net Increase/(Decrease)	(447,424)	$ (13,564,711)	274,938	$ 11,140,051
Class S Shares:
Shares sold	1,674,243	$ 71,189,873	2,046,106	$ 85,738,506
Reinvested dividends and distributions	525,517	23,439,800	261,683	10,748,352
Shares repurchased	(4,606,241)	(190,983,096)	(3,744,399)	(157,293,415)
Net Increase/(Decrease)	(2,406,481)	$ (96,353,423)	(1,436,610)	$ (60,806,557)
Class T Shares:
Shares sold	11,382,563	$ 488,017,295	26,166,288	$ 1,099,594,219
Reinvested dividends and distributions	5,661,980	251,115,612	3,503,860	144,556,702
Shares repurchased	(24,520,523)	(1,030,592,562)	(69,724,255)	(3,077,905,756)
Net Increase/(Decrease)	(7,475,980)	$ (291,459,655)	(40,054,107)	$(1,833,754,835)

54 SEPTEMBER 30, 2022

Janus Henderson Balanced Fund

Notes to Financial Statements

7. Purchases and Sales of Investment Securities

For the year ended September 30, 2022, 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
$8,214,521,434	$ 10,798,247,300	$ 11,530,978,728	$ 9,998,333,155

8. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to September 30, 2022 and through the date of issuance of the Fund’s financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.

Janus Investment Fund 55

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Report of Independent Registered Public Accounting Firm

TotheBoard of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Balanced Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Balanced Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2022, the related statement of operations for the year ended September 30, 2022, the statements of changes in net assets for each of the two years in the period ended September 30, 2022,including the related notes,and the financial highlightsfor each of the five years in the period ended September 30, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2022 and the financial highlights for each of the five years in the period ended September 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Denver, Colorado

November 28, 2022

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

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Janus Henderson Balanced 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 (each, a “Fund,” and collectively, the “Funds” and 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 agreement for each Janus Henderson Fund that utilizes a subadviser.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (formerly, Janus Capital Management LLC) (the “Adviser”) and the subadviser 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 meetings held on November 3-4, 2021 and December 7-8, 2021, the Trustees’ evaluated the information provided by the Adviser, the subadviser, and the independent fee consultant, as well as other information addressed during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser and each subadviser, as applicable, were fair and reasonable in light of the nature, extent and quality of the services provided by the Adviser, its affiliates and the subadviser, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund and the subadvisory agreement for each subadvised Janus Henderson Fund, for the period from February 1, 2022 through February 1, 2023, subject to earlier termination as provided for in each agreement.

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

Nature, Extent and Quality of Services

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

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Additional Information (unaudited)

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 the Adviser and the 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 the Adviser or the subadviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

The Trustees concluded that the nature, extent and quality of the services provided by the Adviser and 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 the Adviser and the subadviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and each 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, 2021, approximately 55% of the Janus Henderson Funds were in the top two quartiles of performance versus Broadridge peers, and for the 12 months ended September 30, 2021, approximately 45% 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 second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving

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Additional Information (unaudited)

Fixed-Income Funds

·For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·For Janus Developed World Bond Fund, the Trustees noted the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

Global and International Equity Funds

·For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the

Janus Investment Fund 59

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Additional Information (unaudited)

Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

Money Market Funds

·For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was 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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

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Additional Information (unaudited)

·For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser 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 bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser and subadviser had taken or were taking to improve performance.

·For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson International Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser and subadviser had taken or were taking to improve performance.

·For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser and subadviser had taken or were taking to improve performance.

U.S. Equity Funds

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

·For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

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Additional Information (unaudited)

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 the Adviser out of its management fees collected from such Janus Henderson Fund.

The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge Expense Group peers; and (3) and the management fees for the Janus Henderson Funds, on average, were 6% 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.

The Trustees considered the methodology used by the Adviser and 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 the Adviser and subadviser to comparable separate account clients and to comparable non-affiliated funds subadvised by the Adviser or subadviser (for which the Adviser 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 the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser 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; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged to Janus Henderson subadvised fund and separate account investors; and (4) as part of its 2020 review, 9 of 10 Janus Henderson Funds have lower management fees than similar funds subadvised by the Adviser.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2020, including the VIT Portfolios, and noted the following with regard to each VIT Portfolio’s total expenses, net of applicable fee waivers (the VIT Portfolio’s “total expenses”):

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Additional Information (unaudited)

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 the Adviser 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.

·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 the Adviser 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 the Adviser 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 one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser 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 the Adviser 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 the Adviser has contractually agreed to limit the Fund’s expenses.

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

·For Janus Henderson Short Duration 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 the Adviser 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 the Adviser 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 certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser 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 the Adviser has contractually agreed to limit the Fund’s expenses.

·For Janus Henderson Global Equity Income 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 the Adviser 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.

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Additional Information (unaudited)

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

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

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

Money Market Funds

·For Janus Henderson Government 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 the Adviser has voluntarily agreed to limit the Fund’s expenses to assist the Fund in attempting to maintain a yield of at least 0.00%.

·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 the Adviser has agreed to limit the Fund’s expenses to assist the Fund in attempting to maintain a yield of at least 0.00%.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted 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 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 the Adviser 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 the Adviser 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

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Additional Information (unaudited)

that the Adviser 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 the Adviser 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 the Adviser 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, 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 the Adviser 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 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 the Adviser 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.

·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 the Adviser 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 the Adviser 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 Mid Cap Value Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

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

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by

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Additional Information (unaudited)

numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser and 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 the Adviser 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 the Adviser 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 the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser and its affiliates, as well as the fees paid by the Adviser to the subadviser 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 the Adviser and the subadviser 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 the Adviser and subadviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

Economies of Scale

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 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 75% of these Janus Henderson Funds’ have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. The Trustees also noted the following: (1) that for those Janus Henderson Funds whose expenses are being reduced by the contractual expense limitations of the Adviser, the Adviser is subsidizing certain of these Janus Henderson Funds because they have not reached adequate scale; (2) 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 (3) 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 the Adviser 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 the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, the Adviser appeared to be investing to increase the likelihood that these Janus

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Additional Information (unaudited)

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 the Adviser.

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

Other Benefits to the Adviser

The Trustees also considered benefits that accrue to the Adviser and its affiliates and subadviser to the Janus Henderson Funds from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by 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 the Adviser and/or the Adviser, and/or subadviser to a Janus Henderson Fund. The Trustees concluded that the Adviser’s and the subadviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates and subadviser pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser and the subadviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser and the subadviser 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 the Adviser’s and/or the subadviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser and/or other clients of the subadviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser, the subadviser or other Janus Henderson funds, and that the success of the Adviser and the subadviser could enhance the Adviser’s and the subadviser’s ability to serve the Janus Henderson Funds.

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Useful Information About Your Fund Report (unaudited)

Management Commentary

The Management Commentary in this report includes valuable insight as well as statistical information to help you understand how your Fund’s performance and characteristics stack up against those of comparable indices.

If the Fund invests in foreign securities, this report may include information about country exposure. Country exposure is based primarily on 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.

Please keep in mind that the opinions expressed in the Management Commentary are just that: opinions. They are a reflection based on best judgment at the time this report was compiled, which was September 30, 2022. As the investing environment changes, so could opinions. These views are unique and are not necessarily shared by fellow employees or by Janus Henderson in general.

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 the Adviser 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. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by Bloomberg 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.

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Useful Information About Your Fund Report (unaudited)

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.

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.

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.

Janus Investment Fund 69

Janus Henderson Balanced Fund

Useful Information About Your Fund Report (unaudited)

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 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.

70 SEPTEMBER 30, 2022

Janus Henderson Balanced Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2022:

Section 163(j) Interest Dividend	52%
Capital Gain Distributions	$970,604,893
Dividends Received Deduction Percentage	78%
Qualified Dividend Income Percentage	80%

Janus Investment Fund 71

Janus Henderson Balanced Fund

Trustees and Officers (unaudited)

The following are the Trustees and officers of the Trust, together with a brief description of their principal occupations during the last five years (principal occupations for certain Trustees may include periods over five years). The Fund’s Statement of Additional Information includes additional information about the Trustees and officers and is available, without charge, by calling 1-877-335-2687.

Each Trustee has served in that capacity since he or she was originally elected or appointed. The Trustees do not serve a specified term of office. Each Trustee will hold office until the termination of the Trust or his or her earlier death, resignation, retirement, incapacity, or removal. Under the Fund’s Governance Procedures and Guidelines, the policy is for Trustees to retire no later than the end of the calendar year in which the Trustee turns 75. The Trustees review the Fund’s Governance Procedures and Guidelines from time to time and may make changes they deem appropriate. The Fund’s Nominating and Governance Committee will consider nominees for the position of Trustee recommended by shareholders. Shareholders may submit the name of a candidate for consideration by the Committee by submitting their recommendations to the Trust’s Secretary. Each Trustee is currently a Trustee of one other registered investment company advised by the Adviser: Janus Aspen Series. Collectively, these two registered investment companies consist of 50 series or funds referred to herein as the Fund Complex.

The Trust’s officers are elected annually by the Trustees for a one-year term. Certain officers also serve as officers of Janus Aspen Series. Certain officers of the Fund may also be officers and/or directors of the Adviser. Except as otherwise disclosed, Fund officers receive no compensation from the Fund, except for the Fund’s Chief Compliance Officer, as authorized by the Trustees.

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Janus Henderson Balanced Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Chairman Trustee	5/22-Present 1/13-Present	Principal, Curam Holdings LLC (since 2018). Formerly, Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm) (2012-2018), Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	50	Advisory Board Member of AEW Core Property Trust (open-end property fund) (since 2020), and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016), Director of Nuveen Global Investors LLC (2007-2011), Director of Communities in Schools (2004-2010), and Director of Mutual Fund Education Alliance (until 2010).
Cheryl D. Alston 151 Detroit Street Denver, CO 80206 DOB: 1966	Trustee	8/22-Present	Executive Director and Chief Investment Officer, Employees’ Retirement Fund of the City of Dallas (since 2004).	50	Director of Blue Cross Blue Shield of Kansas City (a not-for-profit health insurance provider) (since 2016) and Director of Global Life Insurance (life and supplemental health insurance provider) (since 2017). Formerly, Director of Federal Home Loan Bank of Dallas (2017-2021).

Janus Investment Fund 73

Janus Henderson Balanced Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000), and Chief Investment Officer (1987-1994) and Vice Chairman and Director (1990-1994) of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	50	Member, Limited Partner Advisory Committee, Karmel Capital Fund III (later stage growth fund) (since 2022), Member of the Investment Committee for the Orange County Community Foundation (a grantmaking foundation) (since 2020), Advisory Board Member, RevOZ Fund LP and related funds (real estate investments for opportunity zones) (since 2020), and Advisory Board Member, Innovate Partners Emerging Growth and Equity Fund I (early stage venture capital fund) (since 2014). Formerly, Managing Trustee of National Retirement Partners Liquidating Trust (2013-2016), Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (2005-2013), Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009), Director of RemedyTemp, Inc. (temporary help services company) (1996-2006), and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).

74 SEPTEMBER 30, 2022

Janus Henderson Balanced Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Founder, Daraja Capital (advisory and investment firm) (since 2016). Formerly, Senior Vice President and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (2011-2021), and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	50	Member of the Investment Committee for Cooper Union (private college) (since 2021), Board Member, Van Alen Institute (nonprofit architectural and design organization) (since 2019), and Director of Brightwood Capital Advisors, LLC (since 2014).

Janus Investment Fund 75

Janus Henderson Balanced Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Darrell B. Jackson 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	8/22-Present	President and Chief Executive Officer, The Efficace Group Inc. (since 2018). Formerly, President and Chief Executive Officer, Seaway Bank and Trust Company (community bank) (2014-2015), and Executive Vice President and Co-President, Wealth Management (2009-2014), and several senior positions, including Group Executive, Senior Vice President, and Vice President (1995-2009) of Northern Trust Company (financial services company) (1995-2014).	50	Director of Amalgamated Financial Corp (bank) (since August 2021), Director of YR Media (a not-for-profit production company) (since 2021), and Director of Gray-Bowen-Scott (transportation project consulting firm) (since April 2020). Formerly, Director of Delaware Place Bank (closely held commercial bank) (2016-2018) and Director of Seaway Bank and Trust Company (2014-2015).

76 SEPTEMBER 30, 2022

Janus Henderson Balanced Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Trustee	6/02-Present	Chief Executive Officer, muun chi LLC (organic food business) (since 2022) and Independent Consultant (since 2019). Formerly, Chief Operating Officer, muun chi LLC (2020-2022), Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (2016-2019), Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations) (2009-2016), Chief Executive Officer, Imprint Capital Advisors (impact investment firm) (2013-2015), and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	50	Chairman of the Board and Trustee of The Investment Fund for Foundations Investment Program (TIP) (consisting of 1 fund) (since 2008). Formerly, Director of the F.B. Heron Foundation (a private grantmaking foundation) (2006-2022), and Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds) (2016-2021).

Janus Investment Fund 77

Janus Henderson Balanced Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company.	50	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013). Formerly, Director, West Bend Mutual Insurance Company (property/casualty insurance) (2013-2021), Trustee of Northwestern Mutual Life Insurance Company (2010-2013), and Director of Frank Russell Company (global asset management firm) (2008-2013).
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired. Formerly, Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006) and Treasurer for Driehaus Mutual Funds (1996-2002).	50	Formerly, Director of Family Service of Lake County (2019-2021), Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017), Independent Trustee, State Farm Associates’ Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017).

78 SEPTEMBER 30, 2022

Janus Henderson Balanced Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	50	Director of Chicago Community Trust (Regional Community Foundation), Lurie Children’s Hospital (Chicago, IL), and Shirley Ryan Ability Lab. Formerly, Director of Wrapports, LLC (until 2022), Director of Chicago Council on Global Affairs (until 2019), InnerWorkings (until 2019) and Director of Walmart (until 2017).

Janus Investment Fund 79

Janus Henderson Balanced Fund

Trustees and Officers (unaudited)

OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Jeremiah Buckley 151 Detroit Street Denver, CO 80206 DOB: 1976	Executive Vice President and Co-Portfolio Manager Janus Henderson Balanced Fund	12/15-Present	Portfolio Manager for other Janus Henderson accounts.
Michael Keough 151 Detroit Street Denver, CO 80206 DOB: 1978	Executive Vice President and Co-Portfolio Manager Janus Henderson Balanced Fund	12/19-Present	Portfolio Manager for other Janus Henderson accounts.
Greg Wilensky 151 Detroit Street Denver, CO 80206 DOB: 1967	Executive Vice President and Co-Portfolio Manager Janus Henderson Balanced Fund	2/20-Present	Head of U.S. Fixed Income of Janus Henderson Investors and Portfolio Manager for other Janus Henderson accounts. Formerly, Director and Lead Portfolio Manager of the U.S. Multi-Sector Fixed Income team at AllianceBernstein (2007-2019).
Michelle Rosenberg 151 Detroit Street Denver, CO 80206 DOB: 1973	President and Chief Executive Officer	9/22-Present	General Counsel and Corporate Secretary of Janus Henderson Investors (since 2018). Formerly, Interim President and Chief Executive Officer of the Trust and Janus Aspen Series (2022), Senior Vice President and Head of Legal, North America of Janus Henderson Investors (2017-2018) and Deputy General Counsel of Janus Henderson US (Holdings) Inc. (2015-2018).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

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Janus Henderson Balanced Fund

Trustees and Officers (unaudited)

OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Kristin Mariani 151 Detroit Street Denver, CO 80206 DOB: 1966	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	7/20-Present	Head of Compliance, North America for Janus Henderson Investors (since September 2020) and Chief Compliance Officer for Janus Henderson Investors US LLC (since September 2017). Formerly, Global Head of Investment Management Compliance for Janus Henderson Investors (February 2019 - August 2020), Vice President, Head of Global Distribution Compliance and Chief Compliance Officer of Janus Henderson Distributors US LLC (May 2017 – September 2017), Vice President, Compliance at Janus Henderson US (Holdings) Inc., Janus Henderson Investors US LLC, and Janus Henderson Distributors US LLC (2009-2017).
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Head of U.S. Fund Administration, Janus Henderson Investors and Janus Henderson Services US LLC.
Abigail J. Murray 151 Detroit Street Denver, CO 80206 DOB: 1975	Vice President, Chief Legal Officer, and Secretary	12/20-Present	Managing Counsel (2020-present). Formerly, Senior Counsel for Invesco Ltd. (2017-2020), and Vice President and Senior Counsel, ALPS Fund Services, Inc. and Assistant General Counsel, ALPS Advisors, Inc. (2015-2017).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

Janus Investment Fund 81

This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Janus Henderson Distributors US LLC
	125-02-93037 11-22

	ANNUAL REPORT September 30, 2022
Janus Henderson Contrarian Fund
Janus Investment Fund
		HIGHLIGHTS ·Portfolio management perspective ·Investment strategy behind your fund ·Fund performance, characteristics and holdings

Table of Contents

Janus Henderson Contrarian Fund

Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	13
Statement of Assets and Liabilities	14
Statement of Operations	16
Statements of Changes in Net Assets	18
Financial Highlights	19
Notes to Financial Statements	27
Report of Independent Registered Public Accounting Firm	43
Additional Information	44
Useful Information About Your Fund Report	55
Designation Requirements	58
Trustees and Officers	59

Janus Henderson Contrarian Fund (unaudited)

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

PERFORMANCE

The Janus Henderson Contrarian Fund Class I Shares returned -26.57% for the 12-month period ended September 30, 2022. The Fund’s benchmark, the S&P 500^® Index, returned -15.47%.

INVESTMENT ENVIRONMENT

The period began amid optimism that increased vaccination rates and the imminent arrival of oral antiviral drugs could help lessen the health risks posed by the COVID virus, but investor mood soured rapidly as the Federal Reserve (Fed) realized that it was behind the curve in fighting inflation. Investors hoped the Fed would slow the pace of its interest rate hikes on early signs that inflation could be easing, but that did not materialize. Inflation remained elevated, and the Fed continued to tighten monetary policy aggressively and conveyed that rates would need to remain higher for longer to bring inflation back to its 2% target. The Fed’s hawkish stance underpinned gains in the U.S. dollar, which hit its highest level in more than 20 years toward the end of the period. While the U.S. economy entered a technical recession – experiencing two consecutive quarters of contraction in the first and second quarters of 2022 – the economic outlook remained uncertain, as consumer and labor force data were relatively resilient even amid fears of a weaker economic environment.

PERFORMANCE DISCUSSION

As part of our contrarian investment approach, we seek stocks that trade at a discount to our estimate of fair value, whose intrinsic value we believe will grow over time, and whose management teams are aligned with shareholders. For most stocks in our portfolio, we believe the market misunderstands the business model, undervalues the company’s assets, or underappreciates the company’s long-term growth potential. We believe a concentrated, high-conviction portfolio of such companies can drive outperformance over time as the intrinsic value of these businesses gains greater appreciation by the market.

Casino operator Caesars Entertainment was among the top detractors from performance. The company’s stock generally fell on worries about the resiliency of consumer demand for gaming in the face of a weakening economic outlook as well as concerns around Caesars’ financial leverage. In addition, there was increased concern around competition in the emerging online sports-betting industry. That said, we continue to be constructive on the company’s prospects and the resiliency of its business.

Social media operator Snap Inc. was also among the top detractors. The company suffered earlier in the period as it faced difficulty in measuring advertisers’ conversion rates due to Apple’s iOS privacy changes. Later, Snap’s stock fell when management pre-announced results below expectations, as the company had a more difficult time than expected gaining market share amid a weakening environment for advertising revenue. We exited our position in the stock during the period.

Pharmaceutical company Horizon Therapeutics was also among the top detractors for the period. The company started the year with slower growth for its lead drug, Tepezza, due to the impact of the COVID Omicron variant, with the market expecting to see an acceleration of revenue growth later in the period. That did not happen, and Horizon has since announced a plan to build out its sales force in order to reignite growth of Tepezza. The company has multiple other drugs, such as Krystexxa and Uplinza, targeted at high, unmet medical needs, that we continue to view favorably.

International oil and gas exploration and production company Occidental Petroleum was among the top contributors. During the period, the market shock from the Russia-Ukraine war and a general decline in traditional fossil fuel investment resulted in tight supply and a subsequent spike in oil and gas prices. Demand for oil and

Janus Investment Fund 1

Janus Henderson Contrarian Fund (unaudited)

gas also rose during the period as the pandemic waned and economies reopened. Occidental’s financial leverage and significant upside exposure to commodity prices were a benefit considering these developments.

Biohaven Pharmaceuticals, a healthcare name we added at the end of 2021, was also among the top contributors. In general, we believe that pharmaceutical companies are more able to adjust prices and control operating expenses to generate high profit margins even in an inflationary environment. Biohaven’s stock specifically rose during the period when it was announced that Pfizer would acquire the company for nearly $12 billion, a significant premium. Biohaven’s oral treatment for migraines, Nurtec, also recently received Food and Drug Administration (FDA) approval as a preventative medicine and has seen significant sales growth.

Gaming real estate investment trust (REIT) VICI Properties was also among the top contributors. During the period, the company’s stock rose given the general resiliency of its business model during an uncertain time. VICI was also added to the S&P 500 Index and its credit rating was upgraded to investment grade during the period.

DERIVATIVES USAGE

Please see the Derivative Instruments section in the “Notes to Financial Statements” for a discussion of derivatives used by the Fund.

OUTLOOK

The strength of consumer and corporate balance sheets - which entered the current rate-hiking cycle in better condition than previous cycles - has complicated the Fed’s task of slowing demand, forcing it to take an aggressive path. At this point it appears stocks are pricing in a recession, as the Fed has forcefully communicated that it is committed to slowing inflation even at the expense of economic growth. Thus, equities have seen major valuation readjustments this year, and while much of the market movement so far has been due to multiple compression, going forward we expect negative earnings revisions as well.

To date, rate hikes have significantly boosted the value of the U.S. dollar, creating a headwind for corporate earnings, particularly for multinational companies with revenues outside the U.S. From a long-term perspective, the lessons of COVID and the vulnerability of global supply chains have accelerated the shift away from globalization. In coming years, the market will be forced to deal with the effects of de-globalization including higher inflation, a more capital-intensive economy, and structurally higher interest rates.

In the near term, we would expect the heightened market volatility to continue until investors are better able to assess how long the Fed will continue to hike interest rates and how deep the recession will be next year. However, to the upside, valuations are at levels we haven’t seen in a number of years, which makes us more optimistic over a longer-term time period, despite the difficult near-term environment. We continue to maintain a balance among the different buckets of opportunities in the Fund. We do believe the market downturn has uncovered some businesses whose growth is underappreciated or whose value has become more attractive. However, we will wait until we have further confidence in the trajectory of inflation and a potential recession before making significant allocation changes in the Fund.

Thank you for your investment in Janus Henderson Contrarian Fund.

2 SEPTEMBER 30, 2022

Janus Henderson Contrarian Fund (unaudited)

Fund At A Glance

September 30, 2022

5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
Occidental Petroleum Corp	2.54%	1.88%	Caesars Entertainment Inc	5.01%	-3.96%
Biohaven Pharmaceutical Holding Co Ltd	1.85%	1.02%	Snap Inc	1.81%	-3.26%
VICI Properties Inc	4.15%	0.90%	Horizon Therapeutics PLC	5.30%	-1.78%
American Electric Power Co Inc	2.78%	0.62%	Rush Street Interactive Inc	0.53%	-0.85%
Sempra Energy	2.02%	0.55%	Zendesk Inc	1.91%	-0.79%

	5 Top Contributors - Sectors*
		Relative	Fund	S&P 500 Index
		Contribution	Average Weight	Average Weight
	Real Estate	0.92%	4.15%	2.75%
	Utilities	0.74%	4.80%	2.75%
	Energy	0.38%	2.54%	3.79%
	Industrials	0.24%	6.90%	7.89%
	Other**	0.14%	1.69%	0.00%
	5 Top Detractors - Sectors*
		Relative	Fund	S&P 500 Index
		Contribution	Average Weight	Average Weight
	Consumer Discretionary	-6.36%	16.39%	11.83%
	Health Care	-1.97%	19.24%	13.77%
	Information Technology	-1.53%	13.12%	27.75%
	Financials	-1.29%	10.01%	11.11%
	Consumer Staples	-0.86%	2.19%	6.30%
	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 3

Janus Henderson Contrarian Fund (unaudited)

Fund At A Glance

September 30, 2022

5 Largest Equity Holdings -(% of Net Assets)
Crown Holdings Inc
Containers & Packaging	5.9%
Howmet Aerospace Inc
Aerospace & Defense	4.8%
Amazon.com Inc
Internet & Direct Marketing Retail	4.8%
Caesars Entertainment Inc
Hotels, Restaurants & Leisure	4.2%
Occidental Petroleum Corp
Oil, Gas & Consumable Fuels	3.6%
	23.3%

Asset Allocation - (% of Net Assets)
Common Stocks	96.6%
Investment Companies	2.8%
Investments Purchased with Cash Collateral from Securities Lending	2.2%
Corporate Bonds	1.0%
Other		(2.6)%
		100.0%

Top Country Allocations - Long Positions -(% of Investment Securities)
As of September 30, 2022	As of September 30, 2021

4 SEPTEMBER 30, 2022

Janus Henderson Contrarian Fund (unaudited)

Performance

See important disclosures on the next page.

Average Annual Total Return - for the periods ended September 30, 2022					Prospectus Expense Ratios
	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses‡	Net Annual Fund Operating Expenses‡
Class A Shares at NAV	-26.77%	8.92%	10.08%	7.02%	1.12%	1.12%
Class A Shares at MOP	-30.97%	7.65%	9.43%	6.74%
Class C Shares at NAV	-27.34%	8.17%	9.28%	6.22%	1.87%	1.87%
Class C Shares at CDSC	-27.99%	8.17%	9.28%	6.22%
Class D Shares	-26.60%	9.17%	10.31%	7.21%	0.90%	0.90%
Class I Shares	-26.57%	9.23%	10.39%	7.25%	0.85%	0.85%
Class N Shares	-26.50%	9.31%	10.35%	7.21%	0.77%	0.77%
Class R Shares	-27.11%	8.36%	9.58%	6.54%	1.76%	1.61%
Class S Shares	-26.94%	8.66%	9.88%	6.81%	1.74%	1.36%
Class T Shares	-26.69%	9.06%	10.21%	7.16%	1.01%	1.01%
S&P 500 Index	-15.47%	9.24%	11.70%	6.37%
Morningstar Quartile - Class T Shares	4th	1st	1st	3rd
Morningstar Ranking - based on total returns for Mid-Cap Blend Funds	398/415	8/355	56/282	87/146

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.

For certain periods, the Fund’s performance may reflect the effect of expense waivers.

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

Janus Investment Fund 5

Janus Henderson Contrarian 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), Environmental, Social and Governance (ESG) factors, 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.

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 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 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.

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.

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.

© 2022 Morningstar, Inc. All Rights Reserved.

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. Net expense ratios reflect the expense waivers, if any, contractually agreed to for at least a one-year period commencing on January 28, 2022. See Financial Highlights for actual expense ratios during the reporting period.

6 SEPTEMBER 30, 2022

Janus Henderson Contrarian 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 (4/1/22)	Ending Account Value (9/30/22)	Expenses Paid During Period (4/1/22 - 9/30/22)†	Beginning Account Value (4/1/22)	Ending Account Value (9/30/22)	Expenses Paid During Period (4/1/22 - 9/30/22)†	Net Annualized Expense Ratio (4/1/22 - 9/30/22)
Class A Shares		$1,000.00	$729.50	$4.55	$1,000.00	$1,019.80	$5.32	1.05%
Class C Shares		$1,000.00	$726.40	$7.79	$1,000.00	$1,016.04	$9.10	1.80%
Class D Shares		$1,000.00	$730.50	$3.56	$1,000.00	$1,020.96	$4.15	0.82%
Class I Shares		$1,000.00	$730.50	$3.43	$1,000.00	$1,021.11	$4.00	0.79%
Class N Shares		$1,000.00	$731.00	$2.99	$1,000.00	$1,021.61	$3.50	0.69%
Class R Shares		$1,000.00	$728.00	$6.54	$1,000.00	$1,017.50	$7.64	1.51%
Class S Shares		$1,000.00	$728.50	$5.46	$1,000.00	$1,018.75	$6.38	1.26%
Class T Shares		$1,000.00	$729.90	$3.99	$1,000.00	$1,020.46	$4.66	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 183/365 (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 7

Janus Henderson Contrarian Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Corporate Bonds– 1.0%
Consumer Cyclical – 1.0%
	Colt Merger Sub Inc, 5.7500%, 7/1/25 (144A)((cost $42,478,148)	$43,320,000	$41,799,468
Common Stocks– 96.6%
Aerospace & Defense – 4.8%
	Howmet Aerospace Inc	6,025,280	186,361,910
Banks – 3.0%
	Cullen/Frost Bankers Inc	895,495	118,402,349
Biotechnology – 7.2%
	AbbVie Inc	1,004,809	134,855,416
	Amicus Therapeutics Inc*	6,286,893	65,636,684
	Biohaven Pharmaceutical Holding Co Ltd*	538,414	81,392,044
			281,884,144
Capital Markets – 2.7%
	Morgan Stanley	1,090,044	86,124,376
	Patria Investments Ltd - Class A	1,372,637	17,912,913
			104,037,289
Consumer Finance – 2.0%
	Capital One Financial Corp	864,187	79,652,116
Containers & Packaging – 5.9%
	Crown Holdings Inc	2,825,059	228,914,531
Diversified Financial Services – 1.9%
	Apollo Global Management Inc	1,621,915	75,419,047
Electric Utilities – 1.9%
	American Electric Power Co Inc	848,472	73,350,404
Entertainment – 2.1%
	Liberty Media Corp-Liberty Formula One*	1,404,070	82,138,095
Equity Real Estate Investment Trusts (REITs) – 3.3%
	VICI Properties Inc	4,307,271	128,572,039
Health Care Equipment & Supplies – 5.1%
	Boston Scientific Corp*	2,337,810	90,543,381
	Globus Medical Inc*	1,823,336	108,616,126
			199,159,507
Hotels, Restaurants & Leisure – 7.2%
	Caesars Entertainment Inc*	5,112,878	164,941,444
	Monarch Casino & Resort Inc*	613,079	34,418,255
	Sportradar Group AG - Class A*	3,108,135	27,351,588
	Sweetgreen Inc - Class A*,#	2,878,589	53,253,897
			279,965,184
Internet & Direct Marketing Retail – 4.8%
	Amazon.com Inc*	1,648,887	186,324,231
Leisure Products – 2.3%
	Hasbro Inc	1,355,904	91,415,048
Metals & Mining – 5.2%
	Constellium SE*,£	7,597,861	77,042,311
	Freeport-McMoRan Inc	4,578,949	125,142,676
			202,184,987
Multi-Utilities – 2.4%
	Sempra Energy	622,939	93,403,474
Oil, Gas & Consumable Fuels – 3.6%
	Occidental Petroleum Corp	2,285,356	140,435,126
Personal Products – 3.2%
	Beauty Health Co/The*,#,£	10,536,029	124,219,782
Pharmaceuticals – 6.2%
	Horizon Therapeutics PLC*	1,672,135	103,488,435
	Organon & Co	5,897,273	137,996,188
			241,484,623
Semiconductor & Semiconductor Equipment – 8.9%
	Advanced Micro Devices Inc*	1,375,210	87,133,306
	Analog Devices Inc	558,590	77,833,931

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
8	SEPTEMBER 30, 2022

Janus Henderson Contrarian Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Common Stocks– (continued)
Semiconductor & Semiconductor Equipment– (continued)
	Lam Research Corp	158,055	$57,848,130
	Marvell Technology Inc	2,952,359	126,685,725
			349,501,092
Software – 3.5%
	Workday Inc - Class A*	897,528	136,621,712
Textiles, Apparel & Luxury Goods – 3.1%
	Deckers Outdoor Corp*	392,127	122,582,821
Trading Companies & Distributors – 4.0%
	Core & Main Inc - Class A*	4,341,344	98,722,163
	Ferguson PLC	573,800	59,061,234
			157,783,397
Wireless Telecommunication Services – 2.3%
	T-Mobile US Inc*	662,430	88,878,233
Total Common Stocks (cost $3,724,237,364)			3,772,691,141
Investment Companies– 2.8%
Money Markets – 2.8%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº,£((cost $108,423,134)	108,416,981	108,427,823
Investments Purchased with Cash Collateral from Securities Lending– 2.2%
Investment Companies – 1.8%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº,£	68,142,291	68,142,291
Time Deposits – 0.4%
	Royal Bank of Canada, 3.0600%, 10/3/22	$17,035,573	17,035,573
Total Investments Purchased with Cash Collateral from Securities Lending (cost $85,177,863)			85,177,864
Total Investments (total cost $3,960,316,509) – 102.6%			4,008,096,296
Liabilities, net of Cash, Receivables and Other Assets – (2.6)%			(101,662,203)
Net Assets – 100%			$3,906,434,093

Summary of Investments by Country - (Long Positions) (unaudited)
		% of
		Investment
Country	Value	Securities
United States	$3,885,789,484	97.0	%
Netherlands	77,042,311	1.9
Switzerland	27,351,588	0.7
Cayman Islands	17,912,913	0.4

Total $4,008,096,296 100.0 %

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	9

Janus Henderson Contrarian Fund

Schedule of Investments

September 30, 2022

Schedules of Affiliated Investments – (% of Net Assets)

		Dividend Income(1)		Realized Gain/(Loss)(1)		Change in Unrealized Appreciation/ Depreciation(1)		Value at 9/30/22
Common Stocks - 5.2%
Metals & Mining - 2.0%
	Constellium SE*	$	-	$	(232,907)	$	(62,513,326)	$	77,042,311
Personal Products - 3.2%
	Beauty Health Co/The*,#		-		-		(50,726,241)		124,219,782
Total Common Stocks		$	-	$	(232,907)	$	(113,239,567)	$	201,262,093
Investment Companies - 2.8%
Money Markets - 2.8%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº		834,058		1,009		3,666		108,427,823
Investments Purchased with Cash Collateral from Securities Lending - 1.8%
Investment Companies - 1.8%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº		130,497∆		-		-		68,142,291
Total Affiliated Investments - 9.8%		$	964,555	$	(231,898)	$	(113,235,901)	$	377,832,207

(1) For securities that were affiliated for a portion of the year ended September 30, 2022, this column reflects amounts for the entire year ended September 30, 2022 and not just the period in which the security was affiliated.

		Value at 9/30/21		Purchases		Sales Proceeds		Value at 9/30/22
Common Stocks - 5.2%
Metals & Mining - 2.0%
	Constellium SE*		148,291,425		4,416,540		(12,919,421)		77,042,311
Personal Products - 3.2%
	Beauty Health Co/The*,#		51,940,000		123,006,023		-		124,219,782
Investment Companies - 2.8%
Money Markets - 2.8%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº		132,374,603		1,336,870,518		(1,360,821,973)		108,427,823
Investments Purchased with Cash Collateral from Securities Lending - 1.8%
Investment Companies - 1.8%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº		8,035,668		297,600,845		(237,494,222)		68,142,291

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
10	SEPTEMBER 30, 2022

Janus Henderson Contrarian Fund

Schedule of Investments

September 30, 2022

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:

Goldman Sachs:

Morgan Stanley	3,500	95.00	USD	10/21/22	$	(27,653,500)	$	320,250	$	291,782	$	(28,468)
								320,250		291,782		(28,468)

UBS Securities:

Marvell Technology Inc.	5,000	60.00	USD	10/21/22	(21,455,000)		265,000		261,673		(3,327)
							265,000		261,673		(3,327)
Total - Written Call Options							585,250		553,455		(31,795)
Total OTC Written Options						$	585,250	$	553,455	$	(31,795)

The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of September 30, 2022.

Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of September 30, 2022
	Equity Contracts
Liability Derivatives:
Options written, at value	$31,795

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the year ended September 30, 2022.

The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the year ended September 30, 2022
Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative	Equity Contracts
Written options contracts	$3,810,966
Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative	Equity Contracts
Written options contracts	$ 352,640

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

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	11

Janus Henderson Contrarian Fund

Schedule of Investments

September 30, 2022

Average Ending Monthly Value of Derivative Instruments During the Year Ended September 30, 2022
Options:
Average value of option contracts written	$(146,267)

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		$	82,294,973	$	—	$	(82,294,973)	$	—
Offsetting of Financial Liabilities and Derivative Liabilities
			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Liabilities		or Liability(a)		Pledged(b)		Net Amount
Goldman Sachs		$	28,468	$	—	$	—	$	28,468
UBS Securities			3,327		—		—		3,327
Total		$	31,795	$	—	$	—	$	31,795
(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.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
12	SEPTEMBER 30, 2022

Janus Henderson Contrarian Fund

Notes to Schedule of Investments and Other Information

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

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 year ended September 30, 2022 is $41,799,468, which represents 1.1% of net assets.

* Non-income producing security.

ºº Rate shown is the 7-day yield as of September 30, 2022.

# Loaned security; a portion of the security is on loan at September 30, 2022.

£ 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 September 30, 2022. 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:
Corporate Bonds		$	-	$	41,799,468	$	-
Common Stocks			3,772,691,141		-		-
Investment Companies			-		108,427,823		-
Investments Purchased with Cash Collateral from Securities Lending			-		85,177,864		-
Total Assets		$	3,772,691,141	$	235,405,155	$	-
Liabilities
Other Financial Instruments(a):
Options Written, at Value		$	-	$	31,795	$	-
(a)	Other financial instruments include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date.

Janus Investment Fund 13

Janus Henderson Contrarian Fund

Statement of Assets and Liabilities

September 30, 2022

Assets:
	Unaffiliated investments, at value (cost $3,561,413,451)(1)		$	3,630,264,089
	Affiliated investments, at value (cost $398,903,058)			377,832,207
	Deposits with brokers for OTC derivatives			50,000
	Trustees' deferred compensation			117,549
	Receivables:
		Investments sold		22,073,405
		Fund shares sold		6,114,087
		Dividends		3,447,632
		Interest		636,563
		Dividends from affiliates		210,226
	Other assets			31,296
Total Assets				4,040,777,054
Liabilities:
	Due to custodian			190
	Collateral for securities loaned (Note 3)			85,177,864
	Options written, at value (premiums received $585,250)			31,795
	Payables:			—
		Investments purchased		39,573,505
		Fund shares repurchased		6,469,709
		Advisory fees		1,943,136
		Transfer agent fees and expenses		652,558
		Trustees' deferred compensation fees		117,549
		Professional fees		57,308
		12b-1 Distribution and shareholder servicing fees		35,286
		Trustees' fees and expenses		21,350
		Affiliated fund administration fees payable		9,387
		Custodian fees		8,808
		Accrued expenses and other payables		244,516
Total Liabilities				134,342,961
Net Assets			$	3,906,434,093

See Notes to Financial Statements.
14	SEPTEMBER 30, 2022

Janus Henderson Contrarian Fund

Statement of Assets and Liabilities

September 30, 2022

Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	3,872,592,764
	Total distributable earnings (loss)		33,841,329
Total Net Assets		$	3,906,434,093
Net Assets - Class A Shares		$	54,652,104
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,618,713
Net Asset Value Per Share(2)		$	20.87
Maximum Offering Price Per Share(3)		$	22.14
Net Assets - Class C Shares		$	21,789,989
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,163,701
Net Asset Value Per Share(2)		$	18.72
Net Assets - Class D Shares		$	2,122,791,579
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		101,058,500
Net Asset Value Per Share		$	21.01
Net Assets - Class I Shares		$	754,492,315
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		35,916,726
Net Asset Value Per Share		$	21.01
Net Assets - Class N Shares		$	83,560,250
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,983,253
Net Asset Value Per Share		$	20.98
Net Assets - Class R Shares		$	1,628,242
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		81,798
Net Asset Value Per Share		$	19.91
Net Assets - Class S Shares		$	1,401,585
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		67,378
Net Asset Value Per Share		$	20.80
Net Assets - Class T Shares		$	866,118,029
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		41,306,035
Net Asset Value Per Share		$	20.97

(1)Includes $82,294,973 of securities on loan. See Note 3 in Notes to Financial Statements.

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

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

See Notes to Financial Statements.
Janus Investment Fund	15

Janus Henderson Contrarian Fund

Statement of Operations

For the year ended September 30, 2022

Investment Income:
	Dividends		$	57,443,831
	Dividends from affiliates			834,058
	Affiliated securities lending income, net			130,497
	Interest			94,521
	Unaffiliated securities lending income, net			19,033
	Other income			28,727
Total Investment Income				58,550,667
Expenses:
	Advisory fees			34,432,249
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		165,919
		Class C Shares		243,415
		Class R Shares		9,162
		Class S Shares		4,055
	Transfer agent administrative fees and expenses:
		Class D Shares		3,158,481
		Class R Shares		4,717
		Class S Shares		4,074
		Class T Shares		2,886,723
	Transfer agent networking and omnibus fees:
		Class A Shares		63,420
		Class C Shares		22,726
		Class I Shares		881,760
	Other transfer agent fees and expenses:
		Class A Shares		4,112
		Class C Shares		1,196
		Class D Shares		381,110
		Class I Shares		36,448
		Class N Shares		3,579
		Class R Shares		123
		Class S Shares		67
		Class T Shares		12,374
	Shareholder reports expense			348,575
	Registration fees			272,291
	Affiliated fund administration fees			123,455
	Trustees’ fees and expenses			109,422
	Professional fees			74,959
	Custodian fees			27,606
	Other expenses			330,411
Total Expenses				43,602,429
Less: Excess Expense Reimbursement and Waivers				(179,363)
Net Expenses				43,423,066
Net Investment Income/(Loss)				15,127,601

See Notes to Financial Statements.
16	SEPTEMBER 30, 2022

Janus Henderson Contrarian Fund

Statement of Operations

For the year ended September 30, 2022

Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	23,243,997
	Investments in affiliates		(231,898)
	Written options contracts		3,810,966
Total Net Realized Gain/(Loss) on Investments			26,823,065
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and Trustees’ deferred compensation		(1,362,785,570)
	Investments in affiliates		(113,235,901)
	Written options contracts		352,640
Total Change in Unrealized Net Appreciation/Depreciation			(1,475,668,831)
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	(1,433,718,165)

See Notes to Financial Statements.
Janus Investment Fund	17

Janus Henderson Contrarian Fund

Statements of Changes in Net Assets

			Year ended September 30, 2022		Year ended September 30, 2021
Operations:
	Net investment income/(loss)		$	15,127,601	$	13,785,613
	Net realized gain/(loss) on investments			26,823,065		439,258,196
	Change in unrealized net appreciation/depreciation			(1,475,668,831)		878,034,390
Net Increase/(Decrease) in Net Assets Resulting from Operations				(1,433,718,165)		1,331,078,199
Dividends and Distributions to Shareholders:
		Class A Shares		(6,096,729)		(551,331)
		Class C Shares		(2,439,370)		(111,698)
		Class D Shares		(269,945,160)		(42,701,012)
		Class I Shares		(67,446,782)		(2,551,582)
		Class N Shares		(9,363,778)		(1,040,095)
		Class R Shares		(166,324)		(5,233)
		Class S Shares		(163,299)		(5,653)
		Class T Shares		(112,642,510)		(15,470,567)
Net Decrease from Dividends and Distributions to Shareholders				(468,263,952)		(62,437,171)
Capital Share Transactions:
		Class A Shares		17,894,480		22,436,653
		Class C Shares		11,141,869		10,889,787
		Class D Shares		151,564,946		13,298,688
		Class I Shares		410,367,339		540,891,777
		Class N Shares		44,703,842		12,840,751
		Class R Shares		974,674		818,768
		Class S Shares		1,330,650		106,225
		Class T Shares		44,527,280		166,160,611
Net Increase/(Decrease) from Capital Share Transactions				682,505,080		767,443,260
Net Increase/(Decrease) in Net Assets				(1,219,477,037)		2,036,084,288
Net Assets:
	Beginning of period			5,125,911,130		3,089,826,842
	End of period		$	3,906,434,093	$	5,125,911,130

See Notes to Financial Statements.
18	SEPTEMBER 30, 2022

Janus Henderson Contrarian Fund

Financial Highlights

Class A Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$31.37	$22.46	$21.63	$21.61	$19.92
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.03	0.04	0.12	0.12	0.06
		Net realized and unrealized gain/(loss)	(7.74)	9.28	3.17	1.36	3.10
	Total from Investment Operations		(7.71)	9.32	3.29	1.48	3.16
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.05)	(0.10)	(0.14)	(0.04)	—
		Distributions (from capital gains)	(2.74)	(0.31)	(2.32)	(1.42)	(1.47)
	Total Dividends and Distributions		(2.79)	(0.41)	(2.46)	(1.46)	(1.47)
	Net Asset Value, End of Period		$20.87	$31.37	$22.46	$21.63	$21.61
	Total Return*		(26.77)%	41.82%	16.01%	8.76%	16.89%
	Net Assets, End of Period (in thousands)		$54,652	$63,005	$28,123	$20,126	$14,940
	Average Net Assets for the Period (in thousands)		$66,066	$45,546	$23,713	$17,754	$13,854
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.08%	1.12%	0.97%	0.94%	0.87%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.08%	1.12%	0.97%	0.94%	0.87%
		Ratio of Net Investment Income/(Loss)	0.11%	0.14%	0.60%	0.58%	0.31%
	Portfolio Turnover Rate		48%	37%	68%	76%	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	19

Janus Henderson Contrarian Fund

Financial Highlights

Class C Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$28.59	$20.55	$19.98	$20.16	$18.80
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.15)	(0.14)	(0.03)	(0.02)	(0.07)
		Net realized and unrealized gain/(loss)	(6.98)	8.49	2.92	1.26	2.90
	Total from Investment Operations		(7.13)	8.35	2.89	1.24	2.83
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(2.74)	(0.31)	(2.32)	(1.42)	(1.47)
	Total Dividends and Distributions		(2.74)	(0.31)	(2.32)	(1.42)	(1.47)
	Net Asset Value, End of Period		$18.72	$28.59	$20.55	$19.98	$20.16
	Total Return*		(27.34)%	40.91%	15.20%	8.08%	16.10%
	Net Assets, End of Period (in thousands)		$21,790	$21,150	$7,178	$10,556	$19,126
	Average Net Assets for the Period (in thousands)		$24,560	$12,788	$9,451	$12,089	$21,999
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.82%	1.81%	1.63%	1.58%	1.56%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.82%	1.81%	1.63%	1.58%	1.56%
		Ratio of Net Investment Income/(Loss)	(0.63)%	(0.52)%	(0.15)%	(0.10)%	(0.38)%
	Portfolio Turnover Rate		48%	37%	68%	76%	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.
20	SEPTEMBER 30, 2022

Janus Henderson Contrarian Fund

Financial Highlights

Class D Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$31.54	$22.56	$21.70	$21.65	$19.97
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.09	0.10	0.17	0.16	0.11
		Net realized and unrealized gain/(loss)	(7.79)	9.33	3.19	1.37	3.11
	Total from Investment Operations		(7.70)	9.43	3.36	1.53	3.22
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.09)	(0.14)	(0.18)	(0.06)	(0.07)
		Distributions (from capital gains)	(2.74)	(0.31)	(2.32)	(1.42)	(1.47)
	Total Dividends and Distributions		(2.83)	(0.45)	(2.50)	(1.48)	(1.54)
	Net Asset Value, End of Period		$21.01	$31.54	$22.56	$21.70	$21.65
	Total Return*		(26.60)%	42.18%	16.29%	8.99%	17.20%
	Net Assets, End of Period (in thousands)		$2,122,792	$3,021,999	$2,152,848	$1,988,711	$1,925,749
	Average Net Assets for the Period (in thousands)		$2,758,198	$2,773,321	$1,994,412	$1,855,826	$1,841,765
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.86%	0.90%	0.72%	0.71%	0.65%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.86%	0.90%	0.72%	0.71%	0.65%
		Ratio of Net Investment Income/(Loss)	0.33%	0.34%	0.83%	0.80%	0.53%
	Portfolio Turnover Rate		48%	37%	68%	76%	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	21

Janus Henderson Contrarian Fund

Financial Highlights

Class I Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$31.55	$22.58	$21.73	$21.68	$19.99
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.10	0.14	0.18	0.17	0.12
		Net realized and unrealized gain/(loss)	(7.79)	9.30	3.20	1.37	3.12
	Total from Investment Operations		(7.69)	9.44	3.38	1.54	3.24
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.11)	(0.16)	(0.21)	(0.07)	(0.08)
		Distributions (from capital gains)	(2.74)	(0.31)	(2.32)	(1.42)	(1.47)
	Total Dividends and Distributions		(2.85)	(0.47)	(2.53)	(1.49)	(1.55)
	Net Asset Value, End of Period		$21.01	$31.55	$22.58	$21.73	$21.68
	Total Return*		(26.57)%	42.18%	16.37%	9.05%	17.29%
	Net Assets, End of Period (in thousands)		$754,492	$679,220	$79,528	$90,754	$54,348
	Average Net Assets for the Period (in thousands)		$815,397	$316,791	$86,316	$59,058	$58,166
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.83%	0.85%	0.66%	0.65%	0.57%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.83%	0.85%	0.66%	0.65%	0.57%
		Ratio of Net Investment Income/(Loss)	0.36%	0.48%	0.84%	0.85%	0.60%
	Portfolio Turnover Rate		48%	37%	68%	76%	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.
22	SEPTEMBER 30, 2022

Janus Henderson Contrarian Fund

Financial Highlights

Class N Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$31.50	$22.54	$21.68	$21.63	$19.96
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.12	0.13	0.20	0.19	0.14
		Net realized and unrealized gain/(loss)	(7.77)	9.31	3.20	1.36	3.10
	Total from Investment Operations		(7.65)	9.44	3.40	1.55	3.24
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.13)	(0.17)	(0.22)	(0.08)	(0.10)
		Distributions (from capital gains)	(2.74)	(0.31)	(2.32)	(1.42)	(1.47)
	Total Dividends and Distributions		(2.87)	(0.48)	(2.54)	(1.50)	(1.57)
	Net Asset Value, End of Period		$20.98	$31.50	$22.54	$21.68	$21.63
	Total Return*		(26.50)%	42.28%	16.50%	9.16%	17.37%
	Net Assets, End of Period (in thousands)		$83,560	$78,699	$48,111	$39,056	$26,808
	Average Net Assets for the Period (in thousands)		$98,909	$60,719	$39,349	$28,593	$24,664
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.73%	0.77%	0.58%	0.58%	0.50%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.73%	0.77%	0.58%	0.58%	0.50%
		Ratio of Net Investment Income/(Loss)	0.46%	0.46%	0.97%	0.92%	0.69%
	Portfolio Turnover Rate		48%	37%	68%	76%	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	23

Janus Henderson Contrarian Fund

Financial Highlights

Class R Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$30.14	$21.62	$20.88	$20.97	$19.47
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.09)	(0.10)	0.01	0.01	(0.05)
		Net realized and unrealized gain/(loss)	(7.40)	8.93	3.05	1.32	3.02
	Total from Investment Operations		(7.49)	8.83	3.06	1.33	2.97
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(2.74)	(0.31)	(2.32)	(1.42)	(1.47)
	Total Dividends and Distributions		(2.74)	(0.31)	(2.32)	(1.42)	(1.47)
	Net Asset Value, End of Period		$19.91	$30.14	$21.62	$20.88	$20.97
	Total Return*		(27.11)%	41.11%	15.37%	8.21%	16.26%
	Net Assets, End of Period (in thousands)		$1,628	$1,450	$410	$780	$676
	Average Net Assets for the Period (in thousands)		$1,877	$1,227	$804	$695	$667
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.62%	1.76%	1.70%	1.74%	1.47%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.55%	1.61%	1.50%	1.48%	1.41%
		Ratio of Net Investment Income/(Loss)	(0.36)%	(0.33)%	0.07%	0.04%	(0.24)%
	Portfolio Turnover Rate		48%	37%	68%	76%	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.
24	SEPTEMBER 30, 2022

Janus Henderson Contrarian Fund

Financial Highlights

Class S Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$31.34	$22.41	$21.55	$21.53	$19.89
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.02)	(0.03)	0.05	0.07	0.02
		Net realized and unrealized gain/(loss)	(7.74)	9.27	3.18	1.37	3.09
	Total from Investment Operations		(7.76)	9.24	3.23	1.44	3.11
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.04)	—	(0.05)	—	—
		Distributions (from capital gains)	(2.74)	(0.31)	(2.32)	(1.42)	(1.47)
	Total Dividends and Distributions		(2.78)	(0.31)	(2.37)	(1.42)	(1.47)
	Net Asset Value, End of Period		$20.80	$31.34	$22.41	$21.55	$21.53
	Total Return*		(26.94)%	41.49%	15.71%	8.52%	16.65%
	Net Assets, End of Period (in thousands)		$1,402	$739	$451	$1,032	$1,033
	Average Net Assets for the Period (in thousands)		$1,622	$628	$756	$996	$3,068
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.41%	1.74%	1.46%	1.35%	1.04%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.30%	1.35%	1.21%	1.18%	1.03%
		Ratio of Net Investment Income/(Loss)	(0.08)%	(0.09)%	0.27%	0.33%	0.10%
	Portfolio Turnover Rate		48%	37%	68%	76%	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	25

Janus Henderson Contrarian Fund

Financial Highlights

Class T Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$31.48	$22.54	$21.68	$21.63	$19.95
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.06	0.07	0.15	0.14	0.09
		Net realized and unrealized gain/(loss)	(7.77)	9.30	3.19	1.38	3.11
	Total from Investment Operations		(7.71)	9.37	3.34	1.52	3.20
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.06)	(0.12)	(0.16)	(0.05)	(0.05)
		Distributions (from capital gains)	(2.74)	(0.31)	(2.32)	(1.42)	(1.47)
	Total Dividends and Distributions		(2.80)	(0.43)	(2.48)	(1.47)	(1.52)
	Net Asset Value, End of Period		$20.97	$31.48	$22.54	$21.68	$21.63
	Total Return*		(26.66)%	41.94%	16.22%	8.92%	17.11%
	Net Assets, End of Period (in thousands)		$866,118	$1,259,649	$773,177	$730,400	$676,452
	Average Net Assets for the Period (in thousands)		$1,149,894	$1,076,107	$731,491	$652,848	$656,674
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.98%	1.01%	0.82%	0.81%	0.74%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.96%	1.00%	0.81%	0.79%	0.73%
		Ratio of Net Investment Income/(Loss)	0.23%	0.24%	0.73%	0.72%	0.44%
	Portfolio Turnover Rate		48%	37%	68%	76%	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.
26	SEPTEMBER 30, 2022

Janus Henderson Contrarian Fund

Notes to Financial Statements

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 39 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as nondiversified, as defined in the 1940 Act. Janus Henderson Investors US LLC (formerly Janus Capital Management LLC) is the investment adviser (the “Adviser”) to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors, 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, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (formerly Janus Distributors LLC) (the “Distributor”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

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

Janus Investment Fund 27

Janus Henderson Contrarian Fund

Notes to Financial Statements

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The 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

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The 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 Adviser-approved pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a 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 valuation policies provide for the use of systematic fair valuation models provided by independent pricing services to value foreign 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.

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Notes to Financial Statements

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

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

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

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of September 30, 2022 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.

Investment Transactions and Investment Income

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

Expenses

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Indemnifications

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

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

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Notes to Financial Statements

translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

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

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

Dividends and Distributions

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

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

Federal Income Taxes

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

2. Derivative Instruments

The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the year ended September 30, 2022 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.

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Janus Henderson Contrarian Fund

Notes to Financial Statements

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 the Adviser’s ability to establish and maintain appropriate systems and trading.

Options Contracts

An options contract provides the purchaser with the right, but not the obligation, to buy (call option) or sell (put option) a financial instrument at an agreed upon price on or before a specified date. The purchaser pays a premium to the seller for this right. The seller has the corresponding obligation to sell or buy a financial instrument if the purchaser (owner) "exercises" the option. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option, or the cost of the security for a purchased put or call option are adjusted by the amount of premium received or paid. Upon expiration, or closing of the option transaction, a realized gain or loss is reported on the

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Notes to Financial Statements

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). 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.

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).

Options traded on an exchange are regulated and the terms of the options are standardized. Options traded OTC expose the Fund to counterparty risk in the event that the counterparty does not perform. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by having the counterparty post collateral to cover the Fund’s exposure to the counterparty.

In writing an option, the Fund bears the risk of an unfavorable change in the price of the security underlying the written option. When an option is written, the Fund receives a premium and becomes obligated to sell or purchase the underlying security at a fixed price, upon exercise of the option. Options written are reported as a liability on the Statement of Assets and Liabilities as “Options written, at value” (if applicable). The risk in writing call options is that the Fund gives up the opportunity for profit if the market price of the security increases and the options are exercised. The risk in writing put options is that the Fund may incur a loss if the market price of the security decreases and the options are exercised. The risk in buying options is that the Fund pays a premium whether or not the options are exercised. Exercise of an option written by the Fund could result in the Fund buying or selling a security at a price different from the current market value.

During the year, the Fund wrote call options on various equity securities for the purpose of decreasing exposure to individual equity risk and/or generating income.

3. Other Investments and Strategies

Additional Investment Risk

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 in response to the COVID-19 pandemic. This and other government intervention into the economy and financial markets to address the COVID-19 pandemic may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Government actions to mitigate the economic impact of the pandemic have resulted in a large expansion of government deficits and debt, the long term consequences of which are not known. The COVID-19 pandemic could adversely affect the value and liquidity of a Fund’s investments, impair a Fund’s ability to satisfy redemption requests, and negatively impact a Fund’s performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

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

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Janus Henderson Contrarian Fund

Notes to Financial Statements

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 the Adviser 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.

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. Among other things, these developments have adversely affected the value and exchange rate of the euro and pound sterling, and may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse effect on the Fund’s investments in such countries, other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.

Real Estate Investing

The Fund may invest in equity and debt securities of real estate-related companies. Such companies may include those in the real estate industry or real estate-related industries. These securities may include common stocks, corporate bonds, preferred stocks, and other equity securities, including, but not limited to, mortgage-backed securities, real estate-backed securities, securities of REITs and similar REIT-like entities. A REIT is a trust that invests in real estate-related projects, such as properties, mortgage loans, and construction loans. REITs are generally categorized as equity, mortgage, or hybrid REITs. A REIT may be listed on an exchange or traded OTC.

Counterparties

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.

Securities Lending

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments’

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Notes to Financial Statements

payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the SEC. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.

Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

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

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of September 30, 2022, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $82,294,973. Gross amounts of recognized liabilities for securities lending (collateral received) as of September 30, 2022 is $85,177,864, resulting in the net amount due to the counterparty of $2,882,891.

Offsetting Assets and Liabilities

The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, in the event of a default and/or termination event, the Fund may offset with each counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment.

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Janus Henderson Contrarian Fund

Notes to Financial Statements

The Offsetting Assets and Liabilities tables located in the Schedule of Investments present gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the “Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of September 30, 2022” table located in the Fund’s Schedule of Investments.

The Fund may require the counterparty to pledge securities as collateral daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized gain on OTC derivative contracts with a particular counterparty. The Fund may deposit cash as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. The collateral amounts are subject to minimum exposure requirements and initial margin requirements. Collateral amounts are monitored and subsequently adjusted up or down as valuations fluctuate by at least the minimum exposure requirement. Collateral may reduce the risk of loss.

4. Investment Advisory Agreements and Other Transactions with Affiliates

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

The investment advisory fee rate paid to the Adviser by the Fund consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the Fund’s average daily net assets during the previous month (the “Base Fee Rate”), plus or minus (2) a performance-fee adjustment (the “Performance Adjustment”) calculated by applying a variable rate of up to 0.15% (positive or negative) to the Fund’s average daily net assets based on the Fund’s relative performance compared to the cumulative investment record of its benchmark index over a 36-month performance measurement period or shorter time period, as applicable. The investment advisory fee rate is calculated daily and paid monthly.

The investment performance of the Fund’s Class A Shares (waiving the upfront sales load) for the performance measurement period is used to calculate the Performance Adjustment. The Fund’s Base Fee Rate prior to any performance adjustment (expressed as an annual rate) is 0.64%, and the Fund’s benchmark index used in the calculation is the S&P 500^® Index.

No Performance Adjustment is applied unless the difference between the Fund’s investment performance and the cumulative investment record of the Fund’s benchmark index is 0.50% or greater (positive or negative) during the applicable performance measurement period. The Base Fee Rate is subject to an upward or downward Performance Adjustment for every full 0.50% increment by which the Fund outperforms or underperforms its benchmark index, up to the Fund’s full performance rate of ±7.00%. Because the Performance Adjustment is tied to a Fund’s relative performance compared to its benchmark index (and not its absolute performance), the Performance Adjustment could increase the Adviser’s fee even if the Fund’s Shares lose value during the performance measurement period and could decrease the Adviser’s fee even if the Fund’s Shares increase in value during the performance measurement period. For purposes of computing the Base Fee Rate and the Performance Adjustment, net assets are averaged over different periods (average daily net assets during the previous month for the Base Fee Rate, versus average daily net assets during the performance measurement period for the Performance Adjustment). Performance of the Fund is calculated net of expenses whereas the Fund’s benchmark index does not have any fees or expenses. Reinvestment of dividends and distributions is included in calculating both the performance of a Fund and the Fund’s benchmark index.

The Fund’s prospectuses and statement(s) of additional information contain additional information about performance-based fees. The amount shown as advisory fees on the Statement of Operations reflects the Base Fee Rate plus/minus any Performance Adjustment. For the year ended September 30, 2022, the performance adjusted investment advisory fee rate before any waivers and/or reimbursements of expenses is 0.70%.

The Adviser has contractually agreed to waive the investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, excluding any performance adjustments to management 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 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. The Adviser has agreed to continue the waivers for at least a one-year period commencing January 28, 2022. If applicable, amounts waived and/or reimbursed

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Notes to Financial Statements

to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (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 the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $502,935 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 2022. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

Janus Henderson Services US LLC (formerly Janus Services LLC) (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

Average Daily Net Assets of Class D Shares of the Janus Henderson funds	Administrative Services Fee
Under $40 billion	0.12%
$40 billion – $49.9 billion	0.10%
Over $49.9 billion	0.08%

During the reporting period, the administrative services fee rate was 0.11%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class R Shares, Class S Shares, and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares, and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R Shares, Class S Shares, and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C

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Notes to Financial Statements

Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, of up to 0.50% of the Class R Shares' average daily net assets, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the year ended September 30, 2022, the Distributor retained upfront sales charges of $63,586.

A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. During the year ended September 30, 2022, redeeming shareholders of Class A Shares paid CDSCs of $11 to Janus Henderson Distributors.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the year ended September 30, 2022, redeeming shareholders of Class C Shares paid CDSCs of $5,439.

The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of September 30, 2022 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended September 30, 2022 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $436,813 were paid by the Trust to the Trustees under the Deferred Plan during the year ended September 30, 2022.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests 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

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Janus Henderson Contrarian Fund

Notes to Financial Statements

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.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended September 30, 2022 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

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Janus Henderson Contrarian Fund

Notes to Financial Statements

As of September 30, 2022, shares of the Fund were owned by affiliates of the Adviser, and/or other funds advised by the Adviser, as indicated in the table below:

Class	% of Class Owned		% of Fund Owned
Class A Shares	-	%	-	%
Class C Shares	-		-
Class D Shares	-		-
Class I Shares	-		-
Class N Shares	34		1
Class R Shares	-		-
Class S Shares	-		-
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).

The Fund is permitted to purchase or sell securities (“cross-trade”) between itself and other funds or accounts managed by the Adviser in accordance with Rule 17a-7 under the Investment Company Act of 1940 (“Rule 17a-7”), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust’s Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the year ended September 30, 2022, the Fund engaged in cross trades amounting to $8,275,867 in purchases and $15,025,305 in sales, resulting in a net realized gain of $4,590,664. The net realized gain is included within the “Net Realized Gain/(Loss) on Investments” section of the Fund’s Statement of Operations.

5. Federal Income Tax

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.

Other book to tax differences primarily consist of deferred compensation and derivatives. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ 11,253,240	$ -	$ -	$ -	$(19,667,443)	$ 451,148	$ 41,804,384

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Janus Henderson Contrarian Fund

Notes to Financial Statements

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 2022 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)
$ 3,966,291,912	$470,705,126	$(428,900,742)	$ 41,804,384

Information on the tax components of derivatives as of September 30, 2022 is as follows:

Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ (585,251)	$ 553,456	$ -	$ 553,456

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

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.

For the year ended September 30, 2022
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 124,200,104	$ 344,063,848	$ -	$ -

For the year ended September 30, 2021
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 29,734,170	$ 32,703,001	$ -	$ -

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. The following reclassifications have been made to the Fund:

Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ -	$ (33,726)	$ 33,726

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Notes to Financial Statements

6. Capital Share Transactions

	Year ended September 30, 2022		Year ended September 30, 2021
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	1,152,866	$ 31,636,833	1,037,291	$ 30,699,744
Reinvested dividends and distributions	164,479	4,559,347	15,888	422,291
Shares repurchased	(707,120)	(18,301,700)	(296,808)	(8,685,382)
Net Increase/(Decrease)	610,225	$ 17,894,480	756,371	$ 22,436,653
Class C Shares:
Shares sold	617,444	$ 15,569,116	527,475	$ 14,399,575
Reinvested dividends and distributions	90,315	2,258,775	4,365	106,333
Shares repurchased	(283,921)	(6,686,022)	(141,226)	(3,616,121)
Net Increase/(Decrease)	423,838	$ 11,141,869	390,614	$ 10,889,787
Class D Shares:
Shares sold	3,662,392	$103,307,288	6,311,733	$185,542,741
Reinvested dividends and distributions	9,388,581	261,472,004	1,551,849	41,387,799
Shares repurchased	(7,821,632)	(213,214,346)	(7,445,834)	(213,631,852)
Net Increase/(Decrease)	5,229,341	$151,564,946	417,748	$ 13,298,688
Class I Shares:
Shares sold	29,363,877	$803,303,253	20,840,930	$624,629,266
Reinvested dividends and distributions	2,326,660	64,774,205	86,151	2,298,518
Shares repurchased	(17,300,101)	(457,710,119)	(2,922,897)	(86,036,007)
Net Increase/(Decrease)	14,390,436	$410,367,339	18,004,184	$540,891,777
Class N Shares:
Shares sold	2,203,210	$ 63,036,485	1,088,820	$ 33,285,683
Reinvested dividends and distributions	333,560	9,266,301	38,259	1,018,451
Shares repurchased	(1,051,858)	(27,598,944)	(763,485)	(21,463,383)
Net Increase/(Decrease)	1,484,912	$ 44,703,842	363,594	$ 12,840,751
Class R Shares:
Shares sold	43,552	$ 1,187,322	70,907	$ 2,016,233
Reinvested dividends and distributions	6,157	163,350	191	4,899
Shares repurchased	(16,025)	(375,998)	(41,940)	(1,202,364)
Net Increase/(Decrease)	33,684	$ 974,674	29,158	$ 818,768
Class S Shares:
Shares sold	56,730	$ 1,672,145	10,193	$ 296,736
Reinvested dividends and distributions	5,902	163,299	213	5,653
Shares repurchased	(18,824)	(504,794)	(6,971)	(196,164)
Net Increase/(Decrease)	43,808	$ 1,330,650	3,435	$ 106,225
Class T Shares:
Shares sold	5,894,110	$168,434,652	12,964,866	$376,240,340
Reinvested dividends and distributions	3,963,364	110,260,797	567,739	15,135,921
Shares repurchased	(8,559,479)	(234,168,169)	(7,832,238)	(225,215,650)
Net Increase/(Decrease)	1,297,995	$ 44,527,280	5,700,367	$166,160,611

7. Purchases and Sales of Investment Securities

For the year ended September 30, 2022, 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
$2,572,999,572	$2,290,051,029	$ -	$ -

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Notes to Financial Statements

8. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to September 30, 2022 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.

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Janus Henderson Contrarian Fund

Report of Independent Registered Public Accounting Firm

TotheBoard of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Contrarian Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Contrarian Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2022, the related statement of operations for the year ended September 30, 2022, the statements of changes in net assets for each of the two years in the period ended September 30, 2022,including the related notes,and the financial highlightsfor each of the five years in the period ended September 30, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2022 and the financial highlights for each of the five years in the period ended September 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Denver, Colorado

November 28, 2022

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

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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 (each, a “Fund,” and collectively, the “Funds” and 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 agreement for each Janus Henderson Fund that utilizes a subadviser.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (formerly, Janus Capital Management LLC) (the “Adviser”) and the subadviser 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 meetings held on November 3-4, 2021 and December 7-8, 2021, the Trustees’ evaluated the information provided by the Adviser, the subadviser, and the independent fee consultant, as well as other information addressed during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser and each subadviser, as applicable, were fair and reasonable in light of the nature, extent and quality of the services provided by the Adviser, its affiliates and the subadviser, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund and the subadvisory agreement for each subadvised Janus Henderson Fund, for the period from February 1, 2022 through February 1, 2023, subject to earlier termination as provided for in each agreement.

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

Nature, Extent and Quality of Services

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

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Additional Information (unaudited)

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 the Adviser and the 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 the Adviser or the subadviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

The Trustees concluded that the nature, extent and quality of the services provided by the Adviser and 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 the Adviser and the subadviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and each 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, 2021, approximately 55% of the Janus Henderson Funds were in the top two quartiles of performance versus Broadridge peers, and for the 12 months ended September 30, 2021, approximately 45% 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 second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving

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Additional Information (unaudited)

Fixed-Income Funds

·For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·For Janus Developed World Bond Fund, the Trustees noted the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

Global and International Equity Funds

·For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the

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Additional Information (unaudited)

Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

Money Market Funds

·For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was 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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

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Additional Information (unaudited)

·For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser 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 bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser and subadviser had taken or were taking to improve performance.

·For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson International Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser and subadviser had taken or were taking to improve performance.

·For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser and subadviser had taken or were taking to improve performance.

U.S. Equity Funds

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

·For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

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Additional Information (unaudited)

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 the Adviser out of its management fees collected from such Janus Henderson Fund.

The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge Expense Group peers; and (3) and the management fees for the Janus Henderson Funds, on average, were 6% 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.

The Trustees considered the methodology used by the Adviser and 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 the Adviser and subadviser to comparable separate account clients and to comparable non-affiliated funds subadvised by the Adviser or subadviser (for which the Adviser 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 the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser 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; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged to Janus Henderson subadvised fund and separate account investors; and (4) as part of its 2020 review, 9 of 10 Janus Henderson Funds have lower management fees than similar funds subadvised by the Adviser.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2020, including the VIT Portfolios, and noted the following with regard to each VIT Portfolio’s total expenses, net of applicable fee waivers (the VIT Portfolio’s “total expenses”):

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Additional Information (unaudited)

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 the Adviser 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.

·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 the Adviser 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 the Adviser 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 one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser 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 the Adviser 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 the Adviser has contractually agreed to limit the Fund’s expenses.

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

·For Janus Henderson Short Duration 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 the Adviser 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 the Adviser 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 certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser 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 the Adviser has contractually agreed to limit the Fund’s expenses.

·For Janus Henderson Global Equity Income 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 the Adviser 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.

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Additional Information (unaudited)

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

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

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

Money Market Funds

·For Janus Henderson Government 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 the Adviser has voluntarily agreed to limit the Fund’s expenses to assist the Fund in attempting to maintain a yield of at least 0.00%.

·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 the Adviser has agreed to limit the Fund’s expenses to assist the Fund in attempting to maintain a yield of at least 0.00%.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted 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 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 the Adviser 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 the Adviser 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

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Additional Information (unaudited)

that the Adviser 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 the Adviser 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 the Adviser 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, 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 the Adviser 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 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 the Adviser 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.

·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 the Adviser 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 the Adviser 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 Mid Cap Value Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

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

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by

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Additional Information (unaudited)

numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser and 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 the Adviser 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 the Adviser 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 the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser and its affiliates, as well as the fees paid by the Adviser to the subadviser 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 the Adviser and the subadviser 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 the Adviser and subadviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

Economies of Scale

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 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 75% of these Janus Henderson Funds’ have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. The Trustees also noted the following: (1) that for those Janus Henderson Funds whose expenses are being reduced by the contractual expense limitations of the Adviser, the Adviser is subsidizing certain of these Janus Henderson Funds because they have not reached adequate scale; (2) 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 (3) 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 the Adviser 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 the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, the Adviser appeared to be investing to increase the likelihood that these Janus

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Additional Information (unaudited)

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 the Adviser.

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

Other Benefits to the Adviser

The Trustees also considered benefits that accrue to the Adviser and its affiliates and subadviser to the Janus Henderson Funds from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by 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 the Adviser and/or the Adviser, and/or subadviser to a Janus Henderson Fund. The Trustees concluded that the Adviser’s and the subadviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates and subadviser pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser and the subadviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser and the subadviser 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 the Adviser’s and/or the subadviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser and/or other clients of the subadviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser, the subadviser or other Janus Henderson funds, and that the success of the Adviser and the subadviser could enhance the Adviser’s and the subadviser’s ability to serve the Janus Henderson Funds.

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Useful Information About Your Fund Report (unaudited)

Management Commentary

The Management Commentary in this report includes valuable insight as well as statistical information to help you understand how your Fund’s performance and characteristics stack up against those of comparable indices.

If the Fund invests in foreign securities, this report may include information about country exposure. Country exposure is based primarily on 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.

Please keep in mind that the opinions expressed in the Management Commentary are just that: opinions. They are a reflection based on best judgment at the time this report was compiled, which was September 30, 2022. As the investing environment changes, so could opinions. These views are unique and are not necessarily shared by fellow employees or by Janus Henderson in general.

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 the Adviser 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. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by Bloomberg 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.

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Janus Henderson Contrarian Fund

Useful Information About Your Fund Report (unaudited)

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.

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.

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.

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Janus Henderson Contrarian Fund

Useful Information About Your Fund Report (unaudited)

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 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.

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Janus Henderson Contrarian Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2022:

Capital Gain Distributions	$344,063,848
Dividends Received Deduction Percentage	100%
Qualified Dividend Income Percentage	100%

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Janus Henderson Contrarian Fund

Trustees and Officers (unaudited)

The following are the Trustees and officers of the Trust, together with a brief description of their principal occupations during the last five years (principal occupations for certain Trustees may include periods over five years). The Fund’s Statement of Additional Information includes additional information about the Trustees and officers and is available, without charge, by calling 1-877-335-2687.

Each Trustee has served in that capacity since he or she was originally elected or appointed. The Trustees do not serve a specified term of office. Each Trustee will hold office until the termination of the Trust or his or her earlier death, resignation, retirement, incapacity, or removal. Under the Fund’s Governance Procedures and Guidelines, the policy is for Trustees to retire no later than the end of the calendar year in which the Trustee turns 75. The Trustees review the Fund’s Governance Procedures and Guidelines from time to time and may make changes they deem appropriate. The Fund’s Nominating and Governance Committee will consider nominees for the position of Trustee recommended by shareholders. Shareholders may submit the name of a candidate for consideration by the Committee by submitting their recommendations to the Trust’s Secretary. Each Trustee is currently a Trustee of one other registered investment company advised by the Adviser: Janus Aspen Series. Collectively, these two registered investment companies consist of 50 series or funds referred to herein as the Fund Complex.

The Trust’s officers are elected annually by the Trustees for a one-year term. Certain officers also serve as officers of Janus Aspen Series. Certain officers of the Fund may also be officers and/or directors of the Adviser. Except as otherwise disclosed, Fund officers receive no compensation from the Fund, except for the Fund’s Chief Compliance Officer, as authorized by the Trustees.

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Janus Henderson Contrarian Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Chairman Trustee	5/22-Present 1/13-Present	Principal, Curam Holdings LLC (since 2018). Formerly, Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm) (2012-2018), Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	50	Advisory Board Member of AEW Core Property Trust (open-end property fund) (since 2020), and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016), Director of Nuveen Global Investors LLC (2007-2011), Director of Communities in Schools (2004-2010), and Director of Mutual Fund Education Alliance (until 2010).
Cheryl D. Alston 151 Detroit Street Denver, CO 80206 DOB: 1966	Trustee	8/22-Present	Executive Director and Chief Investment Officer, Employees’ Retirement Fund of the City of Dallas (since 2004).	50	Director of Blue Cross Blue Shield of Kansas City (a not-for-profit health insurance provider) (since 2016) and Director of Global Life Insurance (life and supplemental health insurance provider) (since 2017). Formerly, Director of Federal Home Loan Bank of Dallas (2017-2021).

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Janus Henderson Contrarian Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000), and Chief Investment Officer (1987-1994) and Vice Chairman and Director (1990-1994) of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	50	Member, Limited Partner Advisory Committee, Karmel Capital Fund III (later stage growth fund) (since 2022), Member of the Investment Committee for the Orange County Community Foundation (a grantmaking foundation) (since 2020), Advisory Board Member, RevOZ Fund LP and related funds (real estate investments for opportunity zones) (since 2020), and Advisory Board Member, Innovate Partners Emerging Growth and Equity Fund I (early stage venture capital fund) (since 2014). Formerly, Managing Trustee of National Retirement Partners Liquidating Trust (2013-2016), Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (2005-2013), Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009), Director of RemedyTemp, Inc. (temporary help services company) (1996-2006), and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).

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Janus Henderson Contrarian Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Founder, Daraja Capital (advisory and investment firm) (since 2016). Formerly, Senior Vice President and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (2011-2021), and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	50	Member of the Investment Committee for Cooper Union (private college) (since 2021), Board Member, Van Alen Institute (nonprofit architectural and design organization) (since 2019), and Director of Brightwood Capital Advisors, LLC (since 2014).

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Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Darrell B. Jackson 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	8/22-Present	President and Chief Executive Officer, The Efficace Group Inc. (since 2018). Formerly, President and Chief Executive Officer, Seaway Bank and Trust Company (community bank) (2014-2015), and Executive Vice President and Co-President, Wealth Management (2009-2014), and several senior positions, including Group Executive, Senior Vice President, and Vice President (1995-2009) of Northern Trust Company (financial services company) (1995-2014).	50	Director of Amalgamated Financial Corp (bank) (since August 2021), Director of YR Media (a not-for-profit production company) (since 2021), and Director of Gray-Bowen-Scott (transportation project consulting firm) (since April 2020). Formerly, Director of Delaware Place Bank (closely held commercial bank) (2016-2018) and Director of Seaway Bank and Trust Company (2014-2015).

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Janus Henderson Contrarian Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Trustee	6/02-Present	Chief Executive Officer, muun chi LLC (organic food business) (since 2022) and Independent Consultant (since 2019). Formerly, Chief Operating Officer, muun chi LLC (2020-2022), Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (2016-2019), Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations) (2009-2016), Chief Executive Officer, Imprint Capital Advisors (impact investment firm) (2013-2015), and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	50	Chairman of the Board and Trustee of The Investment Fund for Foundations Investment Program (TIP) (consisting of 1 fund) (since 2008). Formerly, Director of the F.B. Heron Foundation (a private grantmaking foundation) (2006-2022), and Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds) (2016-2021).

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Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company.	50	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013). Formerly, Director, West Bend Mutual Insurance Company (property/casualty insurance) (2013-2021), Trustee of Northwestern Mutual Life Insurance Company (2010-2013), and Director of Frank Russell Company (global asset management firm) (2008-2013).
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired. Formerly, Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006) and Treasurer for Driehaus Mutual Funds (1996-2002).	50	Formerly, Director of Family Service of Lake County (2019-2021), Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017), Independent Trustee, State Farm Associates’ Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017).

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Janus Henderson Contrarian Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	50	Director of Chicago Community Trust (Regional Community Foundation), Lurie Children’s Hospital (Chicago, IL), and Shirley Ryan Ability Lab. Formerly, Director of Wrapports, LLC (until 2022), Director of Chicago Council on Global Affairs (until 2019), InnerWorkings (until 2019) and Director of Walmart (until 2017).

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Trustees and Officers (unaudited)

OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Nick Schommer 151 Detroit Street Denver, CO 80206 DOB: 1978	Executive Vice President and Portfolio Manager Janus Henderson Contrarian Fund	7/17-Present	Portfolio Manager for other Janus Henderson accounts.
Michelle Rosenberg 151 Detroit Street Denver, CO 80206 DOB: 1973	President and Chief Executive Officer	9/22-Present	General Counsel and Corporate Secretary of Janus Henderson Investors (since 2018). Formerly, Interim President and Chief Executive Officer of the Trust and Janus Aspen Series (2022), Senior Vice President and Head of Legal, North America of Janus Henderson Investors (2017-2018) and Deputy General Counsel of Janus Henderson US (Holdings) Inc. (2015-2018).
Kristin Mariani 151 Detroit Street Denver, CO 80206 DOB: 1966	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	7/20-Present	Head of Compliance, North America for Janus Henderson Investors (since September 2020) and Chief Compliance Officer for Janus Henderson Investors US LLC (since September 2017). Formerly, Global Head of Investment Management Compliance for Janus Henderson Investors (February 2019 - August 2020), Vice President, Head of Global Distribution Compliance and Chief Compliance Officer of Janus Henderson Distributors US LLC (May 2017 – September 2017), Vice President, Compliance at Janus Henderson US (Holdings) Inc., Janus Henderson Investors US LLC, and Janus Henderson Distributors US LLC (2009-2017).
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Head of U.S. Fund Administration, Janus Henderson Investors and Janus Henderson Services US LLC.
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

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Janus Henderson Contrarian Fund

Trustees and Officers (unaudited)

OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Abigail J. Murray 151 Detroit Street Denver, CO 80206 DOB: 1975	Vice President, Chief Legal Officer, and Secretary	12/20-Present	Managing Counsel (2020-present). Formerly, Senior Counsel for Invesco Ltd. (2017-2020), and Vice President and Senior Counsel, ALPS Fund Services, Inc. and Assistant General Counsel, ALPS Advisors, Inc. (2015-2017).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

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Notes

NotesPage1

Janus Investment Fund 69

This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Janus Henderson Distributors US LLC
	125-02-93038 11-22

	ANNUAL REPORT September 30, 2022
Janus Henderson Emerging Markets Fund
Janus Investment Fund
		HIGHLIGHTS ·Portfolio management perspective ·Investment strategy behind your fund ·Fund performance, characteristics and holdings

Table of Contents

Janus Henderson Emerging Markets Fund

Management Commentary 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	25
Report of Independent Registered Public Accounting Firm	38
Additional Information	39
Useful Information About Your Fund Report	50
Designation Requirements	53
Trustees and Officers	54

Janus Henderson Emerging Markets Fund (unaudited)

FUND SNAPSHOT This style-agnostic fund seeks to identify the most compelling emerging market opportunities across countries and corporations in various stages of political and economic development. Matthew Culley co-portfolio manager Daniel J. Graña co-portfolio manager

PERFORMANCE

The Janus Henderson Emerging Markets Fund Class I Shares returned -31.88% for the 12-month period ended September 30, 2022. The Fund’s benchmark, the MSCI Emerging Markets Index^SM, returned -28.11%.

INVESTMENT ENVIRONMENT

Global stocks declined as supply chain bottlenecks, rising inflation, and more restrictive central bank policies added to economic uncertainty. Higher interest rates also fueled fears of a potential recession in the U.S. and other markets, with implications for global growth. As a result, we saw a sharp sell-off in risk-related assets, particularly in countries, industries, and companies that would be sensitive to a slowing global demand. The fallout from the Russian invasion of Ukraine and regulatory and economic uncertainty in China were also headwinds for the emerging markets. Conversely, higher raw materials prices and a shift away from Russian producers provided a tailwind for economic growth and investment performance in other commodities-exporting countries, such as Indonesia. Against this backdrop, emerging market stocks underperformed developed market equities, as measured by the MSCI World Index^SM.

PERFORMANCE DISCUSSION

Emerging market stocks suffered heightened volatilty in the first quarter of 2022 after Russia’s invasion of Ukraine escalated global tensions and worsened inflation pressures. This action drew widespread criticism and prompted a series of sanctions that took a heavy toll on Russia’s economy and investment markets. Starting in late 2021, we signicantly reduced our Russian exposure as an invasion appeared more likely. However, we held onto a few Russian investments, such as e-commerce company Ozon Holdings, that we believed offered strong underlying fundamentals. On the day of the Russian invasion, we immediately sold these remaining Russian stocks as we determined that Russian equities were no longer investable. Despite this move, Ozon Holdings was still a prominent detractor for the 12-month period.

The past year has also been challenging for Chinese equities, against a backdrop of regulatory uncertainty, renewed COVID lockdowns, and concerns over the health of China’s property sector. While the Fund doesn't own any property developers in China, several of our holdings were negatively impacted because of their indirect exposure to the property market. These included Linklogis, a Chinese blockchain technology company that counts leading property developers as clients. While Linklogis may see reduced business volumes in the near term, we have continued to see long-term potential for the business given its leading blockchain technology, strong customer relationships, and expanding addressable market. As a result, we held onto the position.

Relative performance was lifted by several investments in India, as declining COVID rates led to improved economic fundamentals for the country. FSN E-Commerce, a top positive contributor, is a vertically integrated e-commerce company that has become India’s dominant online retailer of beauty and personal care products. It has built on its strong competitive positioning through its exclusive marketing relationships and new business initiatives. Because of its asset-light business model, it has been able to translate revenue growth into profitability. Additionally, we benefited from our investment in Varun Beverages, a prominent bottler of Pepsi products in India. Per capita consumption of soft drinks in India is a fraction of what it is in other countries, so we have seen ample opportunity for growth as Varun has sought to tap more of this potential market. The company experienced a rebound in on-the-go beverage consumption in India as COVID fears eased. It was also able to maintain profit margins and deliver strong financial performance despite higher commodities prices.

Janus Investment Fund 1

Janus Henderson Emerging Markets Fund (unaudited)

OUTLOOK

We expect equity markets to remain volatile in the near term given the risks around inflation, higher interest rates, slowing consumer demand, and heightened geopolitical instability. In our view, these dynamics have increased the probability of recession in many developed markets, which may ultimately dampen economic prospects for the emerging markets. We believe our disciplined investment approach may help us navigate this challenging period, guided by our multi-lens approach that considers company fundamentals and governance as well as the macro and policy landscape. In keeping with this approach, we remain on the lookout for signs of a more accommodative stance in China, one of the few emerging market countries with the ability to conduct independent macroeconomic policy. While other central banks are tightening monetary and fiscal conditions, China appears to be going in the opposite direction with measures to stimulate growth. The country also appears to be moving beyond the worst effects of COVID, which could lead to improved logistics, supply chain conditions, and consumer mobility. Outside of China, we continue to find opportunities in Vietnam, Indonesia, and Mexico. These three countries have been benefiting from the diversification of supply chains and the trend toward near-shoring, as corporations seek to secure supply chains closer to home. Above all, we remain committed to seeking good companies with good governance that operate in favorable countries. We believe this strategy may lead to favorable investment outcomes over the longer term.

Thank you for investing in the Janus Henderson Emerging Markets Fund.

2 SEPTEMBER 30, 2022

Janus Henderson Emerging Markets Fund (unaudited)

Fund At A Glance

September 30, 2022

5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
FSN E-Commerce Ventures Ltd	0.29%	0.84%	Ozon Holdings PLC (ADR)	0.48%	-0.95%
Varun Beverages Ltd	1.53%	0.81%	VTEX - Class A	0.61%	-0.77%
ICICI Bank Ltd	2.85%	0.68%	Full Truck Alliance Co (ADR)	1.67%	-0.57%
Ivanhoe Mines Ltd	1.71%	0.52%	LUKOIL PJSC (ADR)	0.86%	-0.56%
Bank Negara Indonesia Persero Tbk PT	1.15%	0.50%	Linklogis Inc - Class B	1.44%	-0.49%

	5 Top Contributors - Sectors*
		Relative	Fund	MSCI Emerging Markets Index
		Contribution	Average Weight	Average Weight
	Other**	1.27%	4.98%	0.00%
	Consumer Staples	0.69%	5.03%	5.96%
	Information Technology	0.14%	26.70%	20.80%
	Real Estate	-0.01%	1.29%	2.05%
	Consumer Discretionary	-0.04%	9.59%	13.64%
	5 Top Detractors - Sectors*
		Relative	Fund	MSCI Emerging Markets Index
		Contribution	Average Weight	Average Weight
	Financials	-1.33%	17.51%	21.03%
	Industrials	-0.82%	6.12%	5.35%
	Communication Services	-0.82%	10.19%	10.41%
	Energy	-0.80%	1.31%	5.31%
	Utilities	-0.72%	2.41%	2.63%
	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 3

Janus Henderson Emerging Markets Fund (unaudited)

Fund At A Glance

September 30, 2022

5 Largest Equity Holdings -(% of Net Assets)
Taiwan Semiconductor Manufacturing Co Ltd
Semiconductor & Semiconductor Equipment	8.0%
Tencent Holdings Ltd
Interactive Media & Services	4.4%
ICICI Bank Ltd
Banks	3.8%
Housing Development Finance Corp Ltd
Thrifts & Mortgage Finance	3.5%
Samsung Electronics Co Ltd
Technology Hardware, Storage & Peripherals	3.4%
	23.1%

Asset Allocation - (% of Net Assets)
Common Stocks	97.2%
Investment Companies	1.6%
Private Placements	1.0%
Other		0.2%
		100.0%

Emerging markets comprised 90.6% of total net assets.

Top Country Allocations - Long Positions -(% of Investment Securities)
As of September 30, 2022	As of September 30, 2021

4 SEPTEMBER 30, 2022

Janus Henderson Emerging Markets Fund (unaudited)

Performance

See important disclosures on the next page.

Average Annual Total Return - for the periods ended September 30, 2022					Prospectus Expense Ratios
	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses‡	Net Annual Fund Operating Expenses‡
Class A Shares at NAV	-32.08%	-3.54%	0.24%	-0.94%	1.67%	1.37%
Class A Shares at MOP	-35.97%	-4.67%	-0.35%	-1.44%
Class C Shares at NAV	-32.57%	-4.28%	-0.52%	-1.69%	2.49%	2.12%
Class C Shares at CDSC	-33.24%	-4.28%	-0.52%	-1.69%
Class D Shares	-31.94%	-3.37%	0.30%	-0.89%	1.46%	1.18%
Class I Shares	-31.88%	-3.31%	0.49%	-0.69%	1.37%	1.11%
Class N Shares	-31.82%	-3.25%	0.43%	-0.78%	1.28%	1.03%
Class S Shares	-32.21%	-3.63%	0.02%	-1.17%	4.44%	1.54%
Class T Shares	-32.07%	-3.50%	0.21%	-0.98%	1.62%	1.28%
MSCI Emerging Markets Index	-28.11%	-1.81%	1.05%	0.12%
Morningstar Quartile - Class I Shares	3rd	4th	3rd	3rd
Morningstar Ranking - based on total returns for Diversified Emerging Markets Funds	505/813	490/688	324/493	292/387

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.

For certain periods, the Fund’s performance may reflect the effect of expense waivers.

Janus Investment Fund 5

Janus Henderson Emerging Markets 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), Environmental, Social and Governance (ESG) factors, 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.

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.

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 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.

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.

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.

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.

© 2022 Morningstar, Inc. All Rights Reserved.

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. Net expense ratios reflect the expense waivers, if any, contractually agreed to for at least a one-year period commencing on January 28, 2022. See Financial Highlights for actual expense ratios during the reporting period.

6 SEPTEMBER 30, 2022

Janus Henderson Emerging Markets 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 (4/1/22)	Ending Account Value (9/30/22)	Expenses Paid During Period (4/1/22 - 9/30/22)†	Beginning Account Value (4/1/22)	Ending Account Value (9/30/22)	Expenses Paid During Period (4/1/22 - 9/30/22)†	Net Annualized Expense Ratio (4/1/22 - 9/30/22)
Class A Shares		$1,000.00	$783.00	$6.21	$1,000.00	$1,018.10	$7.03	1.39%
Class C Shares		$1,000.00	$778.80	$9.59	$1,000.00	$1,014.29	$10.86	2.15%
Class D Shares		$1,000.00	$783.30	$5.41	$1,000.00	$1,019.00	$6.12	1.21%
Class I Shares		$1,000.00	$783.60	$5.05	$1,000.00	$1,019.40	$5.72	1.13%
Class N Shares		$1,000.00	$784.10	$4.70	$1,000.00	$1,019.80	$5.32	1.05%
Class S Shares		$1,000.00	$781.20	$6.97	$1,000.00	$1,017.25	$7.89	1.56%
Class T Shares		$1,000.00	$782.30	$5.76	$1,000.00	$1,018.60	$6.53	1.29%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/365 (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 7

Janus Henderson Emerging Markets Fund

Schedule of Investments

September 30, 2022

Shares			Value
Common Stocks– 97.2%
Banks – 16.7%
	Al Rajhi Bank	45,724	$982,618
	Alinma Bank	88,858	850,992
	Bank Negara Indonesia Persero Tbk PT	2,973,800	1,738,899
	China Merchants Bank Co Ltd - Class A	91,708	430,082
	Commercial Bank PQSC	338,219	652,222
	HDFC Bank Ltd	87,995	1,524,865
	ICICI Bank Ltd	230,010	2,409,541
	Regional SAB de CV	224,548	1,266,088
	Vietnam Technological & Commercial Joint Stock Bank*	599,100	808,916
			10,664,223
Beverages – 2.1%
	Becle SAB de CV	507,367	898,813
	Varun Beverages Ltd	40,105	452,495
			1,351,308
Biotechnology – 1.4%
	CANbridge Pharmaceuticals Inc*	597,481	226,832
	Zai Lab Ltd*	191,900	665,363
			892,195
Building Products – 0.4%
	Xinyi Glass Holdings Ltd	185,000	267,964
Capital Markets – 2.1%
	CITIC Securities Co Ltd	799,000	1,354,322
Chemicals – 1.9%
	Fertiglobe PLC	762,939	1,185,248
Communications Equipment – 1.1%
	Accton Technology Corp	84,000	712,325
Containers & Packaging – 0.9%
	Yunnan Energy New Material Co Ltd - Class A	24,748	603,251
Diversified Financial Services – 1.0%
	Linklogis Inc - Class B (144A)*	1,476,439	611,040
Diversified Telecommunication Services – 4.7%
	Saudi Telecom Co	156,347	1,633,419
	Telekomunikasi Indonesia Persero Tbk PT	4,722,200	1,375,786
			3,009,205
Electronic Equipment, Instruments & Components – 5.0%
	E Ink Holdings Inc	113,000	746,641
	Hon Hai Precision Industry Co Ltd	408,000	1,302,609
	Sinbon Electronics Co Ltd	78,000	647,742
	Wingtech Technology Co Ltd - Class A	80,235	535,236
			3,232,228
Food & Staples Retailing – 3.4%
	BGF retail Co Ltd	8,069	930,676
	Wal-Mart de Mexico SAB de CV	360,669	1,268,733
			2,199,409
Food Products – 2.8%
	Masan Group Corp	222,960	917,258
	Tingyi Cayman Islands Holding Corp	512,000	876,385
			1,793,643
Health Care Providers & Services – 0.7%
	New Horizon Health Ltd (144A)*	246,000	453,649
Hotels, Restaurants & Leisure – 3.0%
	Alamar Foods	13,874	498,666
	Yum China Holdings Inc	30,200	1,425,115
			1,923,781
Independent Power and Renewable Electricity Producers – 1.1%
	China Longyuan Power Group Corp Ltd	574,000	717,816
Insurance – 1.8%
	AIA Group Ltd	139,000	1,154,092

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
8	SEPTEMBER 30, 2022

Janus Henderson Emerging Markets Fund

Schedule of Investments

September 30, 2022

Shares			Value
Common Stocks– (continued)
Interactive Media & Services – 4.8%
	Tencent Holdings Ltd	83,500	$2,820,052
	VTEX - Class A*	72,006	266,422
			3,086,474
Internet & Direct Marketing Retail – 6.4%
	Alibaba Group Holding Ltd*	207,132	2,077,785
	JD.Com Inc - Class A	79,492	2,007,341
			4,085,126
Life Sciences Tools & Services – 1.7%
	Syngene International Ltd (144A)	104,070	714,671
	Wuxi Biologics Cayman Inc (144A)*	62,000	371,481
			1,086,152
Machinery – 1.8%
	Sany Heavy Industry Co Ltd	283,616	550,921
	Shenzhen Inovance Technology Co Ltd - Class A	74,465	597,489
			1,148,410
Metals & Mining – 6.6%
	Allkem Ltd*	86,849	771,947
	Anglo American PLC	37,434	1,130,563
	Companhia Brasileira de Aluminio	377,208	800,026
	Ivanhoe Mines Ltd*	152,295	980,236
	Solaris Resources Inc*	134,989	566,852
			4,249,624
Oil, Gas & Consumable Fuels – 1.5%
	3R Petroleum Oleo e Gas SA*	141,335	933,080
Pharmaceuticals – 0.3%
	Zhaoke Ophthalmology Ltd (144A)*	516,500	171,123
Real Estate Management & Development – 1.1%
	Vinhomes JSC (144A)	343,258	725,106
Road & Rail – 1.9%
	Full Truck Alliance Co (ADR)*	185,221	1,213,198
Semiconductor & Semiconductor Equipment – 8.8%
	LEENO Industrial Inc	5,526	475,670
	Taiwan Semiconductor Manufacturing Co Ltd	390,000	5,126,594
			5,602,264
Technology Hardware, Storage & Peripherals – 3.4%
	Samsung Electronics Co Ltd	59,878	2,200,271
Thrifts & Mortgage Finance – 3.5%
	Housing Development Finance Corp Ltd	80,128	2,231,442
Transportation Infrastructure – 1.1%
	International Container Terminal Services Inc	266,150	711,646
Water Utilities – 1.3%
	China Water Affairs Group Ltd	1,028,000	810,323
Wireless Telecommunication Services – 2.9%
	Bharti Airtel Ltd	189,073	1,846,766
Total Common Stocks (cost $74,300,966)			62,226,704
Private Placements– 1.0%
Biotechnology – 0.6%
	Structure Therapeutics Inc - Series B*,¢,§	92,696	375,261
Health Care Providers & Services – 0.4%
	API Holdings Private Ltd*,¢,§	758,340	282,869
Total Private Placements (cost $926,137)			658,130
Investment Companies– 1.6%
Money Markets – 1.6%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº,£((cost $1,012,593)	1,012,535	1,012,636
Total Investments (total cost $76,239,696) – 99.8%			63,897,470
Cash, Receivables and Other Assets, net of Liabilities – 0.2%			119,182
Net Assets – 100%			$64,016,652

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	9

Janus Henderson Emerging Markets Fund

Schedule of Investments

September 30, 2022

Summary of Investments by Country - (Long Positions) (unaudited)
		% of
		Investment
Country	Value	Securities
China	$18,894,065	29.6	%
India	9,462,649	14.8
Taiwan	8,535,911	13.4
Saudi Arabia	3,965,695	6.2
South Korea	3,606,617	5.6
Mexico	3,433,634	5.4
Indonesia	3,114,685	4.9
Vietnam	2,451,280	3.8
Brazil	1,999,528	3.1
Canada	1,547,088	2.4
Hong Kong	1,422,056	2.2
United Arab Emirates	1,185,248	1.9
United Kingdom	1,130,563	1.8
United States	1,012,636	1.6
Australia	771,947	1.2
Philippines	711,646	1.1
Qatar	652,222	1.0

Total $63,897,470 100.0 %

Schedules of Affiliated Investments – (% of Net Assets)

		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 9/30/22
Investment Companies - 1.6%
Money Markets - 1.6%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº	$	13,782	$	(177)	$	43	$	1,012,636

		Value at 9/30/21		Purchases		Sales Proceeds		Value at 9/30/22
Investment Companies - 1.6%
Money Markets - 1.6%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº		4,136,863		45,297,854		(48,421,947)		1,012,636

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
10	SEPTEMBER 30, 2022

Janus Henderson Emerging Markets Fund

Notes to Schedule of Investments and Other Information

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
PLC	Public Limited 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 year ended September 30, 2022 is $3,047,070, which represents 4.8% of net assets.

* Non-income producing security.

ºº Rate shown is the 7-day yield as of September 30, 2022.

¢ Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the year ended September 30, 2022 is $658,130, which represents 1.0% of net assets.

£ 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.

§	Schedule of Restricted Securities (as of September 30, 2022)
							Value as a
		Acquisition					% of Net
		Date		Cost		Value	Assets
API Holdings Private Ltd		9/27/21	$	550,876	$	282,869	0.4	%
Structure Therapeutics Inc - Series B		7/30/21		375,261		375,261	0.6
Total			$	926,137	$	658,130	1.0	%
The Fund has registration rights for certain restricted securities held as of September 30, 2022. The issuer incurs all registration costs.

Janus Investment Fund 11

Janus Henderson Emerging Markets Fund

Notes to Schedule of Investments and Other Information

The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of September 30, 2022. 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
Banks	$	1,266,088	$	9,398,135	$	-
Beverages		898,813		452,495		-
Biotechnology		226,832		665,363		-
Food & Staples Retailing		1,268,733		930,676		-
Hotels, Restaurants & Leisure		498,666		1,425,115		-
Interactive Media & Services		266,422		2,820,052		-
Metals & Mining		2,347,114		1,902,510		-
Oil, Gas & Consumable Fuels		933,080		-		-
Road & Rail		1,213,198		-		-
All Other		-		35,713,412		-
Private Placements		-		-		658,130
Investment Companies		-		1,012,636		-
Total Assets	$	8,918,946	$	54,320,394	$	658,130

Level 3 Valuation Reconciliation of Assets (for the year ended September 30, 2022)
	Balance as of September 30, 2021	Realized Gain/(Loss)	Change in Unrealized Appreciation/ Depreciation(a)	Gross Purchases	Gross Sales	Transfers In and/or Out of Level 3	Balance as of September 30, 2022
Investment in Securities:
Preferred Stocks
Pharmaceuticals	$ 592,646	$ -	$ -	$ -	$(592,646)(b)	$ -	$ -
Private Placements
Biotechnology	375,261	-	-	-	-	-	375,261
Health Care Providers & Services	548,011	-	(265,142)	-	-	-	282,869
Total	$ 1,515,918	$ -	$ (265,142)	$ -	$ (592,646)	$ -	$ 658,130
(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.

12 SEPTEMBER 30, 2022

Janus Henderson Emerging Markets Fund

Statement of Assets and Liabilities

September 30, 2022

See footnotes at the end of the Statement.

Assets:
	Unaffiliated investments, at value (cost $75,227,103)		$	62,884,834
	Affiliated investments, at value (cost $1,012,593)			1,012,636
	Cash denominated in foreign currency (cost $712,977)			712,304
	Trustees' deferred compensation			1,928
	Receivables:
		Investments sold		1,301,114
		Fund shares sold		190,934
		Dividends		63,309
		Foreign tax reclaims		4,220
		Dividends from affiliates		4,124
	Other assets			17,256
Total Assets				66,192,659
Liabilities:
	Due to custodian			6
	Payables:			—
		Investments purchased		1,804,711
		Fund shares repurchased		103,966
		Advisory fees		91,568
		Professional fees		69,971
		Foreign tax liability		51,740
		Custodian fees		13,411
		Transfer agent fees and expenses		5,509
		Trustees' deferred compensation fees		1,928
		12b-1 Distribution and shareholder servicing fees		1,732
		Trustees' fees and expenses		354
		Affiliated fund administration fees payable		153
		Accrued expenses and other payables		30,958
Total Liabilities				2,176,007
Net Assets			$	64,016,652

See Notes to Financial Statements.
Janus Investment Fund	13

Janus Henderson Emerging Markets Fund

Statement of Assets and Liabilities

September 30, 2022

Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	86,875,509
	Total distributable earnings (loss) (includes $51,740 of foreign capital gains tax)		(22,858,857)
Total Net Assets		$	64,016,652
Net Assets - Class A Shares		$	3,311,367
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		429,497
Net Asset Value Per Share(1)		$	7.71
Maximum Offering Price Per Share(2)		$	8.18
Net Assets - Class C Shares		$	937,710
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		125,130
Net Asset Value Per Share(1)		$	7.49
Net Assets - Class D Shares		$	11,222,878
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,446,109
Net Asset Value Per Share		$	7.76
Net Assets - Class I Shares		$	9,816,885
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,268,552
Net Asset Value Per Share		$	7.74
Net Assets - Class N Shares		$	36,963,168
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,762,429
Net Asset Value Per Share		$	7.76
Net Assets - Class S Shares		$	76,127
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		9,741
Net Asset Value Per Share		$	7.82
Net Assets - Class T Shares		$	1,688,517
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		217,744
Net Asset Value Per Share		$	7.75

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

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

See Notes to Financial Statements.
14	SEPTEMBER 30, 2022

Janus Henderson Emerging Markets Fund

Statement of Operations

For the year ended September 30, 2022

Investment Income:
	Dividends		$	1,418,211
	Non-cash dividends			270,379
	Dividends from affiliates			13,782
	Other income			545
	Foreign tax withheld			(194,637)
Total Investment Income				1,508,280
Expenses:
	Advisory fees			878,441
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		10,844
		Class C Shares		14,112
		Class S Shares		224
	Transfer agent administrative fees and expenses:
		Class D Shares		16,960
		Class S Shares		224
		Class T Shares		6,070
	Transfer agent networking and omnibus fees:
		Class A Shares		3,520
		Class C Shares		1,188
		Class I Shares		12,129
	Other transfer agent fees and expenses:
		Class A Shares		327
		Class C Shares		100
		Class D Shares		6,383
		Class I Shares		826
		Class N Shares		2,129
		Class S Shares		8
		Class T Shares		70
	Registration fees			123,223
	Non-affiliated fund administration fees			65,191
	Professional fees			58,300
	Custodian fees			49,940
	Shareholder reports expense			8,231
	Affiliated fund administration fees			2,196
	Trustees’ fees and expenses			1,873
	Other expenses			9,549
Total Expenses				1,272,058
Less: Excess Expense Reimbursement and Waivers				(290,357)
Net Expenses				981,701
Net Investment Income/(Loss)				526,579

See Notes to Financial Statements.
Janus Investment Fund	15

Janus Henderson Emerging Markets Fund

Statement of Operations

For the year ended September 30, 2022

Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions (net of foreign taxes of $61,643)	$	(6,176,526)
	Investments in affiliates		(177)
Total Net Realized Gain/(Loss) on Investments			(6,176,703)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and Trustees’ deferred compensation (net of increase in deferred foreign taxes of $49,529)		(25,044,653)
	Investments in affiliates		43
Total Change in Unrealized Net Appreciation/Depreciation			(25,044,610)
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	(30,694,734)

See Notes to Financial Statements.
16	SEPTEMBER 30, 2022

Janus Henderson Emerging Markets Fund

Statements of Changes in Net Assets

			Year ended September 30, 2022		Year ended September 30, 2021
Operations:
	Net investment income/(loss)		$	526,579	$	(7,135)
	Net realized gain/(loss) on investments			(6,176,703)		11,980,353
	Change in unrealized net appreciation/depreciation			(25,044,610)		(327,611)
Net Increase/(Decrease) in Net Assets Resulting from Operations				(30,694,734)		11,645,607
Dividends and Distributions to Shareholders:
		Class A Shares		(133,124)		(38,800)
		Class C Shares		(23,265)		(3,802)
		Class D Shares		(481,190)		(131,423)
		Class I Shares		(539,900)		(247,374)
		Class N Shares		(1,789,591)		(452,579)
		Class S Shares		(2,399)		(859)
		Class T Shares		(77,857)		(27,803)
Net Decrease from Dividends and Distributions to Shareholders				(3,047,326)		(902,640)
Capital Share Transactions:
		Class A Shares		44,305		359,459
		Class C Shares		(329,265)		(1,275,874)
		Class D Shares		(936,106)		6,221,816
		Class I Shares		(3,610,108)		(3,990,449)
		Class N Shares		(4,367,939)		20,025,314
		Class S Shares		19,488		(17,466)
		Class T Shares		(325,699)		86,155
Net Increase/(Decrease) from Capital Share Transactions				(9,505,324)		21,408,955
Net Increase/(Decrease) in Net Assets				(43,247,384)		32,151,922
Net Assets:
	Beginning of period			107,264,036		75,112,114
	End of period		$	64,016,652	$	107,264,036

See Notes to Financial Statements.
Janus Investment Fund	17

Janus Henderson Emerging Markets Fund

Financial Highlights

Class A Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$11.68	$10.02	$8.72	$9.48	$10.36
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.04	(0.03)	0.02	0.10	0.10
		Net realized and unrealized gain/(loss)	(3.70)	1.79	1.40	(0.55)	(0.67)
	Total from Investment Operations		(3.66)	1.76	1.42	(0.45)	(0.57)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.31)	(0.10)	(0.12)	(0.13)	(0.10)
		Distributions (from capital gains)	—	—	—	(0.18)	(0.21)
	Total Dividends and Distributions		(0.31)	(0.10)	(0.12)	(0.31)	(0.31)
	Net Asset Value, End of Period		$7.71	$11.68	$10.02	$8.72	$9.48
	Total Return*		(32.11)%	17.58%	16.32%	(4.66)%(2)	(5.80)%
	Net Assets, End of Period (in thousands)		$3,311	$4,986	$4,000	$4,859	$15,771
	Average Net Assets for the Period (in thousands)		$4,320	$4,989	$4,394	$8,932	$16,103
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.75%	1.66%	1.87%	1.65%	1.51%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.38%	1.37%	1.37%	1.30%	1.33%
		Ratio of Net Investment Income/(Loss)	0.35%	(0.25)%	0.27%	1.11%	0.93%
	Portfolio Turnover Rate		63%	76%	110%	68%	26%

*Total return includes adjustments in accordance 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)Total return without the effect of affiliated payments would have been (4.89)%.

See Notes to Financial Statements.
18	SEPTEMBER 30, 2022

Janus Henderson Emerging Markets Fund

Financial Highlights

Class C Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$11.29	$9.69	$8.42	$9.12	$9.98
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.04)	(0.12)	(0.04)	0.05	0.01
		Net realized and unrealized gain/(loss)	(3.60)	1.74	1.35	(0.55)	(0.65)
	Total from Investment Operations		(3.64)	1.62	1.31	(0.50)	(0.64)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.16)	(0.02)	(0.04)	(0.02)	(0.01)
		Distributions (from capital gains)	—	—	—	(0.18)	(0.21)
	Total Dividends and Distributions		(0.16)	(0.02)	(0.04)	(0.20)	(0.22)
	Net Asset Value, End of Period		$7.49	$11.29	$9.69	$8.42	$9.12
	Total Return*		(32.66)%	16.67%	15.56%	(5.38)%(2)	(6.59)%
	Net Assets, End of Period (in thousands)		$938	$1,802	$2,573	$3,432	$5,985
	Average Net Assets for the Period (in thousands)		$1,432	$2,385	$2,927	$4,604	$8,442
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.63%	2.48%	2.61%	2.54%	2.26%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.11%	2.11%	2.09%	2.11%	2.07%
		Ratio of Net Investment Income/(Loss)	(0.40)%	(1.06)%	(0.44)%	0.56%	0.11%
	Portfolio Turnover Rate		63%	76%	110%	68%	26%

*Total return includes adjustments in accordance 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)Total return without the effect of affiliated payments would have been (5.61)%.

See Notes to Financial Statements.
Janus Investment Fund	19

Janus Henderson Emerging Markets Fund

Financial Highlights

Class D Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$11.77	$10.09	$8.78	$9.53	$10.41
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.05	(0.01)	0.05	0.14	0.11
		Net realized and unrealized gain/(loss)	(3.72)	1.81	1.41	(0.59)	(0.67)
	Total from Investment Operations		(3.67)	1.80	1.46	(0.45)	(0.56)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.34)	(0.12)	(0.15)	(0.12)	(0.11)
		Distributions (from capital gains)	—	—	—	(0.18)	(0.21)
	Total Dividends and Distributions		(0.34)	(0.12)	(0.15)	(0.30)	(0.32)
	Net Asset Value, End of Period		$7.76	$11.77	$10.09	$8.78	$9.53
	Total Return*		(32.03)%	17.85%	16.66%	(4.59)%(2)	(5.64)%
	Net Assets, End of Period (in thousands)		$11,223	$17,993	$10,854	$10,957	$13,104
	Average Net Assets for the Period (in thousands)		$14,826	$20,727	$10,785	$12,337	$15,607
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.55%	1.45%	1.70%	1.80%	1.38%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.19%	1.17%	1.19%	1.19%	1.15%
		Ratio of Net Investment Income/(Loss)	0.53%	(0.07)%	0.50%	1.51%	1.08%
	Portfolio Turnover Rate		63%	76%	110%	68%	26%

*Total return includes adjustments in accordance 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)Total return without the effect of affiliated payments would have been (4.82)%.

See Notes to Financial Statements.
20	SEPTEMBER 30, 2022

Janus Henderson Emerging Markets Fund

Financial Highlights

Class I Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$11.74	$10.07	$8.78	$9.52	$10.42
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.06	—(2)	0.05	0.14	0.12
		Net realized and unrealized gain/(loss)	(3.71)	1.80	1.41	(0.57)	(0.69)
	Total from Investment Operations		(3.65)	1.80	1.46	(0.43)	(0.57)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.35)	(0.13)	(0.17)	(0.13)	(0.12)
		Distributions (from capital gains)	—	—	—	(0.18)	(0.21)
	Total Dividends and Distributions		(0.35)	(0.13)	(0.17)	(0.31)	(0.33)
	Net Asset Value, End of Period		$7.74	$11.74	$10.07	$8.78	$9.52
	Total Return*		(31.97)%	17.94%	16.68%	(4.38)%(3)	(5.72)%
	Net Assets, End of Period (in thousands)		$9,817	$19,208	$19,939	$34,499	$107,276
	Average Net Assets for the Period (in thousands)		$15,044	$21,247	$25,327	$71,330	$119,036
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.45%	1.37%	1.54%	1.45%	1.26%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.12%	1.11%	1.11%	1.13%	1.09%
		Ratio of Net Investment Income/(Loss)	0.58%	(0.02)%	0.50%	1.49%	1.17%
	Portfolio Turnover Rate		63%	76%	110%	68%	26%

*Total return includes adjustments in accordance 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)Total return without the effect of affiliated payments would have been (4.61)%.

See Notes to Financial Statements.
Janus Investment Fund	21

Janus Henderson Emerging Markets Fund

Financial Highlights

Class N Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$11.77	$10.09	$8.79	$9.53	$10.42
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.07	0.01	0.06	0.15	0.12
		Net realized and unrealized gain/(loss)	(3.72)	1.80	1.40	(0.57)	(0.68)
	Total from Investment Operations		(3.65)	1.81	1.46	(0.42)	(0.56)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.36)	(0.13)	(0.16)	(0.14)	(0.12)
		Distributions (from capital gains)	—	—	—	(0.18)	(0.21)
	Total Dividends and Distributions		(0.36)	(0.13)	(0.16)	(0.32)	(0.33)
	Net Asset Value, End of Period		$7.76	$11.77	$10.09	$8.79	$9.53
	Total Return*		(31.91)%	18.00%	16.74%	(4.33)%(2)	(5.63)%
	Net Assets, End of Period (in thousands)		$36,963	$60,241	$35,207	$16,531	$25,134
	Average Net Assets for the Period (in thousands)		$49,362	$53,668	$30,308	$21,520	$29,832
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.35%	1.28%	1.48%	1.41%	1.20%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.04%	1.03%	1.03%	1.03%	1.03%
		Ratio of Net Investment Income/(Loss)	0.69%	0.10%	0.68%	1.65%	1.15%
	Portfolio Turnover Rate		63%	76%	110%	68%	26%

*Total return includes adjustments in accordance 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)Total return without the effect of affiliated payments would have been (4.56)%.

See Notes to Financial Statements.
22	SEPTEMBER 30, 2022

Janus Henderson Emerging Markets Fund

Financial Highlights

Class S Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$11.85	$10.17	$8.81	$9.51	$10.41
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.02	(0.05)	0.02	0.08	0.13
		Net realized and unrealized gain/(loss)	(3.75)	1.83	1.41	(0.52)	(0.73)
	Total from Investment Operations		(3.73)	1.78	1.43	(0.44)	(0.60)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.30)	(0.10)	(0.07)	(0.08)	(0.09)
		Distributions (from capital gains)	—	—	—	(0.18)	(0.21)
	Total Dividends and Distributions		(0.30)	(0.10)	(0.07)	(0.26)	(0.30)
	Net Asset Value, End of Period		$7.82	$11.85	$10.17	$8.81	$9.51
	Total Return*		(32.21)%	17.47%	16.26%	(4.49)%(2)	(5.98)%
	Net Assets, End of Period (in thousands)		$76	$93	$95	$77	$1,753
	Average Net Assets for the Period (in thousands)		$89	$113	$79	$488	$1,189
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	5.24%	4.44%	5.74%	2.25%	1.85%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.55%	1.49%	1.46%	1.18%	1.47%
		Ratio of Net Investment Income/(Loss)	0.22%	(0.38)%	0.27%	0.89%	1.28%
	Portfolio Turnover Rate		63%	76%	110%	68%	26%

*Total return includes adjustments in accordance 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)Total return without the effect of affiliated payments would have been (4.72)%.

See Notes to Financial Statements.
Janus Investment Fund	23

Janus Henderson Emerging Markets Fund

Financial Highlights

Class T Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$11.75	$10.08	$8.78	$9.52	$10.42
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.04	(0.02)	0.04	0.13	0.10
		Net realized and unrealized gain/(loss)	(3.72)	1.80	1.40	(0.57)	(0.68)
	Total from Investment Operations		(3.68)	1.78	1.44	(0.44)	(0.58)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.32)	(0.11)	(0.14)	(0.12)	(0.11)
		Distributions (from capital gains)	—	—	—	(0.18)	(0.21)
	Total Dividends and Distributions		(0.32)	(0.11)	(0.14)	(0.30)	(0.32)
	Net Asset Value, End of Period		$7.75	$11.75	$10.08	$8.78	$9.52
	Total Return*		(32.10)%	17.69%	16.43%	(4.56)%(2)	(5.86)%
	Net Assets, End of Period (in thousands)		$1,689	$2,940	$2,444	$3,008	$4,862
	Average Net Assets for the Period (in thousands)		$2,419	$3,095	$2,477	$4,046	$7,275
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.72%	1.62%	1.82%	1.73%	1.45%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.28%	1.28%	1.28%	1.27%	1.26%
		Ratio of Net Investment Income/(Loss)	0.44%	(0.18)%	0.40%	1.41%	0.93%
	Portfolio Turnover Rate		63%	76%	110%	68%	26%

*Total return includes adjustments in accordance 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)Total return without the effect of affiliated payments would have been (4.79)%.

See Notes to Financial Statements.
24	SEPTEMBER 30, 2022

Janus Henderson Emerging Markets Fund

Notes to Financial Statements

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 39 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC (formerly Janus Capital Management LLC) is the investment adviser (the “Adviser”) to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors, 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, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (formerly Janus Distributors LLC) (the “Distributor”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory

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Janus Henderson Emerging Markets Fund

Notes to Financial Statements

programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The 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

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The 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 Adviser-approved pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a 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 valuation policies provide for the use of systematic fair valuation models provided by independent pricing services to value foreign 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.

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

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Janus Henderson Emerging Markets Fund

Notes to Financial Statements

thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund’s Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps, investments in unregistered investment companies, options, and forward contracts.

Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available. For private placements where observable inputs are limited, assumptions about market activity and risk are used in employing valuation techniques such as the market approach, the income approach, or the cost approach, as defined under ASC 820. These are categorized as Level 3 in the hierarchy.

For significant fair value measurements categorized within Level 3 of the fair value hierarchy, the table below summarizes the valuation techniques and provides quantitative information about the significant unobservable inputs. In addition, the table provides a narrative description of the uncertainty of the fair value measurement based on the use of significant unobservable inputs that have been different, or that reasonable could have been different, at the reporting date.

Asset	Fair Value at September 30, 2022	Valuation Technique	Unobservable Input	Input Amount or Range	Impact to Valuation from an Increase in Input
Private Placements
Biotechnology	$375,261	Market Approach	Transaction Price	$4.05	Increase
Health Care Providers & Services	$282,869	Market Approach	Transaction Price	INR 30.34	Increase

INR Indian Rupee

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

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of September 30, 2022 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.

Investment Transactions and Investment Income

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

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Janus Henderson Emerging Markets Fund

Notes to Financial Statements

Expenses

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Indemnifications

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

Foreign Currency Translations

The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

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

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

Dividends and Distributions

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

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

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 in response to the COVID-19 pandemic. This and other government intervention into the economy and financial markets to address the COVID-19 pandemic may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Government actions to mitigate the economic impact of the pandemic have resulted in a large expansion of government deficits and debt, the long term consequences of which are not known. The COVID-19

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Janus Henderson Emerging Markets Fund

Notes to Financial Statements

pandemic could adversely affect the value and liquidity of a Fund’s investments, impair a Fund’s ability to satisfy redemption requests, and negatively impact a Fund’s performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

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 the Adviser 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.

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. Among other things, these developments have adversely affected the value and exchange rate of the euro and pound sterling, and may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse effect on the Fund’s investments in such countries, other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.

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. Emerging market countries in which the Fund may invest include frontier market countries, the economies of which are less developed than other emerging market countries. To the extent that the Fund invests a significant amount of its assets in one or more of these countries, its returns and net asset value may be affected to a large degree by events and economic conditions in such countries. The risks of foreign investing are heightened when investing in emerging markets, which may result in the price of investments in emerging markets experiencing sudden and sharp price swings. In many developing markets, there is less government supervision and regulation of stock exchanges, brokers, and listed companies, making these investments potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. Similarly, issuers in such markets may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which U.S. companies are subject. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the Fund’s investments may be denominated in foreign currencies and therefore, changes in the value of a country’s currency compared to the U.S. dollar may affect the value of the Fund’s investments. To the extent that the Fund invests a significant portion of its assets in the securities of issuers in or companies of a single country or region, it

Janus Investment Fund 29

Janus Henderson Emerging Markets Fund

Notes to Financial Statements

is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund’s performance. Developing countries may also experience a higher level of exposure and vulnerability to the adverse effects of climate change. This can be attributed to both the geographic location of emerging market countries and/or a country’s lack of access to technology or resources to adjust and adapt to its effects. An increased occurrence and severity of natural disasters and extreme weather events such as droughts and decreased crop yields, heat waves, flooding and rising sea levels, and increased spread of disease, could cause harmful effects to the performance of affected economies. Additionally, foreign and emerging market risks, including, but not limited to, price controls, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, nationalization, and restrictions on repatriation of assets may be heightened to the extent the Fund invests in Chinese local market securities.

Restricted Security Transactions

Restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of the Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist.

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.

3. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The following table reflects the Fund’s contractual investment advisory fee rate (expressed as an annual rate).

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.

The Adviser has entered into a personnel-sharing arrangement with its foreign (non-U.S.) affiliates, Henderson Global Investors Limited, Henderson Global Investors (Japan) Ltd., and Henderson Global Investors (Singapore) Ltd. (collectively, “HGIL”), pursuant to which HGIL and certain employees of HGIL serve as “associated persons” of the Adviser. In this capacity, such employees of HGIL are subject to the oversight and supervision of the Adviser and may provide portfolio management, research, and related services to the Fund on behalf of the Adviser.

The Adviser has contractually agreed to waive the investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, 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 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. The Adviser has agreed to continue the waivers for at least a one-year period commencing on January 28, 2022. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain

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Janus Henderson Emerging Markets Fund

Notes to Financial Statements

administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (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 the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $502,935 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 2022. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

Janus Henderson Services US LLC (formerly Janus Services LLC) (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

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Janus Henderson Emerging Markets Fund

Notes to Financial Statements

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

Average Daily Net Assets of Class D Shares of the Janus Henderson funds	Administrative Services Fee
Under $40 billion	0.12%
$40 billion – $49.9 billion	0.10%
Over $49.9 billion	0.08%

During the reporting period, the administrative services fee rate was 0.11%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the Shares 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 Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the year ended September 30, 2022, the Distributor retained upfront sales charges of $708.

A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the year ended September 30, 2022.

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Janus Henderson Emerging Markets Fund

Notes to Financial Statements

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the year ended September 30, 2022, redeeming shareholders of Class C Shares paid CDSCs of $137.

The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of September 30, 2022 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended September 30, 2022 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $436,813 were paid by the Trust to the Trustees under the Deferred Plan during the year ended September 30, 2022.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests 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.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended September 30, 2022 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

Janus Investment Fund 33

Janus Henderson Emerging Markets Fund

Notes to Financial Statements

As of September 30, 2022, shares of the Fund were owned by affiliates of the Adviser, and/or other funds advised by the Adviser, as indicated in the table below:

Class	% of Class Owned		% of Fund Owned
Class A Shares	-	%	-	%
Class C Shares	-		-
Class D Shares	-		-
Class I Shares	-		-
Class N Shares	94		54
Class S Shares	-		-
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

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes (reduced by foreign tax liability).

Other book to tax differences primarily consist of deferred compensation. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ -	$ -	$ (8,337,306)	$ (307,443)	$ -	$ 14,577	$(14,228,685)

Accumulated capital losses noted below represent net capital loss carryovers, as of September 30, 2022, 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, 2022
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$(6,060,132)	$(2,277,174)	$ (8,337,306)

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Janus Henderson Emerging Markets Fund

Notes to Financial Statements

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 2022 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)
$ 78,074,415	$ 2,852,914	$(17,029,859)	$ (14,176,945)

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.

For the year ended September 30, 2022
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 3,047,326	$ -	$ -	$ -

For the year ended September 30, 2021
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 902,640	$ -	$ -	$ -

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. The following reclassifications have been made to the Fund:

Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ -	$ 960,036	$ (960,036)

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Janus Henderson Emerging Markets Fund

Notes to Financial Statements

5. Capital Share Transactions

	Year ended September 30, 2022		Year ended September 30, 2021
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	64,466	$ 636,436	178,947	$ 2,206,832
Reinvested dividends and distributions	12,270	133,124	3,383	38,800
Shares repurchased	(73,948)	(725,255)	(154,674)	(1,886,173)
Net Increase/(Decrease)	2,788	$ 44,305	27,656	$ 359,459
Class C Shares:
Shares sold	12,073	$ 116,222	16,056	$ 194,003
Reinvested dividends and distributions	2,184	23,174	340	3,793
Shares repurchased	(48,716)	(468,661)	(122,409)	(1,473,670)
Net Increase/(Decrease)	(34,459)	$ (329,265)	(106,013)	$ (1,275,874)
Class D Shares:
Shares sold	294,071	$ 3,055,369	1,995,197	$25,518,859
Reinvested dividends and distributions	43,574	475,390	11,263	129,977
Shares repurchased	(420,550)	(4,466,865)	(1,553,046)	(19,427,020)
Net Increase/(Decrease)	(82,905)	$ (936,106)	453,414	$ 6,221,816
Class I Shares:
Shares sold	215,855	$ 2,137,803	188,840	$ 2,310,448
Reinvested dividends and distributions	49,669	539,900	21,333	245,325
Shares repurchased	(633,258)	(6,287,811)	(553,189)	(6,546,222)
Net Increase/(Decrease)	(367,734)	$(3,610,108)	(343,016)	$ (3,990,449)
Class N Shares:
Shares sold	545,904	$ 5,025,205	1,932,868	$23,679,300
Reinvested dividends and distributions	164,333	1,789,591	39,252	452,579
Shares repurchased	(1,065,368)	(11,182,735)	(342,716)	(4,106,565)
Net Increase/(Decrease)	(355,131)	$(4,367,939)	1,629,404	$20,025,314
Class S Shares:
Shares sold	1,983	$ 19,974	790	$ 9,712
Reinvested dividends and distributions	218	2,399	74	859
Shares repurchased	(304)	(2,885)	(2,330)	(28,037)
Net Increase/(Decrease)	1,897	$ 19,488	(1,466)	$ (17,466)
Class T Shares:
Shares sold	103,734	$ 1,189,907	70,496	$ 867,562
Reinvested dividends and distributions	7,136	77,857	2,411	27,803
Shares repurchased	(143,262)	(1,593,463)	(65,195)	(809,210)
Net Increase/(Decrease)	(32,392)	$ (325,699)	7,712	$ 86,155

6.  Purchases and Sales of Investment Securities

For the year ended September 30, 2022, 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
$53,434,347	$ 63,056,455	$ -	$ -

7.Recent Accounting Pronouncements

The FASB issued Accounting Standards Update 2022-03: Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”) in June 2022. The new guidance in the ASU clarifies existing guidance

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Janus Henderson Emerging Markets Fund

Notes to Financial Statements

in ASC 820 related to the fair value measurement of an equity security subject to contractual sale restrictions with the intent to reduce diversity in interpretation. Under the guidance, a contractual restriction on the sale of an equity security would not be considered when measuring fair value as such restriction is not treated as part of the equity security’s unit of account. The amendments would be applied prospectively on or after adoption date to equity securities with a contract containing a sale restriction that is executed or modified after such date. The effective date set by the FASB is December 15, 2023, with early adoption permitted. The Adviser is currently evaluating whether to early adopt and does not anticipate it to have a material impact on the Fund.

8. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to September 30, 2022 and through the date of issuance of the Fund’s financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.

Janus Investment Fund 37

Janus Henderson Emerging Markets Fund

Report of Independent Registered Public Accounting Firm

TotheBoard of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Emerging Markets Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Emerging Markets Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2022, the related statement of operations for the year ended September 30, 2022, the statements of changes in net assets for each of the two years in the period ended September 30, 2022,including the related notes,and the financial highlightsfor each of the five years in the period ended September 30, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2022 and the financial highlights for each of the five years in the period ended September 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Denver, Colorado

November 28, 2022

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

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Janus Henderson Emerging Markets 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 (each, a “Fund,” and collectively, the “Funds” and 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 agreement for each Janus Henderson Fund that utilizes a subadviser.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (formerly, Janus Capital Management LLC) (the “Adviser”) and the subadviser 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 meetings held on November 3-4, 2021 and December 7-8, 2021, the Trustees’ evaluated the information provided by the Adviser, the subadviser, and the independent fee consultant, as well as other information addressed during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser and each subadviser, as applicable, were fair and reasonable in light of the nature, extent and quality of the services provided by the Adviser, its affiliates and the subadviser, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund and the subadvisory agreement for each subadvised Janus Henderson Fund, for the period from February 1, 2022 through February 1, 2023, subject to earlier termination as provided for in each agreement.

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

Nature, Extent and Quality of Services

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

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Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

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 the Adviser and the 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 the Adviser or the subadviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

The Trustees concluded that the nature, extent and quality of the services provided by the Adviser and 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 the Adviser and the subadviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and each 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, 2021, approximately 55% of the Janus Henderson Funds were in the top two quartiles of performance versus Broadridge peers, and for the 12 months ended September 30, 2021, approximately 45% 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 second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving

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Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Fixed-Income Funds

·For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·For Janus Developed World Bond Fund, the Trustees noted the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

Global and International Equity Funds

·For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the

Janus Investment Fund 41

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

Money Market Funds

·For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was 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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

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Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

·For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser 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 bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser and subadviser had taken or were taking to improve performance.

·For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson International Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser and subadviser had taken or were taking to improve performance.

·For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser and subadviser had taken or were taking to improve performance.

U.S. Equity Funds

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

·For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

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Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

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 the Adviser out of its management fees collected from such Janus Henderson Fund.

The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge Expense Group peers; and (3) and the management fees for the Janus Henderson Funds, on average, were 6% 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.

The Trustees considered the methodology used by the Adviser and 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 the Adviser and subadviser to comparable separate account clients and to comparable non-affiliated funds subadvised by the Adviser or subadviser (for which the Adviser 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 the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser 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; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged to Janus Henderson subadvised fund and separate account investors; and (4) as part of its 2020 review, 9 of 10 Janus Henderson Funds have lower management fees than similar funds subadvised by the Adviser.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2020, including the VIT Portfolios, and noted the following with regard to each VIT Portfolio’s total expenses, net of applicable fee waivers (the VIT Portfolio’s “total expenses”):

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Additional Information (unaudited)

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 the Adviser 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.

·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 the Adviser 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 the Adviser 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 one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser 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 the Adviser 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 the Adviser has contractually agreed to limit the Fund’s expenses.

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

·For Janus Henderson Short Duration 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 the Adviser 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 the Adviser 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 certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser 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 the Adviser has contractually agreed to limit the Fund’s expenses.

·For Janus Henderson Global Equity Income 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 the Adviser 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.

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Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

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

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

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

Money Market Funds

·For Janus Henderson Government 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 the Adviser has voluntarily agreed to limit the Fund’s expenses to assist the Fund in attempting to maintain a yield of at least 0.00%.

·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 the Adviser has agreed to limit the Fund’s expenses to assist the Fund in attempting to maintain a yield of at least 0.00%.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted 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 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 the Adviser 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 the Adviser 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

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Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

that the Adviser 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 the Adviser 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 the Adviser 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, 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 the Adviser 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 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 the Adviser 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.

·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 the Adviser 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 the Adviser 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 Mid Cap Value Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

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

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by

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Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser and 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 the Adviser 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 the Adviser 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 the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser and its affiliates, as well as the fees paid by the Adviser to the subadviser 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 the Adviser and the subadviser 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 the Adviser and subadviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

Economies of Scale

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 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 75% of these Janus Henderson Funds’ have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. The Trustees also noted the following: (1) that for those Janus Henderson Funds whose expenses are being reduced by the contractual expense limitations of the Adviser, the Adviser is subsidizing certain of these Janus Henderson Funds because they have not reached adequate scale; (2) 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 (3) 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 the Adviser 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 the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, the Adviser appeared to be investing to increase the likelihood that these Janus

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Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

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 the Adviser.

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

Other Benefits to the Adviser

The Trustees also considered benefits that accrue to the Adviser and its affiliates and subadviser to the Janus Henderson Funds from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by 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 the Adviser and/or the Adviser, and/or subadviser to a Janus Henderson Fund. The Trustees concluded that the Adviser’s and the subadviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates and subadviser pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser and the subadviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser and the subadviser 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 the Adviser’s and/or the subadviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser and/or other clients of the subadviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser, the subadviser or other Janus Henderson funds, and that the success of the Adviser and the subadviser could enhance the Adviser’s and the subadviser’s ability to serve the Janus Henderson Funds.

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Janus Henderson Emerging Markets Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

The Management Commentary in this report includes valuable insight as well as statistical information to help you understand how your Fund’s performance and characteristics stack up against those of comparable indices.

If the Fund invests in foreign securities, this report may include information about country exposure. Country exposure is based primarily on 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.

Please keep in mind that the opinions expressed in the Management Commentary are just that: opinions. They are a reflection based on best judgment at the time this report was compiled, which was September 30, 2022. As the investing environment changes, so could opinions. These views are unique and are not necessarily shared by fellow employees or by Janus Henderson in general.

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 the Adviser 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. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by Bloomberg 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.

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Janus Henderson Emerging Markets Fund

Useful Information About Your Fund Report (unaudited)

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.

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.

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.

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Janus Henderson Emerging Markets Fund

Useful Information About Your Fund Report (unaudited)

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 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.

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Janus Henderson Emerging Markets Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2022:

Foreign Taxes Paid	$194,158
Foreign Source Income	$1,583,196
Qualified Dividend Income Percentage	86%

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Janus Henderson Emerging Markets Fund

Trustees and Officers (unaudited)

The following are the Trustees and officers of the Trust, together with a brief description of their principal occupations during the last five years (principal occupations for certain Trustees may include periods over five years). The Fund’s Statement of Additional Information includes additional information about the Trustees and officers and is available, without charge, by calling 1-877-335-2687.

Each Trustee has served in that capacity since he or she was originally elected or appointed. The Trustees do not serve a specified term of office. Each Trustee will hold office until the termination of the Trust or his or her earlier death, resignation, retirement, incapacity, or removal. Under the Fund’s Governance Procedures and Guidelines, the policy is for Trustees to retire no later than the end of the calendar year in which the Trustee turns 75. The Trustees review the Fund’s Governance Procedures and Guidelines from time to time and may make changes they deem appropriate. The Fund’s Nominating and Governance Committee will consider nominees for the position of Trustee recommended by shareholders. Shareholders may submit the name of a candidate for consideration by the Committee by submitting their recommendations to the Trust’s Secretary. Each Trustee is currently a Trustee of one other registered investment company advised by the Adviser: Janus Aspen Series. Collectively, these two registered investment companies consist of 50 series or funds referred to herein as the Fund Complex.

The Trust’s officers are elected annually by the Trustees for a one-year term. Certain officers also serve as officers of Janus Aspen Series. Certain officers of the Fund may also be officers and/or directors of the Adviser. Except as otherwise disclosed, Fund officers receive no compensation from the Fund, except for the Fund’s Chief Compliance Officer, as authorized by the Trustees.

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Janus Henderson Emerging Markets Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Chairman Trustee	5/22-Present 1/13-Present	Principal, Curam Holdings LLC (since 2018). Formerly, Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm) (2012-2018), Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	50	Advisory Board Member of AEW Core Property Trust (open-end property fund) (since 2020), and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016), Director of Nuveen Global Investors LLC (2007-2011), Director of Communities in Schools (2004-2010), and Director of Mutual Fund Education Alliance (until 2010).
Cheryl D. Alston 151 Detroit Street Denver, CO 80206 DOB: 1966	Trustee	8/22-Present	Executive Director and Chief Investment Officer, Employees’ Retirement Fund of the City of Dallas (since 2004).	50	Director of Blue Cross Blue Shield of Kansas City (a not-for-profit health insurance provider) (since 2016) and Director of Global Life Insurance (life and supplemental health insurance provider) (since 2017). Formerly, Director of Federal Home Loan Bank of Dallas (2017-2021).

Janus Investment Fund 55

Janus Henderson Emerging Markets Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000), and Chief Investment Officer (1987-1994) and Vice Chairman and Director (1990-1994) of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	50	Member, Limited Partner Advisory Committee, Karmel Capital Fund III (later stage growth fund) (since 2022), Member of the Investment Committee for the Orange County Community Foundation (a grantmaking foundation) (since 2020), Advisory Board Member, RevOZ Fund LP and related funds (real estate investments for opportunity zones) (since 2020), and Advisory Board Member, Innovate Partners Emerging Growth and Equity Fund I (early stage venture capital fund) (since 2014). Formerly, Managing Trustee of National Retirement Partners Liquidating Trust (2013-2016), Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (2005-2013), Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009), Director of RemedyTemp, Inc. (temporary help services company) (1996-2006), and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).

56 SEPTEMBER 30, 2022

Janus Henderson Emerging Markets Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Founder, Daraja Capital (advisory and investment firm) (since 2016). Formerly, Senior Vice President and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (2011-2021), and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	50	Member of the Investment Committee for Cooper Union (private college) (since 2021), Board Member, Van Alen Institute (nonprofit architectural and design organization) (since 2019), and Director of Brightwood Capital Advisors, LLC (since 2014).

Janus Investment Fund 57

Janus Henderson Emerging Markets Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Darrell B. Jackson 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	8/22-Present	President and Chief Executive Officer, The Efficace Group Inc. (since 2018). Formerly, President and Chief Executive Officer, Seaway Bank and Trust Company (community bank) (2014-2015), and Executive Vice President and Co-President, Wealth Management (2009-2014), and several senior positions, including Group Executive, Senior Vice President, and Vice President (1995-2009) of Northern Trust Company (financial services company) (1995-2014).	50	Director of Amalgamated Financial Corp (bank) (since August 2021), Director of YR Media (a not-for-profit production company) (since 2021), and Director of Gray-Bowen-Scott (transportation project consulting firm) (since April 2020). Formerly, Director of Delaware Place Bank (closely held commercial bank) (2016-2018) and Director of Seaway Bank and Trust Company (2014-2015).

58 SEPTEMBER 30, 2022

Janus Henderson Emerging Markets Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Trustee	6/02-Present	Chief Executive Officer, muun chi LLC (organic food business) (since 2022) and Independent Consultant (since 2019). Formerly, Chief Operating Officer, muun chi LLC (2020-2022), Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (2016-2019), Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations) (2009-2016), Chief Executive Officer, Imprint Capital Advisors (impact investment firm) (2013-2015), and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	50	Chairman of the Board and Trustee of The Investment Fund for Foundations Investment Program (TIP) (consisting of 1 fund) (since 2008). Formerly, Director of the F.B. Heron Foundation (a private grantmaking foundation) (2006-2022), and Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds) (2016-2021).

Janus Investment Fund 59

Janus Henderson Emerging Markets Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company.	50	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013). Formerly, Director, West Bend Mutual Insurance Company (property/casualty insurance) (2013-2021), Trustee of Northwestern Mutual Life Insurance Company (2010-2013), and Director of Frank Russell Company (global asset management firm) (2008-2013).
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired. Formerly, Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006) and Treasurer for Driehaus Mutual Funds (1996-2002).	50	Formerly, Director of Family Service of Lake County (2019-2021), Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017), Independent Trustee, State Farm Associates’ Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017).

60 SEPTEMBER 30, 2022

Janus Henderson Emerging Markets Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	50	Director of Chicago Community Trust (Regional Community Foundation), Lurie Children’s Hospital (Chicago, IL), and Shirley Ryan Ability Lab. Formerly, Director of Wrapports, LLC (until 2022), Director of Chicago Council on Global Affairs (until 2019), InnerWorkings (until 2019) and Director of Walmart (until 2017).

Janus Investment Fund 61

Janus Henderson Emerging Markets Fund

Trustees and Officers (unaudited)

OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Matthew Culley 151 Detroit Street Denver, CO 80206 DOB:1986	Executive Vice President and Co-Portfolio Manager Janus Henderson Emerging Markets Fund	3/22-Present	Portfolio Manager for other Janus Henderson accounts and an Analyst for the Adviser. Formerly, portfolio manager at Putnam Investment Management, LLC (2008-2019).
Daniel J. Graña 151 Detroit Street Denver, CO 80206 DOB:1971	Executive Vice President and Co-Portfolio Manager Janus Henderson Emerging Markets Fund	9/19-Present	Portfolio Manager for other Janus Henderson accounts. Formerly, portfolio manager at Putnam Investment Management, LLC (2003-2019).
Michelle Rosenberg 151 Detroit Street Denver, CO 80206 DOB: 1973	President and Chief Executive Officer	9/22-Present	General Counsel and Corporate Secretary of Janus Henderson Investors (since 2018). Formerly, Interim President and Chief Executive Officer of the Trust and Janus Aspen Series (2022), Senior Vice President and Head of Legal, North America of Janus Henderson Investors (2017-2018) and Deputy General Counsel of Janus Henderson US (Holdings) Inc. (2015-2018).
Kristin Mariani 151 Detroit Street Denver, CO 80206 DOB: 1966	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	7/20-Present	Head of Compliance, North America for Janus Henderson Investors (since September 2020) and Chief Compliance Officer for Janus Henderson Investors US LLC (since September 2017). Formerly, Global Head of Investment Management Compliance for Janus Henderson Investors (February 2019 - August 2020), Vice President, Head of Global Distribution Compliance and Chief Compliance Officer of Janus Henderson Distributors US LLC (May 2017 – September 2017), Vice President, Compliance at Janus Henderson US (Holdings) Inc., Janus Henderson Investors US LLC, and Janus Henderson Distributors US LLC (2009-2017).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

62 SEPTEMBER 30, 2022

Janus Henderson Emerging Markets Fund

Trustees and Officers (unaudited)

OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Head of U.S. Fund Administration, Janus Henderson Investors and Janus Henderson Services US LLC.
Abigail J. Murray 151 Detroit Street Denver, CO 80206 DOB: 1975	Vice President, Chief Legal Officer, and Secretary	12/20-Present	Managing Counsel (2020-present). Formerly, Senior Counsel for Invesco Ltd. (2017-2020), and Vice President and Senior Counsel, ALPS Fund Services, Inc. and Assistant General Counsel, ALPS Advisors, Inc. (2015-2017).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

Janus Investment Fund 63

Janus Henderson Emerging Markets Fund

Notes

NotesPage1

64 SEPTEMBER 30, 2022

Janus Henderson Emerging Markets Fund

Notes

NotesPage2

Janus Investment Fund 65

This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Janus Henderson Distributors US LLC
	125-02-93079 11-22

	ANNUAL REPORT September 30, 2022
Janus Henderson Enterprise Fund
Janus Investment Fund
		HIGHLIGHTS ·Portfolio management perspective ·Investment strategy behind your fund ·Fund performance, characteristics and holdings

Table of Contents

Janus Henderson Enterprise Fund

Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	15
Statement of Assets and Liabilities	16
Statement of Operations	18
Statements of Changes in Net Assets	20
Financial Highlights	21
Notes to Financial Statements	29
Report of Independent Registered Public Accounting Firm	43
Additional Information	44
Useful Information About Your Fund Report	55
Designation Requirements	58
Trustees and Officers	59

Janus Henderson Enterprise Fund (unaudited)

FUND SNAPSHOT By taking a moderate approach to an asset class with potential for rapid growth, this mid-cap growth fund seeks long-term growth of capital. 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

PERFORMANCE OVERVIEW

The Janus Henderson Enterprise Fund Class I Shares returned -18.77% for the 12-month period ended September 30, 2022. The Fund’s benchmark, the Russell Midcap^® Growth Index, returned -29.50%.

INVESTMENT ENVIRONMENT

Stocks declined over the 12-month period as soaring inflation, rising interest rates, and fears of recession led to market turbulence. Equities started out the period with positive if volatile performance in the fourth quarter of 2021, as investors focused on strong corporate earnings news. This volatility increased in the first quarter of 2022 as supply constraints, geopolitical uncertainty, and surging commodities prices weighed on investor sentiment. Expectations for more restrictive Federal Reserve (Fed) policy also triggered a sell-off in higher-valuation growth stocks. The Fed raised interest rates by 25 basis points (bps) in March, but then moved more aggressively with a 50-bps increase in May and consecutive 75-bps rate hikes in June, July, and September. The Fed also signaled that additional rate hikes were likely into 2023, which kept upward pressure on bond yields. As this aggressive pace of tightening fueled recession fears, economic data confirmed that higher costs and rising interest rates had pressured economic growth, especially in housing and select consumer sectors. Corporate earnings growth also slowed as companies faced weaker demand, higher input and financing costs, and currency pressures. Against this backdrop, market declines were widespread. Mid-cap growth underperformed mid-cap value for the 12-month period, as measured by the Russell indices.

PERFORMANCE DISCUSSION

During this challenging period, we were reassured that the Fund performed more defensively, mitigating declines relative to the benchmark index. For several years we have warned about imbalances in the mid-cap growth market, as a focus on revenue growth often eclipsed concerns over profitability or valuation. We believed this dynamic was unsustainable, and we remained highly skeptical of stocks where we saw a disconnect between valuation and earnings growth. As interest rates started to rise in 2022, investors paid more attention to profitability, valuation, and balance sheet strength. This led to a sell-off in many speculative growth stocks, especially for companies with high debt levels or ongoing funding requirements that may be harder to meet in a tighter capital markets environment. Because of our disciplined investment approach, we have largely avoided such names, which were among the largest detractors from index performance. This disciplined approach helped the Fund outperform the index for the twelve months, as well as the trailing three- and five-year performance periods.

A renewed focus on fundamentals also benefited several of our long-term holdings. LPL Financial, a top contributor, provides a full-service, technology-enabled investment platform that helps financial advisors serve their clients and improve their practices. The company’s revenue growth has continued to expand as it has signed new advisors to its network. It has also benefited from higher interest rates due to the float income it earns on client accounts. As a result, it meaningfully exceeded its earnings targets.

ON Semiconductor was another top contributor. Under the leadership of a new management team, this semiconductor manufacturer has boosted its profit margins by streamlining its operations while focusing on high-growth end markets such as electric vehicles (EVs). This helped the company deliver strong earnings performance.

On a negative note, economic uncertainty pressured several of our consumer-related holdings. Online furniture retailer Wayfair was a prominent detractor, as the company faced business headwinds due to supply chain

Janus Investment Fund 1

Janus Henderson Enterprise Fund (unaudited)

disruptions, a cooling housing market, and a weaker outlook for big-ticket consumer spending. Despite these near-term challenges, we held onto our investment in Wayfair due to our confidence in its management team and long-term business opportunity. We also held onto our position in CarMax, another detractor. This multichannel used car retailer saw its business slow as weaker discretionary consumer spending affected vehicle sales. Additionally, rising interest rates have pressured returns from its automotive finance business. While we recognize near-term uncertainty for CarMax’s revenue growth, we have continued to see long-term potential for the company’s multichannel strategy, as consumers have become more comfortable buying and selling cars online.

DERIVATIVES USE

Please see the Derivative Instruments section in the “Notes to Financial Statements” for a discussion of derivatives used by the Fund.

OUTLOOK

We believe markets may remain volatile in the near term as investors try to gauge the extent and impact of Fed rate hikes and assess the economic and earnings backdrop. While price-to-earnings multiples appear less extended relative to a year ago, we are concerned that corporate earnings may slow further along with the economy. Despite this uncertainty, we have welcomed some signs of easing inflation pressures. Supply chain bottlenecks have loosened, while commodity prices have retreated from their highs earlier in 2022. At the same time, we recognize that geopolitical uncertainty, continued tight labor markets, and a potential energy crisis in Europe may complicate the inflation outlook. A shift away from global supply chains and a need to invest in infrastructure both could also result in a period of higher structural inflation. In our view, these crosscurrents may lead to not just elevated but more volatile inflation readings, complicating the Fed’s attempts to achieve a soft landing. Given the risks that Fed rate hikes may end in recession, we continue to look for companies with robust balance sheets and healthy free cash flows, as well as strong competitive positioning that should allow them to better navigate this environment. We also remain focused on our three- to five-year time horizon, looking for opportunities to capitalize on long-term trends such as the reshoring of manufacturing capacity, developments in gene therapy, and investments in the energy transition.

Thank you for investing in the Janus Henderson Enterprise Fund.

2 SEPTEMBER 30, 2022

Janus Henderson Enterprise Fund (unaudited)

Fund At A Glance

September 30, 2022

5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
LPL Financial Holdings Inc	3.65%	1.82%	Wayfair Inc - Class A	0.57%	-0.50%
ON Semiconductor Corp	3.07%	1.26%	CarMax Inc	1.91%	-0.42%
WR Berkley Corp	2.30%	1.17%	Ceridian HCM Holding Inc	1.37%	-0.39%
Intact Financial Corp	2.60%	0.93%	Cimpress PLC	0.62%	-0.38%
Amdocs Ltd	2.24%	0.74%	Redfin Corp	0.28%	-0.35%

	5 Top Contributors - Sectors*
		Relative	Fund	Russell Midcap Growth Index
		Contribution	Average Weight	Average Weight
	Financials	4.72%	13.06%	5.35%
	Information Technology	3.76%	36.77%	33.33%
	Communication Services	1.87%	2.07%	3.86%
	Other**	0.91%	3.41%	0.00%
	Health Care	0.50%	16.71%	16.83%
	5 Top Detractors - Sectors*
		Relative	Fund	Russell Midcap Growth Index
		Contribution	Average Weight	Average Weight
	Energy	-0.77%	1.78%	2.85%
	Consumer Staples	-0.44%	0.00%	2.25%
	Real Estate	-0.20%	1.62%	2.30%
	Materials	-0.13%	1.13%	2.51%
	Consumer Discretionary	0.03%	8.31%	15.31%
	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 3

Janus Henderson Enterprise Fund (unaudited)

Fund At A Glance

September 30, 2022

5 Largest Equity Holdings -(% of Net Assets)
LPL Financial Holdings Inc
Capital Markets	4.0%
ON Semiconductor Corp
Semiconductor & Semiconductor Equipment	3.9%
Intact Financial Corp
Insurance	3.0%
Constellation Software Inc/Canada
Software	2.8%
Boston Scientific Corp
Health Care Equipment & Supplies	2.8%
	16.5%

Asset Allocation - (% of Net Assets)
Common Stocks	96.0%
Investment Companies	3.8%
Investments Purchased with Cash Collateral from Securities Lending	0.2%
Other		(0.0)%
		100.0%

Top Country Allocations - Long Positions -(% of Investment Securities)
As of September 30, 2022	As of September 30, 2021

4 SEPTEMBER 30, 2022

Janus Henderson Enterprise Fund (unaudited)

Performance

See important disclosures on the next page.

Average Annual Total Return - for the periods ended September 30, 2022					Prospectus Expense Ratios
	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses‡
Class A Shares at NAV	-19.07%	8.51%	12.23%	10.51%	1.13%
Class A Shares at MOP	-23.72%	7.24%	11.57%	10.29%
Class C Shares at NAV	-19.45%	7.91%	11.55%	9.76%	1.72%
Class C Shares at CDSC	-20.13%	7.91%	11.55%	9.76%
Class D Shares	-18.80%	8.85%	12.57%	10.68%	0.79%
Class I Shares	-18.77%	8.91%	12.64%	10.72%	0.74%
Class N Shares	-18.70%	9.01%	12.75%	10.73%	0.66%
Class R Shares	-19.30%	8.20%	11.91%	10.13%	1.41%
Class S Shares	-19.10%	8.47%	12.19%	10.40%	1.16%
Class T Shares	-18.89%	8.74%	12.47%	10.64%	0.91%
Russell Midcap Growth Index	-29.50%	7.62%	10.85%	9.67%
Morningstar Quartile - Class T Shares	1st	1st	1st	1st
Morningstar Ranking - based on total returns for Mid-Cap Growth Funds	49/590	129/528	38/487	28/136

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.

For certain periods, the Fund’s performance may reflect the effect of expense waivers.

Janus Investment Fund 5

Janus Henderson Enterprise 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), Environmental, Social and Governance (ESG) factors, 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.

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 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 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.

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.

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.

© 2022 Morningstar, Inc. All Rights Reserved.

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.

6 SEPTEMBER 30, 2022

Janus Henderson Enterprise 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 (4/1/22)	Ending Account Value (9/30/22)	Expenses Paid During Period (4/1/22 - 9/30/22)†	Beginning Account Value (4/1/22)	Ending Account Value (9/30/22)	Expenses Paid During Period (4/1/22 - 9/30/22)†	Net Annualized Expense Ratio (4/1/22 - 9/30/22)
Class A Shares		$1,000.00	$822.40	$5.12	$1,000.00	$1,019.45	$5.67	1.12%
Class C Shares		$1,000.00	$820.50	$7.26	$1,000.00	$1,017.10	$8.04	1.59%
Class D Shares		$1,000.00	$823.80	$3.66	$1,000.00	$1,021.06	$4.05	0.80%
Class I Shares		$1,000.00	$824.00	$3.48	$1,000.00	$1,021.26	$3.85	0.76%
Class N Shares		$1,000.00	$824.30	$3.06	$1,000.00	$1,021.71	$3.40	0.67%
Class R Shares		$1,000.00	$821.30	$6.48	$1,000.00	$1,017.95	$7.18	1.42%
Class S Shares		$1,000.00	$822.30	$5.34	$1,000.00	$1,019.20	$5.92	1.17%
Class T Shares		$1,000.00	$823.30	$4.16	$1,000.00	$1,020.51	$4.61	0.91%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/365 (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 7

Janus Henderson Enterprise Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Common Stocks– 96.0%
Aerospace & Defense – 3.6%
	L3Harris Technologies Inc	1,382,480	$287,320,818
	Teledyne Technologies Inc*	842,069	284,173,025
			571,493,843
Airlines – 0.7%
	Ryanair Holdings PLC (ADR)*	2,030,937	118,647,340
Auto Components – 0.5%
	Visteon Corp*	755,985	80,179,769
Banks – 0.4%
	SVB Financial Group*	195,688	65,708,117
Biotechnology – 2.9%
	Ascendis Pharma A/S (ADR)*	999,428	103,200,935
	BioMarin Pharmaceutical Inc*	1,595,564	135,255,960
	Neurocrine Biosciences Inc*	1,071,799	113,835,772
	Sarepta Therapeutics Inc*	1,073,081	118,618,374
			470,911,041
Capital Markets – 6.7%
	Cboe Global Markets Inc	1,599,178	187,695,522
	Charles Schwab Corp	2,339,048	168,107,380
	LPL Financial Holdings Inc£	2,896,825	632,898,326
	MSCI Inc	181,334	76,484,868
			1,065,186,096
Chemicals – 0.8%
	Corteva Inc	2,178,102	124,478,529
Commercial Services & Supplies – 1.6%
	Cimpress PLC*,£	2,154,740	52,748,035
	Rentokil Initial PLC	4,436,094	23,419,002
	Ritchie Bros Auctioneers Inc	2,988,678	186,732,601
			262,899,638
Containers & Packaging – 0.9%
	Sealed Air Corp	3,101,763	138,059,471
Diversified Consumer Services – 1.5%
	Frontdoor Inc*	3,437,401	70,088,606
	Terminix Global Holdings Inc*	4,325,747	165,632,853
			235,721,459
Electric Utilities – 0.7%
	Alliant Energy Corp	2,107,613	111,682,413
Electrical Equipment – 2.2%
	Regal Beloit Corp	675,040	94,748,614
	Sensata Technologies Holding PLC	7,037,320	262,351,290
			357,099,904
Electronic Equipment, Instruments & Components – 5.7%
	Flex Ltd*	18,018,604	300,189,943
	National Instruments Corp	5,780,684	218,163,014
	TE Connectivity Ltd	3,494,938	385,701,358
			904,054,315
Entertainment – 1.8%
	Liberty Media Corp-Liberty Formula One*	4,955,946	289,922,841
Equity Real Estate Investment Trusts (REITs) – 1.2%
	Lamar Advertising Co	2,400,381	198,007,429
Health Care Equipment & Supplies – 8.5%
	Boston Scientific Corp*	11,572,478	448,202,073
	Cooper Cos Inc	637,960	168,357,644
	Dentsply Sirona Inc	4,421,283	125,343,373
	ICU Medical Inc*,£	1,241,382	186,952,129
	STERIS PLC	1,002,052	166,621,207
	Teleflex Inc	1,326,016	267,139,183
			1,362,615,609

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
8	SEPTEMBER 30, 2022

Janus Henderson Enterprise Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Common Stocks– (continued)
Hotels, Restaurants & Leisure – 1.9%
	Aramark	6,810,731	$212,494,807
	Entain PLC	8,182,852	98,243,095
			310,737,902
Information Technology Services – 11.2%
	Amdocs Ltd	5,484,437	435,738,520
	Broadridge Financial Solutions Inc	1,636,063	236,116,612
	Fidelity National Information Services Inc	2,652,558	200,453,808
	Global Payments Inc	1,982,747	214,235,813
	GoDaddy Inc*	5,769,561	408,946,484
	WEX Inc*,£	2,342,299	297,331,435
			1,792,822,672
Insurance – 7.2%
	Aon PLC - Class A	435,636	116,693,815
	Intact Financial Corp	3,446,752	487,840,681
	Ryan Specialty Group Holdings Inc - Class A*	3,055,362	124,108,804
	WR Berkley Corp	6,548,968	422,932,353
			1,151,575,653
Internet & Direct Marketing Retail – 0.2%
	Wayfair Inc - Class A*,#	943,840	30,721,992
Life Sciences Tools & Services – 3.2%
	Avantor Inc*	7,886,766	154,580,614
	Illumina Inc*	651,919	124,379,626
	PerkinElmer Inc	1,262,833	151,956,695
	Waters Corp*	317,293	85,519,982
			516,436,917
Machinery – 3.0%
	Ingersoll Rand Inc	6,084,961	263,235,413
	Wabtec Corp	2,699,268	219,585,452
			482,820,865
Multiline Retail – 0.4%
	Dollar Tree Inc*	508,758	69,241,964
Oil, Gas & Consumable Fuels – 2.1%
	Magellan Midstream Partners LP	7,147,831	339,593,451
Pharmaceuticals – 1.5%
	Catalent Inc*	2,265,136	163,905,241
	Elanco Animal Health Inc*	6,520,644	80,921,192
			244,826,433
Professional Services – 0.2%
	Upwork Inc*	1,795,397	24,453,307
Road & Rail – 2.6%
	JB Hunt Transport Services Inc	2,622,869	410,269,169
Semiconductor & Semiconductor Equipment – 8.5%
	KLA Corp	738,035	223,351,532
	Lam Research Corp	243,093	88,972,038
	Microchip Technology Inc	3,891,004	237,467,974
	NXP Semiconductors NV	1,251,940	184,673,669
	ON Semiconductor Corp*	10,126,024	631,155,076
			1,365,620,289
Software – 10.0%
	Atlassian Corp PLC - Class A*	471,028	99,193,787
	Ceridian HCM Holding Inc*	3,541,159	197,879,965
	Constellation Software Inc/Canada	322,346	448,579,513
	Dynatrace Inc*	2,531,693	88,128,233
	j2 Global Inc*	1,213,356	83,090,619
	Nice Ltd (ADR)*	1,197,077	225,337,775
	SS&C Technologies Holdings Inc	8,676,112	414,284,348
	Topicus.com Inc*	857,331	41,227,863
			1,597,722,103

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

September 30, 2022

Shares or Principal Amounts			Value
Common Stocks– (continued)
Specialty Retail – 2.0%
	Burlington Stores Inc*	793,935	$88,833,387
	CarMax Inc*	3,515,098	232,066,770
			320,900,157
Textiles, Apparel & Luxury Goods – 1.0%
	Gildan Activewear Inc	5,342,285	151,026,397
Trading Companies & Distributors – 1.3%
	Ferguson PLC#	2,052,528	211,266,707
Total Common Stocks (cost $11,299,354,648)			15,376,703,792
Investment Companies– 3.8%
Money Markets – 3.8%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº,£((cost $605,336,502)	605,309,648	605,370,179
Investments Purchased with Cash Collateral from Securities Lending– 0.2%
Investment Companies – 0.2%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº,£	22,240,695	22,240,695
Time Deposits – 0%
	Royal Bank of Canada, 3.0600%, 10/3/22	$5,908,074	5,908,074
Total Investments Purchased with Cash Collateral from Securities Lending (cost $28,148,769)			28,148,769
Total Investments (total cost $11,932,839,919) – 100.0%			16,010,222,740
Liabilities, net of Cash, Receivables and Other Assets – (0)%			(1,432,270)
Net Assets – 100%			$16,008,790,470

Summary of Investments by Country - (Long Positions) (unaudited)
		% of
		Investment
Country	Value	Securities
United States	$14,026,773,751	87.6	%
Canada	1,315,407,055	8.2
Israel	225,337,775	1.4
United Kingdom	121,662,097	0.8
Ireland	118,647,340	0.7
Denmark	103,200,935	0.7
Australia	99,193,787	0.6

Total $16,010,222,740 100.0 %

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
10	SEPTEMBER 30, 2022

Janus Henderson Enterprise Fund

Schedule of Investments

September 30, 2022

Schedules of Affiliated Investments – (% of Net Assets)

		Dividend Income(1)		Realized Gain/(Loss)(1)		Change in Unrealized Appreciation/ Depreciation(1)		Value at 9/30/22
Common Stocks - 3.4%
Capital Markets - N/A
	LPL Financial Holdings Incš	$	3,858,624	$	215,513,343	$	38,870,379	$	N/A
Commercial Services & Supplies - 0.3%
	Cimpress PLC*		-		-		(134,348,039)		52,748,035
Health Care Equipment & Supplies - 1.2%
	ICU Medical Inc*		-		-		(98,563,773)		186,952,129
Information Technology Services - 1.9%
	WEX Inc*		-		-		45,344,435		297,331,435
Total Common Stocks		$	3,858,624	$	215,513,343	$	(148,696,998)	$	537,031,599
Investment Companies - 3.8%
Money Markets - 3.8%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº		5,343,948		5,042		(992)		605,370,179
Investments Purchased with Cash Collateral from Securities Lending - 0.2%
Investment Companies - 0.2%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº		82,698∆		-		-		22,240,695
Total Affiliated Investments - 7.4%		$	9,285,270	$	215,518,385	$	(148,697,990)	$	1,164,642,473

(1) For securities that were affiliated for a portion of the year ended September 30, 2022, this column reflects amounts for the entire year ended September 30, 2022 and not just the period in which the security was affiliated.

		Value at 9/30/21		Purchases		Sales Proceeds		Value at 9/30/22
Common Stocks - 3.4%
Capital Markets - N/A
	LPL Financial Holdings Incš		644,474,847		-		(265,960,243)		632,898,326
Commercial Services & Supplies - 0.3%
	Cimpress PLC*		187,096,074		-		-		52,748,035
Health Care Equipment & Supplies - 1.2%
	ICU Medical Inc*		235,963,983		49,551,919		-		186,952,129
Information Technology Services - 1.9%
	WEX Inc*		-		251,987,000		-		297,331,435
Investment Companies - 3.8%
Money Markets - 3.8%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº		744,167,504		2,193,227,551		(2,332,028,926)		605,370,179
Investments Purchased with Cash Collateral from Securities Lending - 0.2%
Investment Companies - 0.2%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº		3,046,145		679,037,519		(659,842,969)		22,240,695

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	11

Janus Henderson Enterprise Fund

Schedule of Investments

September 30, 2022

Schedule of Forward Foreign Currency Exchange Contracts

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	12/22/22	(134,490,000)	$	102,255,490	$	4,833,810
Euro	12/22/22	(30,865,000)		31,051,888		605,765
						5,439,575
Citibank, National Association:
Canadian Dollar	12/22/22	45,973,000		(34,222,763)		(920,905)
Canadian Dollar	12/22/22	(134,490,000)		102,244,133		4,822,452
Euro	12/22/22	3,800,000		(3,820,884)		(72,455)
Euro	12/22/22	(46,241,000)		46,572,141		958,691
						4,787,783
HSBC Securities (USA), Inc.:
Canadian Dollar	12/22/22	(134,490,000)		102,283,397		4,861,717
Euro	12/22/22	9,360,000		(9,110,931)		122,043
Euro	12/22/22	11,408,000		(11,483,772)		(230,593)
Euro	12/22/22	(23,702,000)		23,858,670		478,337
						5,231,504
JPMorgan Chase Bank, National Association:
Canadian Dollar	12/22/22	(174,054,000)		131,848,413		5,767,416
Euro	12/22/22	6,900,000		(6,767,363)		38,995
Euro	12/22/22	(46,642,000)		46,939,343		930,335
						6,736,746
State Street Bank and Trust Company:
Canadian Dollar	12/22/22	7,370,000		(5,445,311)		(106,641)
Canadian Dollar	12/22/22	(134,490,000)		102,342,641		4,920,961
Euro	12/22/22	(38,291,000)		38,575,311		803,969
						5,618,289
Total					$	27,813,897

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
12	SEPTEMBER 30, 2022

Janus Henderson Enterprise Fund

Schedule of Investments

September 30, 2022

The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of September 30, 2022.

Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of September 30, 2022
	Currency Contracts
Asset Derivatives:
Forward foreign currency exchange contracts	$29,144,491
Liability Derivatives:
Forward foreign currency exchange contracts	$ 1,330,594

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the year ended September 30, 2022.

The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the year ended September 30, 2022
Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative	Currency Contracts
Forward foreign currency exchange contracts	$68,629,823
Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative	Currency Contracts
Forward foreign currency exchange contracts	$13,626,496

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

Average Ending Monthly Value of Derivative Instruments During the Year Ended September 30, 2022
Forward foreign currency exchange contracts:
Average amounts purchased - in USD	$126,382,705
Average amounts sold - in USD	835,244,458

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	13

Janus Henderson Enterprise Fund

Schedule of Investments

September 30, 2022

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.		$	5,439,575	$	—	$	—	$	5,439,575
Citibank, National Association			5,781,143		(993,360)		—		4,787,783
HSBC Securities (USA), Inc.			5,462,097		(230,593)		—		5,231,504
JPMorgan Chase Bank, National Association			32,358,613		—		(25,621,867)		6,736,746
State Street Bank and Trust Company			5,724,930		(106,641)		—		5,618,289
Total		$	54,766,358	$	(1,330,594)	$	(25,621,867)	$	27,813,897
Offsetting of Financial Liabilities and Derivative Liabilities
			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Liabilities		or Liability(a)		Pledged(b)		Net Amount
Citibank, National Association		$	993,360	$	(993,360)	$	—	$	—
HSBC Securities (USA), Inc.			230,593		(230,593)		—		—
State Street Bank and Trust Company			106,641		(106,641)		—		—
Total		$	1,330,594	$	(1,330,594)	$	—	$	—
(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.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
14	SEPTEMBER 30, 2022

Janus Henderson Enterprise Fund

Notes to Schedule of Investments and Other Information

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

* Non-income producing security.

ºº Rate shown is the 7-day yield as of September 30, 2022.

# Loaned security; a portion of the security is on loan at September 30, 2022.

£ 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 September 30, 2022.

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

The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of September 30, 2022. 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
Commercial Services & Supplies		$	239,480,636	$	23,419,002	$	-
Hotels, Restaurants & Leisure			212,494,807		98,243,095		-
All Other			14,803,066,252		-		-
Investment Companies			-		605,370,179		-
Investments Purchased with Cash Collateral from Securities Lending			-		28,148,769		-
Total Investments in Securities		$	15,255,041,695	$	755,181,045	$	-
Other Financial Instruments(a):
Forward Foreign Currency Exchange Contracts			-		29,144,491		-
Total Assets		$	15,255,041,695	$	784,325,536	$	-
Liabilities
Other Financial Instruments(a):
Forward Foreign Currency Exchange Contracts		$	-	$	1,330,594	$	-
(a)	Other financial instruments include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date.

Janus Investment Fund 15

Janus Henderson Enterprise Fund

Statement of Assets and Liabilities

September 30, 2022

See footnotes at the end of the Statement.

Assets:
	Unaffiliated investments, at value (cost $10,647,076,600)(1)		$	14,845,580,267
	Affiliated investments, at value (cost $1,285,763,319)			1,164,642,473
	Forward foreign currency exchange contracts			29,144,491
	Cash denominated in foreign currency (cost $2,317,182)			2,208,215
	Trustees' deferred compensation			481,658
	Receivables:
		Fund shares sold		131,097,739
		Investments sold		40,235,569
		Dividends		6,388,875
		Dividends from affiliates		1,490,460
	Other assets			34,692
Total Assets				16,221,304,439
Liabilities:
	Due to custodian			880
	Collateral for securities loaned (Note 3)			28,148,769
	Forward foreign currency exchange contracts			1,330,594
	Payables:			—
		Fund shares repurchased		130,449,369
		Investments purchased		39,020,070
		Advisory fees		9,790,147
		Transfer agent fees and expenses		2,061,586
		Trustees' deferred compensation fees		481,658
		12b-1 Distribution and shareholder servicing fees		286,634
		Trustees' fees and expenses		82,419
		Professional fees		65,891
		Custodian fees		56,151
		Affiliated fund administration fees payable		38,243
		Accrued expenses and other payables		701,558
Total Liabilities				212,513,969
Net Assets			$	16,008,790,470

See Notes to Financial Statements.
16	SEPTEMBER 30, 2022

Janus Henderson Enterprise Fund

Statement of Assets and Liabilities

September 30, 2022

Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	10,406,487,575
	Total distributable earnings (loss)		5,602,302,895
Total Net Assets		$	16,008,790,470
Net Assets - Class A Shares		$	327,175,593
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,815,096
Net Asset Value Per Share(2)		$	116.22
Maximum Offering Price Per Share(3)		$	123.31
Net Assets - Class C Shares		$	110,936,313
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,086,446
Net Asset Value Per Share(2)		$	102.11
Net Assets - Class D Shares		$	1,937,787,095
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		16,028,885
Net Asset Value Per Share		$	120.89
Net Assets - Class I Shares		$	5,404,044,895
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		44,383,742
Net Asset Value Per Share		$	121.76
Net Assets - Class N Shares		$	4,678,461,972
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		38,208,705
Net Asset Value Per Share		$	122.44
Net Assets - Class R Shares		$	69,756,081
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		635,749
Net Asset Value Per Share		$	109.72
Net Assets - Class S Shares		$	283,177,217
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,457,619
Net Asset Value Per Share		$	115.22
Net Assets - Class T Shares		$	3,197,451,304
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		26,693,826
Net Asset Value Per Share		$	119.78

(1)Includes $25,621,867 of securities on loan. See Note 3 in Notes to Financial Statements.

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

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

See Notes to Financial Statements.
Janus Investment Fund	17

Janus Henderson Enterprise Fund

Statement of Operations

For the year ended September 30, 2022

Investment Income:
	Dividends		$	176,015,689
	Dividends from affiliates			9,202,572
	Affiliated securities lending income, net			82,698
	Unaffiliated securities lending income, net			18,902
	Other income			23,041
	Foreign tax withheld			(3,361,527)
Total Investment Income				181,981,375
Expenses:
	Advisory fees			127,889,926
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		1,002,839
		Class C Shares		1,323,688
		Class R Shares		478,462
		Class S Shares		941,117
	Transfer agent administrative fees and expenses:
		Class D Shares		2,679,117
		Class R Shares		244,195
		Class S Shares		943,095
		Class T Shares		10,371,916
	Transfer agent networking and omnibus fees:
		Class A Shares		896,617
		Class C Shares		100,960
		Class I Shares		6,456,455
	Other transfer agent fees and expenses:
		Class A Shares		24,854
		Class C Shares		7,326
		Class D Shares		299,645
		Class I Shares		310,494
		Class N Shares		189,910
		Class R Shares		1,503
		Class S Shares		7,270
		Class T Shares		39,066
	Shareholder reports expense			779,528
	Affiliated fund administration fees			499,570
	Trustees’ fees and expenses			403,021
	Registration fees			307,260
	Custodian fees			301,330
	Professional fees			134,120
	Other expenses			1,084,128
Total Expenses				157,717,412
Less: Excess Expense Reimbursement and Waivers				(474,656)
Net Expenses				157,242,756
Net Investment Income/(Loss)				24,738,619

See Notes to Financial Statements.
18	SEPTEMBER 30, 2022

Janus Henderson Enterprise Fund

Statement of Operations

For the year ended September 30, 2022

Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	1,470,998,039
	Investments in affiliates		215,518,385
	Forward foreign currency exchange contracts		68,629,823
Total Net Realized Gain/(Loss) on Investments			1,755,146,247
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and Trustees’ deferred compensation		(5,388,390,142)
	Investments in affiliates		(148,697,990)
	Forward foreign currency exchange contracts		13,626,496
Total Change in Unrealized Net Appreciation/Depreciation			(5,523,461,636)
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	(3,743,576,770)

See Notes to Financial Statements.
Janus Investment Fund	19

Janus Henderson Enterprise Fund

Statements of Changes in Net Assets

			Year ended September 30, 2022		Year ended September 30, 2021
Operations:
	Net investment income/(loss)		$	24,738,619	$	33,292,119
	Net realized gain/(loss) on investments			1,755,146,247		3,648,893,083
	Change in unrealized net appreciation/depreciation			(5,523,461,636)		2,631,753,149
Net Increase/(Decrease) in Net Assets Resulting from Operations				(3,743,576,770)		6,313,938,351
Dividends and Distributions to Shareholders:
		Class A Shares		(65,714,839)		(39,548,234)
		Class C Shares		(28,152,759)		(16,803,309)
		Class D Shares		(359,561,565)		(182,191,933)
		Class I Shares		(1,130,089,504)		(616,012,620)
		Class N Shares		(789,979,114)		(437,937,089)
		Class R Shares		(16,455,015)		(10,772,784)
		Class S Shares		(62,009,288)		(39,534,196)
		Class T Shares		(699,266,902)		(471,925,055)
Net Decrease from Dividends and Distributions to Shareholders				(3,151,228,986)		(1,814,725,220)
Capital Share Transactions:
		Class A Shares		(3,987,499)		(82,099,821)
		Class C Shares		(11,161,089)		(28,623,413)
		Class D Shares		244,637,951		63,796,686
		Class I Shares		(137,205,137)		(432,474,164)
		Class N Shares		850,530,593		(332,892,132)
		Class R Shares		(5,979,734)		(32,913,124)
		Class S Shares		(26,518,543)		(120,403,166)
		Class T Shares		(577,826,097)		(1,151,012,592)
Net Increase/(Decrease) from Capital Share Transactions				332,490,445		(2,116,621,726)
Net Increase/(Decrease) in Net Assets				(6,562,315,311)		2,382,591,405
Net Assets:
	Beginning of period			22,571,105,781		20,188,514,376
	End of period		$	16,008,790,470	$	22,571,105,781

See Notes to Financial Statements.
20	SEPTEMBER 30, 2022

Janus Henderson Enterprise Fund

Financial Highlights

Class A Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$168.35	$137.77	$136.07	$131.70	$111.15
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.30)	(0.27)	(0.09)	(0.02)	(0.15)
		Net realized and unrealized gain/(loss)	(27.16)	43.67	7.94	11.19	22.79
	Total from Investment Operations		(27.46)	43.40	7.85	11.17	22.64
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(24.67)	(12.82)	(6.15)	(6.80)	(2.09)
	Total Dividends and Distributions		(24.67)	(12.82)	(6.15)	(6.80)	(2.09)
	Net Asset Value, End of Period		$116.22	$168.35	$137.77	$136.07	$131.70
	Total Return*		(19.08)%	32.57%	5.81%	9.88%	20.63%
	Net Assets, End of Period (in thousands)		$327,176	$472,904	$456,433	$547,328	$666,848
	Average Net Assets for the Period (in thousands)		$399,310	$493,097	$493,576	$611,182	$647,856
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.14%	1.13%	1.17%	1.15%	1.16%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.12%	1.11%	1.12%	1.11%	1.12%
		Ratio of Net Investment Income/(Loss)	(0.21)%	(0.17)%	(0.07)%	(0.02)%	(0.13)%
	Portfolio Turnover Rate		9%	12%	14%	13%	13%

*Total return includes adjustments in accordance 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 C Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$151.54	$125.75	$125.40	$122.67	$104.26
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.87)	(1.06)	(0.77)	(0.71)	(0.81)
		Net realized and unrealized gain/(loss)	(23.89)	39.67	7.27	10.24	21.31
	Total from Investment Operations		(24.76)	38.61	6.50	9.53	20.50
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(24.67)	(12.82)	(6.15)	(6.80)	(2.09)
	Total Dividends and Distributions		(24.67)	(12.82)	(6.15)	(6.80)	(2.09)
	Net Asset Value, End of Period		$102.11	$151.54	$125.75	$125.40	$122.67
	Total Return*		(19.47)%	31.83%	5.21%	9.25%	19.93%
	Net Assets, End of Period (in thousands)		$110,936	$179,240	$173,129	$212,985	$254,496
	Average Net Assets for the Period (in thousands)		$153,213	$187,356	$188,953	$219,505	$255,949
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.60%	1.67%	1.69%	1.70%	1.70%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.60%	1.67%	1.69%	1.70%	1.70%
		Ratio of Net Investment Income/(Loss)	(0.69)%	(0.73)%	(0.64)%	(0.61)%	(0.71)%
	Portfolio Turnover Rate		9%	12%	14%	13%	13%

*Total return includes adjustments in accordance 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	SEPTEMBER 30, 2022

Janus Henderson Enterprise Fund

Financial Highlights

Class D Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$174.13	$142.10	$139.87	$134.99	$113.64
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.18	0.25	0.33	0.37	0.23
		Net realized and unrealized gain/(loss)	(28.23)	45.06	8.20	11.50	23.31
	Total from Investment Operations		(28.05)	45.31	8.53	11.87	23.54
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.52)	(0.46)	(0.15)	(0.19)	(0.10)
		Distributions (from capital gains)	(24.67)	(12.82)	(6.15)	(6.80)	(2.09)
	Total Dividends and Distributions		(25.19)	(13.28)	(6.30)	(6.99)	(2.19)
	Net Asset Value, End of Period		$120.89	$174.13	$142.10	$139.87	$134.99
	Total Return*		(18.82)%	32.99%	6.15%	10.22%	20.99%
	Net Assets, End of Period (in thousands)		$1,937,787	$2,507,220	$1,983,824	$2,061,471	$1,973,861
	Average Net Assets for the Period (in thousands)		$2,337,701	$2,394,871	$1,974,784	$1,930,540	$1,853,456
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.79%	0.79%	0.80%	0.81%	0.81%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.79%	0.79%	0.80%	0.81%	0.81%
		Ratio of Net Investment Income/(Loss)	0.12%	0.15%	0.25%	0.28%	0.18%
	Portfolio Turnover Rate		9%	12%	14%	13%	13%

*Total return includes adjustments in accordance 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	23

Janus Henderson Enterprise Fund

Financial Highlights

Class I Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$175.21	$142.89	$140.62	$135.69	$114.20
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.23	0.32	0.40	0.45	0.32
		Net realized and unrealized gain/(loss)	(28.42)	45.33	8.24	11.55	23.42
	Total from Investment Operations		(28.19)	45.65	8.64	12.00	23.74
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.59)	(0.51)	(0.22)	(0.27)	(0.16)
		Distributions (from capital gains)	(24.67)	(12.82)	(6.15)	(6.80)	(2.09)
	Total Dividends and Distributions		(25.26)	(13.33)	(6.37)	(7.07)	(2.25)
	Net Asset Value, End of Period		$121.76	$175.21	$142.89	$140.62	$135.69
	Total Return*		(18.78)%	33.06%	6.20%	10.28%	21.07%
	Net Assets, End of Period (in thousands)		$5,404,045	$8,014,607	$6,919,545	$7,666,702	$6,443,068
	Average Net Assets for the Period (in thousands)		$6,984,545	$7,776,971	$7,335,476	$6,775,060	$5,408,221
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.76%	0.74%	0.75%	0.75%	0.75%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.76%	0.74%	0.75%	0.75%	0.75%
		Ratio of Net Investment Income/(Loss)	0.16%	0.19%	0.30%	0.34%	0.25%
	Portfolio Turnover Rate		9%	12%	14%	13%	13%

*Total return includes adjustments in accordance 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.
24	SEPTEMBER 30, 2022

Janus Henderson Enterprise Fund

Financial Highlights

Class N Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$176.05	$143.53	$141.19	$136.18	$114.57
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.38	0.47	0.53	0.56	0.42
		Net realized and unrealized gain/(loss)	(28.59)	45.53	8.28	11.60	23.51
	Total from Investment Operations		(28.21)	46.00	8.81	12.16	23.93
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.73)	(0.66)	(0.32)	(0.35)	(0.23)
		Distributions (from capital gains)	(24.67)	(12.82)	(6.15)	(6.80)	(2.09)
	Total Dividends and Distributions		(25.40)	(13.48)	(6.47)	(7.15)	(2.32)
	Net Asset Value, End of Period		$122.44	$176.05	$143.53	$141.19	$136.18
	Total Return*		(18.71)%	33.17%	6.30%	10.38%	21.18%
	Net Assets, End of Period (in thousands)		$4,678,462	$5,636,167	$4,867,667	$4,860,043	$3,947,225
	Average Net Assets for the Period (in thousands)		$5,415,323	$5,609,015	$4,941,595	$4,213,287	$3,463,197
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.66%	0.66%	0.66%	0.66%	0.66%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.66%	0.66%	0.66%	0.66%	0.66%
		Ratio of Net Investment Income/(Loss)	0.26%	0.28%	0.39%	0.43%	0.34%
	Portfolio Turnover Rate		9%	12%	14%	13%	13%

*Total return includes adjustments in accordance 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	25

Janus Henderson Enterprise Fund

Financial Highlights

Class R Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$160.72	$132.38	$131.34	$127.76	$108.20
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.67)	(0.69)	(0.46)	(0.39)	(0.50)
		Net realized and unrealized gain/(loss)	(25.66)	41.85	7.65	10.77	22.15
	Total from Investment Operations		(26.33)	41.16	7.19	10.38	21.65
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(24.67)	(12.82)	(6.15)	(6.80)	(2.09)
	Total Dividends and Distributions		(24.67)	(12.82)	(6.15)	(6.80)	(2.09)
	Net Asset Value, End of Period		$109.72	$160.72	$132.38	$131.34	$127.76
	Total Return*		(19.32)%	32.18%	5.51%	9.56%	20.27%
	Net Assets, End of Period (in thousands)		$69,756	$110,802	$119,190	$150,860	$162,271
	Average Net Assets for the Period (in thousands)		$97,291	$124,162	$130,918	$150,191	$167,123
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.41%	1.40%	1.41%	1.41%	1.41%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.41%	1.40%	1.41%	1.41%	1.41%
		Ratio of Net Investment Income/(Loss)	(0.50)%	(0.45)%	(0.36)%	(0.32)%	(0.43)%
	Portfolio Turnover Rate		9%	12%	14%	13%	13%

*Total return includes adjustments in accordance 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.
26	SEPTEMBER 30, 2022

Janus Henderson Enterprise Fund

Financial Highlights

Class S Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$167.17	$136.94	$135.34	$131.09	$110.70
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.36)	(0.34)	(0.14)	(0.08)	(0.21)
		Net realized and unrealized gain/(loss)	(26.92)	43.39	7.89	11.13	22.69
	Total from Investment Operations		(27.28)	43.05	7.75	11.05	22.48
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(24.67)	(12.82)	(6.15)	(6.80)	(2.09)
	Total Dividends and Distributions		(24.67)	(12.82)	(6.15)	(6.80)	(2.09)
	Net Asset Value, End of Period		$115.22	$167.17	$136.94	$135.34	$131.09
	Total Return*		(19.12)%	32.51%	5.77%	9.84%	20.57%
	Net Assets, End of Period (in thousands)		$283,177	$442,011	$465,207	$589,792	$626,458
	Average Net Assets for the Period (in thousands)		$375,663	$480,226	$538,012	$592,420	$593,963
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.16%	1.16%	1.16%	1.16%	1.16%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.16%	1.16%	1.16%	1.16%	1.16%
		Ratio of Net Investment Income/(Loss)	(0.25)%	(0.21)%	(0.11)%	(0.06)%	(0.17)%
	Portfolio Turnover Rate		9%	12%	14%	13%	13%

*Total return includes adjustments in accordance 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	27

Janus Henderson Enterprise Fund

Financial Highlights

Class T Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$172.66	$141.02	$138.90	$134.10	$112.96
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.01	0.07	0.20	0.24	0.11
		Net realized and unrealized gain/(loss)	(27.97)	44.71	8.13	11.44	23.17
	Total from Investment Operations		(27.96)	44.78	8.33	11.68	23.28
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.25)	(0.32)	(0.06)	(0.08)	(0.05)
		Distributions (from capital gains)	(24.67)	(12.82)	(6.15)	(6.80)	(2.09)
	Total Dividends and Distributions		(24.92)	(13.14)	(6.21)	(6.88)	(2.14)
	Net Asset Value, End of Period		$119.78	$172.66	$141.02	$138.90	$134.10
	Total Return*		(18.91)%	32.84%	6.04%	10.12%	20.88%
	Net Assets, End of Period (in thousands)		$3,197,451	$5,208,155	$5,203,521	$5,461,958	$5,344,306
	Average Net Assets for the Period (in thousands)		$4,131,052	$5,723,820	$5,246,105	$5,059,206	$4,920,845
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.91%	0.91%	0.91%	0.91%	0.91%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.90%	0.90%	0.90%	0.91%	0.91%
		Ratio of Net Investment Income/(Loss)	0.01%	0.05%	0.15%	0.19%	0.09%
	Portfolio Turnover Rate		9%	12%	14%	13%	13%

*Total return includes adjustments in accordance 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.
28	SEPTEMBER 30, 2022

Janus Henderson Enterprise Fund

Notes to Financial Statements

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 39 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC (formerly Janus Capital Management LLC) is the investment adviser (the “Adviser”) to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Shareholders, including other funds, individuals, accounts, as well as the Fund’s portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s Shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors, 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, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (formerly Janus Distributors LLC) (the

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“Distributor”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

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

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

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

Investment Valuation

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The 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 Adviser-approved pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a 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 valuation policies provide for the use of systematic fair valuation models provided by independent pricing services to value foreign 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

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an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

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

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

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

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of September 30, 2022 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.

Investment Transactions and Investment Income

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

Expenses

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Indemnifications

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

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Foreign Currency Translations

The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

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

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

Dividends and Distributions

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

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

Federal Income Taxes

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

2. Derivative Instruments

The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the year ended September 30, 2022 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

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Notes to Financial Statements

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:

·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 the Adviser’s ability to establish and maintain appropriate systems and trading.

Forward Foreign Currency Exchange Contracts

A forward foreign currency exchange contract (“forward currency contract”) is an obligation to buy or sell a specified currency at a future date at a negotiated rate (which may be U.S. dollars or a foreign currency). The Fund may enter into forward currency contracts for hedging purposes, including, but not limited to, reducing exposure to changes in foreign

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Notes to Financial Statements

currency exchange rates on foreign portfolio holdings and locking in the U.S. dollar cost of firm purchase and sale commitments for securities denominated in or exposed to foreign currencies. The Fund may also invest in forward currency contracts for non-hedging purposes such as seeking to enhance returns. The Fund is subject to currency risk and counterparty risk in the normal course of pursuing its investment objective through its investments in forward currency contracts.

Forward currency contracts are valued by converting the foreign value to U.S. dollars by using the current spot U.S. dollar exchange rate and/or forward rate for that currency. Exchange and forward rates as of the close of the NYSE are used to value the forward currency contracts.

The unrealized appreciation/(depreciation) for forward currency contracts is reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations for the change in unrealized net appreciation/depreciation (if applicable). The realized gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing a forward currency contract is reported on the Statement of Operations (if applicable).

During the year, the Fund entered into forward currency contracts with the obligation to purchase foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.

During the year, the Fund entered into forward currency contracts with the obligation to sell foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.

3. Other Investments and Strategies

Additional Investment Risk

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 in response to the COVID-19 pandemic. This and other government intervention into the economy and financial markets to address the COVID-19 pandemic may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Government actions to mitigate the economic impact of the pandemic have resulted in a large expansion of government deficits and debt, the long term consequences of which are not known. The COVID-19 pandemic could adversely affect the value and liquidity of a Fund’s investments, impair a Fund’s ability to satisfy redemption requests, and negatively impact a Fund’s performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

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 the Adviser 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.

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.

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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. Among other things, these developments have adversely affected the value and exchange rate of the euro and pound sterling, and may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse effect on the Fund’s investments in such countries, other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.

Counterparties

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.

Securities Lending

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the SEC. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.

Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund

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and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

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

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of September 30, 2022, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $25,621,867. Gross amounts of recognized liabilities for securities lending (collateral received) as of September 30, 2022 is $28,148,769, resulting in the net amount due to the counterparty of $2,526,902.

Offsetting Assets and Liabilities

The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, in the event of a default and/or termination event, the Fund may offset with each counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment.

The Offsetting Assets and Liabilities tables located in the Schedule of Investments present gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the “Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of September 30, 2022” table located in the Fund’s Schedule of Investments.The Fund generally does not exchange collateral on its forward foreign currency contracts with its counterparties; however, all liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund’s commitment with respect to these contracts. Certain securities may be segregated at the Fund’s custodian. These segregated securities are denoted on the accompanying Schedule of Investments and are evaluated daily to ensure their cover and/or market value equals or exceeds the Fund’s corresponding forward foreign currency exchange contract's obligation value.

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.

4. Investment Advisory Agreements and Other Transactions with Affiliates

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

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Notes to Financial Statements

The Adviser has contractually agreed to waive the investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, excluding 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 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. The Adviser has agreed to continue the waivers for at least a one-year period commencing on January 28, 2022. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (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 the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $502,935 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 2022. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

Janus Henderson Services US LLC (formerly Janus Services LLC) (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

Average Daily Net Assets of Class D Shares of the Janus Henderson funds	Administrative Services Fee
Under $40 billion	0.12%
$40 billion – $49.9 billion	0.10%
Over $49.9 billion	0.08%

During the reporting period, the administrative services fee rate was 0.11%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class R Shares, Class S Shares, and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares, and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R Shares, Class S Shares, and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

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Notes to Financial Statements

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, of up to 0.50% of the Class R Shares' average daily net assets, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the year ended September 30, 2022, the Distributor retained upfront sales charges of $15,083.

A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the year ended September 30, 2022.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the year ended September 30, 2022, redeeming shareholders of Class C Shares paid CDSCs of $1,569.

The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of September 30, 2022 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended September 30, 2022 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $436,813 were paid by the Trust to the Trustees under the Deferred Plan during the year ended September 30, 2022.

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

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Janus Henderson Enterprise Fund

Notes to Financial Statements

as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests 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.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended September 30, 2022 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

The Fund is permitted to purchase or sell securities (“cross-trade”) between itself and other funds or accounts managed by the Adviser in accordance with Rule 17a-7 under the Investment Company Act of 1940 (“Rule 17a-7”), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust’s Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the year ended September 30, 2022, the Fund engaged in cross trades amounting to $67,276,852 in purchases and $14,110,475 in sales, resulting in a net realized gain of $1,623,329. The net realized gain is included within the “Net Realized Gain/(Loss) on Investments” section of the Fund’s Statement of Operations.

5. Federal Income Tax

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.

Other book to tax differences primarily consist of deferred compensation, derivatives, and foreign currency contract adjustments. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ -	$ 1,418,691,981	$ -	$ (5,086,553)	$ -	$ (588,685)	$4,189,286,152

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 2022 are noted below. The primary difference 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)
$ 11,820,936,588	$5,396,887,573	$(1,207,601,421)	$ 4,189,286,152

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Notes to Financial Statements

Information on the tax components of derivatives as of September 30, 2022 is as follows:

Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 27,813,897	$ -	$ -	$ -

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

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.

For the year ended September 30, 2022
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 220,514,658	$ 2,930,714,328	$ -	$ -

For the year ended September 30, 2021
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 62,927,507	$ 1,751,797,713	$ -	$ -

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. The following reclassifications have been made to the Fund:

Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ 165,417,638	$ (29,743,622)	$ (135,674,016)

Capital has been adjusted by 165,417,638, all of which is long-term capital gain, for distributions in connection with Fund share redemptions (tax equalization).

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Janus Henderson Enterprise Fund

Notes to Financial Statements

6. Capital Share Transactions

	Year ended September 30, 2022		Year ended September 30, 2021
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	837,971	$ 116,608,375	623,354	$ 99,334,382
Reinvested dividends and distributions	297,360	42,632,523	175,459	26,494,246
Shares repurchased	(1,129,349)	(163,228,397)	(1,302,821)	(207,928,449)
Net Increase/(Decrease)	5,982	$ (3,987,499)	(504,008)	$ (82,099,821)
Class C Shares:
Shares sold	62,501	$ 7,928,856	46,061	$ 6,656,959
Reinvested dividends and distributions	217,666	27,523,875	115,145	15,720,744
Shares repurchased	(376,526)	(46,613,820)	(355,216)	(51,001,116)
Net Increase/(Decrease)	(96,359)	$ (11,161,089)	(194,010)	$ (28,623,413)
Class D Shares:
Shares sold	478,632	$ 70,710,123	604,201	$ 99,963,713
Reinvested dividends and distributions	2,340,660	348,173,218	1,135,443	176,890,607
Shares repurchased	(1,188,599)	(174,245,390)	(1,302,329)	(213,057,634)
Net Increase/(Decrease)	1,630,693	$ 244,637,951	437,315	$ 63,796,686
Class I Shares:
Shares sold	11,811,951	$1,707,347,149	10,671,413	$ 1,782,257,942
Reinvested dividends and distributions	6,230,188	933,095,224	3,162,055	495,494,094
Shares repurchased	(19,402,149)	(2,777,647,510)	(16,516,799)	(2,710,226,200)
Net Increase/(Decrease)	(1,360,010)	$ (137,205,137)	(2,683,331)	$ (432,474,164)
Class N Shares:
Shares sold	10,969,680	$1,521,926,877	4,712,549	$ 781,848,813
Reinvested dividends and distributions	5,161,986	776,930,572	2,741,978	431,450,288
Shares repurchased	(9,937,540)	(1,448,326,856)	(9,354,922)	(1,546,191,233)
Net Increase/(Decrease)	6,194,126	$ 850,530,593	(1,900,395)	$ (332,892,132)
Class R Shares:
Shares sold	110,709	$ 14,873,704	134,921	$ 20,428,800
Reinvested dividends and distributions	119,781	16,249,554	73,206	10,577,543
Shares repurchased	(284,150)	(37,102,992)	(419,107)	(63,919,467)
Net Increase/(Decrease)	(53,660)	$ (5,979,734)	(210,980)	$ (32,913,124)
Class S Shares:
Shares sold	280,458	$ 39,604,865	290,570	$ 45,840,839
Reinvested dividends and distributions	435,205	61,877,468	263,171	39,475,606
Shares repurchased	(902,055)	(128,000,876)	(1,306,884)	(205,719,611)
Net Increase/(Decrease)	(186,392)	$ (26,518,543)	(753,143)	$ (120,403,166)
Class T Shares:
Shares sold	5,573,071	$ 777,199,170	3,888,927	$ 630,422,843
Reinvested dividends and distributions	4,668,938	688,715,006	3,013,650	465,970,549
Shares repurchased	(13,712,032)	(2,043,740,273)	(13,639,082)	(2,247,405,984)
Net Increase/(Decrease)	(3,470,023)	$ (577,826,097)	(6,736,505)	$(1,151,012,592)

7. Purchases and Sales of Investment Securities

For the year ended September 30, 2022, 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
$1,645,336,425	$4,259,562,819	$ -	$ -

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Notes to Financial Statements

8. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to September 30, 2022 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.

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Report of Independent Registered Public Accounting Firm

TotheBoard of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Enterprise Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Enterprise Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2022, the related statement of operations for the year ended September 30, 2022, the statements of changes in net assets for each of the two years in the period ended September 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2022 and the financial highlights for each of the five years in the period ended September 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Denver, Colorado

November 28, 2022

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

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Janus Henderson Enterprise 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 (each, a “Fund,” and collectively, the “Funds” and 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 agreement for each Janus Henderson Fund that utilizes a subadviser.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (formerly, Janus Capital Management LLC) (the “Adviser”) and the subadviser 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 meetings held on November 3-4, 2021 and December 7-8, 2021, the Trustees’ evaluated the information provided by the Adviser, the subadviser, and the independent fee consultant, as well as other information addressed during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser and each subadviser, as applicable, were fair and reasonable in light of the nature, extent and quality of the services provided by the Adviser, its affiliates and the subadviser, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund and the subadvisory agreement for each subadvised Janus Henderson Fund, for the period from February 1, 2022 through February 1, 2023, subject to earlier termination as provided for in each agreement.

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

Nature, Extent and Quality of Services

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

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Additional Information (unaudited)

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 the Adviser and the 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 the Adviser or the subadviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

The Trustees concluded that the nature, extent and quality of the services provided by the Adviser and 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 the Adviser and the subadviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and each 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, 2021, approximately 55% of the Janus Henderson Funds were in the top two quartiles of performance versus Broadridge peers, and for the 12 months ended September 30, 2021, approximately 45% 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 second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving

Janus Investment Fund 45

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Fixed-Income Funds

·For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·For Janus Developed World Bond Fund, the Trustees noted the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

Global and International Equity Funds

·For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the

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Additional Information (unaudited)

Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

Money Market Funds

·For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was 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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

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Additional Information (unaudited)

·For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser 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 bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser and subadviser had taken or were taking to improve performance.

·For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson International Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser and subadviser had taken or were taking to improve performance.

·For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser and subadviser had taken or were taking to improve performance.

U.S. Equity Funds

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

·For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

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Additional Information (unaudited)

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 the Adviser out of its management fees collected from such Janus Henderson Fund.

The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge Expense Group peers; and (3) and the management fees for the Janus Henderson Funds, on average, were 6% 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.

The Trustees considered the methodology used by the Adviser and 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 the Adviser and subadviser to comparable separate account clients and to comparable non-affiliated funds subadvised by the Adviser or subadviser (for which the Adviser 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 the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser 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; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged to Janus Henderson subadvised fund and separate account investors; and (4) as part of its 2020 review, 9 of 10 Janus Henderson Funds have lower management fees than similar funds subadvised by the Adviser.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2020, including the VIT Portfolios, and noted the following with regard to each VIT Portfolio’s total expenses, net of applicable fee waivers (the VIT Portfolio’s “total expenses”):

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Additional Information (unaudited)

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 the Adviser 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.

·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 the Adviser 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 the Adviser 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 one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser 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 the Adviser 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 the Adviser has contractually agreed to limit the Fund’s expenses.

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

·For Janus Henderson Short Duration 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 the Adviser 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 the Adviser 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 certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser 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 the Adviser has contractually agreed to limit the Fund’s expenses.

·For Janus Henderson Global Equity Income 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 the Adviser 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.

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Additional Information (unaudited)

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

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

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

Money Market Funds

·For Janus Henderson Government 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 the Adviser has voluntarily agreed to limit the Fund’s expenses to assist the Fund in attempting to maintain a yield of at least 0.00%.

·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 the Adviser has agreed to limit the Fund’s expenses to assist the Fund in attempting to maintain a yield of at least 0.00%.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted 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 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 the Adviser 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 the Adviser 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

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Additional Information (unaudited)

that the Adviser 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 the Adviser 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 the Adviser 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, 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 the Adviser 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 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 the Adviser 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.

·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 the Adviser 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 the Adviser 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 Mid Cap Value Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

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

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by

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Additional Information (unaudited)

numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser and 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 the Adviser 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 the Adviser 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 the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser and its affiliates, as well as the fees paid by the Adviser to the subadviser 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 the Adviser and the subadviser 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 the Adviser and subadviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

Economies of Scale

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 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 75% of these Janus Henderson Funds’ have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. The Trustees also noted the following: (1) that for those Janus Henderson Funds whose expenses are being reduced by the contractual expense limitations of the Adviser, the Adviser is subsidizing certain of these Janus Henderson Funds because they have not reached adequate scale; (2) 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 (3) 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 the Adviser 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 the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, the Adviser appeared to be investing to increase the likelihood that these Janus

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Additional Information (unaudited)

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 the Adviser.

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

Other Benefits to the Adviser

The Trustees also considered benefits that accrue to the Adviser and its affiliates and subadviser to the Janus Henderson Funds from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by 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 the Adviser and/or the Adviser, and/or subadviser to a Janus Henderson Fund. The Trustees concluded that the Adviser’s and the subadviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates and subadviser pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser and the subadviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser and the subadviser 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 the Adviser’s and/or the subadviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser and/or other clients of the subadviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser, the subadviser or other Janus Henderson funds, and that the success of the Adviser and the subadviser could enhance the Adviser’s and the subadviser’s ability to serve the Janus Henderson Funds.

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Useful Information About Your Fund Report (unaudited)

Management Commentary

The Management Commentary in this report includes valuable insight as well as statistical information to help you understand how your Fund’s performance and characteristics stack up against those of comparable indices.

If the Fund invests in foreign securities, this report may include information about country exposure. Country exposure is based primarily on 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.

Please keep in mind that the opinions expressed in the Management Commentary are just that: opinions. They are a reflection based on best judgment at the time this report was compiled, which was September 30, 2022. As the investing environment changes, so could opinions. These views are unique and are not necessarily shared by fellow employees or by Janus Henderson in general.

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 the Adviser 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. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by Bloomberg 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.

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Janus Henderson Enterprise Fund

Useful Information About Your Fund Report (unaudited)

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.

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.

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.

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Janus Henderson Enterprise Fund

Useful Information About Your Fund Report (unaudited)

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 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.

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Janus Henderson Enterprise Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2022:

Capital Gain Distributions	$3,096,131,966
Dividends Received Deduction Percentage	100%

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Janus Henderson Enterprise Fund

Trustees and Officers (unaudited)

The following are the Trustees and officers of the Trust, together with a brief description of their principal occupations during the last five years (principal occupations for certain Trustees may include periods over five years). The Fund’s Statement of Additional Information includes additional information about the Trustees and officers and is available, without charge, by calling 1-877-335-2687.

Each Trustee has served in that capacity since he or she was originally elected or appointed. The Trustees do not serve a specified term of office. Each Trustee will hold office until the termination of the Trust or his or her earlier death, resignation, retirement, incapacity, or removal. Under the Fund’s Governance Procedures and Guidelines, the policy is for Trustees to retire no later than the end of the calendar year in which the Trustee turns 75. The Trustees review the Fund’s Governance Procedures and Guidelines from time to time and may make changes they deem appropriate. The Fund’s Nominating and Governance Committee will consider nominees for the position of Trustee recommended by shareholders. Shareholders may submit the name of a candidate for consideration by the Committee by submitting their recommendations to the Trust’s Secretary. Each Trustee is currently a Trustee of one other registered investment company advised by the Adviser: Janus Aspen Series. Collectively, these two registered investment companies consist of 50 series or funds referred to herein as the Fund Complex.

The Trust’s officers are elected annually by the Trustees for a one-year term. Certain officers also serve as officers of Janus Aspen Series. Certain officers of the Fund may also be officers and/or directors of the Adviser. Except as otherwise disclosed, Fund officers receive no compensation from the Fund, except for the Fund’s Chief Compliance Officer, as authorized by the Trustees.

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Janus Henderson Enterprise Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Chairman Trustee	5/22-Present 1/13-Present	Principal, Curam Holdings LLC (since 2018). Formerly, Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm) (2012-2018), Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	50	Advisory Board Member of AEW Core Property Trust (open-end property fund) (since 2020), and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016), Director of Nuveen Global Investors LLC (2007-2011), Director of Communities in Schools (2004-2010), and Director of Mutual Fund Education Alliance (until 2010).
Cheryl D. Alston 151 Detroit Street Denver, CO 80206 DOB: 1966	Trustee	8/22-Present	Executive Director and Chief Investment Officer, Employees’ Retirement Fund of the City of Dallas (since 2004).	50	Director of Blue Cross Blue Shield of Kansas City (a not-for-profit health insurance provider) (since 2016) and Director of Global Life Insurance (life and supplemental health insurance provider) (since 2017). Formerly, Director of Federal Home Loan Bank of Dallas (2017-2021).

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Janus Henderson Enterprise Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000), and Chief Investment Officer (1987-1994) and Vice Chairman and Director (1990-1994) of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	50	Member, Limited Partner Advisory Committee, Karmel Capital Fund III (later stage growth fund) (since 2022), Member of the Investment Committee for the Orange County Community Foundation (a grantmaking foundation) (since 2020), Advisory Board Member, RevOZ Fund LP and related funds (real estate investments for opportunity zones) (since 2020), and Advisory Board Member, Innovate Partners Emerging Growth and Equity Fund I (early stage venture capital fund) (since 2014). Formerly, Managing Trustee of National Retirement Partners Liquidating Trust (2013-2016), Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (2005-2013), Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009), Director of RemedyTemp, Inc. (temporary help services company) (1996-2006), and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).

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Janus Henderson Enterprise Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Founder, Daraja Capital (advisory and investment firm) (since 2016). Formerly, Senior Vice President and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (2011-2021), and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	50	Member of the Investment Committee for Cooper Union (private college) (since 2021), Board Member, Van Alen Institute (nonprofit architectural and design organization) (since 2019), and Director of Brightwood Capital Advisors, LLC (since 2014).

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Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Darrell B. Jackson 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	8/22-Present	President and Chief Executive Officer, The Efficace Group Inc. (since 2018). Formerly, President and Chief Executive Officer, Seaway Bank and Trust Company (community bank) (2014-2015), and Executive Vice President and Co-President, Wealth Management (2009-2014), and several senior positions, including Group Executive, Senior Vice President, and Vice President (1995-2009) of Northern Trust Company (financial services company) (1995-2014).	50	Director of Amalgamated Financial Corp (bank) (since August 2021), Director of YR Media (a not-for-profit production company) (since 2021), and Director of Gray-Bowen-Scott (transportation project consulting firm) (since April 2020). Formerly, Director of Delaware Place Bank (closely held commercial bank) (2016-2018) and Director of Seaway Bank and Trust Company (2014-2015).

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Janus Henderson Enterprise Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Trustee	6/02-Present	Chief Executive Officer, muun chi LLC (organic food business) (since 2022) and Independent Consultant (since 2019). Formerly, Chief Operating Officer, muun chi LLC (2020-2022), Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (2016-2019), Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations) (2009-2016), Chief Executive Officer, Imprint Capital Advisors (impact investment firm) (2013-2015), and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	50	Chairman of the Board and Trustee of The Investment Fund for Foundations Investment Program (TIP) (consisting of 1 fund) (since 2008). Formerly, Director of the F.B. Heron Foundation (a private grantmaking foundation) (2006-2022), and Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds) (2016-2021).

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Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company.	50	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013). Formerly, Director, West Bend Mutual Insurance Company (property/casualty insurance) (2013-2021), Trustee of Northwestern Mutual Life Insurance Company (2010-2013), and Director of Frank Russell Company (global asset management firm) (2008-2013).
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired. Formerly, Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006) and Treasurer for Driehaus Mutual Funds (1996-2002).	50	Formerly, Director of Family Service of Lake County (2019-2021), Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017), Independent Trustee, State Farm Associates’ Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017).

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Janus Henderson Enterprise Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	50	Director of Chicago Community Trust (Regional Community Foundation), Lurie Children’s Hospital (Chicago, IL), and Shirley Ryan Ability Lab. Formerly, Director of Wrapports, LLC (until 2022), Director of Chicago Council on Global Affairs (until 2019), InnerWorkings (until 2019) and Director of Walmart (until 2017).

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Trustees and Officers (unaudited)

OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Brian Demain 151 Detroit Street Denver, CO 80206 DOB: 1977	Executive Vice President and Co-Portfolio Manager Janus Henderson Enterprise Fund	11/07-Present	Portfolio Manager for other Janus Henderson accounts.
Cody Wheaton 151 Detroit Street Denver, CO 80206 DOB: 1978	Executive Vice President and Co-Portfolio Manager Janus Henderson Enterprise Fund	7/16-Present	Portfolio Manager for other Janus Henderson accounts and Analyst for the Adviser.
Michelle Rosenberg 151 Detroit Street Denver, CO 80206 DOB: 1973	President and Chief Executive Officer	9/22-Present	General Counsel and Corporate Secretary of Janus Henderson Investors (since 2018). Formerly, Interim President and Chief Executive Officer of the Trust and Janus Aspen Series (2022), Senior Vice President and Head of Legal, North America of Janus Henderson Investors (2017-2018) and Deputy General Counsel of Janus Henderson US (Holdings) Inc. (2015-2018).
Kristin Mariani 151 Detroit Street Denver, CO 80206 DOB: 1966	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	7/20-Present	Head of Compliance, North America for Janus Henderson Investors (since September 2020) and Chief Compliance Officer for Janus Henderson Investors US LLC (since September 2017). Formerly, Global Head of Investment Management Compliance for Janus Henderson Investors (February 2019 - August 2020), Vice President, Head of Global Distribution Compliance and Chief Compliance Officer of Janus Henderson Distributors US LLC (May 2017 – September 2017), Vice President, Compliance at Janus Henderson US (Holdings) Inc., Janus Henderson Investors US LLC, and Janus Henderson Distributors US LLC (2009-2017).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

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Janus Henderson Enterprise Fund

Trustees and Officers (unaudited)

OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Head of U.S. Fund Administration, Janus Henderson Investors and Janus Henderson Services US LLC.
Abigail J. Murray 151 Detroit Street Denver, CO 80206 DOB: 1975	Vice President, Chief Legal Officer, and Secretary	12/20-Present	Managing Counsel (2020-present). Formerly, Senior Counsel for Invesco Ltd. (2017-2020), and Vice President and Senior Counsel, ALPS Fund Services, Inc. and Assistant General Counsel, ALPS Advisors, Inc. (2015-2017).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

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Notes

NotesPage1

Janus Investment Fund 69

This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Janus Henderson Distributors US LLC
	125-02-93040 11-22

	ANNUAL REPORT September 30, 2022
Janus Henderson European Focus Fund
Janus Investment Fund
		HIGHLIGHTS ·Portfolio management perspective ·Investment strategy behind your fund ·Fund performance, characteristics and holdings

Table of Contents

Janus Henderson European Focus Fund

Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	15
Statement of Assets and Liabilities	16
Statement of Operations	18
Statements of Changes in Net Assets	20
Financial Highlights	21
Notes to Financial Statements	28
Report of Independent Registered Public Accounting Firm	43
Additional Information	44
Useful Information About Your Fund Report	55
Designation Requirements	58
Trustees and Officers	59

Janus Henderson European Focus Fund (unaudited)

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

PERFORMANCE

The Janus Henderson European Focus Fund Class I Shares returned -26.59% for the 12-month period ended September 30, 2022, underperforming its benchmark, the MSCI Europe Index^SM, which returned -24.80%.

INVESTMENT ENVIRONMENT

Equity markets declined over the 12-month period as high levels of inflation in many of the world’s key economies prompted aggressive monetary and fiscal tightening, triggering fears of global recession. Equities began the period with positive, if volatile, performance in the fourth quarter of 2021, as investors focused on strong corporate earnings. However, global stock markets sold off in February following Russia’s invasion of Ukraine. Geopolitical turmoil and ongoing supply chain issues drove prices higher, with particularly sharp increases in commodities. Steep inflation prompted several central banks to raise interest rates, causing a rotation from long-duration growth stocks to more cyclical companies. To head off inflationary pressures, the European Central Bank flipped rates from -0.50% to +0.75%. The Bank of England likewise embarked on a rate hiking cycle.

Adding to investors’ concerns was a looming energy crisis as Russia substantially reduced gas supplies to several European countries. Toward period end, the Ukraine war had begun to spill over into hybrid warfare in Europe, with hacking attacks on defense companies, the cutting of rail data network cables, and explosions along the Nordstream gas pipelines. The sharp OPEC+ oil production output cut fostered speculation about U.S. geostrategic countermeasures plus depletion of the Strategic Petroleum Reserve. Over the third quarter of 2022, European equities were trying to price what a winter of gas rationing and further elevated gas prices mean for the various industries and households that are located on the continent.

PERFORMANCE DISCUSSION

The largest detractor at the individual stock level was KION Group, a manufacturer of forklifts and warehouse automation equipment. The company encountered significant execution problems in its warehouse automation business as underlying projects had not been protected adequately against cost inflation. Music streaming service Pandora also weighed on relative returns due to fears surrounding the cost-of-living crisis.

German defense company Rheinmetall was the largest individual contributor, with outperformance due to the step change in European defense spending beginning to be factored into future earnings. Deutsche Telekom also contributed positively, as a beneficiary of telecommunications companies generally being perceived, as of the second quarter of 2022, as defensive and attractively valued versus other areas of the market.

Key sector overweights in the portfolio are information technology (semiconductors) and industrials (defense stocks and renewable energy). The latter two long thematics have simply not worked. Extremely slow bureaucracies are to blame for both, with the equity market not able to stomach the order and profit and loss (P&L) volatility of these companies in the interim given wider market stresses. We firmly believe these are just timing issues, and steady shareholders could see gains in the not-too-distant future. We also have positions in the energy sector but with no exposure to the refinery sector. We are underweight basic materials, due to chemicals and construction); financials, especially financial services; and healthcare – mostly medtech, due to valuation and consumer discretionary spend exposure.

DERIVATIVES USAGE

Please see the Derivative Instruments section in the “Notes to Financial Statements” for a discussion of derivatives used by the Fund.

Janus Investment Fund 1

Janus Henderson European Focus Fund (unaudited)

OUTLOOK

In our view, markets will have to wait longer for a true Western central bank pivot moment. Until then, the real narrow money (liquid financial assets – physical currency, coins, demand deposits, etc. – held by the central bank) creation remains significantly negative, which is typically associated with poor equity market returns and high volatility. In the past, we had held out hope that the real economy, as measured by the change in industrial output in Group of Seven (G7) and Emerging 7 (E7) countries, soon would be undershooting the real narrow money rate of change (ROC). Historically, when the rate of change in the real economy has undershot the rate of change in inflation-adjusted money creation, the backdrop for stocks becomes less negative. A monetary environment characterized by 1) a negative but no-longer-falling rate of change in real narrow money creation, and 2) an undershooting of the real economy versus monetary growth rate, usually is accompanied by only slightly negative equity market returns and potentially throws up promising buying opportunities in early-cycle stocks.

Thank you for investing in the Janus Henderson European Focus Fund.

2 SEPTEMBER 30, 2022

Janus Henderson European Focus Fund (unaudited)

Fund At A Glance

September 30, 2022

5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
Rheinmetall AG	1.09%	0.72%	KION Group AG	0.63%	-0.70%
Terna Rete Elettrica Nazionale SpA	1.60%	0.43%	Pandora A/S	1.98%	-0.67%
Anglo American PLC	2.67%	0.37%	Wizz Air Holdings PLC	0.76%	-0.65%
Wacker Chemie AG	1.21%	0.35%	Vestas Wind Systems A/S	1.50%	-0.63%
Deutsche Boerse AG	0.58%	0.31%	BioNTech SE (ADR)	0.14%	-0.49%

	5 Top Contributors - Sectors*
		Relative	Fund	MSCI Europe Index
		Contribution	Average Weight	Average Weight
	Materials	0.87%	8.63%	7.60%
	Information Technology	0.64%	7.77%	7.66%
	Other**	0.48%	2.08%	0.00%
	Communication Services	0.47%	0.85%	3.77%
	Utilities	0.36%	6.28%	4.30%
	5 Top Detractors - Sectors*
		Relative	Fund	MSCI Europe Index
		Contribution	Average Weight	Average Weight
	Industrials	-1.76%	18.78%	14.53%
	Financials	-0.99%	12.54%	16.08%
	Health Care	-0.82%	13.20%	15.32%
	Energy	-0.76%	5.18%	5.67%
	Consumer Staples	-0.25%	12.52%	13.18%
	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 3

Janus Henderson European Focus Fund (unaudited)

Fund At A Glance

September 30, 2022

5 Largest Equity Holdings -(% of Net Assets)
Nestle SA (REG)
Food Products	5.0%
Roche Holding AG
Pharmaceuticals	3.8%
RELX PLC
Professional Services	3.1%
Nordea Bank Abp
Banks	3.0%
UBS Group AG
Capital Markets	2.9%
	17.8%

Asset Allocation - (% of Net Assets)
Common Stocks	97.5%
Investment Companies	3.1%
Investments Purchased with Cash Collateral from Securities Lending	0.4%
Other		(1.0)%
		100.0%

Top Country Allocations - Long Positions -(% of Investment Securities)
As of September 30, 2022	As of September 30, 2021

4 SEPTEMBER 30, 2022

Janus Henderson European Focus Fund (unaudited)

Performance

See important disclosures on the next page.

Average Annual Total Return - for the periods ended September 30, 2022					Prospectus Expense Ratios
	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses‡	Net Annual Fund Operating Expenses‡
Class A Shares at NAV	-26.79%	-0.03%	4.42%	10.15%	1.41%	1.30%
Class A Shares at MOP	-30.99%	-1.21%	3.80%	9.84%
Class C Shares at NAV	-27.36%	-0.78%	3.62%	9.32%	2.18%	2.06%
Class C Shares at CDSC	-28.08%	-0.78%	3.62%	9.32%
Class D Shares	-26.66%	0.17%	4.52%	10.20%	1.28%	1.11%
Class I Shares	-26.59%	0.24%	4.69%	10.33%	1.14%	1.03%
Class N Shares	-26.54%	0.32%	4.63%	10.25%	1.11%	0.96%
Class S Shares	-26.64%	0.07%	4.42%	10.15%	6.00%	1.46%
Class T Shares	-26.73%	0.08%	4.47%	10.17%	1.38%	1.21%
MSCI Europe Index	-24.80%	-1.24%	3.45%	4.18%
Morningstar Quartile - Class A Shares	2nd	1st	2nd	1st
Morningstar Ranking - based on total returns for Europe Stock Funds	37/93	15/88	21/71	9/55

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.

For certain periods, the Fund’s performance may reflect the effect of expense waivers.

Janus Investment Fund 5

Janus Henderson European Focus 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), Environmental, Social and Governance (ESG) factors, 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.

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.

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 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 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.

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.

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.

© 2022 Morningstar, Inc. All Rights Reserved.

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.”

See important disclosures on the next page.

6 SEPTEMBER 30, 2022

Janus Henderson European Focus Fund (unaudited)

Performance

*The Predecessor Fund’s inception date – August 31, 2001

‡ As stated in the prospectus. Net expense ratios reflect the expense waivers, if any, contractually agreed to for at least a one-year period commencing on January 28, 2022. See Financial Highlights for actual expense ratios during the reporting period.

Janus Investment Fund 7

Janus Henderson European Focus 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 (4/1/22)	Ending Account Value (9/30/22)	Expenses Paid During Period (4/1/22 - 9/30/22)†	Beginning Account Value (4/1/22)	Ending Account Value (9/30/22)	Expenses Paid During Period (4/1/22 - 9/30/22)†	Net Annualized Expense Ratio (4/1/22 - 9/30/22)
Class A Shares		$1,000.00	$773.20	$5.82	$1,000.00	$1,018.50	$6.63	1.31%
Class C Shares		$1,000.00	$770.00	$9.27	$1,000.00	$1,014.59	$10.56	2.09%
Class D Shares		$1,000.00	$773.80	$4.98	$1,000.00	$1,019.45	$5.67	1.12%
Class I Shares		$1,000.00	$774.20	$4.63	$1,000.00	$1,019.85	$5.27	1.04%
Class N Shares		$1,000.00	$774.50	$4.36	$1,000.00	$1,020.16	$4.96	0.98%
Class S Shares		$1,000.00	$773.60	$5.25	$1,000.00	$1,019.15	$5.97	1.18%
Class T Shares		$1,000.00	$773.30	$5.51	$1,000.00	$1,018.85	$6.28	1.24%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/365 (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.

8 SEPTEMBER 30, 2022

Janus Henderson European Focus Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Common Stocks– 97.5%
Aerospace & Defense – 4.5%
	Hensoldt AG	219,437	$4,406,782
	Rheinmetall AG	43,963	6,808,509
	Safran SA	41,461	3,769,256
			14,984,547
Air Freight & Logistics – 1.4%
	DSV Panalpina A/S	39,146	4,538,099
Automobiles – 2.3%
	Daimler AG	146,324	7,481,536
Banks – 8.1%
	BNP Paribas SA	147,894	6,242,750
	Commerzbank AG*	493,836	3,542,759
	FinecoBank Banca Fineco SpA	347,850	4,274,811
	Natwest Group PLC	1,079,394	2,693,166
	Nordea Bank Abp	1,162,826	9,954,821
			26,708,307
Beverages – 1.8%
	Diageo PLC	142,648	5,977,836
Building Products – 1.3%
	Cie de Saint-Gobain	120,745	4,305,580
Capital Markets – 4.1%
	Deutsche Boerse AG	23,370	3,846,987
	UBS Group AG	674,236	9,741,966
			13,588,953
Construction & Engineering – 1.7%
	Vinci SA	71,843	5,769,950
Containers & Packaging – 1.4%
	Smurfit Kappa Group PLC	166,080	4,691,295
Electrical Equipment – 1.0%
	Vestas Wind Systems A/S	179,236	3,286,707
Food Products – 9.1%
	Chocoladefabriken Lindt & Spruengli AG (PC)	652	6,301,226
	Danone SA	151,934	7,157,576
	Nestle SA (REG)	152,682	16,535,700
			29,994,502
Hotels, Restaurants & Leisure – 1.9%
	Compass Group PLC	311,895	6,233,115
Life Sciences Tools & Services – 1.3%
	Lonza Group AG	8,879	4,318,812
Machinery – 7.0%
	Atlas Copco AB - Class A	580,242	5,375,937
	Daimler Truck Holding AG*	175,155	4,007,977
	KION Group AG	155,612	3,014,903
	VAT Group AG (144A)	30,936	6,246,828
	Volvo AB	331,451	4,679,280
			23,324,925
Metals & Mining – 1.5%
	Anglo American PLC	162,267	4,900,707
Multi-Utilities – 2.4%
	RWE AG	214,389	7,887,203
Oil, Gas & Consumable Fuels – 6.2%
	BP PLC	1,350,859	6,422,350
	Equinor ASA	146,254	4,826,552
	Shell PLC	380,229	9,458,056
			20,706,958
Paper & Forest Products – 1.4%
	UPM-Kymmene Oyj	143,954	4,573,790
Personal Products – 3.5%
	L'Oreal SA	18,682	5,947,786

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

September 30, 2022

Shares or Principal Amounts			Value
Common Stocks– (continued)
Personal Products– (continued)
	Unilever PLC	132,361	$5,822,538
			11,770,324
Pharmaceuticals – 10.9%
	AstraZeneca PLC	84,700	9,312,343
	Novo Nordisk A/S	89,962	8,968,527
	Roche Holding AG	38,197	12,457,002
	Sanofi	71,689	5,470,499
			36,208,371
Professional Services – 5.2%
	RELX PLC	420,461	10,262,221
	Wolters Kluwer NV	71,027	6,914,222
			17,176,443
Semiconductor & Semiconductor Equipment – 12.8%
	AIXTRON SE	224,218	5,420,946
	ASM International NV	25,211	5,639,859
	ASML Holding NV	13,756	5,705,008
	BE Semiconductor Industries NV	134,726	5,733,189
	Infineon Technologies AG	267,612	5,929,532
	Meyer Burger Technology AG*,#	7,800,578	3,068,178
	Nordic Semiconductor ASA*	385,627	5,053,678
	STMicroelectronics NV	189,747	5,853,676
			42,404,066
Textiles, Apparel & Luxury Goods – 4.8%
	Hugo Boss AG	150,842	7,096,650
	LVMH Moet Hennessy Louis Vuitton SE	14,862	8,735,086
			15,831,736
Water Utilities – 1.9%
	Severn Trent PLC	238,433	6,231,547
Total Common Stocks (cost $358,997,732)			322,895,309
Investment Companies– 3.1%
Money Markets – 3.1%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº,£((cost $10,391,302)	10,390,263	10,391,302
Investments Purchased with Cash Collateral from Securities Lending– 0.4%
Investment Companies – 0.3%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº,£	1,136,698	1,136,698
Time Deposits – 0.1%
	Royal Bank of Canada, 3.0600%, 10/3/22	$284,174	284,174
Total Investments Purchased with Cash Collateral from Securities Lending (cost $1,420,872)			1,420,872
Total Investments (total cost $370,809,906) – 101.0%			334,707,483
Liabilities, net of Cash, Receivables and Other Assets – (1.0)%			(3,390,317)
Net Assets – 100%			$331,317,166

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
10	SEPTEMBER 30, 2022

Janus Henderson European Focus Fund

Schedule of Investments

September 30, 2022

Summary of Investments by Country - (Long Positions) (unaudited)
		% of
		Investment
Country	Value	Securities
Germany	$59,443,784	17.8	%
Switzerland	58,669,712	17.5
United Kingdom	57,855,823	17.3
France	47,398,483	14.2
Netherlands	33,450,334	10.0
Denmark	16,793,333	5.0
Finland	14,528,611	4.3
United States	11,812,174	3.5
Sweden	10,055,217	3.0
Norway	9,880,230	3.0
Singapore	5,853,676	1.7
Ireland	4,691,295	1.4
Italy	4,274,811	1.3

Total $334,707,483 100.0 %

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	11

Janus Henderson European Focus Fund

Schedule of Investments

September 30, 2022

Schedules of Affiliated Investments – (% of Net Assets)

		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 9/30/22
Investment Companies - 3.1%
Money Markets - 3.1%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº	$	71,769	$	(998)	$	-	$	10,391,302
Investments Purchased with Cash Collateral from Securities Lending - 0.3%
Investment Companies - 0.3%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº		100,381∆		-		-		1,136,698
Total Affiliated Investments - 3.4%		$	172,150	$	(998)	$	-	$	11,528,000

		Value at 9/30/21		Purchases		Sales Proceeds		Value at 9/30/22
Investment Companies - 3.1%
Money Markets - 3.1%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº		2,579,657		307,197,934		(299,385,291)		10,391,302
Investments Purchased with Cash Collateral from Securities Lending - 0.3%
Investment Companies - 0.3%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº		-		35,259,207		(34,122,509)		1,136,698

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
12	SEPTEMBER 30, 2022

Janus Henderson European Focus Fund

Schedule of Investments

September 30, 2022

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the year ended September 30, 2022.

The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the year ended September 30, 2022
Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative	Equity Contracts
Purchased options contracts	$(1,057,289)
Written options contracts	3,609,919
Total	$ 2,552,630
Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative	Equity Contracts
Written options contracts	$ (167,997)

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

Average Ending Monthly Value of Derivative Instruments During the Year Ended September 30, 2022
Options:
Average value of option contracts purchased	$325,878
Average value of option contracts written	(286,570)

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	13

Janus Henderson European Focus Fund

Schedule of Investments

September 30, 2022

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		$	1,241,928	$	—	$	(1,241,928)	$	—
(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.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
14	SEPTEMBER 30, 2022

Janus Henderson European Focus Fund

Notes to Schedule of Investments and Other Information

MSCI Europe Index^SM MSCI Europe Index^SM reflects the equity market performance of developed markets in Europe.

LLC	Limited Liability Company
PC	Participation Certificate
PLC	Public Limited Company
REG	Registered

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 year ended September 30, 2022 is $6,246,828, which represents 1.9% of net assets.

* Non-income producing security.

ºº Rate shown is the 7-day yield as of September 30, 2022.

# Loaned security; a portion of the security is on loan at September 30, 2022.

£ 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 September 30, 2022. 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	$	-	$	322,895,309	$	-
Investment Companies		-		10,391,302		-
Investments Purchased with Cash Collateral from Securities Lending		-		1,420,872		-
Total Assets	$	-	$	334,707,483	$	-

Janus Investment Fund 15

Janus Henderson European Focus Fund

Statement of Assets and Liabilities

September 30, 2022

See footnotes at the end of the Statement.

Assets:
	Unaffiliated investments, at value (cost $359,281,906)(1)		$	323,179,483
	Affiliated investments, at value (cost $11,528,000)			11,528,000
	Cash denominated in foreign currency (cost $946,619)			937,938
	Trustees' deferred compensation			9,975
	Receivables:
		Foreign tax reclaims		2,734,746
		Fund shares sold		464,171
		Dividends		114,127
		Dividends from affiliates		5,263
	Other assets			4,250
Total Assets				338,977,953
Liabilities:
	Due to custodian			2,048
	Collateral for securities loaned (Note 3)			1,420,872
	Payables:			—
		Investments purchased		4,645,420
		Fund shares repurchased		698,627
		Advisory fees		297,825
		Transfer agent fees and expenses		53,863
		Professional fees		48,259
		12b-1 Distribution and shareholder servicing fees		32,343
		Custodian fees		15,299
		Trustees' deferred compensation fees		9,975
		Trustees' fees and expenses		1,888
		Affiliated fund administration fees payable		796
		Accrued expenses and other payables		433,572
Total Liabilities				7,660,787
Net Assets			$	331,317,166

See Notes to Financial Statements.
16	SEPTEMBER 30, 2022

Janus Henderson European Focus Fund

Statement of Assets and Liabilities

September 30, 2022

Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	815,651,137
	Total distributable earnings (loss)		(484,333,971)
Total Net Assets		$	331,317,166
Net Assets - Class A Shares		$	96,858,286
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,978,468
Net Asset Value Per Share(2)		$	32.52
Maximum Offering Price Per Share(3)		$	34.50
Net Assets - Class C Shares		$	9,828,656
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		322,970
Net Asset Value Per Share(2)		$	30.43
Net Assets - Class D Shares		$	6,898,687
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		213,455
Net Asset Value Per Share		$	32.32
Net Assets - Class I Shares		$	196,067,912
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		6,059,260
Net Asset Value Per Share		$	32.36
Net Assets - Class N Shares		$	14,169,803
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		440,747
Net Asset Value Per Share		$	32.15
Net Assets - Class S Shares		$	101,492
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,271
Net Asset Value Per Share		$	31.03
Net Assets - Class T Shares		$	7,392,330
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		229,086
Net Asset Value Per Share		$	32.27

(1)Includes $1,241,928 of securities on loan. See Note 3 in Notes to Financial Statements.

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

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

See Notes to Financial Statements.
Janus Investment Fund	17

Janus Henderson European Focus Fund

Statement of Operations

For the year ended September 30, 2022

Investment Income:
	Dividends		$	14,620,614
	Non-cash dividends			2,115,743
	Affiliated securities lending income, net			100,381
	Dividends from affiliates			71,769
	Unaffiliated securities lending income, net			2,474
	Other income			606,582
	Foreign tax withheld			(1,726,631)
Total Investment Income				15,790,932
Expenses:
	Advisory fees			4,535,036
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		323,662
		Class C Shares		171,329
		Class S Shares		—
	Transfer agent administrative fees and expenses:
		Class D Shares		10,720
		Class S Shares		239
		Class T Shares		26,120
	Transfer agent networking and omnibus fees:
		Class A Shares		103,380
		Class C Shares		16,997
		Class I Shares		189,846
	Other transfer agent fees and expenses:
		Class A Shares		8,770
		Class C Shares		1,010
		Class D Shares		3,000
		Class I Shares		13,236
		Class N Shares		520
		Class S Shares		5
		Class T Shares		816
	Registration fees			132,819
	Professional fees			47,782
	Custodian fees			44,082
	Shareholder reports expense			28,624
	Affiliated fund administration fees			11,348
	Trustees’ fees and expenses			9,771
	Other expenses			99,370
Total Expenses				5,778,482
Less: Excess Expense Reimbursement and Waivers				(545,291)
Net Expenses				5,233,191
Net Investment Income/(Loss)				10,557,741

See Notes to Financial Statements.
18	SEPTEMBER 30, 2022

Janus Henderson European Focus Fund

Statement of Operations

For the year ended September 30, 2022

Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	(56,735,284)
	Investments in affiliates		(998)
	Purchased options contracts		(1,057,289)
	Written options contracts		3,609,919
Total Net Realized Gain/(Loss) on Investments			(54,183,652)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and Trustees’ deferred compensation		(82,974,040)
	Written options contracts		(167,997)
Total Change in Unrealized Net Appreciation/Depreciation			(83,142,037)
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	(126,767,948)

See Notes to Financial Statements.
Janus Investment Fund	19

Janus Henderson European Focus Fund

Statements of Changes in Net Assets

			Year ended September 30, 2022		Year ended September 30, 2021
Operations:
	Net investment income/(loss)		$	10,557,741	$	2,166,450
	Net realized gain/(loss) on investments			(54,183,652)		99,624,270
	Change in unrealized net appreciation/depreciation			(83,142,037)		6,825,774
Net Increase/(Decrease) in Net Assets Resulting from Operations				(126,767,948)		108,616,494
Dividends and Distributions to Shareholders:
		Class A Shares		(199,461)		(362,388)
		Class D Shares		(33,496)		(20,930)
		Class I Shares		(1,094,982)		(1,148,633)
		Class N Shares		(45,092)		(26,735)
		Class S Shares		(279)		(185)
		Class T Shares		(34,594)		(12,244)
Net Decrease from Dividends and Distributions to Shareholders				(1,407,904)		(1,571,115)
Capital Share Transactions:
		Class A Shares		(8,375,717)		(8,045,062)
		Class C Shares		(9,044,345)		(14,066,619)
		Class D Shares		(467,101)		5,355,988
		Class I Shares		(26,183,219)		29,583,028
		Class N Shares		8,572,500		3,380,544
		Class S Shares		46,405		15,445
		Class T Shares		(77,072)		8,380,996
Net Increase/(Decrease) from Capital Share Transactions				(35,528,549)		24,604,320
Net Increase/(Decrease) in Net Assets				(163,704,401)		131,649,699
Net Assets:
	Beginning of period			495,021,567		363,371,868
	End of period		$	331,317,166	$	495,021,567

See Notes to Financial Statements.
20	SEPTEMBER 30, 2022

Janus Henderson European Focus Fund

Financial Highlights

Class A Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$44.48	$34.23	$27.21	$31.73	$35.02
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.90	0.16	0.11	0.41	0.46
		Net realized and unrealized gain/(loss)	(12.80)	10.20	7.22	(3.91)	(3.16)
	Total from Investment Operations		(11.90)	10.36	7.33	(3.50)	(2.70)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.06)	(0.11)	(0.31)	(1.02)	(0.59)
	Total Dividends and Distributions		(0.06)	(0.11)	(0.31)	(1.02)	(0.59)
	Net Asset Value, End of Period		$32.52	$44.48	$34.23	$27.21	$31.73
	Total Return*		(26.79)%	30.31%	27.04%	(10.61)%	(7.84)%
	Net Assets, End of Period (in thousands)		$96,858	$141,908	$116,047	$112,110	$176,690
	Average Net Assets for the Period (in thousands)		$128,933	$136,809	$109,879	$135,260	$227,911
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.42%	1.41%	1.45%	1.46%	1.31%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.30%	1.30%	1.31%	1.32%	1.30%
		Ratio of Net Investment Income/(Loss)	2.17%	0.37%	0.38%	1.49%	1.37%
	Portfolio Turnover Rate		145%	184%	160%	145%	82%

*Total return includes adjustments in accordance 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 European Focus Fund

Financial Highlights

Class C Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$41.90	$32.40	$25.69	$29.66	$32.68
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.57	(0.18)	(0.11)	0.16	0.21
		Net realized and unrealized gain/(loss)	(12.04)	9.68	6.82	(3.57)	(2.97)
	Total from Investment Operations		(11.47)	9.50	6.71	(3.41)	(2.76)
	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		$30.43	$41.90	$32.40	$25.69	$29.66
	Total Return*		(27.37)%	29.32%	26.12%	(11.26)%	(8.51)%
	Net Assets, End of Period (in thousands)		$9,829	$23,302	$29,652	$43,110	$118,408
	Average Net Assets for the Period (in thousands)		$17,189	$27,919	$37,468	$62,633	$154,929
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.20%	2.17%	2.19%	2.19%	2.04%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.07%	2.05%	2.06%	2.06%	2.02%
		Ratio of Net Investment Income/(Loss)	1.44%	(0.46)%	(0.40)%	0.62%	0.65%
	Portfolio Turnover Rate		145%	184%	160%	145%	82%

*Total return includes adjustments in accordance 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	SEPTEMBER 30, 2022

Janus Henderson European Focus Fund

Financial Highlights

Class D Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$44.21	$34.01	$27.05	$31.61	$35.02
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.98	0.24	0.18	0.49	0.57
		Net realized and unrealized gain/(loss)	(12.73)	10.13	7.16	(3.92)	(3.20)
	Total from Investment Operations		(11.75)	10.37	7.34	(3.43)	(2.63)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.14)	(0.17)	(0.38)	(1.13)	(0.78)
	Total Dividends and Distributions		(0.14)	(0.17)	(0.38)	(1.13)	(0.78)
	Net Asset Value, End of Period		$32.32	$44.21	$34.01	$27.05	$31.61
	Total Return*		(26.66)%	30.57%	27.27%	(10.39)%	(7.67)%
	Net Assets, End of Period (in thousands)		$6,899	$10,102	$3,510	$2,293	$2,875
	Average Net Assets for the Period (in thousands)		$9,366	$6,844	$2,636	$2,421	$3,071
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.30%	1.28%	1.40%	1.59%	1.19%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.11%	1.10%	1.11%	1.14%	1.11%
		Ratio of Net Investment Income/(Loss)	2.39%	0.57%	0.60%	1.81%	1.71%
	Portfolio Turnover Rate		145%	184%	160%	145%	82%

*Total return includes adjustments in accordance 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	23

Janus Henderson European Focus Fund

Financial Highlights

Class I Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$44.25	$34.03	$27.07	$31.59	$34.94
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	1.02	0.26	0.19	0.42	0.54
		Net realized and unrealized gain/(loss)	(12.75)	10.15	7.17	(3.82)	(3.14)
	Total from Investment Operations		(11.73)	10.41	7.36	(3.40)	(2.60)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.16)	(0.19)	(0.40)	(1.12)	(0.75)
	Total Dividends and Distributions		(0.16)	(0.19)	(0.40)	(1.12)	(0.75)
	Net Asset Value, End of Period		$32.36	$44.25	$34.03	$27.07	$31.59
	Total Return*		(26.60)%	30.66%	27.35%	(10.30)%	(7.60)%
	Net Assets, End of Period (in thousands)		$196,068	$299,272	$208,159	$220,722	$695,302
	Average Net Assets for the Period (in thousands)		$272,758	$263,587	$204,753	$353,101	$1,025,799
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.16%	1.14%	1.17%	1.16%	1.03%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.04%	1.03%	1.04%	1.03%	1.02%
		Ratio of Net Investment Income/(Loss)	2.47%	0.62%	0.64%	1.53%	1.60%
	Portfolio Turnover Rate		145%	184%	160%	145%	82%

*Total return includes adjustments in accordance 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.
24	SEPTEMBER 30, 2022

Janus Henderson European Focus Fund

Financial Highlights

Class N Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$43.95	$33.80	$26.86	$31.64	$34.89
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.95	0.35	0.34	0.49	0.56
		Net realized and unrealized gain/(loss)	(12.56)	10.01	7.01	(3.91)	(3.14)
	Total from Investment Operations		(11.61)	10.36	7.35	(3.42)	(2.58)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.19)	(0.21)	(0.41)	(1.36)	(0.67)
	Total Dividends and Distributions		(0.19)	(0.21)	(0.41)	(1.36)	(0.67)
	Net Asset Value, End of Period		$32.15	$43.95	$33.80	$26.86	$31.64
	Total Return*		(26.54)%	30.72%	27.51%	(10.25)%	(7.54)%
	Net Assets, End of Period (in thousands)		$14,170	$9,763	$4,371	$139	$284
	Average Net Assets for the Period (in thousands)		$13,374	$9,327	$3,114	$207	$332
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.11%	1.11%	1.20%	2.56%	1.43%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.97%	0.96%	0.96%	0.97%	0.97%
		Ratio of Net Investment Income/(Loss)	2.40%	0.85%	1.17%	1.82%	1.68%
	Portfolio Turnover Rate		145%	184%	160%	145%	82%

*Total return includes adjustments in accordance 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	25

Janus Henderson European Focus Fund

Financial Highlights

Class S Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$42.42	$32.57	$25.98	$31.53	$35.01
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.88	0.23	0.11	0.45	0.47
		Net realized and unrealized gain/(loss)	(12.13)	9.73	6.85	(3.98)	(3.20)
	Total from Investment Operations		(11.25)	9.96	6.96	(3.53)	(2.73)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.14)	(0.11)	(0.37)	(2.02)	(0.75)
	Total Dividends and Distributions		(0.14)	(0.11)	(0.37)	(2.02)	(0.75)
	Net Asset Value, End of Period		$31.03	$42.42	$32.57	$25.98	$31.53
	Total Return*		(26.61)%	30.63%	26.93%	(10.35)%	(7.96)%
	Net Assets, End of Period (in thousands)		$101	$85	$54	$43	$48
	Average Net Assets for the Period (in thousands)		$95	$68	$48	$43	$50
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	4.51%	5.71%	7.83%	8.50%	4.42%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.10%	1.07%	1.34%	1.17%	1.35%
		Ratio of Net Investment Income/(Loss)	2.27%	0.58%	0.40%	1.73%	1.42%
	Portfolio Turnover Rate		145%	184%	160%	145%	82%

*Total return includes adjustments in accordance 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.
26	SEPTEMBER 30, 2022

Janus Henderson European Focus Fund

Financial Highlights

Class T Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$44.17	$34.02	$27.06	$31.57	$35.03
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.93	0.20	0.12	0.47	0.54
		Net realized and unrealized gain/(loss)	(12.70)	10.12	7.20	(3.90)	(3.21)
	Total from Investment Operations		(11.77)	10.32	7.32	(3.43)	(2.67)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.13)	(0.17)	(0.36)	(1.08)	(0.79)
	Total Dividends and Distributions		(0.13)	(0.17)	(0.36)	(1.08)	(0.79)
	Net Asset Value, End of Period		$32.27	$44.17	$34.02	$27.06	$31.57
	Total Return*		(26.73)%	30.41%	27.20%	(10.43)%	(7.79)%
	Net Assets, End of Period (in thousands)		$7,392	$10,590	$1,579	$676	$929
	Average Net Assets for the Period (in thousands)		$10,408	$5,237	$839	$762	$1,598
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.37%	1.38%	1.70%	1.76%	1.31%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.22%	1.21%	1.19%	1.18%	1.20%
		Ratio of Net Investment Income/(Loss)	2.25%	0.47%	0.41%	1.74%	1.59%
	Portfolio Turnover Rate		145%	184%	160%	145%	82%

*Total return includes adjustments in accordance 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	27

Janus Henderson European Focus Fund

Notes to Financial Statements

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 39 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term capital appreciation primarily through investment in equities of European companies. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC (formerly Janus Capital Management LLC) is the investment adviser (the “Adviser”) to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors, 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, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (formerly Janus Distributors LLC) (the “Distributor”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory

28 SEPTEMBER 30, 2022

Janus Henderson European Focus Fund

Notes to Financial Statements

programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The 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

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The 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 Adviser-approved pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a 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 valuation policies provide for the use of systematic fair valuation models provided by independent pricing services to value foreign 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.

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

Janus Investment Fund 29

Janus Henderson European Focus Fund

Notes to Financial Statements

thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund’s Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps, investments in unregistered investment companies, options, and forward contracts.

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

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

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of September 30, 2022 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.

Investment Transactions and Investment Income

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

Expenses

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Indemnifications

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

Foreign Currency Translations

The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

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Notes to Financial Statements

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

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

Dividends and Distributions

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

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

Federal Income Taxes

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

2. Derivative Instruments

The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the year ended September 30, 2022 is discussed in further detail below. A summary of derivative activity by the Fund is reflected in the tables at the end of the Schedule of Investments.

The Fund may use derivative instruments for hedging purposes (to offset risks associated with an investment, currency exposure, or market conditions), to adjust currency exposure relative to a benchmark index, or for speculative purposes (to earn income and seek to enhance returns). When the Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative’s cost. The Fund may not use any derivative to gain exposure to an asset or class of assets that it would be prohibited by its investment restrictions from purchasing directly. The Fund’s ability to use derivative instruments may also be limited by tax considerations.

Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate over time. Investments in derivatives may not directly correlate with the price movements of the underlying instrument. As a result, the use of derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case. Derivatives can be volatile and may involve significant risks.

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

·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

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Notes to Financial Statements

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 the Adviser’s ability to establish and maintain appropriate systems and trading.

Options Contracts

An options contract provides the purchaser with the right, but not the obligation, to buy (call option) or sell (put option) a financial instrument at an agreed upon price on or before a specified date. The purchaser pays a premium to the seller for this right. The seller has the corresponding obligation to sell or buy a financial instrument if the purchaser (owner) "exercises" the option. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option, or the cost of the security for a purchased put or call option are adjusted by the amount of premium received or paid. Upon expiration, or closing of the option transaction, a realized gain or loss is reported on the Statement of Operations (if applicable). The difference between the premium paid/received and the market value of the option is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported on the Statement of Operations (if applicable). Option contracts are typically valued using an approved vendor’s option valuation model. To the extent reliable market quotations are available, option contracts are valued using market quotations. In cases when an approved vendor cannot provide coverage for an option and there is no reliable

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Notes to Financial Statements

market quotation, a broker quotation or an internal valuation using the Black-Scholes model, the Cox-Rubinstein Binomial Option Pricing Model, or other appropriate option pricing model is used. Certain options contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities as “Variation margin receivable” or “Variation margin payable” (if applicable).

The Fund may use options contracts to hedge against changes in interest rates, the values of equities, or foreign currencies. The Fund generally invests in options to hedge against adverse movements in the value of portfolio holdings. The use of such instruments may involve certain additional risks as a result of unanticipated movements in the market. A lack of correlation between the value of an instrument underlying an option and the asset being hedged, or unexpected adverse price movements, could render the Fund’s hedging strategy unsuccessful. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased or sold. The Fund may be subject to counterparty risk, interest rate risk, liquidity risk, equity risk, commodity risk, and currency risk in the normal course of pursuing its investment objective through its investments in options contracts.

Options traded on an exchange are regulated and the terms of the options are standardized. Options traded OTC expose the Fund to counterparty risk in the event that the counterparty does not perform. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by having the counterparty post collateral to cover the Fund’s exposure to the counterparty.

The Fund may purchase put options to hedge against a decline in the value of its portfolio. By using put options in this way, the Fund will reduce any profit it might otherwise have realized in the underlying security by the amount of the premium paid for the put option and by transaction costs. The Fund may purchase call options to hedge against an increase in the price of securities that it may buy in the future. The premium paid for the call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises sufficiently, the option may expire worthless to the Fund. The risk in buying options is that the Fund pays a premium whether or not the options are exercised. Options purchased are reported in the Schedule of Investments (if applicable).

During the year, the Fund purchased call options on various equity index securities for the purpose of increasing exposure to broad equity risk.

During the year, the Fund purchased call options on various equity index securities for the purpose of increasing exposure to individual equity risk.

During the year, the Fund purchased put options on various equity index securities for the purpose of decreasing exposure to broad equity risk.

There were no purchased options held at September 30, 2022.

In writing an option, the Fund bears the risk of an unfavorable change in the price of the security underlying the written option. When an option is written, the Fund receives a premium and becomes obligated to sell or purchase the underlying security at a fixed price, upon exercise of the option. Options written are reported as a liability on the Statement of Assets and Liabilities as “Options written, at value” (if applicable). The risk in writing call options is that the Fund gives up the opportunity for profit if the market price of the security increases and the options are exercised. The risk in writing put options is that the Fund may incur a loss if the market price of the security decreases and the options are exercised. The risk in buying options is that the Fund pays a premium whether or not the options are exercised. Exercise of an option written by the Fund could result in the Fund buying or selling a security at a price different from the current market value.

During the year, the Fund wrote put options on various equity securities for the purpose of increasing exposure to individual equity risk and/or generating income.

During the year, the Fund wrote put options on various equity indices for the purpose of increasing exposure to broad equity risk.

During the year, the Fund wrote call options on various equity indices for the purpose of decreasing exposure to broad equity risk.

There were no written options held at September 30, 2022.

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Notes to Financial Statements

3. Other Investments and Strategies

Additional Investment Risk

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 in response to the COVID-19 pandemic. This and other government intervention into the economy and financial markets to address the COVID-19 pandemic may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Government actions to mitigate the economic impact of the pandemic have resulted in a large expansion of government deficits and debt, the long term consequences of which are not known. The COVID-19 pandemic could adversely affect the value and liquidity of a Fund’s investments, impair a Fund’s ability to satisfy redemption requests, and negatively impact a Fund’s performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

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 the Adviser 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.

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. Among other things, these developments have adversely affected the value and exchange rate of the euro and pound sterling, and may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse effect on the Fund’s investments in such countries, other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.

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

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Notes to Financial Statements

securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.

Securities Lending

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the SEC. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.

Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

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

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of September 30, 2022, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $1,241,928. Gross amounts of recognized liabilities for securities lending (collateral received) as of September 30, 2022 is $1,420,872, resulting in the net amount due to the counterparty of $178,944.

Offsetting Assets and Liabilities

The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

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Notes to Financial Statements

The Offsetting Assets and Liabilities table located in the Schedule of Investments presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the Fund's Schedule of Investments.

4. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The 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 $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.

The Adviser has entered into a personnel-sharing arrangement with its foreign (non-U.S.) affiliates, Henderson Global Investors Limited, Henderson Global Investors (Japan) Ltd., and Henderson Global Investors (Singapore) Ltd. (collectively, “HGIL”), pursuant to which HGIL and certain employees of HGIL serve as “associated persons” of the Adviser. In this capacity, such employees of HGIL are subject to the oversight and supervision of the Adviser and may provide portfolio management, research, and related services to the Fund on behalf of the Adviser.

The Adviser has contractually agreed to waive the investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, 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 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. The Adviser has agreed to continue the waivers for at least a one-year period commencing on January 28, 2022. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (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 the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $502,935 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 2022. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

Janus Henderson Services US LLC (formerly Janus Services LLC) (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

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Notes to Financial Statements

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

Average Daily Net Assets of Class D Shares of the Janus Henderson funds	Administrative Services Fee
Under $40 billion	0.12%
$40 billion – $49.9 billion	0.10%
Over $49.9 billion	0.08%

During the reporting period, the administrative services fee rate was 0.11%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the Shares 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 Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the year ended September 30, 2022, the Distributor retained upfront sales charges of $3,482.

A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the year ended September 30, 2022.

Janus Investment Fund 37

Janus Henderson European Focus Fund

Notes to Financial Statements

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the year ended September 30, 2022, redeeming shareholders of Class C Shares paid CDSCs of $1,527.

The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of September 30, 2022 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended September 30, 2022 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $436,813 were paid by the Trust to the Trustees under the Deferred Plan during the year ended September 30, 2022.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests 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.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended September 30, 2022 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

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Janus Henderson European Focus Fund

Notes to Financial Statements

As of September 30, 2022, shares of the Fund were owned by affiliates of the Adviser, and/or other funds advised by the Adviser, as indicated in the table below:

Class		% of Class Owned		% of Fund Owned
Class A Shares		-	%	-	%
Class C Shares		-		-
Class D Shares		-		-
Class I Shares		-		-
Class N Shares		82		4
Class S Shares		51		-*
Class T Shares		-		-
*	Less than 0.50%

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).

5. Federal Income Tax

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.

Other book to tax differences primarily consist of deferred compensation. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ 10,137,464	$ -	$(447,525,119)	$ -	$ -	$ (369,182)	$(46,577,134)

Accumulated capital losses noted below represent net capital loss carryovers, as of September 30, 2022, 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, 2022
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$(233,795,597)	$(213,729,522)	$ (447,525,119)

Janus Investment Fund 39

Janus Henderson European Focus Fund

Notes to Financial Statements

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 2022 are noted below. The primary difference 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)
$ 381,284,617	$ 6,820,098	$(53,397,232)	$ (46,577,134)

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.

For the year ended September 30, 2022
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 1,407,904	$ -	$ -	$ -

For the year ended September 30, 2021
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 1,571,115	$ -	$ -	$ -

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. The following reclassifications have been made to the Fund:

Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ -	$ (417,908)	$ 417,908

40 SEPTEMBER 30, 2022

Janus Henderson European Focus Fund

Notes to Financial Statements

6. Capital Share Transactions

	Year ended September 30, 2022		Year ended September 30, 2021
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	331,159	$ 13,680,666	416,402	$ 17,599,243
Reinvested dividends and distributions	3,908	175,228	8,199	321,149
Shares repurchased	(546,754)	(22,231,611)	(624,419)	(25,965,454)
Net Increase/(Decrease)	(211,687)	$ (8,375,717)	(199,818)	$ (8,045,062)
Class C Shares:
Shares sold	30,784	$ 1,227,701	78,064	$ 2,985,510
Reinvested dividends and distributions	-	-	-	-
Shares repurchased	(263,979)	(10,272,046)	(437,142)	(17,052,129)
Net Increase/(Decrease)	(233,195)	$ (9,044,345)	(359,078)	$(14,066,619)
Class D Shares:
Shares sold	66,649	$ 2,930,962	181,755	$ 7,699,475
Reinvested dividends and distributions	731	32,517	523	20,335
Shares repurchased	(82,413)	(3,430,580)	(56,979)	(2,363,822)
Net Increase/(Decrease)	(15,033)	$ (467,101)	125,299	$ 5,355,988
Class I Shares:
Shares sold	1,838,037	$ 73,103,509	1,698,263	$ 73,365,880
Reinvested dividends and distributions	22,853	1,017,664	28,012	1,089,119
Shares repurchased	(2,565,510)	(100,304,392)	(1,079,177)	(44,871,971)
Net Increase/(Decrease)	(704,620)	$(26,183,219)	647,098	$ 29,583,028
Class N Shares:
Shares sold	280,620	$ 11,023,913	201,165	$ 8,001,484
Reinvested dividends and distributions	1,020	45,092	693	26,735
Shares repurchased	(63,038)	(2,496,505)	(109,036)	(4,647,675)
Net Increase/(Decrease)	218,602	$ 8,572,500	92,822	$ 3,380,544
Class S Shares:
Shares sold	1,249	$ 46,126	339	$ 15,260
Reinvested dividends and distributions	7	279	5	185
Shares repurchased	-	-	-	-
Net Increase/(Decrease)	1,256	$ 46,405	344	$ 15,445
Class T Shares:
Shares sold	217,630	$ 9,367,473	280,176	$ 12,166,569
Reinvested dividends and distributions	773	34,381	310	12,060
Shares repurchased	(229,049)	(9,478,926)	(87,171)	(3,797,633)
Net Increase/(Decrease)	(10,646)	$ (77,072)	193,315	$ 8,380,996

Janus Investment Fund 41

Janus Henderson European Focus Fund

Notes to Financial Statements

7. Purchases and Sales of Investment Securities

For the year ended September 30, 2022, 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
$634,228,328	$ 657,088,182	$ -	$ -

8. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to September 30, 2022 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.

42 SEPTEMBER 30, 2022

Janus Henderson European Focus Fund

Report of Independent Registered Public Accounting Firm

TotheBoard of Trustees of Janus Investment Fund and Shareholders of Janus Henderson European Focus Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson European Focus Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2022, the related statement of operations for the year ended September 30, 2022, the statements of changes in net assets for each of the two years in the period ended September 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2022 and the financial highlights for each of the five years in the period ended September 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Denver, Colorado

November 28, 2022

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

Janus Investment Fund 43

Janus Henderson European Focus 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 (each, a “Fund,” and collectively, the “Funds” and 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 agreement for each Janus Henderson Fund that utilizes a subadviser.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (formerly, Janus Capital Management LLC) (the “Adviser”) and the subadviser 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 meetings held on November 3-4, 2021 and December 7-8, 2021, the Trustees’ evaluated the information provided by the Adviser, the subadviser, and the independent fee consultant, as well as other information addressed during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser and each subadviser, as applicable, were fair and reasonable in light of the nature, extent and quality of the services provided by the Adviser, its affiliates and the subadviser, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund and the subadvisory agreement for each subadvised Janus Henderson Fund, for the period from February 1, 2022 through February 1, 2023, subject to earlier termination as provided for in each agreement.

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

Nature, Extent and Quality of Services

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

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Janus Henderson European Focus Fund

Additional Information (unaudited)

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 the Adviser and the 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 the Adviser or the subadviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

The Trustees concluded that the nature, extent and quality of the services provided by the Adviser and 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 the Adviser and the subadviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and each 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, 2021, approximately 55% of the Janus Henderson Funds were in the top two quartiles of performance versus Broadridge peers, and for the 12 months ended September 30, 2021, approximately 45% 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 second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving

Janus Investment Fund 45

Janus Henderson European Focus Fund

Additional Information (unaudited)

Fixed-Income Funds

·For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·For Janus Developed World Bond Fund, the Trustees noted the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

Global and International Equity Funds

·For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the

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Janus Henderson European Focus Fund

Additional Information (unaudited)

Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

Money Market Funds

·For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was 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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

Janus Investment Fund 47

Janus Henderson European Focus Fund

Additional Information (unaudited)

·For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser 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 bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser and subadviser had taken or were taking to improve performance.

·For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson International Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser and subadviser had taken or were taking to improve performance.

·For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser and subadviser had taken or were taking to improve performance.

U.S. Equity Funds

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

·For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

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Additional Information (unaudited)

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 the Adviser out of its management fees collected from such Janus Henderson Fund.

The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge Expense Group peers; and (3) and the management fees for the Janus Henderson Funds, on average, were 6% 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.

The Trustees considered the methodology used by the Adviser and 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 the Adviser and subadviser to comparable separate account clients and to comparable non-affiliated funds subadvised by the Adviser or subadviser (for which the Adviser 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 the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser 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; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged to Janus Henderson subadvised fund and separate account investors; and (4) as part of its 2020 review, 9 of 10 Janus Henderson Funds have lower management fees than similar funds subadvised by the Adviser.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2020, including the VIT Portfolios, and noted the following with regard to each VIT Portfolio’s total expenses, net of applicable fee waivers (the VIT Portfolio’s “total expenses”):

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Additional Information (unaudited)

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 the Adviser 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.

·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 the Adviser 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 the Adviser 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 one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser 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 the Adviser 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 the Adviser has contractually agreed to limit the Fund’s expenses.

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

·For Janus Henderson Short Duration 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 the Adviser 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 the Adviser 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 certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser 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 the Adviser has contractually agreed to limit the Fund’s expenses.

·For Janus Henderson Global Equity Income 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 the Adviser 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.

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Additional Information (unaudited)

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

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

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

Money Market Funds

·For Janus Henderson Government 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 the Adviser has voluntarily agreed to limit the Fund’s expenses to assist the Fund in attempting to maintain a yield of at least 0.00%.

·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 the Adviser has agreed to limit the Fund’s expenses to assist the Fund in attempting to maintain a yield of at least 0.00%.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted 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 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 the Adviser 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 the Adviser 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

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Additional Information (unaudited)

that the Adviser 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 the Adviser 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 the Adviser 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, 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 the Adviser 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 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 the Adviser 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.

·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 the Adviser 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 the Adviser 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 Mid Cap Value Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

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

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by

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Additional Information (unaudited)

numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser and 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 the Adviser 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 the Adviser 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 the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser and its affiliates, as well as the fees paid by the Adviser to the subadviser 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 the Adviser and the subadviser 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 the Adviser and subadviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

Economies of Scale

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 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 75% of these Janus Henderson Funds’ have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. The Trustees also noted the following: (1) that for those Janus Henderson Funds whose expenses are being reduced by the contractual expense limitations of the Adviser, the Adviser is subsidizing certain of these Janus Henderson Funds because they have not reached adequate scale; (2) 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 (3) 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 the Adviser 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 the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, the Adviser appeared to be investing to increase the likelihood that these Janus

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Additional Information (unaudited)

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 the Adviser.

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

Other Benefits to the Adviser

The Trustees also considered benefits that accrue to the Adviser and its affiliates and subadviser to the Janus Henderson Funds from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by 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 the Adviser and/or the Adviser, and/or subadviser to a Janus Henderson Fund. The Trustees concluded that the Adviser’s and the subadviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates and subadviser pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser and the subadviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser and the subadviser 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 the Adviser’s and/or the subadviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser and/or other clients of the subadviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser, the subadviser or other Janus Henderson funds, and that the success of the Adviser and the subadviser could enhance the Adviser’s and the subadviser’s ability to serve the Janus Henderson Funds.

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Useful Information About Your Fund Report (unaudited)

Management Commentary

The Management Commentary in this report includes valuable insight as well as statistical information to help you understand how your Fund’s performance and characteristics stack up against those of comparable indices.

If the Fund invests in foreign securities, this report may include information about country exposure. Country exposure is based primarily on 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.

Please keep in mind that the opinions expressed in the Management Commentary are just that: opinions. They are a reflection based on best judgment at the time this report was compiled, which was September 30, 2022. As the investing environment changes, so could opinions. These views are unique and are not necessarily shared by fellow employees or by Janus Henderson in general.

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 the Adviser 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. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by Bloomberg 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.

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Useful Information About Your Fund Report (unaudited)

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.

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.

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.

56 SEPTEMBER 30, 2022

Janus Henderson European Focus Fund

Useful Information About Your Fund Report (unaudited)

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 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.

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Janus Henderson European Focus Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2022:

Foreign Taxes Paid	$1,686,917
Foreign Source Income	$13,410,364
Qualified Dividend Income Percentage	100%

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Janus Henderson European Focus Fund

Trustees and Officers (unaudited)

The following are the Trustees and officers of the Trust, together with a brief description of their principal occupations during the last five years (principal occupations for certain Trustees may include periods over five years). The Fund’s Statement of Additional Information includes additional information about the Trustees and officers and is available, without charge, by calling 1-877-335-2687.

Each Trustee has served in that capacity since he or she was originally elected or appointed. The Trustees do not serve a specified term of office. Each Trustee will hold office until the termination of the Trust or his or her earlier death, resignation, retirement, incapacity, or removal. Under the Fund’s Governance Procedures and Guidelines, the policy is for Trustees to retire no later than the end of the calendar year in which the Trustee turns 75. The Trustees review the Fund’s Governance Procedures and Guidelines from time to time and may make changes they deem appropriate. The Fund’s Nominating and Governance Committee will consider nominees for the position of Trustee recommended by shareholders. Shareholders may submit the name of a candidate for consideration by the Committee by submitting their recommendations to the Trust’s Secretary. Each Trustee is currently a Trustee of one other registered investment company advised by the Adviser: Janus Aspen Series. Collectively, these two registered investment companies consist of 50 series or funds referred to herein as the Fund Complex.

The Trust’s officers are elected annually by the Trustees for a one-year term. Certain officers also serve as officers of Janus Aspen Series. Certain officers of the Fund may also be officers and/or directors of the Adviser. Except as otherwise disclosed, Fund officers receive no compensation from the Fund, except for the Fund’s Chief Compliance Officer, as authorized by the Trustees.

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Janus Henderson European Focus Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Chairman Trustee	5/22-Present 1/13-Present	Principal, Curam Holdings LLC (since 2018). Formerly, Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm) (2012-2018), Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	50	Advisory Board Member of AEW Core Property Trust (open-end property fund) (since 2020), and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016), Director of Nuveen Global Investors LLC (2007-2011), Director of Communities in Schools (2004-2010), and Director of Mutual Fund Education Alliance (until 2010).
Cheryl D. Alston 151 Detroit Street Denver, CO 80206 DOB: 1966	Trustee	8/22-Present	Executive Director and Chief Investment Officer, Employees’ Retirement Fund of the City of Dallas (since 2004).	50	Director of Blue Cross Blue Shield of Kansas City (a not-for-profit health insurance provider) (since 2016) and Director of Global Life Insurance (life and supplemental health insurance provider) (since 2017). Formerly, Director of Federal Home Loan Bank of Dallas (2017-2021).

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Janus Henderson European Focus Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000), and Chief Investment Officer (1987-1994) and Vice Chairman and Director (1990-1994) of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	50	Member, Limited Partner Advisory Committee, Karmel Capital Fund III (later stage growth fund) (since 2022), Member of the Investment Committee for the Orange County Community Foundation (a grantmaking foundation) (since 2020), Advisory Board Member, RevOZ Fund LP and related funds (real estate investments for opportunity zones) (since 2020), and Advisory Board Member, Innovate Partners Emerging Growth and Equity Fund I (early stage venture capital fund) (since 2014). Formerly, Managing Trustee of National Retirement Partners Liquidating Trust (2013-2016), Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (2005-2013), Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009), Director of RemedyTemp, Inc. (temporary help services company) (1996-2006), and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).

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Janus Henderson European Focus Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Founder, Daraja Capital (advisory and investment firm) (since 2016). Formerly, Senior Vice President and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (2011-2021), and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	50	Member of the Investment Committee for Cooper Union (private college) (since 2021), Board Member, Van Alen Institute (nonprofit architectural and design organization) (since 2019), and Director of Brightwood Capital Advisors, LLC (since 2014).

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Janus Henderson European Focus Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Darrell B. Jackson 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	8/22-Present	President and Chief Executive Officer, The Efficace Group Inc. (since 2018). Formerly, President and Chief Executive Officer, Seaway Bank and Trust Company (community bank) (2014-2015), and Executive Vice President and Co-President, Wealth Management (2009-2014), and several senior positions, including Group Executive, Senior Vice President, and Vice President (1995-2009) of Northern Trust Company (financial services company) (1995-2014).	50	Director of Amalgamated Financial Corp (bank) (since August 2021), Director of YR Media (a not-for-profit production company) (since 2021), and Director of Gray-Bowen-Scott (transportation project consulting firm) (since April 2020). Formerly, Director of Delaware Place Bank (closely held commercial bank) (2016-2018) and Director of Seaway Bank and Trust Company (2014-2015).

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Janus Henderson European Focus Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Trustee	6/02-Present	Chief Executive Officer, muun chi LLC (organic food business) (since 2022) and Independent Consultant (since 2019). Formerly, Chief Operating Officer, muun chi LLC (2020-2022), Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (2016-2019), Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations) (2009-2016), Chief Executive Officer, Imprint Capital Advisors (impact investment firm) (2013-2015), and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	50	Chairman of the Board and Trustee of The Investment Fund for Foundations Investment Program (TIP) (consisting of 1 fund) (since 2008). Formerly, Director of the F.B. Heron Foundation (a private grantmaking foundation) (2006-2022), and Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds) (2016-2021).

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Janus Henderson European Focus Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company.	50	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013). Formerly, Director, West Bend Mutual Insurance Company (property/casualty insurance) (2013-2021), Trustee of Northwestern Mutual Life Insurance Company (2010-2013), and Director of Frank Russell Company (global asset management firm) (2008-2013).
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired. Formerly, Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006) and Treasurer for Driehaus Mutual Funds (1996-2002).	50	Formerly, Director of Family Service of Lake County (2019-2021), Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017), Independent Trustee, State Farm Associates’ Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017).

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Janus Henderson European Focus Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	50	Director of Chicago Community Trust (Regional Community Foundation), Lurie Children’s Hospital (Chicago, IL), and Shirley Ryan Ability Lab. Formerly, Director of Wrapports, LLC (until 2022), Director of Chicago Council on Global Affairs (until 2019), InnerWorkings (until 2019) and Director of Walmart (until 2017).

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Janus Henderson European Focus Fund

Trustees and Officers (unaudited)

OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Robert Schramm-Fuchs 151 Detroit Street Denver, CO 80206 DOB: 1978	Executive Vice President and Portfolio Manager Janus Henderson European Focus Fund	3/19-Present	Fund Manager of European Equities of Janus Henderson Investors and Portfolio Manager for other Janus Henderson accounts. Formerly, European equity analyst for Janus Henderson Investors (2014-2019).
Michelle Rosenberg 151 Detroit Street Denver, CO 80206 DOB: 1973	President and Chief Executive Officer	9/22-Present	General Counsel and Corporate Secretary of Janus Henderson Investors (since 2018). Formerly, Interim President and Chief Executive Officer of the Trust and Janus Aspen Series (2022), Senior Vice President and Head of Legal, North America of Janus Henderson Investors (2017-2018) and Deputy General Counsel of Janus Henderson US (Holdings) Inc. (2015-2018).
Kristin Mariani 151 Detroit Street Denver, CO 80206 DOB: 1966	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	7/20-Present	Head of Compliance, North America for Janus Henderson Investors (since September 2020) and Chief Compliance Officer for Janus Henderson Investors US LLC (since September 2017). Formerly, Global Head of Investment Management Compliance for Janus Henderson Investors (February 2019 - August 2020), Vice President, Head of Global Distribution Compliance and Chief Compliance Officer of Janus Henderson Distributors US LLC (May 2017 – September 2017), Vice President, Compliance at Janus Henderson US (Holdings) Inc., Janus Henderson Investors US LLC, and Janus Henderson Distributors US LLC (2009-2017).
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Head of U.S. Fund Administration, Janus Henderson Investors and Janus Henderson Services US LLC.
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

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Janus Henderson European Focus Fund

Trustees and Officers (unaudited)

OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Abigail J. Murray 151 Detroit Street Denver, CO 80206 DOB: 1975	Vice President, Chief Legal Officer, and Secretary	12/20-Present	Managing Counsel (2020-present). Formerly, Senior Counsel for Invesco Ltd. (2017-2020), and Vice President and Senior Counsel, ALPS Fund Services, Inc. and Assistant General Counsel, ALPS Advisors, Inc. (2015-2017).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

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Janus Henderson European Focus Fund

Notes

NotesPage1

Janus Investment Fund 69

This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Janus Henderson Distributors US LLC
	125-02-93080 11-22

	ANNUAL REPORT September 30, 2022
Janus Henderson Forty Fund
Janus Investment Fund
		HIGHLIGHTS ·Portfolio management perspective ·Investment strategy behind your fund ·Fund performance, characteristics and holdings

Table of Contents

Janus Henderson Forty Fund

Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	13
Statement of Assets and Liabilities	14
Statement of Operations	16
Statements of Changes in Net Assets	18
Financial Highlights	19
Notes to Financial Statements	27
Report of Independent Registered Public Accounting Firm	39
Additional Information	40
Useful Information About Your Fund Report	51
Designation Requirements	54
Trustees and Officers	55

Janus Henderson Forty Fund (unaudited)

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. Brian Recht co-portfolio manager Doug Rao co-portfolio manager Nick Schommer co-portfolio manager

PERFORMANCE

The Janus Henderson Forty Fund Class I Shares returned -33.84% for the 12-month period ended September 30, 2022, versus a return of -22.59% for the Fund’s primary benchmark, the Russell 1000^® Growth Index. The Fund’s secondary benchmark, the S&P 500^® Index, returned -15.47% for the period.

INVESTMENT ENVIRONMENT

The period began amid optimism that increased vaccination rates and the imminent arrival of oral antiviral drugs could help lessen the health risks posed by the COVID virus, but investor sentiment soured rapidly as the Federal Reserve (Fed) realized that it was behind the curve in fighting inflation. Inflation remained elevated throughout the period, and the Fed continued to tighten monetary policy aggressively and conveyed that rates would need to remain higher for longer to bring inflation back to its 2% target. The Fed’s hawkish stance underpinned gains in the U.S. dollar, which hit its highest level in more than 20 years toward the end of the period. While the U.S. economy entered a technical recession - experiencing two consecutive quarters of contraction in the first and second quarters of 2022 - the economic outlook remained uncertain, as consumer and labor force data were relatively resilient even amid fears of a weaker economic environment.

PERFORMANCE DISCUSSION

As part of our investment strategy, we seek companies that have built clear, sustainable moats around their businesses, with strong competitive advantages. We believe these advantages should help them grow market share within their respective industries over time. Important competitive advantages could include a strong brand, network effects from a product or service that would be hard for a competitor to replicate, a lower cost structure than competitors in the industry, a distribution advantage, or patent protection over valuable intellectual property. We think emphasizing these sustainable competitive advantages can be a meaningful driver of outperformance over longer time horizons as the market often underestimates the duration of growth for these companies and the long-term potential return to shareholders.

Social media operator Snap Inc. was among the top detractors from relative performance. The company suffered earlier in the period as it faced difficulty in measuring advertisers’ conversion rates due to Apple’s iOS privacy changes. Later, the company had a more difficult time than expected gaining market share amid a weakening environment for advertising revenue. We exited our position in the stock during the period.

Cloud-based customer engagement platform Twilio was also among the top relative detractors. At the onset of the COVID-19 pandemic, the company saw demand for its core products grow swiftly as digital transformation efforts accelerated. However, more recently, the stock suffered from difficult year-over-year comparisons, lowered growth expectations, and margins below expectations. High-growth stocks with expected cash flows far out into the future also generally fell during the period as interest rates rose significantly. We exited our position in the stock during the period.

Managed healthcare operator UnitedHealth Group was among the top contributors as the more defensive healthcare sector generally held up better than the market during a volatile time. The company also reported strong growth and moderately raised guidance during the period, and has seen continued strength in its Medicare Advantage healthcare plan and Optum, its information and technology-enabled health services business focused on lowering costs within the healthcare system.

Agriculture and industrial equipment manufacturer Deere & Company was also among the top relative contributors. The stock rallied during the period as prices for agricultural commodities spiked as a result of the

Janus Investment Fund 1

Janus Henderson Forty Fund (unaudited)

Russia-Ukraine war. Higher grain prices that translate into higher profits for farmers could result in increased investment in farm equipment. Deere has also benefited as the market begins to recognize the company’s transition from a more cyclical, agricultural-based company to a more technology-centric provider of precision agriculture products.

OUTLOOK

The continuing strength of the U.S. consumer combined with a level of consumer interest-rate sensitivity that is lower than in previous rate-hiking cycles has complicated the Fed’s task of slowing demand. This has forced the Fed to take an aggressive path. At this point it appears many stocks are pricing in a significant recession, and the Fed has forcefully communicated that it is committed to slowing inflation even at the expense of economic growth. Rate hikes have also significantly strengthened the value of the U.S. dollar, creating a headwind for corporate earnings.

We continue to look for evidence of slowing consumer demand, which could signal a moderation in inflation. We are starting to see a decline in transactions for financeable items, which could be a precursor to a drop in prices. However, there remains a tremendous amount of uncertainty around where interest rate levels will eventually land and what a potential recession will look like. Volatility will likely continue as markets attempt to determine the eventual effects for both company earnings and multiples. From a longer-term perspective, COVID - and the unprecedented fiscal and monetary response - accelerated a shift away from the deflationary forces of two decades of globalization. In coming years, the economy will also be forced to deal with the effects of de-globalization in both labor markets and supply chains.

Amid the numerous risks investors now face, we still view relatively short-term price movements as temporary for quality growth businesses, in contrast to the risk of permanent loss of capital for companies with broken business models. As the market outlook remains uncertain, we have sought to concentrate on companies with significant competitive advantages as well as greater visibility into their revenue and earnings trajectories. We think there are opportunities for these quality companies to emerge from the current circumstances and thrive.

Thank you for your investment in Janus Henderson Forty Fund.

2 SEPTEMBER 30, 2022

Janus Henderson Forty Fund (unaudited)

Fund At A Glance

September 30, 2022

5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
NVIDIA Corp	1.89%	0.60%	Snap Inc	2.11%	-3.15%
UnitedHealth Group Inc	2.04%	0.57%	Twilio Inc	1.46%	-1.41%
Deere & Co	2.94%	0.53%	Align Technology Inc	2.18%	-1.39%
Procter & Gamble Co	1.56%	0.34%	Apple Inc	6.00%	-1.03%
Danaher Corp	3.88%	0.29%	Match Group Inc	1.49%	-0.85%

	5 Top Contributors - Sectors*
		Relative	Fund	Russell 1000 Growth Index
		Contribution	Average Weight	Average Weight
	Other**	0.34%	1.85%	0.00%
	Industrials	0.17%	5.37%	6.36%
	Real Estate	0.07%	2.89%	1.74%
	Materials	-0.06%	2.87%	1.10%
	Financials	-0.14%	3.75%	2.60%
	5 Top Detractors - Sectors*
		Relative	Fund	Russell 1000 Growth Index
		Contribution	Average Weight	Average Weight
	Communication Services	-4.83%	13.25%	10.19%
	Information Technology	-2.58%	37.58%	45.24%
	Consumer Discretionary	-1.85%	16.92%	17.80%
	Health Care	-1.26%	13.96%	9.61%
	Consumer Staples	-0.50%	1.56%	4.61%
	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 3

Janus Henderson Forty Fund (unaudited)

Fund At A Glance

September 30, 2022

5 Largest Equity Holdings -(% of Net Assets)
Microsoft Corp
Software	11.1%
Apple Inc
Technology Hardware, Storage & Peripherals	7.6%
Amazon.com Inc
Internet & Direct Marketing Retail	7.4%
Mastercard Inc
Information Technology Services	5.9%
Deere & Co
Machinery	4.5%
	36.5%

Asset Allocation - (% of Net Assets)
Common Stocks	95.6%
Investment Companies	4.2%
Investments Purchased with Cash Collateral from Securities Lending	0.4%
Other		(0.2)%
		100.0%

Top Country Allocations - Long Positions -(% of Investment Securities)
As of September 30, 2022	As of September 30, 2021

4 SEPTEMBER 30, 2022

Janus Henderson Forty Fund (unaudited)

Performance

See important disclosures on the next page.

Average Annual Total Return - for the periods ended September 30, 2022					Prospectus Expense Ratios
	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses‡
Class A Shares at NAV	-34.00%	8.98%	12.05%	10.74%	1.02%
Class A Shares at MOP	-37.80%	7.69%	11.39%	10.48%
Class C Shares at NAV	-34.43%	8.29%	11.33%	10.05%	1.77%
Class C Shares at CDSC	-35.01%	8.29%	11.33%	10.05%
Class D Shares	-33.86%	9.22%	12.17%	10.71%	0.82%
Class I Shares	-33.84%	9.28%	12.38%	10.93%	0.77%
Class N Shares	-33.78%	9.36%	12.47%	10.83%	0.70%
Class R Shares	-34.26%	8.56%	11.64%	10.36%	1.45%
Class S Shares	-34.11%	8.82%	11.93%	10.62%	1.20%
Class T Shares	-33.94%	9.11%	12.20%	10.76%	0.95%
Russell 1000 Growth Index	-22.59%	12.17%	13.70%	8.29%
S&P 500 Index	-15.47%	9.24%	11.70%	8.08%
Morningstar Quartile - Class S Shares	4th	3rd	2nd	1st
Morningstar Ranking - based on total returns for Large Growth Funds	1,021/1,269	637/1,146	409/1,050	24/516

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.

For certain periods, the Fund’s performance may reflect the effect of expense waivers.

Janus Investment Fund 5

Janus Henderson Forty Fund (unaudited)

Performance

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 securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), Environmental, Social and Governance (ESG) factors, 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.

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 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.

6 SEPTEMBER 30, 2022

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.

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.

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.

© 2022 Morningstar, Inc. All Rights Reserved.

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 March 1, 2022, A. Douglas Rao, Brian Recht, and Nick Schommer are Co-Portfolio Managers of the Fund.

*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 7

Janus Henderson Forty 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 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 (4/1/22)	Ending Account Value (9/30/22)	Expenses Paid During Period (4/1/22 - 9/30/22)†	Beginning Account Value (4/1/22)	Ending Account Value (9/30/22)	Expenses Paid During Period (4/1/22 - 9/30/22)†	Net Annualized Expense Ratio (4/1/22 - 9/30/22)
Class A Shares		$1,000.00	$707.90	$3.55	$1,000.00	$1,020.91	$4.20	0.83%
Class C Shares		$1,000.00	$705.30	$6.41	$1,000.00	$1,017.55	$7.59	1.50%
Class D Shares		$1,000.00	$708.60	$2.70	$1,000.00	$1,021.91	$3.19	0.63%
Class I Shares		$1,000.00	$708.60	$2.44	$1,000.00	$1,022.21	$2.89	0.57%
Class N Shares		$1,000.00	$709.00	$2.14	$1,000.00	$1,022.56	$2.54	0.50%
Class R Shares		$1,000.00	$706.50	$5.30	$1,000.00	$1,018.85	$6.28	1.24%
Class S Shares		$1,000.00	$707.20	$4.24	$1,000.00	$1,020.10	$5.01	0.99%
Class T Shares		$1,000.00	$708.10	$3.13	$1,000.00	$1,021.41	$3.70	0.73%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/365 (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.

8 SEPTEMBER 30, 2022

Janus Henderson Forty Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Common Stocks– 95.6%
Automobiles – 0.6%
	Rivian Automotive Inc - Class A*,#	2,592,062	$85,304,761
Biotechnology – 3.5%
	AbbVie Inc	3,490,314	468,435,042
Capital Markets – 4.5%
	Blackstone Group Inc	3,963,152	331,715,822
	Charles Schwab Corp	3,947,114	283,679,083
			615,394,905
Chemicals – 1.2%
	Sherwin-Williams Co	812,939	166,449,260
Equity Real Estate Investment Trusts (REITs) – 3.3%
	American Tower Corp	2,061,724	442,652,143
Health Care Equipment & Supplies – 8.1%
	Align Technology Inc*	469,143	97,164,207
	Danaher Corp	2,297,077	593,312,018
	DexCom Inc*	2,660,054	214,240,749
	Edwards Lifesciences Corp*	2,377,827	196,479,845
			1,101,196,819
Health Care Providers & Services – 3.1%
	UnitedHealth Group Inc	824,866	416,590,325
Hotels, Restaurants & Leisure – 0.8%
	Caesars Entertainment Inc*	3,558,988	114,812,953
Household Products – 1.0%
	Procter & Gamble Co	1,029,817	130,014,396
Information Technology Services – 5.9%
	Mastercard Inc	2,819,799	801,781,648
Interactive Media & Services – 6.2%
	Alphabet Inc - Class C*	5,704,915	548,527,577
	Match Group Inc*	2,708,982	129,353,891
	Meta Platforms Inc - Class A*	1,213,848	164,694,897
			842,576,365
Internet & Direct Marketing Retail – 9.3%
	Amazon.com Inc*	8,901,090	1,005,823,170
	Booking Holdings Inc*	158,688	260,757,709
			1,266,580,879
Machinery – 4.5%
	Deere & Co	1,823,824	608,956,595
Metals & Mining – 0.9%
	Freeport-McMoRan Inc	4,296,175	117,414,463
Professional Services – 3.2%
	CoStar Group Inc*	6,149,386	428,304,735
Semiconductor & Semiconductor Equipment – 8.5%
	Advanced Micro Devices Inc*	4,329,065	274,289,558
	ASML Holding NV	851,566	353,697,938
	NVIDIA Corp	1,162,377	141,100,944
	Texas Instruments Inc	2,491,639	385,655,885
			1,154,744,325
Software – 18.0%
	Atlassian Corp PLC - Class A*	1,567,397	330,078,134
	Microsoft Corp	6,432,481	1,498,124,825
	Workday Inc - Class A*	3,988,859	607,184,117
			2,435,387,076
Specialty Retail – 2.8%
	TJX Cos Inc	6,057,843	376,313,207
Technology Hardware, Storage & Peripherals – 7.6%
	Apple Inc	7,460,498	1,031,040,824
Textiles, Apparel & Luxury Goods – 2.6%
	LVMH Moet Hennessy Louis Vuitton SE	370,226	217,598,975

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	9

Janus Henderson Forty Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Common Stocks– (continued)
Textiles, Apparel & Luxury Goods– (continued)
	NIKE Inc - Class B	1,579,209	$131,263,852
			348,862,827
Total Common Stocks (cost $9,426,773,742)			12,952,813,548
Investment Companies– 4.2%
Money Markets – 4.2%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº,£((cost $572,160,745)	572,112,143	572,169,354
Investments Purchased with Cash Collateral from Securities Lending– 0.4%
Investment Companies – 0.3%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº,£	46,190,522	46,190,522
Time Deposits – 0.1%
	Royal Bank of Canada, 3.0600%, 10/3/22	$11,547,631	11,547,631
Total Investments Purchased with Cash Collateral from Securities Lending (cost $57,738,153)			57,738,153
Total Investments (total cost $10,056,672,640) – 100.2%			13,582,721,055
Liabilities, net of Cash, Receivables and Other Assets – (0.2)%			(26,452,292)
Net Assets – 100%			$13,556,268,763

Summary of Investments by Country - (Long Positions) (unaudited)
		% of
		Investment
Country	Value	Securities
United States	$12,681,346,008	93.4	%
Netherlands	353,697,938	2.6
Australia	330,078,134	2.4
France	217,598,975	1.6

Total $13,582,721,055 100.0 %

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
10	SEPTEMBER 30, 2022

Janus Henderson Forty Fund

Schedule of Investments

September 30, 2022

Schedules of Affiliated Investments – (% of Net Assets)

		Dividend Income(1)		Realized Gain/(Loss)(1)		Change in Unrealized Appreciation/ Depreciation(1)		Value at 9/30/22
Common Stocks - N/A
Diversified Financial Services - N/A
	Altimeter Growth Corp - Class A*	$	-	$	-	$	(918,158)	$	-
Private Investment in Public Equity (PIPES) - N/A
Diversified Financial Services - N/A
	Altimeter Growth Corp*		-		-		(2,215,938)		-
Warrants - N/A
Diversified Financial Services - N/A
	Altimeter Growth Corp*		-		-		970,572		-
Investment Companies - 4.2%
Money Markets - 4.2%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº		2,342,694		2,368		(3,735)		572,169,354
Investments Purchased with Cash Collateral from Securities Lending - 0.3%
Investment Companies - 0.3%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº		1,388,126∆		-		-		46,190,522
Total Affiliated Investments - 4.5%		$	3,730,820	$	2,368	$	(2,167,259)	$	618,359,876

(1) For securities that were affiliated for a portion of the year ended September 30, 2022, this column reflects amounts for the entire year ended September 30, 2022 and not just the period in which the security was affiliated.

		Value at 9/30/21		Purchases		Sales Proceeds		Value at 9/30/22
Common Stocks - N/A
Diversified Financial Services - N/A
	Altimeter Growth Corp - Class A**		50,283,167		-		(49,365,009)Ð		-
Private Investment in Public Equity (PIPES) - N/A
Diversified Financial Services - N/A
	Altimeter Growth Corp*		102,940,398		-		(100,724,460)Ð		-
Warrants - N/A
Diversified Financial Services - N/A
	Altimeter Growth Corp*		2,174,673		-		(3,145,245)Ð		-
Investment Companies - 4.2%
Money Markets - 4.2%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº		491,130,492		4,765,893,343		(4,684,853,114)		572,169,354
Investments Purchased with Cash Collateral from Securities Lending - 0.3%
Investment Companies - 0.3%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº		30,214,439		541,983,126		(526,007,043)		46,190,522

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	11

Janus Henderson Forty Fund

Schedule of Investments

September 30, 2022

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		$	57,580,685	$	—	$	(57,580,685)	$	—
(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.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
12	SEPTEMBER 30, 2022

Janus Henderson Forty Fund

Notes to Schedule of Investments and Other Information

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.

LLC	Limited Liability Company
PLC	Public Limited Company

* Non-income producing security.

ºº Rate shown is the 7-day yield as of September 30, 2022.

# Loaned security; a portion of the security is on loan at September 30, 2022.

£ 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.

Ð All or a portion is the result of a corporate action.

The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of September 30, 2022. 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
Textiles, Apparel & Luxury Goods	$	131,263,852	$	217,598,975	$	-
All Other		12,603,950,721		-		-
Investment Companies		-		572,169,354		-
Investments Purchased with Cash Collateral from Securities Lending		-		57,738,153		-
Total Assets	$	12,735,214,573	$	847,506,482	$	-

Janus Investment Fund 13

Janus Henderson Forty Fund

Statement of Assets and Liabilities

September 30, 2022

See footnotes at the end of the Statement

Assets:
	Unaffiliated investments, at value (cost $9,438,321,373)(1)		$	12,964,361,179
	Affiliated investments, at value (cost $618,351,267)			618,359,876
	Trustees' deferred compensation			408,091
	Receivables:
		Investments sold		45,932,148
		Fund shares sold		17,805,566
		Dividends		3,204,566
		Dividends from affiliates		997,947
		Foreign tax reclaims		374,177
	Other assets			23,903
Total Assets				13,651,467,453
Liabilities:
	Due to custodian			686
	Collateral for securities loaned (Note 2)			57,738,153
	Payables:			—
		Fund shares repurchased		25,655,270
		Advisory fees		6,073,407
		Investments purchased		2,166,745
		Transfer agent fees and expenses		2,057,608
		Trustees' deferred compensation fees		408,091
		12b-1 Distribution and shareholder servicing fees		271,358
		Trustees' fees and expenses		74,924
		Professional fees		56,445
		Custodian fees		33,522
		Affiliated fund administration fees payable		32,340
		Accrued expenses and other payables		630,141
Total Liabilities				95,198,690
Net Assets			$	13,556,268,763

See Notes to Financial Statements.
14	SEPTEMBER 30, 2022

Janus Henderson Forty Fund

Statement of Assets and Liabilities

September 30, 2022

Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	10,113,420,286
	Total distributable earnings (loss)		3,442,848,477
Total Net Assets		$	13,556,268,763
Net Assets - Class A Shares		$	326,566,199
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		9,693,030
Net Asset Value Per Share(2)		$	33.69
Maximum Offering Price Per Share(3)		$	35.75
Net Assets - Class C Shares		$	89,165,904
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,557,511
Net Asset Value Per Share(2)		$	25.06
Net Assets - Class D Shares		$	8,069,315,825
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		248,524,483
Net Asset Value Per Share		$	32.47
Net Assets - Class I Shares		$	1,547,667,859
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		43,432,079
Net Asset Value Per Share		$	35.63
Net Assets - Class N Shares		$	371,702,371
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		10,365,439
Net Asset Value Per Share		$	35.86
Net Assets - Class R Shares		$	60,026,781
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,107,853
Net Asset Value Per Share		$	28.48
Net Assets - Class S Shares		$	331,902,537
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		10,454,820
Net Asset Value Per Share		$	31.75
Net Assets - Class T Shares		$	2,759,921,287
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		83,825,648
Net Asset Value Per Share		$	32.92

(1)Includes $57,580,685 of securities on loan. See Note 2 in Notes to Financial Statements.

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

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

See Notes to Financial Statements.
Janus Investment Fund	15

Janus Henderson Forty Fund

Statement of Operations

For the year ended September 30, 2022

Investment Income:
	Dividends		$	132,124,234
	Dividends from affiliates			2,342,694
	Affiliated securities lending income, net			1,388,126
	Unaffiliated securities lending income, net			14,392
	Other income			59,468
	Foreign tax withheld			(2,597,816)
Total Investment Income				133,331,098
Expenses:
	Advisory fees			101,977,196
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		1,145,239
		Class C Shares		1,128,116
		Class R Shares		412,697
		Class S Shares		1,202,649
	Transfer agent administrative fees and expenses:
		Class D Shares		12,615,799
		Class R Shares		213,043
		Class S Shares		1,205,835
		Class T Shares		9,582,533
	Transfer agent networking and omnibus fees:
		Class A Shares		327,710
		Class C Shares		94,165
		Class I Shares		1,536,888
	Other transfer agent fees and expenses:
		Class A Shares		27,914
		Class C Shares		6,113
		Class D Shares		746,000
		Class I Shares		88,247
		Class N Shares		17,334
		Class R Shares		900
		Class S Shares		6,519
		Class T Shares		28,109
	Shareholder reports expense			592,560
	Affiliated fund administration fees			467,063
	Trustees’ fees and expenses			394,826
	Registration fees			245,551
	Professional fees			139,447
	Custodian fees			103,003
	Other expenses			1,033,941
Total Expenses				135,339,397
Less: Excess Expense Reimbursement and Waivers				(999,588)
Net Expenses				134,339,809
Net Investment Income/(Loss)				(1,008,711)

See Notes to Financial Statements.
16	SEPTEMBER 30, 2022

Janus Henderson Forty Fund

Statement of Operations

For the year ended September 30, 2022

Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	140,234,814
	Investments in affiliates		2,368
Total Net Realized Gain/(Loss) on Investments			140,237,182
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and Trustees’ deferred compensation		(7,257,779,570)
	Investments in affiliates		(2,167,259)
Total Change in Unrealized Net Appreciation/Depreciation			(7,259,946,829)
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	(7,120,718,358)

See Notes to Financial Statements.
Janus Investment Fund	17

Janus Henderson Forty Fund

Statements of Changes in Net Assets

			Year ended September 30, 2022		Year ended September 30, 2021
Operations:
	Net investment income/(loss)		$	(1,008,711)	$	(66,820,716)
	Net realized gain/(loss) on investments			140,237,182		2,250,876,617
	Change in unrealized net appreciation/depreciation			(7,259,946,829)		2,909,573,043
Net Increase/(Decrease) in Net Assets Resulting from Operations				(7,120,718,358)		5,093,628,944
Dividends and Distributions to Shareholders:
		Class A Shares		(48,616,877)		(33,598,159)
		Class C Shares		(18,893,463)		(14,455,246)
		Class D Shares		(1,230,067,488)		(866,959,615)
		Class I Shares		(212,301,037)		(141,602,894)
		Class N Shares		(53,508,841)		(39,775,852)
		Class R Shares		(10,782,896)		(9,043,233)
		Class S Shares		(54,847,467)		(43,872,591)
		Class T Shares		(420,959,121)		(302,858,400)
Net Decrease from Dividends and Distributions to Shareholders				(2,049,977,190)		(1,452,165,990)
Capital Share Transactions:
		Class A Shares		23,871,855		25,051,230
		Class C Shares		(2,036,149)		(1,600,042)
		Class D Shares		668,279,371		396,508,500
		Class I Shares		207,944,828		183,240,069
		Class N Shares		44,485,275		(27,031,815)
		Class R Shares		(392,706)		(15,860,764)
		Class S Shares		(18,253,964)		(60,632,171)
		Class T Shares		174,769,965		86,098,289
Net Increase/(Decrease) from Capital Share Transactions				1,098,668,475		585,773,296
Net Increase/(Decrease) in Net Assets				(8,072,027,073)		4,227,236,250
Net Assets:
	Beginning of period			21,628,295,836		17,401,059,586
	End of period		$	13,556,268,763	$	21,628,295,836

See Notes to Financial Statements.
18	SEPTEMBER 30, 2022

Janus Henderson Forty Fund

Financial Highlights

Class A Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$56.20	$46.81	$37.16	$37.42	$33.03
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.08)	(0.26)	(0.08)	0.02	(0.04)
		Net realized and unrealized gain/(loss)	(17.22)	13.50	12.27	2.25	7.38
	Total from Investment Operations		(17.30)	13.24	12.19	2.27	7.34
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	(0.01)	—	—
		Distributions (from capital gains)	(5.21)	(3.85)	(2.53)	(2.53)	(2.95)
	Total Dividends and Distributions		(5.21)	(3.85)	(2.54)	(2.53)	(2.95)
	Net Asset Value, End of Period		$33.69	$56.20	$46.81	$37.16	$37.42
	Total Return*		(34.00)%	29.72%	34.62%	7.77%	23.77%
	Net Assets, End of Period (in thousands)		$326,566	$525,208	$411,899	$303,070	$237,547
	Average Net Assets for the Period (in thousands)		$456,270	$483,419	$339,815	$268,921	$220,973
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.89%	1.02%	1.01%	1.01%	1.04%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.89%	1.02%	1.01%	0.98%	0.98%
		Ratio of Net Investment Income/(Loss)	(0.17)%	(0.50)%	(0.21)%	0.05%	(0.13)%
	Portfolio Turnover Rate		39%	31%	42%	44%	37%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.
Janus Investment Fund	19

Janus Henderson Forty Fund

Financial Highlights

Class C Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$43.38	$37.15	$30.17	$31.11	$28.08
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.28)	(0.47)	(0.28)	(0.16)	(0.21)
		Net realized and unrealized gain/(loss)	(12.83)	10.55	9.79	1.75	6.19
	Total from Investment Operations		(13.11)	10.08	9.51	1.59	5.98
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(5.21)	(3.85)	(2.53)	(2.53)	(2.95)
	Total Dividends and Distributions		(5.21)	(3.85)	(2.53)	(2.53)	(2.95)
	Net Asset Value, End of Period		$25.06	$43.38	$37.15	$30.17	$31.11
	Total Return*		(34.43)%	28.88%	33.67%	7.11%	23.05%
	Net Assets, End of Period (in thousands)		$89,166	$160,133	$137,952	$126,726	$227,488
	Average Net Assets for the Period (in thousands)		$129,956	$153,590	$128,357	$154,535	$235,933
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.51%	1.68%	1.68%	1.63%	1.66%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.51%	1.68%	1.68%	1.58%	1.59%
		Ratio of Net Investment Income/(Loss)	(0.80)%	(1.15)%	(0.87)%	(0.58)%	(0.74)%
	Portfolio Turnover Rate		39%	31%	42%	44%	37%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.
20	SEPTEMBER 30, 2022

Janus Henderson Forty Fund

Financial Highlights

Class D Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$54.28	$45.24	$35.99	$36.25	$32.02
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.01	(0.15)	—(2)	0.09	0.04
		Net realized and unrealized gain/(loss)	(16.58)	13.04	11.86	2.18	7.15
	Total from Investment Operations		(16.57)	12.89	11.86	2.27	7.19
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.03)	—	(0.08)	—	(0.01)
		Distributions (from capital gains)	(5.21)	(3.85)	(2.53)	(2.53)	(2.95)
	Total Dividends and Distributions		(5.24)	(3.85)	(2.61)	(2.53)	(2.96)
	Net Asset Value, End of Period		$32.47	$54.28	$45.24	$35.99	$36.25
	Total Return*		(33.86)%	30.00%	34.88%	8.03%	24.06%
	Net Assets, End of Period (in thousands)		$8,069,316	$12,846,210	$10,287,828	$8,018,389	$7,842,180
	Average Net Assets for the Period (in thousands)		$11,038,490	$11,890,281	$8,759,841	$7,517,796	$7,241,280
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.69%	0.82%	0.80%	0.79%	0.79%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.69%	0.82%	0.80%	0.75%	0.73%
		Ratio of Net Investment Income/(Loss)	0.03%	(0.29)%	0.00%(3)	0.27%	0.13%
	Portfolio Turnover Rate		39%	31%	42%	44%	37%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

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

(3)Less than 0.005%.

See Notes to Financial Statements.
Janus Investment Fund	21

Janus Henderson Forty Fund

Financial Highlights

Class I Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$59.06	$48.89	$38.69	$38.74	$34.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.04	(0.13)	0.03	0.12	0.07
		Net realized and unrealized gain/(loss)	(18.21)	14.15	12.80	2.36	7.63
	Total from Investment Operations		(18.17)	14.02	12.83	2.48	7.70
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.05)	—	(0.10)	—	(0.01)
		Distributions (from capital gains)	(5.21)	(3.85)	(2.53)	(2.53)	(2.95)
	Total Dividends and Distributions		(5.26)	(3.85)	(2.63)	(2.53)	(2.96)
	Net Asset Value, End of Period		$35.63	$59.06	$48.89	$38.69	$38.74
	Total Return*		(33.84)%	30.07%	34.97%	8.06%	24.19%
	Net Assets, End of Period (in thousands)		$1,547,668	$2,360,269	$1,783,057	$1,178,733	$1,125,445
	Average Net Assets for the Period (in thousands)		$2,082,585	$2,119,223	$1,416,287	$1,081,498	$1,024,982
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.64%	0.76%	0.74%	0.72%	0.72%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.64%	0.76%	0.74%	0.68%	0.66%
		Ratio of Net Investment Income/(Loss)	0.08%	(0.24)%	0.06%	0.34%	0.19%
	Portfolio Turnover Rate		39%	31%	42%	44%	37%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.
22	SEPTEMBER 30, 2022

Janus Henderson Forty Fund

Financial Highlights

Class N Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$59.38	$49.11	$38.85	$38.86	$34.08
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.07	(0.10)	0.05	0.15	0.09
		Net realized and unrealized gain/(loss)	(18.30)	14.22	12.86	2.37	7.66
	Total from Investment Operations		(18.23)	14.12	12.91	2.52	7.75
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.08)	—	(0.12)	—	(0.02)
		Distributions (from capital gains)	(5.21)	(3.85)	(2.53)	(2.53)	(2.95)
	Total Dividends and Distributions		(5.29)	(3.85)	(2.65)	(2.53)	(2.97)
	Net Asset Value, End of Period		$35.86	$59.38	$49.11	$38.85	$38.86
	Total Return*		(33.78)%	30.15%	35.06%	8.15%	24.27%
	Net Assets, End of Period (in thousands)		$371,702	$581,225	$511,465	$273,438	$199,929
	Average Net Assets for the Period (in thousands)		$516,542	$533,647	$384,360	$212,223	$178,576
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.56%	0.70%	0.67%	0.65%	0.66%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.56%	0.70%	0.67%	0.62%	0.60%
		Ratio of Net Investment Income/(Loss)	0.15%	(0.17)%	0.12%	0.40%	0.26%
	Portfolio Turnover Rate		39%	31%	42%	44%	37%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.
Janus Investment Fund	23

Janus Henderson Forty Fund

Financial Highlights

Class R Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$48.48	$41.01	$32.97	$33.65	$30.08
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.23)	(0.40)	(0.21)	(0.10)	(0.15)
		Net realized and unrealized gain/(loss)	(14.56)	11.72	10.78	1.95	6.67
	Total from Investment Operations		(14.79)	11.32	10.57	1.85	6.52
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(5.21)	(3.85)	(2.53)	(2.53)	(2.95)
	Total Dividends and Distributions		(5.21)	(3.85)	(2.53)	(2.53)	(2.95)
	Net Asset Value, End of Period		$28.48	$48.48	$41.01	$32.97	$33.65
	Total Return*		(34.26)%	29.21%	34.05%	7.36%	23.34%
	Net Assets, End of Period (in thousands)		$60,027	$103,653	$101,440	$106,843	$127,954
	Average Net Assets for the Period (in thousands)		$84,882	$106,256	$101,751	$113,204	$123,528
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.31%	1.43%	1.41%	1.40%	1.40%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.30%	1.42%	1.41%	1.36%	1.34%
		Ratio of Net Investment Income/(Loss)	(0.59)%	(0.90)%	(0.60)%	(0.34)%	(0.49)%
	Portfolio Turnover Rate		39%	31%	42%	44%	37%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.
24	SEPTEMBER 30, 2022

Janus Henderson Forty Fund

Financial Highlights

Class S Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$53.33	$44.67	$35.61	$36.02	$31.93
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.15)	(0.33)	(0.13)	(0.03)	(0.08)
		Net realized and unrealized gain/(loss)	(16.22)	12.84	11.72	2.15	7.12
	Total from Investment Operations		(16.37)	12.51	11.59	2.12	7.04
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(5.21)	(3.85)	(2.53)	(2.53)	(2.95)
	Total Dividends and Distributions		(5.21)	(3.85)	(2.53)	(2.53)	(2.95)
	Net Asset Value, End of Period		$31.75	$53.33	$44.67	$35.61	$36.02
	Total Return*		(34.09)%	29.50%	34.40%	7.65%	23.63%
	Net Assets, End of Period (in thousands)		$331,903	$586,481	$546,341	$475,553	$516,748
	Average Net Assets for the Period (in thousands)		$480,481	$571,789	$491,995	$468,610	$525,707
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.07%	1.20%	1.17%	1.15%	1.15%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.05%	1.19%	1.16%	1.10%	1.08%
		Ratio of Net Investment Income/(Loss)	(0.34)%	(0.66)%	(0.36)%	(0.08)%	(0.23)%
	Portfolio Turnover Rate		39%	31%	42%	44%	37%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.
Janus Investment Fund	25

Janus Henderson Forty Fund

Financial Highlights

Class T Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$54.99	$45.83	$36.44	$36.70	$32.40
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.03)	(0.21)	(0.04)	0.06	0.01
		Net realized and unrealized gain/(loss)	(16.83)	13.22	12.01	2.21	7.24
	Total from Investment Operations		(16.86)	13.01	11.97	2.27	7.25
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	(0.05)	—	—(2)
		Distributions (from capital gains)	(5.21)	(3.85)	(2.53)	(2.53)	(2.95)
	Total Dividends and Distributions		(5.21)	(3.85)	(2.58)	(2.53)	(2.95)
	Net Asset Value, End of Period		$32.92	$54.99	$45.83	$36.44	$36.70
	Total Return*		(33.94)%	29.86%	34.71%	7.93%	23.96%
	Net Assets, End of Period (in thousands)		$2,759,921	$4,465,117	$3,621,078	$2,914,481	$2,935,096
	Average Net Assets for the Period (in thousands)		$3,817,603	$4,169,739	$3,138,440	$2,750,999	$2,727,557
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.81%	0.95%	0.92%	0.90%	0.91%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.79%	0.93%	0.91%	0.85%	0.83%
		Ratio of Net Investment Income/(Loss)	(0.07)%	(0.41)%	(0.10)%	0.17%	0.02%
	Portfolio Turnover Rate		39%	31%	42%	44%	37%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

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

See Notes to Financial Statements.
26	SEPTEMBER 30, 2022

Janus Henderson Forty Fund

Notes to Financial Statements

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 39 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as nondiversified, as defined in the 1940 Act. Janus Henderson Investors US LLC (formerly Janus Capital Management LLC) is the investment adviser (the “Adviser”) to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Shareholders, including other funds, individuals, accounts, as well as the Fund’s portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s Shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors, 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, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (formerly Janus Distributors LLC) (the

Janus Investment Fund 27

Janus Henderson Forty Fund

Notes to Financial Statements

“Distributor”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

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

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

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

Investment Valuation

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The 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 Adviser-approved pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a 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 valuation policies provide for the use of systematic fair valuation models provided by independent pricing services to value foreign 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

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an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

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

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

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

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of September 30, 2022 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.

Investment Transactions and Investment Income

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

Expenses

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Indemnifications

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

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Foreign Currency Translations

The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

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

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

Dividends and Distributions

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

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

Federal Income Taxes

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

2. Other Investments and Strategies

Additional Investment Risk

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 in response to the COVID-19 pandemic. This and other government intervention into the economy and financial markets to address the COVID-19 pandemic may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Government actions to mitigate the economic impact of the pandemic have resulted in a large expansion of government deficits and debt, the long term consequences of which are not known. The COVID-19 pandemic could adversely affect the value and liquidity of a Fund’s investments, impair a Fund’s ability to satisfy redemption requests, and negatively impact a Fund’s performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

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

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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 the Adviser 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.

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. Among other things, these developments have adversely affected the value and exchange rate of the euro and pound sterling, and may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse effect on the Fund’s investments in such countries, other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.

Real Estate Investing

The Fund may invest in equity and debt securities of real estate-related companies. Such companies may include those in the real estate industry or real estate-related industries. These securities may include common stocks, corporate bonds, preferred stocks, and other equity securities, including, but not limited to, mortgage-backed securities, real estate-backed securities, securities of REITs and similar REIT-like entities. A REIT is a trust that invests in real estate-related projects, such as properties, mortgage loans, and construction loans. REITs are generally categorized as equity, mortgage, or hybrid REITs. A REIT may be listed on an exchange or traded OTC.

Counterparties

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.

Securities Lending

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments’

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payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the SEC. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.

Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

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

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of September 30, 2022, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $57,580,685. Gross amounts of recognized liabilities for securities lending (collateral received) as of September 30, 2022 is $57,738,153, resulting in the net amount due to the counterparty of $157,468.

Offsetting Assets and Liabilities

The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

The Offsetting Assets and Liabilities table located in the Schedule of Investments presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the Fund's Schedule of Investments.

3. Investment Advisory Agreements and Other Transactions with Affiliates

The investment advisory fee rate paid to the Adviser by the Fund consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the Fund’s average daily net assets during the previous month (the “Base Fee Rate”), plus or minus (2) a performance-fee adjustment (the “Performance Adjustment”) calculated by applying a variable rate of up to 0.15% (positive or negative) to the Fund’s average daily net assets based

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on the Fund’s relative performance compared to the cumulative investment record of its benchmark index over a 36-month performance measurement period or shorter time period, as applicable. The investment advisory fee rate is calculated daily and paid monthly.

The investment performance of the Fund’s Class A Shares (waiving the upfront sales load) for the performance measurement period is used to calculate the Performance Adjustment. The Fund’s Base Fee Rate prior to any performance adjustment (expressed as an annual rate) is 0.64%, and the Fund’s benchmark index used in the calculation is the Russell 1000^® Growth Index.

No Performance Adjustment is applied unless the difference between the Fund’s investment performance and the cumulative investment record of the Fund’s benchmark index is 0.50% or greater (positive or negative) during the applicable performance measurement period. The Base Fee Rate is subject to an upward or downward Performance Adjustment for every full 0.50% increment by which the Fund outperforms or underperforms its benchmark index, up to the Fund’s full performance rate of ±8.50%. Because the Performance Adjustment is tied to a Fund’s relative performance compared to its benchmark index (and not its absolute performance), the Performance Adjustment could increase the Adviser’s fee even if the Fund’s Shares lose value during the performance measurement period and could decrease the Adviser’s fee even if the Fund’s Shares increase in value during the performance measurement period. For purposes of computing the Base Fee Rate and the Performance Adjustment, net assets are averaged over different periods (average daily net assets during the previous month for the Base Fee Rate, versus average daily net assets during the performance measurement period for the Performance Adjustment). Performance of the Fund is calculated net of expenses whereas the Fund’s benchmark index does not have any fees or expenses. Reinvestment of dividends and distributions is included in calculating both the performance of a Fund and the Fund’s benchmark index.

The Fund’s prospectus and statement(s) of additional information contain additional information about performance-based fees. The amount shown as advisory fees on the Statement of Operations reflects the Base Fee Rate plus/minus any Performance Adjustment. For the year ended September 30, 2022, the performance adjusted investment advisory fee rate before any waivers and/or reimbursements of expenses is 0.55%.

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

The Adviser has contractually agreed to waive the investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, excluding any performance adjustments to management 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 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. The Adviser has agreed to continue the waivers for at least a one-year period commencing on January 28, 2022. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (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 the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $502,935 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 2022. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

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Notes to Financial Statements

Janus Henderson Services US LLC (formerly Janus Services LLC) (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

Average Daily Net Assets of Class D Shares of the Janus Henderson funds	Administrative Services Fee
Under $40 billion	0.12%
$40 billion – $49.9 billion	0.10%
Over $49.9 billion	0.08%

During the reporting period, the administrative services fee rate was 0.11%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class R Shares, Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R Shares, Class S Shares and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, of up to 0.50% of the Class R Shares' average daily net assets, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.

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Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the year ended September 30, 2022, the Distributor retained upfront sales charges of $57,736.

A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. During the year ended September 30, 2022, redeeming shareholders of Class A Shares paid CDSCs of $9 to Janus Henderson Distributors.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the year ended September 30, 2022, redeeming shareholders of Class C Shares paid CDSCs of $17,348.

The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of September 30, 2022 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended September 30, 2022 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $436,813 were paid by the Trust to the Trustees under the Deferred Plan during the year ended September 30, 2022.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests 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.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended September 30, 2022 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

The Fund is permitted to purchase or sell securities (“cross-trade”) between itself and other funds or accounts managed by the Adviser in accordance with Rule 17a-7 under the Investment Company Act of 1940 (“Rule 17a-7”), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust’s Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the

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Janus Henderson Forty Fund

Notes to Financial Statements

current market price to save costs where allowed. During the year ended September 30, 2022, the Fund engaged in cross trades amounting to $15,559,275 in sales, resulting in a net realized loss of $13,041,082. The net realized loss is included within the “Net Realized Gain/(Loss) on Investments” section of the Fund’s Statement of Operations.

4. Federal Income Tax

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.

Other book to tax differences primarily consist of deferred compensation. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ -	$ 8,507,211	$ -	$(14,713,930)	$ -	$ (462,353)	$3,449,517,549

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 2022 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)
$10,133,203,506	$4,466,724,265	$(1,017,206,716)	$3,449,517,549

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.

For the year ended September 30, 2022
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 109,860,354	$ 1,940,116,836	$ -	$ -

For the year ended September 30, 2021
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 31,168,249	$ 1,420,997,741	$ -	$ -

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. The following reclassifications have been made to the Fund:

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Notes to Financial Statements

Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ 344,866	$ 205,310	$ (550,176)

Capital has been adjusted by $344,866, all of which is long-term capital gain, for distributions in connection with Fund share redemptions (tax equalization).

5. Capital Share Transactions

	Year ended September 30, 2022		Year ended September 30, 2021
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	1,824,221	$ 88,895,333	1,923,980	$ 98,440,290
Reinvested dividends and distributions	753,582	38,854,683	553,577	26,449,919
Shares repurchased	(2,230,354)	(103,878,161)	(1,931,980)	(99,838,979)
Net Increase/(Decrease)	347,449	$ 23,871,855	545,577	$ 25,051,230
Class C Shares:
Shares sold	624,052	$ 22,361,504	827,558	$ 32,934,290
Reinvested dividends and distributions	436,951	16,848,831	342,199	12,685,302
Shares repurchased	(1,195,072)	(41,246,484)	(1,191,802)	(47,219,634)
Net Increase/(Decrease)	(134,069)	$ (2,036,149)	(22,045)	$ (1,600,042)
Class D Shares:
Shares sold	5,936,260	$ 273,175,986	7,868,804	$392,766,804
Reinvested dividends and distributions	23,777,109	1,179,582,360	18,092,686	833,530,050
Shares repurchased	(17,863,300)	(784,478,975)	(16,696,195)	(829,788,354)
Net Increase/(Decrease)	11,850,069	$ 668,279,371	9,265,295	$396,508,500
Class I Shares:
Shares sold	15,427,444	$ 742,458,563	11,693,146	$638,016,744
Reinvested dividends and distributions	3,292,138	179,158,152	2,333,899	116,951,685
Shares repurchased	(15,253,091)	(713,671,887)	(10,531,626)	(571,728,360)
Net Increase/(Decrease)	3,466,491	$ 207,944,828	3,495,419	$183,240,069
Class N Shares:
Shares sold	2,274,992	$ 118,148,906	3,128,306	$171,897,432
Reinvested dividends and distributions	907,966	49,702,045	756,748	38,109,828
Shares repurchased	(2,605,013)	(123,365,676)	(4,511,737)	(237,039,075)
Net Increase/(Decrease)	577,945	$ 44,485,275	(626,683)	$ (27,031,815)
Class R Shares:
Shares sold	303,952	$ 11,770,800	403,015	$ 18,154,560
Reinvested dividends and distributions	242,433	10,599,178	211,734	8,755,197
Shares repurchased	(576,615)	(22,762,684)	(950,263)	(42,770,521)
Net Increase/(Decrease)	(30,230)	$ (392,706)	(335,514)	$ (15,860,764)
Class S Shares:
Shares sold	1,203,621	$ 53,277,110	1,477,965	$ 72,325,291
Reinvested dividends and distributions	1,123,563	54,650,126	959,158	43,545,766
Shares repurchased	(2,869,276)	(126,181,200)	(3,672,033)	(176,503,228)
Net Increase/(Decrease)	(542,092)	$ (18,253,964)	(1,234,910)	$ (60,632,171)
Class T Shares:
Shares sold	6,709,598	$ 309,462,841	7,415,102	$374,476,972
Reinvested dividends and distributions	8,122,878	408,986,887	6,309,473	294,778,584
Shares repurchased	(12,209,097)	(543,679,763)	(11,527,480)	(583,157,267)
Net Increase/(Decrease)	2,623,379	$ 174,769,965	2,197,095	$ 86,098,289

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Notes to Financial Statements

6. Purchases and Sales of Investment Securities

For the year ended September 30, 2022, 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
$7,051,315,912	$8,232,515,226	$ -	$ -

7. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to September 30, 2022 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.

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Janus Henderson Forty Fund

Report of Independent Registered Public Accounting Firm

TotheBoard of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Forty Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Forty Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2022, the related statement of operations for the year ended September 30, 2022, the statements of changes in net assets for each of the two years in the period ended September 30, 2022,including the related notes,and the financial highlightsfor each of the five years in the period ended September 30, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2022 and the financial highlights for each of the five years in the period ended September 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Denver, Colorado

November 28, 2022

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

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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 (each, a “Fund,” and collectively, the “Funds” and 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 agreement for each Janus Henderson Fund that utilizes a subadviser.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (formerly, Janus Capital Management LLC) (the “Adviser”) and the subadviser 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 meetings held on November 3-4, 2021 and December 7-8, 2021, the Trustees’ evaluated the information provided by the Adviser, the subadviser, and the independent fee consultant, as well as other information addressed during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser and each subadviser, as applicable, were fair and reasonable in light of the nature, extent and quality of the services provided by the Adviser, its affiliates and the subadviser, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund and the subadvisory agreement for each subadvised Janus Henderson Fund, for the period from February 1, 2022 through February 1, 2023, subject to earlier termination as provided for in each agreement.

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

Nature, Extent and Quality of Services

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

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Additional Information (unaudited)

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 the Adviser and the 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 the Adviser or the subadviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

The Trustees concluded that the nature, extent and quality of the services provided by the Adviser and 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 the Adviser and the subadviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and each 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, 2021, approximately 55% of the Janus Henderson Funds were in the top two quartiles of performance versus Broadridge peers, and for the 12 months ended September 30, 2021, approximately 45% 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 second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving

Janus Investment Fund 41

Janus Henderson Forty Fund

Additional Information (unaudited)

Fixed-Income Funds

·For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·For Janus Developed World Bond Fund, the Trustees noted the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

Global and International Equity Funds

·For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the

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Additional Information (unaudited)

Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

Money Market Funds

·For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was 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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

Janus Investment Fund 43

Janus Henderson Forty Fund

Additional Information (unaudited)

·For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser 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 bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser and subadviser had taken or were taking to improve performance.

·For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson International Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser and subadviser had taken or were taking to improve performance.

·For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser and subadviser had taken or were taking to improve performance.

U.S. Equity Funds

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

·For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

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Janus Henderson Forty Fund

Additional Information (unaudited)

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 the Adviser out of its management fees collected from such Janus Henderson Fund.

The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge Expense Group peers; and (3) and the management fees for the Janus Henderson Funds, on average, were 6% 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.

The Trustees considered the methodology used by the Adviser and 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 the Adviser and subadviser to comparable separate account clients and to comparable non-affiliated funds subadvised by the Adviser or subadviser (for which the Adviser 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 the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser 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; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged to Janus Henderson subadvised fund and separate account investors; and (4) as part of its 2020 review, 9 of 10 Janus Henderson Funds have lower management fees than similar funds subadvised by the Adviser.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2020, including the VIT Portfolios, and noted the following with regard to each VIT Portfolio’s total expenses, net of applicable fee waivers (the VIT Portfolio’s “total expenses”):

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Additional Information (unaudited)

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 the Adviser 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.

·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 the Adviser 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 the Adviser 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 one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser 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 the Adviser 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 the Adviser has contractually agreed to limit the Fund’s expenses.

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

·For Janus Henderson Short Duration 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 the Adviser 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 the Adviser 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 certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser 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 the Adviser has contractually agreed to limit the Fund’s expenses.

·For Janus Henderson Global Equity Income 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 the Adviser 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.

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Additional Information (unaudited)

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

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

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

Money Market Funds

·For Janus Henderson Government 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 the Adviser has voluntarily agreed to limit the Fund’s expenses to assist the Fund in attempting to maintain a yield of at least 0.00%.

·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 the Adviser has agreed to limit the Fund’s expenses to assist the Fund in attempting to maintain a yield of at least 0.00%.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted 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 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 the Adviser 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 the Adviser 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

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Additional Information (unaudited)

that the Adviser 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 the Adviser 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 the Adviser 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, 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 the Adviser 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 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 the Adviser 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.

·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 the Adviser 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 the Adviser 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 Mid Cap Value Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

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

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by

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Additional Information (unaudited)

numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser and 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 the Adviser 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 the Adviser 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 the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser and its affiliates, as well as the fees paid by the Adviser to the subadviser 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 the Adviser and the subadviser 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 the Adviser and subadviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

Economies of Scale

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 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 75% of these Janus Henderson Funds’ have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. The Trustees also noted the following: (1) that for those Janus Henderson Funds whose expenses are being reduced by the contractual expense limitations of the Adviser, the Adviser is subsidizing certain of these Janus Henderson Funds because they have not reached adequate scale; (2) 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 (3) 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 the Adviser 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 the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, the Adviser appeared to be investing to increase the likelihood that these Janus

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Additional Information (unaudited)

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 the Adviser.

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

Other Benefits to the Adviser

The Trustees also considered benefits that accrue to the Adviser and its affiliates and subadviser to the Janus Henderson Funds from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by 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 the Adviser and/or the Adviser, and/or subadviser to a Janus Henderson Fund. The Trustees concluded that the Adviser’s and the subadviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates and subadviser pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser and the subadviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser and the subadviser 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 the Adviser’s and/or the subadviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser and/or other clients of the subadviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser, the subadviser or other Janus Henderson funds, and that the success of the Adviser and the subadviser could enhance the Adviser’s and the subadviser’s ability to serve the Janus Henderson Funds.

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Janus Henderson Forty Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

The Management Commentary in this report includes valuable insight as well as statistical information to help you understand how your Fund’s performance and characteristics stack up against those of comparable indices.

If the Fund invests in foreign securities, this report may include information about country exposure. Country exposure is based primarily on 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.

Please keep in mind that the opinions expressed in the Management Commentary are just that: opinions. They are a reflection based on best judgment at the time this report was compiled, which was September 30, 2022. As the investing environment changes, so could opinions. These views are unique and are not necessarily shared by fellow employees or by Janus Henderson in general.

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 the Adviser 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. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by Bloomberg 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.

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Useful Information About Your Fund Report (unaudited)

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.

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.

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.

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Useful Information About Your Fund Report (unaudited)

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 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.

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Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2022:

Capital Gain Distributions	$1,940,461,702
Dividends Received Deduction Percentage	15%

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Trustees and Officers (unaudited)

The following are the Trustees and officers of the Trust, together with a brief description of their principal occupations during the last five years (principal occupations for certain Trustees may include periods over five years). The Fund’s Statement of Additional Information includes additional information about the Trustees and officers and is available, without charge, by calling 1-877-335-2687.

Each Trustee has served in that capacity since he or she was originally elected or appointed. The Trustees do not serve a specified term of office. Each Trustee will hold office until the termination of the Trust or his or her earlier death, resignation, retirement, incapacity, or removal. Under the Fund’s Governance Procedures and Guidelines, the policy is for Trustees to retire no later than the end of the calendar year in which the Trustee turns 75. The Trustees review the Fund’s Governance Procedures and Guidelines from time to time and may make changes they deem appropriate. The Fund’s Nominating and Governance Committee will consider nominees for the position of Trustee recommended by shareholders. Shareholders may submit the name of a candidate for consideration by the Committee by submitting their recommendations to the Trust’s Secretary. Each Trustee is currently a Trustee of one other registered investment company advised by the Adviser: Janus Aspen Series. Collectively, these two registered investment companies consist of 50 series or funds referred to herein as the Fund Complex.

The Trust’s officers are elected annually by the Trustees for a one-year term. Certain officers also serve as officers of Janus Aspen Series. Certain officers of the Fund may also be officers and/or directors of the Adviser. Except as otherwise disclosed, Fund officers receive no compensation from the Fund, except for the Fund’s Chief Compliance Officer, as authorized by the Trustees.

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Janus Henderson Forty Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Chairman Trustee	5/22-Present 1/13-Present	Principal, Curam Holdings LLC (since 2018). Formerly, Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm) (2012-2018), Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	50	Advisory Board Member of AEW Core Property Trust (open-end property fund) (since 2020), and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016), Director of Nuveen Global Investors LLC (2007-2011), Director of Communities in Schools (2004-2010), and Director of Mutual Fund Education Alliance (until 2010).
Cheryl D. Alston 151 Detroit Street Denver, CO 80206 DOB: 1966	Trustee	8/22-Present	Executive Director and Chief Investment Officer, Employees’ Retirement Fund of the City of Dallas (since 2004).	50	Director of Blue Cross Blue Shield of Kansas City (a not-for-profit health insurance provider) (since 2016) and Director of Global Life Insurance (life and supplemental health insurance provider) (since 2017). Formerly, Director of Federal Home Loan Bank of Dallas (2017-2021).

56 SEPTEMBER 30, 2022

Janus Henderson Forty Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000), and Chief Investment Officer (1987-1994) and Vice Chairman and Director (1990-1994) of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	50	Member, Limited Partner Advisory Committee, Karmel Capital Fund III (later stage growth fund) (since 2022), Member of the Investment Committee for the Orange County Community Foundation (a grantmaking foundation) (since 2020), Advisory Board Member, RevOZ Fund LP and related funds (real estate investments for opportunity zones) (since 2020), and Advisory Board Member, Innovate Partners Emerging Growth and Equity Fund I (early stage venture capital fund) (since 2014). Formerly, Managing Trustee of National Retirement Partners Liquidating Trust (2013-2016), Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (2005-2013), Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009), Director of RemedyTemp, Inc. (temporary help services company) (1996-2006), and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).

Janus Investment Fund 57

Janus Henderson Forty Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Founder, Daraja Capital (advisory and investment firm) (since 2016). Formerly, Senior Vice President and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (2011-2021), and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	50	Member of the Investment Committee for Cooper Union (private college) (since 2021), Board Member, Van Alen Institute (nonprofit architectural and design organization) (since 2019), and Director of Brightwood Capital Advisors, LLC (since 2014).

58 SEPTEMBER 30, 2022

Janus Henderson Forty Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Darrell B. Jackson 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	8/22-Present	President and Chief Executive Officer, The Efficace Group Inc. (since 2018). Formerly, President and Chief Executive Officer, Seaway Bank and Trust Company (community bank) (2014-2015), and Executive Vice President and Co-President, Wealth Management (2009-2014), and several senior positions, including Group Executive, Senior Vice President, and Vice President (1995-2009) of Northern Trust Company (financial services company) (1995-2014).	50	Director of Amalgamated Financial Corp (bank) (since August 2021), Director of YR Media (a not-for-profit production company) (since 2021), and Director of Gray-Bowen-Scott (transportation project consulting firm) (since April 2020). Formerly, Director of Delaware Place Bank (closely held commercial bank) (2016-2018) and Director of Seaway Bank and Trust Company (2014-2015).

Janus Investment Fund 59

Janus Henderson Forty Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Trustee	6/02-Present	Chief Executive Officer, muun chi LLC (organic food business) (since 2022) and Independent Consultant (since 2019). Formerly, Chief Operating Officer, muun chi LLC (2020-2022), Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (2016-2019), Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations) (2009-2016), Chief Executive Officer, Imprint Capital Advisors (impact investment firm) (2013-2015), and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	50	Chairman of the Board and Trustee of The Investment Fund for Foundations Investment Program (TIP) (consisting of 1 fund) (since 2008). Formerly, Director of the F.B. Heron Foundation (a private grantmaking foundation) (2006-2022), and Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds) (2016-2021).

60 SEPTEMBER 30, 2022

Janus Henderson Forty Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company.	50	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013). Formerly, Director, West Bend Mutual Insurance Company (property/casualty insurance) (2013-2021), Trustee of Northwestern Mutual Life Insurance Company (2010-2013), and Director of Frank Russell Company (global asset management firm) (2008-2013).
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired. Formerly, Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006) and Treasurer for Driehaus Mutual Funds (1996-2002).	50	Formerly, Director of Family Service of Lake County (2019-2021), Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017), Independent Trustee, State Farm Associates’ Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017).

Janus Investment Fund 61

Janus Henderson Forty Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	50	Director of Chicago Community Trust (Regional Community Foundation), Lurie Children’s Hospital (Chicago, IL), and Shirley Ryan Ability Lab. Formerly, Director of Wrapports, LLC (until 2022), Director of Chicago Council on Global Affairs (until 2019), InnerWorkings (until 2019) and Director of Walmart (until 2017).

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Janus Henderson Forty Fund

Trustees and Officers (unaudited)

OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
A. Douglas Rao 151 Detroit Street Denver, CO 80206 DOB: 1974	Executive Vice President and Co-Portfolio Manager Janus Henderson Forty Fund	6/13-Present	Portfolio Manager for other Janus Henderson accounts.
Brian Recht 151 Detroit Street Denver, CO 80206 DOB: 1987	Executive Vice President and Co-Portfolio Manager Janus Henderson Forty Fund	3/22-Present	Portfolio Manager for other Janus Henderson accounts and Analyst for the Adviser.
Nick Schommer 151 Detroit Street Denver, CO 80206 DOB: 1978	Executive Vice President and Co-Portfolio Manager Janus Henderson Forty Fund	1/16-Present	Portfolio Manager for other Janus Henderson accounts.
Michelle Rosenberg 151 Detroit Street Denver, CO 80206 DOB: 1973	President and Chief Executive Officer	9/22-Present	General Counsel and Corporate Secretary of Janus Henderson Investors (since 2018). Formerly, Interim President and Chief Executive Officer of the Trust and Janus Aspen Series (2022), Senior Vice President and Head of Legal, North America of Janus Henderson Investors (2017-2018) and Deputy General Counsel of Janus Henderson US (Holdings) Inc. (2015-2018).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

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Janus Henderson Forty Fund

Trustees and Officers (unaudited)

OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Kristin Mariani 151 Detroit Street Denver, CO 80206 DOB: 1966	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	7/20-Present	Head of Compliance, North America for Janus Henderson Investors (since September 2020) and Chief Compliance Officer for Janus Henderson Investors US LLC (since September 2017). Formerly, Global Head of Investment Management Compliance for Janus Henderson Investors (February 2019 - August 2020), Vice President, Head of Global Distribution Compliance and Chief Compliance Officer of Janus Henderson Distributors US LLC (May 2017 – September 2017), Vice President, Compliance at Janus Henderson US (Holdings) Inc., Janus Henderson Investors US LLC, and Janus Henderson Distributors US LLC (2009-2017).
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Head of U.S. Fund Administration, Janus Henderson Investors and Janus Henderson Services US LLC.
Abigail J. Murray 151 Detroit Street Denver, CO 80206 DOB: 1975	Vice President, Chief Legal Officer, and Secretary	12/20-Present	Managing Counsel (2020-present). Formerly, Senior Counsel for Invesco Ltd. (2017-2020), and Vice President and Senior Counsel, ALPS Fund Services, Inc. and Assistant General Counsel, ALPS Advisors, Inc. (2015-2017).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

64 SEPTEMBER 30, 2022

Janus Henderson Forty Fund

Notes

NotesPage1

Janus Investment Fund 65

This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Janus Henderson Distributors US LLC
	125-02-93041 11-22

	ANNUAL REPORT September 30, 2022
Janus Henderson Global Equity Income Fund
Janus Investment Fund
		HIGHLIGHTS ·Portfolio management perspective ·Investment strategy behind your fund ·Fund performance, characteristics and holdings

Table of Contents

Janus Henderson Global Equity Income Fund

Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	14
Statement of Assets and Liabilities	16
Statement of Operations	18
Statements of Changes in Net Assets	20
Financial Highlights	21
Notes to Financial Statements	28
Report of Independent Registered Public Accounting Firm	43
Additional Information	44
Useful Information About Your Fund Report	55
Designation Requirements	58
Trustees and Officers	59

Janus Henderson Global Equity Income Fund (unaudited)

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

PERFORMANCE

The Janus Henderson Global Equity Income Fund Class I Shares returned -12.78% for the 12-month period ended September 30, 2022. The Fund’s primary benchmark, the MSCI World Index^SM, returned -19.63%, and the Fund’s secondary benchmark, the 85% MSCI ACWI ex-US High Dividend Yield / 15% MSCI USA High Dividend Yield Index, returned -15.23%.

INVESTMENT ENVIRONMENT

Global equity markets declined over the 12-month period as high levels of inflation in many of the world’s key developed economies prompted aggressive monetary and fiscal tightening, triggering fears of global recession. Equities began the period with positive, if volatile, performance in the fourth quarter of 2021, as investors focused on strong corporate earnings. However, global stock markets sold off in February following Russia’s invasion of Ukraine. Geopolitical turmoil and ongoing supply chain issues drove prices higher, with particularly sharp increases in commodities. Steep inflation prompted several central banks to raise interest rates, causing a rotation from long-duration growth stocks to more cyclical companies. The Federal Reserve raised rates by 0.25% in March, but then moved more aggressively with a 0.50% increase in May and consecutive 0.75% hikes in June, July, and September. Higher interest rates also fueled fears of a potential recession in the U.S. and other markets, with implications for global growth. As a result, we saw a sharp sell-off in risk-related assets, particularly in countries, industries, and companies that would be sensitive to a slowing global demand. Against this backdrop, emerging market stocks underperformed developed market equities, as measured by the MSCI World Index^SM. Adding to investors’ concerns in Europe was a looming energy crisis as Russia substantially reduced gas supplies to several European countries. Meanwhile circumstances in China weighed upon markets as the country reinstituted COVID-19 restrictions, suffered continued property market declines, and faced a sharp slowdown in gross domestic product (GDP) growth. Unlike most central banks, the Bank of Japan continued its yield curve control policy, suppressing both short- and long-term interest rates. This resulted in the Yen weakening significantly versus the U.S. dollar due to widening interest rate differentials. China witnessed a similar weakening of its currency relative to the U.S. dollar.

PERFORMANCE DISCUSSION

Over the period, the Fund continued to meet its high-income objectives and outperformed both its primary and secondary benchmarks. The Fund's focus on reasonable valuations, attractive

dividends, strong cash flows, and conservative balance sheets helped provide downside relief to strong declines seen across global equity markets.

Stock selection drove relative performance over the period. By sector, communication services, materials, and healthcare contributed to performance. The Fund's stock selection in communication services was additive, with holdings in the telecommunications industry the main driver of outperformance during the period, as these companies were viewed as defensive and attractively valued versus other areas of the market. Our stock selection and overweight in the materials sector contributed positively, with holdings in mining and agriculture performing well as commodity prices rose post the invasion of Ukraine. Canadian agricultural chemicals company Nutrien was the Fund’s top individual contributor to performance over the period.

Stock selection in financials, industrials, and real estate detracted from relative returns. In industrials, the Fund's European industrial holdings were the key detractors, as

Janus Investment Fund 1

Janus Henderson Global Equity Income Fund (unaudited)

they were exposed to fears of an economic slowdown and disruption in Europe caused by high energy prices.

At the individual stock level, pharmaceutical giant GSK (formerly GlaxoSmithKline) was among the top detractors from relative performance. The company underperformed due to its exposure to former gastrointestinal blockbuster drug Zantac, which is at the center of a U.S. class action lawsuit. Although sentiment may remain negative until there is clarity on the financial implications for these companies, the share price reactions appear to be pricing in a worst-case scenario and do not account for the potential shared liability given Zantac has been owned over the years by multiple pharmaceutical companies.

DERIVATIVE USAGE

The Fund makes use of derivatives because they are generally the most efficient and liquid way to gain our desired exposures. The Fund enters into forward foreign currency exchange contracts (“forward currency contracts”) with the obligation to purchase or 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. In aggregate, these contracts detracted from performance during the period.

Please see “Notes to Financial Statements” for information about the derivatives used by the Fund.

OUTLOOK

It is a difficult time to make predictions. Interest rates are rising in a slowing growth environment, so the short-term outlook for economic growth is more negative than expected earlier in the year. We are confident, however, that the companies held in the portfolio can weather the current conditions, and that a great deal of bad news is priced in. We continue to be positively surprised by the shareholder returns being announced, in terms of both dividends and share buybacks, which suggests that management teams share our confidence in the long-term outlooks for their companies.

We think a prolonged period of market volatility is likely. This will provide the opportunity to identify what we see as attractively valued companies with strong free-cash-flow characteristics and balance sheets that we believe are well positioned to navigate the more challenging economic environment.

Thank you for investing in the Janus Henderson Global Equity Income Fund.

2 SEPTEMBER 30, 2022

Janus Henderson Global Equity Income Fund (unaudited)

Fund At A Glance

September 30, 2022

5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
Nutrien Ltd	1.68%	0.90%	Samsung Electronics Co Ltd	1.74%	-0.48%
TotalEnergies SE	3.01%	0.69%	Persimmon PLC	0.75%	-0.36%
Bristol-Myers Squibb Co	1.95%	0.63%	Enel SpA	0.98%	-0.30%
British American Tobacco PLC	2.31%	0.56%	Taiwan Semiconductor Manufacturing Co Ltd (ADR)	1.66%	-0.29%
Merck & Co Inc	2.13%	0.55%	GSK PLC	1.49%	-0.29%

	5 Top Contributors - Sectors*
		Relative	Fund	MSCI World Index
		Contribution	Average Weight	Average Weight
	Communication Services	2.35%	9.21%	7.91%
	Materials	1.92%	9.88%	4.29%
	Health Care	0.93%	14.18%	12.99%
	Other**	0.55%	2.64%	0.00%
	Information Technology	0.33%	9.33%	22.24%
	5 Top Detractors - Sectors*
		Relative	Fund	MSCI World Index
		Contribution	Average Weight	Average Weight
	Financials	-0.99%	17.40%	13.64%
	Industrials	-0.35%	6.59%	10.07%
	Real Estate	-0.14%	0.62%	2.80%
	Utilities	-0.04%	5.54%	2.94%
	Energy	0.19%	6.71%	4.27%
	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.
*	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 3

Janus Henderson Global Equity Income Fund (unaudited)

Fund At A Glance

September 30, 2022

5 Largest Equity Holdings -(% of Net Assets)
British American Tobacco PLC
Tobacco	3.4%
Bristol-Myers Squibb Co
Pharmaceuticals	3.4%
Total SE
Oil, Gas & Consumable Fuels	3.1%
Unilever PLC
Personal Products	3.1%
Merck & Co Inc
Pharmaceuticals	2.9%
	15.9%

Asset Allocation - (% of Net Assets)
Common Stocks	97.1%
Preferred Stocks	1.3%
Other		1.6%
		100.0%

Emerging markets comprised 5.0% of total net assets.

Top Country Allocations - Long Positions -(% of Investment Securities)
As of September 30, 2022	As of September 30, 2021

4 SEPTEMBER 30, 2022

Janus Henderson Global Equity Income Fund (unaudited)

Performance

See important disclosures on the next page.

Average Annual Total Return - for the periods ended September 30, 2022					Prospectus Expense Ratios
	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses‡
Class A Shares at NAV	-13.05%	-0.58%	3.61%	2.94%	1.14%
Class A Shares at MOP	-18.06%	-1.76%	3.00%	2.55%
Class C Shares at NAV	-13.62%	-1.26%	2.87%	2.19%	1.76%
Class C Shares at CDSC	-14.42%	-1.26%	2.87%	2.19%
Class D Shares	-12.88%	-0.40%	3.70%	3.00%	0.89%
Class I Shares	-12.78%	-0.26%	3.90%	3.18%	0.78%
Class N Shares	-12.70%	-0.20%	3.86%	3.10%	0.70%
Class S Shares	-13.18%	-0.71%	3.47%	2.85%	1.21%
Class T Shares	-12.91%	-0.40%	3.69%	2.99%	0.94%
MSCI World Index	-19.63%	5.30%	8.11%	5.20%
85% MSCI ACWI ex-US High Div Yld/15% MSCI USA High Div Yld Index	-15.23%	0.00%	3.28%	2.55%
Morningstar Quartile - Class A Shares	1st	1st	1st	1st
Morningstar Ranking - based on total returns for Foreign Large Value Funds	17/348	35/306	38/249	10/175

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.

For certain periods, the Fund’s performance may reflect the effect of expense waivers.

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),

Janus Investment Fund 5

Janus Henderson Global Equity Income Fund (unaudited)

Performance

Environmental, Social and Governance (ESG) factors, 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.

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.

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 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 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.

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.

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.

© 2022 Morningstar, Inc. All Rights Reserved.

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 – November 30, 2006

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

6 SEPTEMBER 30, 2022

Janus Henderson Global Equity Income 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 (4/1/22)	Ending Account Value (9/30/22)	Expenses Paid During Period (4/1/22 - 9/30/22)†	Beginning Account Value (4/1/22)	Ending Account Value (9/30/22)	Expenses Paid During Period (4/1/22 - 9/30/22)†	Net Annualized Expense Ratio (4/1/22 - 9/30/22)
Class A Shares		$1,000.00	$814.50	$5.46	$1,000.00	$1,019.05	$6.07	1.20%
Class C Shares		$1,000.00	$811.80	$7.99	$1,000.00	$1,016.24	$8.90	1.76%
Class D Shares		$1,000.00	$814.60	$4.32	$1,000.00	$1,020.31	$4.81	0.95%
Class I Shares		$1,000.00	$814.50	$3.78	$1,000.00	$1,020.91	$4.20	0.83%
Class N Shares		$1,000.00	$816.00	$3.32	$1,000.00	$1,021.41	$3.70	0.73%
Class S Shares		$1,000.00	$814.20	$5.82	$1,000.00	$1,018.65	$6.48	1.28%
Class T Shares		$1,000.00	$814.60	$4.50	$1,000.00	$1,020.10	$5.01	0.99%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/365 (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 7

Janus Henderson Global Equity Income Fund

Schedule of Investments

September 30, 2022

Shares			Value
Common Stocks– 97.1%
Auto Components – 0.3%
	Compagnie Generale des Etablissements Michelin SCA	553,776	$12,335,665
Automobiles – 2.3%
	Stellantis NV	3,499,436	41,317,684
	Toyota Motor Corp	5,486,600	71,428,021
			112,745,705
Banks – 4.1%
	BNP Paribas SA	1,506,424	63,587,631
	Natwest Group PLC	24,821,144	61,930,556
	Sumitomo Mitsui Financial Group Inc	2,580,600	71,821,906
			197,340,093
Beverages – 3.2%
	Carlsberg A/S	491,743	57,386,924
	Coca-Cola Co	1,704,715	95,498,134
			152,885,058
Biotechnology – 1.4%
	AbbVie Inc	515,168	69,140,701
Building Products – 0.7%
	Cie de Saint-Gobain	973,248	34,704,516
Capital Markets – 2.1%
	3i Group PLC	3,856,017	46,289,286
	Blackstone Group Inc	613,212	51,325,844
	CITIC Securities Co Ltd	2,101,500	3,562,088
			101,177,218
Chemicals – 1.1%
	Nutrien Ltd	664,595	55,431,034
Communications Equipment – 2.0%
	Cisco Systems Inc	2,397,913	95,916,520
Construction Materials – 0.7%
	LafargeHolcim Ltd*	880,484	35,929,054
Containers & Packaging – 0.4%
	DS Smith PLC	6,407,402	18,189,291
Diversified Financial Services – 0.6%
	M&G PLC	16,405,102	30,195,085
Diversified Telecommunication Services – 2.6%
	Koninklijke KPN NV	15,010,784	40,668,960
	Telstra Corp Ltd	14,573,959	35,711,670
	TELUS Corp	2,373,021	47,127,111
			123,507,741
Electric Utilities – 3.2%
	Enel SpA	14,740,210	60,396,616
	Iberdrola SA	4,982,630	46,313,420
	SSE PLC	2,930,450	49,674,610
			156,384,646
Electrical Equipment – 2.1%
	nVent Electric PLC	1,199,853	37,927,353
	Schneider Electric SE	449,473	50,419,176
	Signify NV (144A)	429,971	11,126,419
			99,472,948
Entertainment – 0.7%
	Nintendo Co Ltd	803,000	32,520,106
Food & Staples Retailing – 2.5%
	Koninklijke Ahold Delhaize NV	2,594,337	66,052,096
	Tesco PLC	25,091,496	57,439,405
			123,491,501
Household Durables – 0.6%
	Persimmon PLC	2,058,193	28,328,570
Insurance – 6.2%
	Direct Line Insurance Group PLC	19,494,188	40,090,978

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
8	SEPTEMBER 30, 2022

Janus Henderson Global Equity Income Fund

Schedule of Investments

September 30, 2022

Shares			Value
Common Stocks– (continued)
Insurance– (continued)
	Legal & General Group PLC	19,355,913	$46,308,343
	NN Group NV	574,080	22,340,327
	Phoenix Group Holdings PLC	6,571,535	38,251,696
	Sampo Oyj	37,726	1,609,808
	Tokio Marine Holdings Inc	5,748,600	102,187,488
	Zurich Insurance Group AG	123,347	49,043,389
			299,832,029
Machinery – 1.6%
	Sandvik AB	2,392,368	32,594,934
	Volvo AB	3,179,484	44,886,558
			77,481,492
Media – 0.9%
	Publicis Groupe SA	938,043	44,379,454
Metals & Mining – 7.1%
	Anglo American PLC	2,360,285	71,284,146
	BHP Group Ltd	4,607,727	114,728,215
	Norsk Hydro ASA	3,928,782	21,146,064
	Rio Tinto PLC	1,368,195	74,089,381
	South32 Ltd	27,608,017	63,797,941
			345,045,747
Multi-Utilities – 1.8%
	Sempra Energy	310,977	46,627,891
	Veolia Environnement SA	2,101,364	39,863,461
			86,491,352
Oil, Gas & Consumable Fuels – 9.1%
	Pioneer Natural Resources Co	649,684	140,676,077
	Total SE	3,173,712	149,363,821
	Williams Cos Inc	2,015,393	57,700,702
	Woodside Energy Group Ltd	4,675,298	95,089,830
			442,830,430
Paper & Forest Products – 0.9%
	UPM-Kymmene Oyj	1,323,393	42,047,609
Personal Products – 3.1%
	Unilever PLC	3,384,567	149,249,175
Pharmaceuticals – 16.0%
	Bayer AG	420,091	19,383,404
	Bristol-Myers Squibb Co	2,288,190	162,667,427
	GSK PLC	6,864,529	68,774,038
	Johnson & Johnson	293,494	47,945,180
	Merck & Co Inc	1,655,305	142,554,867
	Novartis AG	599,631	45,721,086
	Novo Nordisk A/S	473,898	47,244,027
	Roche Holding AG	383,976	125,224,228
	Sanofi	1,532,215	116,921,434
			776,435,691
Professional Services – 3.1%
	Hays PLC	19,112,575	21,577,601
	Randstad NV	1,280,277	55,354,581
	SGS SA	33,791	72,193,474
			149,125,656
Real Estate Management & Development – 0.1%
	Aroundtown SA	3,100,017	6,839,212
Semiconductor & Semiconductor Equipment – 5.5%
	Broadcom Inc	154,381	68,546,708
	MediaTek Inc	2,437,000	42,416,580
	SK Square Co Ltd*	201,342	5,026,132
	Taiwan Semiconductor Manufacturing Co Ltd (ADR)	868,023	59,511,657

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

September 30, 2022

Shares			Value
Common Stocks– (continued)
Semiconductor & Semiconductor Equipment– (continued)
	Tokyo Electron Ltd	359,900	$89,120,301
			264,621,378
Software – 1.2%
	SAP SE	690,207	56,888,495
Technology Hardware, Storage & Peripherals – 0.4%
	Lenovo Group Ltd	28,102,000	19,306,186
Textiles, Apparel & Luxury Goods – 0.9%
	Cie Financiere Richemont SA (REG)	447,186	41,969,445
Tobacco – 5.0%
	British American Tobacco PLC	4,566,791	163,268,517
	Imperial Brands PLC	3,811,297	78,631,182
			241,899,699
Wireless Telecommunication Services – 3.6%
	KDDI Corp	1,806,500	52,991,858
	SK Telecom Co Ltd	1,419,864	50,158,810
	Tele2 AB	8,377,148	72,292,062
			175,442,730
Total Common Stocks (cost $5,668,322,324)			4,699,581,232
Preferred Stocks– 1.3%
Technology Hardware, Storage & Peripherals – 1.3%
	Samsung Electronics Co Ltd((cost $78,415,425)	1,962,013	63,845,442
Total Investments (total cost $5,746,737,749) – 98.4%			4,763,426,674
Cash, Receivables and Other Assets, net of Liabilities – 1.6%			77,216,091
Net Assets – 100%			$4,840,642,765

Summary of Investments by Country - (Long Positions) (unaudited)
		% of
		Investment
Country	Value	Securities
United States	$1,096,427,861	23.0	%
United Kingdom	825,548,647	17.3
France	511,575,158	10.7
Japan	420,069,680	8.8
Switzerland	370,080,676	7.8
Netherlands	333,665,139	7.0
Australia	309,327,656	6.5
Sweden	149,773,554	3.2
South Korea	119,030,384	2.5
Denmark	104,630,951	2.2
Canada	102,558,145	2.2
Taiwan	101,928,237	2.1
Italy	101,714,300	2.1
Germany	83,111,111	1.8
Spain	46,313,420	1.0
Finland	43,657,417	0.9
China	22,868,274	0.5
Norway	21,146,064	0.4

Total $4,763,426,674 100.0 %

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
10	SEPTEMBER 30, 2022

Janus Henderson Global Equity Income Fund

Schedule of Investments

September 30, 2022

Schedules of Affiliated Investments – (% of Net Assets)

		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 9/30/22
Investment Companies - N/A
Money Markets - N/A
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº	$	1,255,297	$	(10,996)	$	-	$	-
Investments Purchased with Cash Collateral from Securities Lending - N/A
Investment Companies - N/A
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº		282,416∆		-		-		-
Total Affiliated Investments – N/A		$	1,537,713	$	(10,996)	$	-	$	-

		Value at 9/30/21		Purchases		Sales Proceeds		Value at 9/30/22
Investment Companies - N/A
Money Markets - N/A
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº		71,301,247		2,805,831,589		(2,877,121,840)		-
Investments Purchased with Cash Collateral from Securities Lending - N/A
Investment Companies - N/A
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº		78,584,373		354,404,504		(432,988,877)		-

Schedule of Forward Foreign Currency Exchange Contracts

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	10/26/22	(249,062,606)	$	285,611,867	$	7,447,730
Euro	10/26/22	(457,066,387)		459,814,432		11,167,486
Total					$	18,615,216

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	11

Janus Henderson Global Equity Income Fund

Schedule of Investments

September 30, 2022

The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of September 30, 2022.

Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of September 30, 2022
	Currency Contracts
Asset Derivatives:
Forward foreign currency exchange contracts	$18,615,216

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the year ended September 30, 2022.

The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the year ended September 30, 2022
Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative	Currency Contracts
Forward foreign currency exchange contracts	$114,871,142
Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative	Currency Contracts
Forward foreign currency exchange contracts	$ 10,447,584

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

Average Ending Monthly Value of Derivative Instruments During the Year Ended September 30, 2022
Forward foreign currency exchange contracts:
Average amounts sold - in USD	$683,586,701

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
12	SEPTEMBER 30, 2022

Janus Henderson Global Equity Income Fund

Schedule of Investments

September 30, 2022

Offsetting of Financial Assets and Derivative Assets
			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Assets		or Liability(a)		Pledged(b)		Net Amount
BNP Paribas		$	18,615,216	$	—	$	—	$	18,615,216
(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.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	13

Janus Henderson Global Equity Income Fund

Notes to Schedule of Investments and Other Information

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

ADR	American Depositary Receipt
LLC	Limited Liability Company
PLC	Public Limited Company
REG	Registered

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 year ended September 30, 2022 is $11,126,419, which represents 0.2% of net assets.

* Non-income producing security.

ºº Rate shown is the 7-day yield as of September 30, 2022.

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

14 SEPTEMBER 30, 2022

Janus Henderson Global Equity Income Fund

Notes to Schedule of Investments and Other Information

The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of September 30, 2022. 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
Beverages		$	95,498,134	$	57,386,924	$	-
Biotechnology			69,140,701		-		-
Capital Markets			51,325,844		49,851,374		-
Chemicals			55,431,034		-		-
Communications Equipment			95,916,520		-		-
Diversified Telecommunication Services			47,127,111		76,380,630		-
Electrical Equipment			37,927,353		61,545,595		-
Multi-Utilities			46,627,891		39,863,461		-
Oil, Gas & Consumable Fuels			198,376,779		244,453,651		-
Pharmaceuticals			353,167,474		423,268,217		-
Semiconductor & Semiconductor Equipment			128,058,365		136,563,013		-
All Other			-		2,431,671,161		-
Preferred Stocks			-		63,845,442		-
Total Investments in Securities		$	1,178,597,206	$	3,584,829,468	$	-
Other Financial Instruments(a):
Forward Foreign Currency Exchange Contracts			-		18,615,216		-
Total Assets		$	1,178,597,206	$	3,603,444,684	$	-
(a)	Other financial instruments include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date.

Janus Investment Fund 15

Janus Henderson Global Equity Income Fund

Statement of Assets and Liabilities

September 30, 2022

See footnotes at the end of the Statement.

Assets:
	Investments, at value (cost $5,746,737,749)		$	4,763,426,674
	Forward foreign currency exchange contracts			18,615,216
	Cash denominated in foreign currency (cost $6,642,578)			6,805,176
	Trustees' deferred compensation			144,728
	Receivables:
		Investments sold		64,593,404
		Foreign tax reclaims		38,997,360
		Dividends		35,364,225
		Fund shares sold		19,258,539
		Dividends from affiliates		231,844
	Other assets			7,492
Total Assets				4,947,444,658
Liabilities:
	Due to custodian			7,994,444
	Payables:			—
		Fund shares repurchased		47,707,823
		Investments purchased		26,148,086
		Dividends		11,349,460
		Foreign withholding tax reclaim fee (Note 1)		4,064,011
		Advisory fees		3,006,608
		Transfer agent fees and expenses		766,331
		12b-1 Distribution and shareholder servicing fees		436,782
		Trustees' deferred compensation fees		144,728
		Custodian fees		94,900
		Professional fees		55,554
		Trustees' fees and expenses		24,332
		Affiliated fund administration fees payable		11,432
		Accrued expenses and other payables		4,997,402
Total Liabilities				106,801,893
Net Assets			$	4,840,642,765

See Notes to Financial Statements.
16	SEPTEMBER 30, 2022

Janus Henderson Global Equity Income Fund

Statement of Assets and Liabilities

September 30, 2022

Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	7,164,125,948
	Total distributable earnings (loss)		(2,323,483,183)
Total Net Assets		$	4,840,642,765
Net Assets - Class A Shares		$	558,994,731
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		107,033,927
Net Asset Value Per Share(1)		$	5.22
Maximum Offering Price Per Share(2)		$	5.54
Net Assets - Class C Shares		$	314,777,773
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		61,244,633
Net Asset Value Per Share(1)		$	5.14
Net Assets - Class D Shares		$	21,653,265
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,153,059
Net Asset Value Per Share		$	5.21
Net Assets - Class I Shares		$	3,552,770,556
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		678,233,703
Net Asset Value Per Share		$	5.24
Net Assets - Class N Shares		$	255,001,318
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		48,645,975
Net Asset Value Per Share		$	5.24
Net Assets - Class S Shares		$	14,587,101
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,819,140
Net Asset Value Per Share		$	5.17
Net Assets - Class T Shares		$	122,858,021
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		23,569,875
Net Asset Value Per Share		$	5.21

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

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

See Notes to Financial Statements.
Janus Investment Fund	17

Janus Henderson Global Equity Income Fund

Statement of Operations

For the year ended September 30, 2022

Investment Income:
	Dividends		$	377,628,206
	Non-cash dividends			60,403,547
	Dividends from affiliates			1,255,297
	Affiliated securities lending income, net			282,416
	Unaffiliated securities lending income, net			1,442
	Other income			297,765
	Foreign withholding tax income (net of foreign withholding tax reclaim fee of $4,064,011 (Note 1))			5,081,133
Total Investment Income				444,949,806
Expenses:
	Advisory fees			35,738,829
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		1,686,933
		Class C Shares		3,832,385
		Class S Shares		42,190
	Transfer agent administrative fees and expenses:
		Class D Shares		23,660
		Class S Shares		42,228
		Class T Shares		259,369
	Transfer agent networking and omnibus fees:
		Class A Shares		1,419,725
		Class C Shares		306,106
		Class I Shares		3,647,726
	Other transfer agent fees and expenses:
		Class A Shares		41,971
		Class C Shares		19,897
		Class D Shares		5,663
		Class I Shares		174,463
		Class N Shares		9,671
		Class S Shares		190
		Class T Shares		1,297
	Professional fees			5,097,211
	Custodian fees			288,246
	Registration fees			260,460
	Shareholder reports expense			225,388
	Affiliated fund administration fees			136,342
	Trustees’ fees and expenses			114,845
	Other expenses			388,528
Total Expenses				53,763,323
Less: Excess Expense Reimbursement and Waivers				(63,416)
Net Expenses				53,699,907
Net Investment Income/(Loss)				391,249,899

See Notes to Financial Statements.
18	SEPTEMBER 30, 2022

Janus Henderson Global Equity Income Fund

Statement of Operations

For the year ended September 30, 2022

Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	(261,185,728)
	Investments in affiliates		(10,996)
	Forward foreign currency exchange contracts		114,871,142
Total Net Realized Gain/(Loss) on Investments			(146,325,582)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and Trustees’ deferred compensation		(1,038,389,541)
	Forward foreign currency exchange contracts		10,447,584
Total Change in Unrealized Net Appreciation/Depreciation			(1,027,941,957)
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	(783,017,640)

See Notes to Financial Statements.
Janus Investment Fund	19

Janus Henderson Global Equity Income Fund

Statements of Changes in Net Assets

			Year ended September 30, 2022		Year ended September 30, 2021
Operations:
	Net investment income/(loss)		$	391,249,899	$	364,393,540
	Net realized gain/(loss) on investments			(146,325,582)		313,913,548
	Change in unrealized net appreciation/depreciation			(1,027,941,957)		95,014,689
Net Increase/(Decrease) in Net Assets Resulting from Operations				(783,017,640)		773,321,777
Dividends and Distributions to Shareholders:
		Class A Shares		(49,466,615)		(47,571,920)
		Class C Shares		(28,085,172)		(31,626,263)
		Class D Shares		(1,719,590)		(873,001)
		Class I Shares		(309,759,436)		(265,514,591)
		Class N Shares		(20,170,604)		(8,574,137)
		Class S Shares		(1,241,114)		(1,095,477)
		Class T Shares		(9,040,877)		(6,017,587)
Net Decrease from Dividends and Distributions to Shareholders				(419,483,408)		(361,272,976)
Capital Share Transactions:
		Class A Shares		35,171,613		(9,889,322)
		Class C Shares		(43,202,804)		(84,565,650)
		Class D Shares		14,558,070		4,232,707
		Class I Shares		714,146,923		607,907,308
		Class N Shares		184,097,489		60,200,231
		Class S Shares		1,593,179		4,661,637
		Class T Shares		81,086,096		(8,101,526)
Net Increase/(Decrease) from Capital Share Transactions				987,450,566		574,445,385
Net Increase/(Decrease) in Net Assets				(215,050,482)		986,494,186
Net Assets:
	Beginning of period			5,055,693,247		4,069,199,061
	End of period		$	4,840,642,765	$	5,055,693,247

See Notes to Financial Statements.
20	SEPTEMBER 30, 2022

Janus Henderson Global Equity Income Fund

Financial Highlights

Class A Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$6.54	$5.90	$6.58	$7.16	$7.80
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.45(2)	0.49	0.51	0.46	0.49
		Net realized and unrealized gain/(loss)	(1.29)	0.64	(0.72)	(0.56)	(0.65)
	Total from Investment Operations		(0.84)	1.13	(0.21)	(0.10)	(0.16)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.48)	(0.49)	(0.47)	(0.48)	(0.48)
	Total Dividends and Distributions		(0.48)	(0.49)	(0.47)	(0.48)	(0.48)
	Net Asset Value, End of Period		$5.22	$6.54	$5.90	$6.58	$7.16
	Total Return*		(13.71)%	19.08%	(2.98)%	(1.22)%	(2.13)%
	Net Assets, End of Period (in thousands)		$558,995	$662,514	$610,106	$684,235	$818,548
	Average Net Assets for the Period (in thousands)		$671,651	$666,761	$639,082	$695,276	$878,570
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.25%(3)	1.14%	1.14%	1.12%	1.09%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.24%	1.14%	1.14%	1.12%	1.09%
		Ratio of Net Investment Income/(Loss)	6.86%(2)	7.28%	8.15%	6.91%	6.43%
	Portfolio Turnover Rate		86%	123%	227%	142%	137%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

(2)Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.05 and 0.69%, respectively.

(3)Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the additional professional fees to Ratio of Gross Expenses is 0.09%.

See Notes to Financial Statements.
Janus Investment Fund	21

Janus Henderson Global Equity Income Fund

Financial Highlights

Class C Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$6.46	$5.83	$6.53	$7.11	$7.75
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.40(2)	0.44	0.47	0.42	0.44
		Net realized and unrealized gain/(loss)	(1.27)	0.64	(0.73)	(0.56)	(0.65)
	Total from Investment Operations		(0.87)	1.08	(0.26)	(0.14)	(0.21)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.45)	(0.45)	(0.44)	(0.44)	(0.43)
	Total Dividends and Distributions		(0.45)	(0.45)	(0.44)	(0.44)	(0.43)
	Net Asset Value, End of Period		$5.14	$6.46	$5.83	$6.53	$7.11
	Total Return*		(14.29)%	18.54%	(3.92)%	(1.88)%	(2.76)%
	Net Assets, End of Period (in thousands)		$314,778	$437,512	$469,891	$677,303	$1,037,471
	Average Net Assets for the Period (in thousands)		$410,449	$478,215	$579,718	$804,713	$1,127,161
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.80%(3)	1.72%	1.75%	1.76%	1.75%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.80%	1.72%	1.75%	1.76%	1.75%
		Ratio of Net Investment Income/(Loss)	6.22%(2)	6.66%	7.49%	6.24%	5.82%
	Portfolio Turnover Rate		86%	123%	227%	142%	137%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

(2)Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.05 and 0.69%, respectively.

(3)Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the additional professional fees to Ratio of Gross Expenses is 0.09%.

See Notes to Financial Statements.
22	SEPTEMBER 30, 2022

Janus Henderson Global Equity Income Fund

Financial Highlights

Class D Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$6.52	$5.88	$6.57	$7.15	$7.79
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.50(2)	0.51	0.54	0.48	0.53
		Net realized and unrealized gain/(loss)	(1.31)	0.63	(0.74)	(0.57)	(0.67)
	Total from Investment Operations		(0.81)	1.14	(0.20)	(0.09)	(0.14)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.50)	(0.50)	(0.49)	(0.49)	(0.50)
	Total Dividends and Distributions		(0.50)	(0.50)	(0.49)	(0.49)	(0.50)
	Net Asset Value, End of Period		$5.21	$6.52	$5.88	$6.57	$7.15
	Total Return*		(13.38)%	19.43%	(2.92)%	(1.06)%	(1.91)%
	Net Assets, End of Period (in thousands)		$21,653	$13,132	$8,277	$8,028	$8,359
	Average Net Assets for the Period (in thousands)		$20,449	$11,156	$8,001	$7,928	$7,765
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.95%(3)	0.89%	0.92%	0.99%	0.88%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.95%	0.89%	0.92%	0.99%	0.88%
		Ratio of Net Investment Income/(Loss)	7.72%(2)	7.60%	8.59%	7.17%	7.02%
	Portfolio Turnover Rate		86%	123%	227%	142%	137%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

(2)Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.04 and 0.69%, respectively.

(3)Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the additional professional fees to Ratio of Gross Expenses is 0.09%.

See Notes to Financial Statements.
Janus Investment Fund	23

Janus Henderson Global Equity Income Fund

Financial Highlights

Class I Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$6.55	$5.91	$6.60	$7.18	$7.81
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.48(2)	0.52	0.54	0.49	0.53
		Net realized and unrealized gain/(loss)	(1.29)	0.63	(0.73)	(0.57)	(0.66)
	Total from Investment Operations		(0.81)	1.15	(0.19)	(0.08)	(0.13)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.50)	(0.51)	(0.50)	(0.50)	(0.50)
	Total Dividends and Distributions		(0.50)	(0.51)	(0.50)	(0.50)	(0.50)
	Net Asset Value, End of Period		$5.24	$6.55	$5.91	$6.60	$7.18
	Total Return*		(13.27)%	19.43%	(2.78)%	(0.89)%	(1.68)%
	Net Assets, End of Period (in thousands)		$3,552,771	$3,719,987	$2,830,699	$3,008,858	$3,509,735
	Average Net Assets for the Period (in thousands)		$3,964,612	$3,469,535	$2,946,792	$2,998,950	$3,534,302
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.87%(3)	0.78%	0.78%	0.79%	0.76%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.87%	0.78%	0.78%	0.79%	0.76%
		Ratio of Net Investment Income/(Loss)	7.33%(2)	7.70%	8.62%	7.30%	6.88%
	Portfolio Turnover Rate		86%	123%	227%	142%	137%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

(2)Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.05 and 0.69%, respectively.

(3)Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the additional professional fees to Ratio of Gross Expenses is 0.09%.

See Notes to Financial Statements.
24	SEPTEMBER 30, 2022

Janus Henderson Global Equity Income Fund

Financial Highlights

Class N Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$6.55	$5.91	$6.60	$7.18	$7.81
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.50(2)	0.53	0.51	0.50	0.52
		Net realized and unrealized gain/(loss)	(1.31)	0.62	(0.70)	(0.57)	(0.64)
	Total from Investment Operations		(0.81)	1.15	(0.19)	(0.07)	(0.12)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.50)	(0.51)	(0.50)	(0.51)	(0.51)
	Total Dividends and Distributions		(0.50)	(0.51)	(0.50)	(0.51)	(0.51)
	Net Asset Value, End of Period		$5.24	$6.55	$5.91	$6.60	$7.18
	Total Return*		(13.20)%	19.51%	(2.71)%	(0.82)%	(1.64)%
	Net Assets, End of Period (in thousands)		$255,001	$134,486	$68,993	$12,886	$6,841
	Average Net Assets for the Period (in thousands)		$239,690	$106,437	$27,720	$10,817	$5,880
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.78%(3)	0.70%	0.72%	0.75%	0.72%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.78%	0.70%	0.72%	0.75%	0.72%
		Ratio of Net Investment Income/(Loss)	7.69%(2)	7.85%	8.37%	7.53%	6.83%
	Portfolio Turnover Rate		86%	123%	227%	142%	137%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

(2)Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.05 and 0.69%, respectively.

(3)Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the additional professional fees to Ratio of Gross Expenses is 0.09%.

See Notes to Financial Statements.
Janus Investment Fund	25

Janus Henderson Global Equity Income Fund

Financial Highlights

Class S Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$6.49	$5.86	$6.56	$7.15	$7.79
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.44(2)	0.49	0.59	0.49	0.54
		Net realized and unrealized gain/(loss)	(1.28)	0.62	(0.82)	(0.60)	(0.70)
	Total from Investment Operations		(0.84)	1.11	(0.23)	(0.11)	(0.16)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.48)	(0.48)	(0.47)	(0.48)	(0.48)
	Total Dividends and Distributions		(0.48)	(0.48)	(0.47)	(0.48)	(0.48)
	Net Asset Value, End of Period		$5.17	$6.49	$5.86	$6.56	$7.15
	Total Return*		(13.85)%	19.01%	(3.30)%	(1.31)%	(2.16)%
	Net Assets, End of Period (in thousands)		$14,587	$16,510	$10,825	$2,470	$232
	Average Net Assets for the Period (in thousands)		$16,811	$14,755	$6,983	$1,805	$127
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.30%(3)	1.21%	1.25%	1.38%	2.37%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.30%	1.21%	1.25%	1.34%	1.27%
		Ratio of Net Investment Income/(Loss)	6.81%(2)	7.31%	9.83%	7.35%	7.23%
	Portfolio Turnover Rate		86%	123%	227%	142%	137%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

(2)Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.05 and 0.69%, respectively.

(3)Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the additional professional fees to Ratio of Gross Expenses is 0.09%.

See Notes to Financial Statements.
26	SEPTEMBER 30, 2022

Janus Henderson Global Equity Income Fund

Financial Highlights

Class T Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$6.52	$5.88	$6.57	$7.15	$7.78
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.50(2)	0.52	0.52	0.49	0.54
		Net realized and unrealized gain/(loss)	(1.32)	0.62	(0.72)	(0.58)	(0.68)
	Total from Investment Operations		(0.82)	1.14	(0.20)	(0.09)	(0.14)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.49)	(0.50)	(0.49)	(0.49)	(0.49)
	Total Dividends and Distributions		(0.49)	(0.50)	(0.49)	(0.49)	(0.49)
	Net Asset Value, End of Period		$5.21	$6.52	$5.88	$6.57	$7.15
	Total Return*		(13.41)%	19.35%	(2.94)%	(1.04)%	(1.84)%
	Net Assets, End of Period (in thousands)		$122,858	$71,551	$70,408	$70,735	$53,548
	Average Net Assets for the Period (in thousands)		$103,061	$85,441	$71,828	$65,061	$55,040
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.02%(3)	0.94%	0.95%	0.97%	0.94%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.01%	0.94%	0.94%	0.95%	0.93%
		Ratio of Net Investment Income/(Loss)	7.76%(2)	7.70%	8.29%	7.41%	7.12%
	Portfolio Turnover Rate		86%	123%	227%	142%	137%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

(2)Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.04 and 0.69%, respectively.

(3)Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the additional professional fees to Ratio of Gross Expenses is 0.09%.

See Notes to Financial Statements.
Janus Investment Fund	27

Janus Henderson Global Equity Income Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus Henderson Global Equity Income Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 39 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks to achieve a high level of current income and, as a secondary objective, steady growth of capital. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC (formerly Janus Capital Management LLC) is the investment adviser (the “Adviser”) to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Shareholders, including other funds, individuals, accounts, as well as the Fund’s portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s Shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors, 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, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct

28 SEPTEMBER 30, 2022

Janus Henderson Global Equity Income Fund

Notes to Financial Statements

institutional investors approved by Janus Henderson Distributors US LLC (formerly Janus Distributors LLC) (the “Distributor”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

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

Investment Valuation

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The 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 Adviser-approved pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a 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 valuation policies provide for the use of systematic fair valuation models provided by independent pricing services to value foreign 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

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Notes to Financial Statements

an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

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

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

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

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of September 30, 2022 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.

Investment Transactions and Investment Income

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

Expenses

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Indemnifications

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

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Notes to Financial Statements

Foreign Currency Translations

The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

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

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

Dividends and Distributions

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

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

Federal Income Taxes

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

Foreign Taxes

The Fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the Fund filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.  The Statement of Operations reflects $41,553,869 of tax reclaims received as well as $5,022,602 of professional fees and $4,064,011 of certain fees assessed by the Internal Revenue Service due to the recovery of foreign withholding taxes after such amounts were previously passed through to Fund shareholders as foreign tax credits.

2. Derivative Instruments

The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the year ended September 30, 2022 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

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Notes to Financial Statements

(to earn income and seek to enhance returns). When the Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative’s cost. The Fund may not use any derivative to gain exposure to an asset or class of assets that it would be prohibited by its investment restrictions from purchasing directly. The Fund’s ability to use derivative instruments may also be limited by tax considerations.

Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate over time. Investments in derivatives may not directly correlate with the price movements of the underlying instrument. As a result, the use of derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case. Derivatives can be volatile and may involve significant risks.

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

·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

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Notes to Financial Statements

cover in an amount at all times equal to or greater than the Fund’s commitment with respect to certain exchange-traded derivatives, centrally cleared derivatives, forward foreign currency exchange contracts, short sales, and/or securities with extended settlement dates. There is no guarantee that counterparty exposure is reduced and these arrangements are dependent on the Adviser’s ability to establish and maintain appropriate systems and trading.

Forward Foreign Currency Exchange Contracts

A forward foreign currency exchange contract (“forward currency contract”) is an obligation to buy or sell a specified currency at a future date at a negotiated rate (which may be U.S. dollars or a foreign currency). The Fund may enter into forward currency contracts for hedging purposes, including, but not limited to, reducing exposure to changes in foreign currency exchange rates on foreign portfolio holdings and locking in the U.S. dollar cost of firm purchase and sale commitments for securities denominated in or exposed to foreign currencies. The Fund may also invest in forward currency contracts for non-hedging purposes such as seeking to enhance returns. The Fund is subject to currency risk and counterparty risk in the normal course of pursuing its investment objective through its investments in forward currency contracts.

Forward currency contracts are valued by converting the foreign value to U.S. dollars by using the current spot U.S. dollar exchange rate and/or forward rate for that currency. Exchange and forward rates as of the close of the NYSE are used to value the forward currency contracts. The unrealized appreciation/(depreciation) for forward currency contracts is reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations for the change in unrealized net appreciation/depreciation (if applicable). The realized gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing a forward currency contract is reported on the Statement of Operations (if applicable).

During the year, the Fund entered into forward currency contracts with the obligation to 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

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 in response to the COVID-19 pandemic. This and other government intervention into the economy and financial markets to address the COVID-19 pandemic may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Government actions to mitigate the economic impact of the pandemic have resulted in a large expansion of government deficits and debt, the long term consequences of which are not known. The COVID-19 pandemic could adversely affect the value and liquidity of a Fund’s investments, impair a Fund’s ability to satisfy redemption requests, and negatively impact a Fund’s performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

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 the Adviser 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.

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Notes to Financial Statements

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. Among other things, these developments have adversely affected the value and exchange rate of the euro and pound sterling, and may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse effect on the Fund’s investments in such countries, other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.

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. Emerging market countries in which the Fund may invest include frontier market countries, the economies of which are less developed than other emerging market countries. To the extent that the Fund invests a significant amount of its assets in one or more of these countries, its returns and net asset value may be affected to a large degree by events and economic conditions in such countries. The risks of foreign investing are heightened when investing in emerging markets, which may result in the price of investments in emerging markets experiencing sudden and sharp price swings. In many developing markets, there is less government supervision and regulation of stock exchanges, brokers, and listed companies, making these investments potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. Similarly, issuers in such markets may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which U.S. companies are subject. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the Fund’s investments may be denominated in foreign currencies and therefore, changes in the value of a country’s currency compared to the U.S. dollar may affect the value of the Fund’s investments. To the extent that the Fund invests a significant portion of its assets in the securities of issuers in or companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund’s performance. Developing countries may also experience a higher level of exposure and vulnerability to the adverse effects of climate change. This can be attributed to both the geographic location of emerging market countries and/or a country’s lack of access to technology or resources to adjust and adapt to its effects. An increased occurrence and severity of natural disasters and extreme weather events such as droughts and decreased crop yields, heat waves, flooding and rising sea levels, and increased spread of disease, could cause harmful effects to the performance of affected economies. Additionally, foreign and emerging market risks, including, but not limited to, price controls, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, nationalization, and restrictions on repatriation of assets may be heightened to the extent the Fund invests in Chinese local market securities.

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.

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Notes to Financial Statements

Counterparties

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.

Securities Lending

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the Securities and Exchange Commission (the "SEC"). If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.

Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation.Additional required collateral, or excess collateral returned, is

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Notes to Financial Statements

delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations.

There were no securities on loan as of September 30, 2022.

Offsetting Assets and Liabilities

The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, in the event of a default and/or termination event, the Fund may offset with each counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment.

The Offsetting Assets and Liabilities table located in the Schedule of Investments 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 September 30, 2022” table located in the Fund’s Schedule of Investments.The Fund generally does not exchange collateral on its forward foreign currency contracts with its counterparties; however, all liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund’s commitment with respect to these contracts. Certain securities may be segregated at the Fund’s custodian. These segregated securities are denoted on the accompanying Schedule of Investments and are evaluated daily to ensure their cover and/or market value equals or exceeds the Fund’s corresponding forward foreign currency exchange contract's obligation value.

4. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The following table reflects the Fund’s contractual investment advisory fee rate (expressed as an annual rate).

Average Daily Net Assets of the Fund	Contractual Investment Advisory Fee (%)
First $1 Billion	0.85
Next $1 Billion	0.65
Over $2 Billion	0.60

The Fund’s actual investment advisory fee rate for the reporting period was 0.66% of average annual net assets before any applicable waivers.

The Adviser has entered into a personnel-sharing arrangement with its foreign (non-U.S.) affiliates, Henderson Global Investors Limited, Henderson Global Investors (Japan) Ltd., and Henderson Global Investors (Singapore) Ltd. (collectively, “HGIL”), pursuant to which HGIL and certain employees of HGIL serve as “associated persons” of the Adviser. In this capacity, such employees of HGIL are subject to the oversight and supervision of the Adviser and may provide portfolio management, research, and related services to the Fund on behalf of the Adviser.

The Adviser has contractually agreed to waive the investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, 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 payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.84% of the Fund’s average daily net

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Notes to Financial Statements

assets. The Adviser has agreed to continue the waivers for at least a one-year period commencing on January 28, 2022. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (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 the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $502,935 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 2022. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

Janus Henderson Services US LLC (formerly Janus Services LLC) (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

Average Daily Net Assets of Class D Shares of the Janus Henderson funds	Administrative Services Fee
Under $40 billion	0.12%
$40 billion – $49.9 billion	0.10%
Over $49.9 billion	0.08%

During the reporting period, the administrative services fee rate was 0.12%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C

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Janus Henderson Global Equity Income Fund

Notes to Financial Statements

Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the Shares 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 Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the year ended September 30, 2022, the Distributor retained upfront sales charges of $190,698.

A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. During the year ended September 30, 2022, redeeming shareholders of Class A Shares paid CDSCs of $1,388 to Janus Henderson Distributors.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the year ended September 30, 2022, redeeming shareholders of Class C Shares paid CDSCs of $31,715.

The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of September 30, 2022 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended September 30, 2022 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $436,813 were paid by the Trust to the Trustees under the Deferred Plan during the year ended September 30, 2022.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests 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

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Janus Henderson Global Equity Income Fund

Notes to Financial Statements

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.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended September 30, 2022 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

5. Federal Income Tax

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.

Other book to tax differences primarily consist of deferred compensation, derivatives, and foreign currency contract adjustments. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ 32,165,842	$ -	$(1,238,870,766)	$ -	$ -	$(9,000,293)	$(1,107,777,966)

Accumulated capital losses noted below represent net capital loss carryovers, as of September 30, 2022, 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, 2022
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$(1,067,550,413)	$(171,320,353)	$(1,238,870,766)

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 2022 are noted below. The primary difference 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)
$ 5,871,204,640	$112,965,223	$(1,220,743,189)	$ (1,107,777,966)

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Notes to Financial Statements

Information on the tax components of derivatives as of September 30, 2022 is as follows:

Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 18,615,216	$ -	$ -	$ -

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

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.

For the year ended September 30, 2022
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 419,483,408	$ -	$ -	$ -

For the year ended September 30, 2021
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 361,272,976	$ -	$ -	$ -

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. The following reclassifications have been made to the Fund:

Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ (199,139)	$ 24,055,075	$ (23,855,936)

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Janus Henderson Global Equity Income Fund

Notes to Financial Statements

6. Capital Share Transactions

	Year ended September 30, 2022		Year ended September 30, 2021
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	26,042,246	$ 170,106,039	30,176,328	$ 204,549,615
Reinvested dividends and distributions	6,460,032	39,274,744	5,608,120	37,672,140
Shares repurchased	(26,724,082)	(174,209,170)	(37,899,973)	(252,111,077)
Net Increase/(Decrease)	5,778,196	$ 35,171,613	(2,115,525)	$ (9,889,322)
Class C Shares:
Shares sold	9,693,945	$ 62,699,198	10,026,600	$ 67,608,705
Reinvested dividends and distributions	4,414,963	26,529,716	4,419,518	29,312,763
Shares repurchased	(20,632,456)	(132,431,718)	(27,235,267)	(181,487,118)
Net Increase/(Decrease)	(6,523,548)	$ (43,202,804)	(12,789,149)	$ (84,565,650)
Class D Shares:
Shares sold	3,469,211	$ 23,220,470	929,926	$ 6,382,496
Reinvested dividends and distributions	274,746	1,638,772	122,986	823,397
Shares repurchased	(1,604,948)	(10,301,172)	(446,174)	(2,973,186)
Net Increase/(Decrease)	2,139,009	$ 14,558,070	606,738	$ 4,232,707
Class I Shares:
Shares sold	263,428,202	$1,716,422,281	180,870,695	$1,227,854,603
Reinvested dividends and distributions	46,766,003	284,016,160	35,370,434	237,791,085
Shares repurchased	(199,588,995)	(1,286,291,518)	(127,740,329)	(857,738,380)
Net Increase/(Decrease)	110,605,210	$ 714,146,923	88,500,800	$ 607,907,308
Class N Shares:
Shares sold	37,175,265	$ 243,821,876	13,748,966	$ 92,754,224
Reinvested dividends and distributions	1,766,310	10,605,934	732,139	4,925,185
Shares repurchased	(10,822,569)	(70,330,321)	(5,636,693)	(37,479,178)
Net Increase/(Decrease)	28,119,006	$ 184,097,489	8,844,412	$ 60,200,231
Class S Shares:
Shares sold	640,634	$ 4,058,722	808,110	$ 5,403,626
Reinvested dividends and distributions	206,259	1,241,114	164,475	1,095,477
Shares repurchased	(572,985)	(3,706,657)	(275,737)	(1,837,466)
Net Increase/(Decrease)	273,908	$ 1,593,179	696,848	$ 4,661,637
Class T Shares:
Shares sold	17,541,703	$ 113,127,786	8,813,926	$ 59,293,455
Reinvested dividends and distributions	1,497,548	8,905,613	882,872	5,914,028
Shares repurchased	(6,446,732)	(40,947,303)	(10,697,705)	(73,309,009)
Net Increase/(Decrease)	12,592,519	$ 81,086,096	(1,000,907)	$ (8,101,526)

7. Purchases and Sales of Investment Securities

For the year ended September 30, 2022, 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
$5,658,790,434	$4,482,863,119	$ -	$ -

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Notes to Financial Statements

8. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to September 30, 2022 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.

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Janus Henderson Global Equity Income Fund

Report of Independent Registered Public Accounting Firm

TotheBoard of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Global Equity Income Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Global Equity Income Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2022, the related statement of operations for the year ended September 30, 2022, the statements of changes in net assets for each of the two years in the period ended September 30, 2022,including the related notes,and the financial highlightsfor each of the five years in the period ended September 30, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2022 and the financial highlights for each of the five years in the period ended September 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Denver, Colorado

November 28, 2022

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

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Janus Henderson Global Equity Income 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 (each, a “Fund,” and collectively, the “Funds” and 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 agreement for each Janus Henderson Fund that utilizes a subadviser.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (formerly, Janus Capital Management LLC) (the “Adviser”) and the subadviser 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 meetings held on November 3-4, 2021 and December 7-8, 2021, the Trustees’ evaluated the information provided by the Adviser, the subadviser, and the independent fee consultant, as well as other information addressed during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser and each subadviser, as applicable, were fair and reasonable in light of the nature, extent and quality of the services provided by the Adviser, its affiliates and the subadviser, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund and the subadvisory agreement for each subadvised Janus Henderson Fund, for the period from February 1, 2022 through February 1, 2023, subject to earlier termination as provided for in each agreement.

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

Nature, Extent and Quality of Services

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

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Janus Henderson Global Equity Income Fund

Additional Information (unaudited)

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 the Adviser and the 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 the Adviser or the subadviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

The Trustees concluded that the nature, extent and quality of the services provided by the Adviser and 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 the Adviser and the subadviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and each 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, 2021, approximately 55% of the Janus Henderson Funds were in the top two quartiles of performance versus Broadridge peers, and for the 12 months ended September 30, 2021, approximately 45% 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 second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving

Janus Investment Fund 45

Janus Henderson Global Equity Income Fund

Additional Information (unaudited)

Fixed-Income Funds

·For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·For Janus Developed World Bond Fund, the Trustees noted the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

Global and International Equity Funds

·For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the

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Additional Information (unaudited)

Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

Money Market Funds

·For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was 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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

Janus Investment Fund 47

Janus Henderson Global Equity Income Fund

Additional Information (unaudited)

·For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser 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 bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser and subadviser had taken or were taking to improve performance.

·For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson International Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser and subadviser had taken or were taking to improve performance.

·For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser and subadviser had taken or were taking to improve performance.

U.S. Equity Funds

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

·For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

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Janus Henderson Global Equity Income Fund

Additional Information (unaudited)

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 the Adviser out of its management fees collected from such Janus Henderson Fund.

The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge Expense Group peers; and (3) and the management fees for the Janus Henderson Funds, on average, were 6% 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.

The Trustees considered the methodology used by the Adviser and 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 the Adviser and subadviser to comparable separate account clients and to comparable non-affiliated funds subadvised by the Adviser or subadviser (for which the Adviser 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 the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser 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; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged to Janus Henderson subadvised fund and separate account investors; and (4) as part of its 2020 review, 9 of 10 Janus Henderson Funds have lower management fees than similar funds subadvised by the Adviser.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2020, including the VIT Portfolios, and noted the following with regard to each VIT Portfolio’s total expenses, net of applicable fee waivers (the VIT Portfolio’s “total expenses”):

Janus Investment Fund 49

Janus Henderson Global Equity Income Fund

Additional Information (unaudited)

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 the Adviser 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.

·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 the Adviser 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 the Adviser 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 one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser 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 the Adviser 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 the Adviser has contractually agreed to limit the Fund’s expenses.

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

·For Janus Henderson Short Duration 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 the Adviser 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 the Adviser 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 certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser 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 the Adviser has contractually agreed to limit the Fund’s expenses.

·For Janus Henderson Global Equity Income 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 the Adviser 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.

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Janus Henderson Global Equity Income Fund

Additional Information (unaudited)

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

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

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

Money Market Funds

·For Janus Henderson Government 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 the Adviser has voluntarily agreed to limit the Fund’s expenses to assist the Fund in attempting to maintain a yield of at least 0.00%.

·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 the Adviser has agreed to limit the Fund’s expenses to assist the Fund in attempting to maintain a yield of at least 0.00%.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted 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 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 the Adviser 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 the Adviser 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

Janus Investment Fund 51

Janus Henderson Global Equity Income Fund

Additional Information (unaudited)

that the Adviser 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 the Adviser 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 the Adviser 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, 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 the Adviser 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 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 the Adviser 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.

·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 the Adviser 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 the Adviser 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 Mid Cap Value Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

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

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by

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Janus Henderson Global Equity Income Fund

Additional Information (unaudited)

numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser and 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 the Adviser 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 the Adviser 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 the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser and its affiliates, as well as the fees paid by the Adviser to the subadviser 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 the Adviser and the subadviser 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 the Adviser and subadviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

Economies of Scale

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 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 75% of these Janus Henderson Funds’ have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. The Trustees also noted the following: (1) that for those Janus Henderson Funds whose expenses are being reduced by the contractual expense limitations of the Adviser, the Adviser is subsidizing certain of these Janus Henderson Funds because they have not reached adequate scale; (2) 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 (3) 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 the Adviser 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 the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, the Adviser appeared to be investing to increase the likelihood that these Janus

Janus Investment Fund 53

Janus Henderson Global Equity Income Fund

Additional Information (unaudited)

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 the Adviser.

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

Other Benefits to the Adviser

The Trustees also considered benefits that accrue to the Adviser and its affiliates and subadviser to the Janus Henderson Funds from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by 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 the Adviser and/or the Adviser, and/or subadviser to a Janus Henderson Fund. The Trustees concluded that the Adviser’s and the subadviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates and subadviser pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser and the subadviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser and the subadviser 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 the Adviser’s and/or the subadviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser and/or other clients of the subadviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser, the subadviser or other Janus Henderson funds, and that the success of the Adviser and the subadviser could enhance the Adviser’s and the subadviser’s ability to serve the Janus Henderson Funds.

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Janus Henderson Global Equity Income Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

The Management Commentary in this report includes valuable insight as well as statistical information to help you understand how your Fund’s performance and characteristics stack up against those of comparable indices.

If the Fund invests in foreign securities, this report may include information about country exposure. Country exposure is based primarily on 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.

Please keep in mind that the opinions expressed in the Management Commentary are just that: opinions. They are a reflection based on best judgment at the time this report was compiled, which was September 30, 2022. As the investing environment changes, so could opinions. These views are unique and are not necessarily shared by fellow employees or by Janus Henderson in general.

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 the Adviser 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. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by Bloomberg 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.

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Useful Information About Your Fund Report (unaudited)

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.

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.

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.

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Useful Information About Your Fund Report (unaudited)

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 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.

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Janus Henderson Global Equity Income Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2022:

Dividends Received Deduction Percentage	8%
Qualified Dividend Income Percentage	91%

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Trustees and Officers (unaudited)

The following are the Trustees and officers of the Trust, together with a brief description of their principal occupations during the last five years (principal occupations for certain Trustees may include periods over five years). The Fund’s Statement of Additional Information includes additional information about the Trustees and officers and is available, without charge, by calling 1-877-335-2687.

Each Trustee has served in that capacity since he or she was originally elected or appointed. The Trustees do not serve a specified term of office. Each Trustee will hold office until the termination of the Trust or his or her earlier death, resignation, retirement, incapacity, or removal. Under the Fund’s Governance Procedures and Guidelines, the policy is for Trustees to retire no later than the end of the calendar year in which the Trustee turns 75. The Trustees review the Fund’s Governance Procedures and Guidelines from time to time and may make changes they deem appropriate. The Fund’s Nominating and Governance Committee will consider nominees for the position of Trustee recommended by shareholders. Shareholders may submit the name of a candidate for consideration by the Committee by submitting their recommendations to the Trust’s Secretary. Each Trustee is currently a Trustee of one other registered investment company advised by the Adviser: Janus Aspen Series. Collectively, these two registered investment companies consist of 50 series or funds referred to herein as the Fund Complex.

The Trust’s officers are elected annually by the Trustees for a one-year term. Certain officers also serve as officers of Janus Aspen Series. Certain officers of the Fund may also be officers and/or directors of the Adviser. Except as otherwise disclosed, Fund officers receive no compensation from the Fund, except for the Fund’s Chief Compliance Officer, as authorized by the Trustees.

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Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Chairman Trustee	5/22-Present 1/13-Present	Principal, Curam Holdings LLC (since 2018). Formerly, Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm) (2012-2018), Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	50	Advisory Board Member of AEW Core Property Trust (open-end property fund) (since 2020), and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016), Director of Nuveen Global Investors LLC (2007-2011), Director of Communities in Schools (2004-2010), and Director of Mutual Fund Education Alliance (until 2010).
Cheryl D. Alston 151 Detroit Street Denver, CO 80206 DOB: 1966	Trustee	8/22-Present	Executive Director and Chief Investment Officer, Employees’ Retirement Fund of the City of Dallas (since 2004).	50	Director of Blue Cross Blue Shield of Kansas City (a not-for-profit health insurance provider) (since 2016) and Director of Global Life Insurance (life and supplemental health insurance provider) (since 2017). Formerly, Director of Federal Home Loan Bank of Dallas (2017-2021).

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Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000), and Chief Investment Officer (1987-1994) and Vice Chairman and Director (1990-1994) of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	50	Member, Limited Partner Advisory Committee, Karmel Capital Fund III (later stage growth fund) (since 2022), Member of the Investment Committee for the Orange County Community Foundation (a grantmaking foundation) (since 2020), Advisory Board Member, RevOZ Fund LP and related funds (real estate investments for opportunity zones) (since 2020), and Advisory Board Member, Innovate Partners Emerging Growth and Equity Fund I (early stage venture capital fund) (since 2014). Formerly, Managing Trustee of National Retirement Partners Liquidating Trust (2013-2016), Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (2005-2013), Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009), Director of RemedyTemp, Inc. (temporary help services company) (1996-2006), and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).

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Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Founder, Daraja Capital (advisory and investment firm) (since 2016). Formerly, Senior Vice President and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (2011-2021), and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	50	Member of the Investment Committee for Cooper Union (private college) (since 2021), Board Member, Van Alen Institute (nonprofit architectural and design organization) (since 2019), and Director of Brightwood Capital Advisors, LLC (since 2014).

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Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Darrell B. Jackson 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	8/22-Present	President and Chief Executive Officer, The Efficace Group Inc. (since 2018). Formerly, President and Chief Executive Officer, Seaway Bank and Trust Company (community bank) (2014-2015), and Executive Vice President and Co-President, Wealth Management (2009-2014), and several senior positions, including Group Executive, Senior Vice President, and Vice President (1995-2009) of Northern Trust Company (financial services company) (1995-2014).	50	Director of Amalgamated Financial Corp (bank) (since August 2021), Director of YR Media (a not-for-profit production company) (since 2021), and Director of Gray-Bowen-Scott (transportation project consulting firm) (since April 2020). Formerly, Director of Delaware Place Bank (closely held commercial bank) (2016-2018) and Director of Seaway Bank and Trust Company (2014-2015).

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Janus Henderson Global Equity Income Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Trustee	6/02-Present	Chief Executive Officer, muun chi LLC (organic food business) (since 2022) and Independent Consultant (since 2019). Formerly, Chief Operating Officer, muun chi LLC (2020-2022), Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (2016-2019), Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations) (2009-2016), Chief Executive Officer, Imprint Capital Advisors (impact investment firm) (2013-2015), and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	50	Chairman of the Board and Trustee of The Investment Fund for Foundations Investment Program (TIP) (consisting of 1 fund) (since 2008). Formerly, Director of the F.B. Heron Foundation (a private grantmaking foundation) (2006-2022), and Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds) (2016-2021).

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Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company.	50	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013). Formerly, Director, West Bend Mutual Insurance Company (property/casualty insurance) (2013-2021), Trustee of Northwestern Mutual Life Insurance Company (2010-2013), and Director of Frank Russell Company (global asset management firm) (2008-2013).
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired. Formerly, Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006) and Treasurer for Driehaus Mutual Funds (1996-2002).	50	Formerly, Director of Family Service of Lake County (2019-2021), Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017), Independent Trustee, State Farm Associates’ Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017).

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Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	50	Director of Chicago Community Trust (Regional Community Foundation), Lurie Children’s Hospital (Chicago, IL), and Shirley Ryan Ability Lab. Formerly, Director of Wrapports, LLC (until 2022), Director of Chicago Council on Global Affairs (until 2019), InnerWorkings (until 2019) and Director of Walmart (until 2017).

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Trustees and Officers (unaudited)

OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Alex Crooke 151 Detroit Street Denver, CO 80206 DOB: 1969	Executive Vice President and Co-Portfolio Manager Janus Henderson Global Equity Income Fund	6/17-Present (predecessor fund since inception 11/06)	Co-Head of Equities - EMEA and Asia Pacific of Janus Henderson Investors and Portfolio Manager for other Janus Henderson accounts. Formerly, Head of Global Equity Income and Specialist Equities (2013-2018).
Job Curtis 151 Detroit Street Denver, CO 80206 DOB: 1961	Executive Vice President and Co-Portfolio Manager Janus Henderson Global Equity Income Fund	6/17-Present (predecessor fund since inception 11/06)	Director of Global Equity Income of Janus Henderson Investors and Portfolio Manager for other Janus Henderson accounts.
Ben Lofthouse 151 Detroit Street Denver, CO 80206 DOB: 1976	Executive Vice President and Co-Portfolio Manager Janus Henderson Global Equity Income Fund	6/17-Present (predecessor fund since 11/14)	Head of Global Equity Income of Janus Henderson Investors and Portfolio Manager for other Janus Henderson accounts.
Michelle Rosenberg 151 Detroit Street Denver, CO 80206 DOB: 1973	President and Chief Executive Officer	9/22-Present	General Counsel and Corporate Secretary of Janus Henderson Investors (since 2018). Formerly, Interim President and Chief Executive Officer of the Trust and Janus Aspen Series (2022), Senior Vice President and Head of Legal, North America of Janus Henderson Investors (2017-2018) and Deputy General Counsel of Janus Henderson US (Holdings) Inc. (2015-2018).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

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Trustees and Officers (unaudited)

OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Kristin Mariani 151 Detroit Street Denver, CO 80206 DOB: 1966	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	7/20-Present	Head of Compliance, North America for Janus Henderson Investors (since September 2020) and Chief Compliance Officer for Janus Henderson Investors US LLC (since September 2017). Formerly, Global Head of Investment Management Compliance for Janus Henderson Investors (February 2019 - August 2020), Vice President, Head of Global Distribution Compliance and Chief Compliance Officer of Janus Henderson Distributors US LLC (May 2017 – September 2017), Vice President, Compliance at Janus Henderson US (Holdings) Inc., Janus Henderson Investors US LLC, and Janus Henderson Distributors US LLC (2009-2017).
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Head of U.S. Fund Administration, Janus Henderson Investors and Janus Henderson Services US LLC.
Abigail J. Murray 151 Detroit Street Denver, CO 80206 DOB: 1975	Vice President, Chief Legal Officer, and Secretary	12/20-Present	Managing Counsel (2020-present). Formerly, Senior Counsel for Invesco Ltd. (2017-2020), and Vice President and Senior Counsel, ALPS Fund Services, Inc. and Assistant General Counsel, ALPS Advisors, Inc. (2015-2017).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

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Notes

NotesPage1

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This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Janus Henderson Distributors US LLC
	125-02-93081 11-22

	ANNUAL REPORT September 30, 2022
Janus Henderson Global Life Sciences Fund
Janus Investment Fund
		HIGHLIGHTS ·Portfolio management perspective ·Investment strategy behind your fund ·Fund performance, characteristics and holdings

Table of Contents

Janus Henderson Global Life Sciences Fund

Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	13
Statement of Assets and Liabilities	15
Statement of Operations	17
Statements of Changes in Net Assets	19
Financial Highlights	20
Notes to Financial Statements	27
Report of Independent Registered Public Accounting Firm	39
Additional Information	40
Useful Information About Your Fund Report	51
Designation Requirements	54
Trustees and Officers	55

Janus Henderson Global Life Sciences Fund (unaudited)

FUND SNAPSHOT The Fund seeks to harness the rapid innovation in healthcare to generate returns by investing in companies addressing unmet medical needs or those that seek to make the healthcare system more efficient. Andy Acker Portfolio Manager

PERFORMANCE

Janus Henderson Global Life Sciences Fund Class I Shares returned -11.80% for the 12-month period ended September 30, 2022, underperforming its primary benchmark, the MSCI World Health Care Index^SM, which delivered -9.79%, but outperforming its secondary benchmark, the S&P 500^® Index, which declined -15.47% during the period.

INVESTMENT ENVIRONMENT

Like the broader equity market, healthcare stocks declined during the 12-month period as investors reacted to rising interest rates and unusually high inflation. However, healthcare’s defensive qualities led the sector to outperform. Specifically, healthcare distributors and managed healthcare firms averaged double-digit gains during the period as these companies tend to be inflation-resistant and have strong free cash flows. High-growth segments of healthcare with elevated valuations, by contrast, saw declines. These included healthcare supply and technology companies. Medical device makers also struggled with staffing shortages and sluggish demand following the pandemic. Small- and mid-cap biotechnology stocks sold off for much of the period. However, these stocks staged a rebound starting in June, riding a wave of positive clinical trial data in major disease categories, such as Alzheimer’s. An uptick in mergers and acquisitions, clarity around drug pricing reform in the U.S., and the appointment of a permanent commissioner to the Food and Drug Administration (FDA) were additional tailwinds.

PERFORMANCE DISCUSSION

The Fund’s positioning in pharmaceuticals detracted most from relative performance, while stock selection in healthcare equipment, as well as an underweight to the subsector, aided returns.

Looking at individual holdings, Align Technology, a dental products maker, was the top detractor. The stock came under pressure as part of a broader pullback in medical equipment and technology stocks. During the period, Align reported that inflation, supply constraints, and ongoing COVID outbreaks weighed on sales of Invisalign, the company’s alternative to metal braces. Even so, Invisalign has captured just a small percentage of the global market among teenagers and is viewed as a superior product. Meanwhile, iTero, a scanner that digitally models the structure of teeth and gums, has started to roll out in new markets and add-ons such as servicing are ramping up. Efficiencies created by digitization could also shine amid stubbornly high inflation.

An underweight to Johnson & Johnson also weighed on performance. This traditionally low-volatility stock outperformed amid the market’s risk-off environment. Investors also favored Johnson & Johnson’s robust balance sheet and strong near-term free cash flow. These qualities are appealing, but we remain underweight the stock in favor of potentially higher, long-term growth opportunities in the pharmaceutical industry.

Other holdings aided performance, including Global Blood Therapeutics. The stock climbed after Pfizer announced it would acquire the firm for $5.4 billion, a more than 100% premium to the unaffected stock price (the share price of a target company prior to an announced deal). Global Blood markets Oxbryta for the treatment of sickle cell disease, a devastating genetic condition that affects roughly 100,000 people in the U.S. Oxbryta sales have been accelerating, with the drug recently expanded to the pediatric population and approved for use in Europe and the UK. We are also excited about the company’s next-generation product GBT-601, a follow-on to Oxbryta with greater than tenfold higher potency. Janus Henderson was a top holder in Global Blood before the acquisition.

Sarepta Therapeutics was another top contributor. During the period, the company announced it had filed for accelerated approval for SRP-9001, a gene therapy for Duchenne muscular dystrophy (DMD). The move is earlier than expected and could transform both Sarepta and

Janus Investment Fund 1

Janus Henderson Global Life Sciences Fund (unaudited)

patient lives: DMD is a fatal, hereditary muscle-wasting disease that affects tens of thousands of children. Sarepta has presented integrated data from several clinical trials of SRP-9001 showing what we believe is a clinically meaningful benefit with a favorable safety profile. In addition, the firm is conducting studies for an improved version of an alternative DMD program known as exon skipping, which could prove complementary to the gene therapy approach.

OUTLOOK

Throughout the past 12 months, healthcare’s defensive qualities have been on display, helping the sector outperform the broader equity market. With inflation remaining elevated and rate hikes likely to continue, we think this pattern could persist into 2023. As such, we are maintaining the more defensive barbell approach we adopted almost a year ago, balancing growth with valuation. We favor large-cap biopharma and other companies with lower multiples and strong free-cash-flow generation. In biotech, we added to companies with newly launching products or later-stage development opportunities. In medical devices, we remain tilted toward defensive areas with secular tailwinds, which should hold up better amid a potential recession. We also added to areas such as managed healthcare firms, which tend to be inflation-resistant and can benefit from higher interest rates.

That said, we also see signs that biotech’s prospects finally could be improving after a long drawdown. Medical breakthroughs, for one, have occurred in recent months in fatty liver disease, Alzheimer’s disease, and dry age-related macular degeneration (a leading cause of blindness in the elderly), leading to significant returns for some stocks and successful capital raises. Merger and acquisition activity has also picked up, with several multibillion-dollar deals announced at over 100% premiums. And the FDA, now with a permanent commissioner, is delivering fewer negative regulatory surprises, while drug pricing reform in the U.S. passed with what should be manageable consequences for the industry. In short, we think biotech could be set to deliver continued pockets of sizable returns despite a challenging macroeconomic backdrop. We are selectively investing where we believe both the science and commercial opportunities offer attractive risk/reward potential.

Thank you for your continued investment in Janus Henderson Global Life Sciences Fund.

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Janus Henderson Global Life Sciences Fund (unaudited)

Fund At A Glance

September 30, 2022

5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
Global Blood Therapeutics Inc	0.63%	0.89%	Align Technology Inc	1.50%	-0.94%
Moderna Inc	0.32%	0.72%	Johnson & Johnson	1.04%	-0.61%
Sarepta Therapeutics Inc	2.04%	0.71%	Pfizer Inc	0.89%	-0.57%
Vertex Pharmaceuticals Inc	2.17%	0.65%	Allakos Inc	0.13%	-0.57%
Akero Therapeutics Inc	0.36%	0.37%	Horizon Therapeutics PLC	1.36%	-0.42%

	1 Top Contributors - Sectors*
		Relative	Fund	MSCI World Health Care Index
		Contribution	Average Weight	Average Weight
	Other**	0.12%	0.57%	0.00%
	1 Top Detractors - Sectors*
		Relative	Fund	MSCI World Health Care Index
		Contribution	Average Weight	Average Weight
	Health Care	-1.89%	99.43%	100.00%
	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.

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Janus Henderson Global Life Sciences Fund (unaudited)

Fund At A Glance

September 30, 2022

5 Largest Equity Holdings -(% of Net Assets)
UnitedHealth Group Inc
Health Care Providers & Services	7.0%
AstraZeneca PLC
Pharmaceuticals	4.2%
AbbVie Inc
Biotechnology	3.7%
Eli Lilly & Co
Pharmaceuticals	3.1%
Roche Holding AG
Pharmaceuticals	2.7%
	20.7%

Asset Allocation - (% of Net Assets)
Common Stocks	96.4%
Private Placements	2.1%
Investments Purchased with Cash Collateral from Securities Lending	0.7%
Investment Companies	0.1%
Rights	0.0%
Warrants	0.0%
Other		0.7%
		100.0%

Top Country Allocations - Long Positions -(% of Investment Securities)
As of September 30, 2022	As of September 30, 2021

4 SEPTEMBER 30, 2022

Janus Henderson Global Life Sciences Fund (unaudited)

Performance

See important disclosures on the next page.

Average Annual Total Return - for the periods ended September 30, 2022					Prospectus Expense Ratios
	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses‡
Class A Shares at NAV	-11.99%	8.43%	13.99%	10.80%	0.97%
Class A Shares at MOP	-17.06%	7.16%	13.32%	10.52%
Class C Shares at NAV	-12.58%	7.66%	13.15%	9.99%	1.75%
Class C Shares at CDSC	-13.37%	7.66%	13.15%	9.99%
Class D Shares	-11.84%	8.62%	14.20%	10.98%	0.80%
Class I Shares	-11.80%	8.68%	14.26%	11.01%	0.75%
Class N Shares	-11.71%	8.75%	14.22%	10.98%	0.67%
Class S Shares	-12.16%	8.22%	13.80%	10.63%	1.18%
Class T Shares	-11.92%	8.51%	14.09%	10.92%	0.91%
MSCI World Health Care Index	-9.79%	7.70%	10.73%	6.37%
S&P 500 Index	-15.47%	9.24%	11.70%	6.59%
Morningstar Quartile - Class T Shares	2nd	1st	1st	1st
Morningstar Ranking - based on total returns for Health Funds	56/169	28/138	13/124	8/57

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.

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), Environmental, Social and Governance (ESG) factors, 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.

Janus Investment Fund 5

Janus Henderson Global Life Sciences Fund (unaudited)

Performance

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 A Shares, Class C 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 of the Fund commenced operations on January 26, 2018. Performance shown for Class N Shares for periods prior to January 26, 2018, reflects the historical 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.

Ranking is for the share class shown only; other classes may have different performance characteristics.

© 2022 Morningstar, Inc. All Rights Reserved.

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 – December 31, 1998

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

6 SEPTEMBER 30, 2022

Janus Henderson Global Life Sciences 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 (4/1/22)	Ending Account Value (9/30/22)	Expenses Paid During Period (4/1/22 - 9/30/22)†	Beginning Account Value (4/1/22)	Ending Account Value (9/30/22)	Expenses Paid During Period (4/1/22 - 9/30/22)†	Net Annualized Expense Ratio (4/1/22 - 9/30/22)
Class A Shares		$1,000.00	$899.30	$4.67	$1,000.00	$1,020.16	$4.96	0.98%
Class C Shares		$1,000.00	$896.20	$8.03	$1,000.00	$1,016.60	$8.54	1.69%
Class D Shares		$1,000.00	$900.20	$3.86	$1,000.00	$1,021.01	$4.10	0.81%
Class I Shares		$1,000.00	$900.40	$3.62	$1,000.00	$1,021.26	$3.85	0.76%
Class N Shares		$1,000.00	$900.80	$3.19	$1,000.00	$1,021.71	$3.40	0.67%
Class S Shares		$1,000.00	$898.50	$5.62	$1,000.00	$1,019.15	$5.97	1.18%
Class T Shares		$1,000.00	$899.80	$4.33	$1,000.00	$1,020.51	$4.61	0.91%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/365 (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 7

Janus Henderson Global Life Sciences Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Common Stocks– 96.4%
Biotechnology – 28.0%
	4D Molecular Therapeutics Inc*	329,440	$2,648,698
	AbbVie Inc	1,111,027	149,110,934
	Akero Therapeutics Inc*	1,105,057	37,627,191
	Alnylam Pharmaceuticals Inc*	179,391	35,906,903
	Altimmune Inc*	986,387	12,596,162
	Amicus Therapeutics Inc*	2,786,835	29,094,557
	Argenx SE (ADR)*	177,953	62,826,307
	Ascendis Pharma A/S (ADR)*,#	466,931	48,215,295
	Bicycle Therapeutics Ltd (ADR)*,#	486,491	11,315,781
	BioAtla LLC*,#	496,318	3,821,649
	BioMarin Pharmaceutical Inc*	640,448	54,290,777
	Biomea Fusion Inc*,#	708,936	6,933,394
	C4 Therapeutics Inc*	323,981	2,841,313
	CANbridge Pharmaceuticals Inc*	4,250,920	1,613,848
	Centessa Pharmacuticals PLC (ADR)*,#	764,786	3,074,440
	Cerevel Therapeutics Holdings Inc*	415,935	11,754,323
	Design Therapeutics Inc*,#	400,276	6,692,615
	DiCE Molecules Holdings LLC*	192,261	3,899,053
	Fate Therapeutics Inc*	207,327	4,646,198
	Gilead Sciences Inc	469,294	28,950,747
	Global Blood Therapeutics Inc*	166,668	11,350,091
	Insmed Inc*	946,827	20,394,654
	IVERIC bio Inc*	1,654,329	29,678,662
	Janux Therapeutics Inc*	555,889	7,526,737
	Legend Biotech Corp (ADR)*	503,187	20,530,030
	Mirati Therapeutics Inc*	129,681	9,056,921
	Moderna Inc*	75,316	8,906,117
	Myovant Sciences Ltd*	937,667	16,840,499
	Neurocrine Biosciences Inc*	590,365	62,702,667
	Nuvalent Inc - Class A*,#	91,440	1,777,594
	Olema Pharmaceuticals Inc*	741,191	2,045,687
	PTC Therapeutics Inc*	561,038	28,164,108
	Regeneron Pharmaceuticals Inc*	61,956	42,679,630
	Rhythm Pharmaceuticals Inc*,#	616,186	15,096,557
	Sage Therapeutics Inc*	252,598	9,891,738
	Sarepta Therapeutics Inc*	981,147	108,455,989
	Seres Therapeutics Inc*	2,472,064	15,870,651
	Travere Therapeutics Inc*	1,020,596	25,147,485
	United Therapeutics Corp*	155,416	32,541,002
	Vaxcyte Inc*	632,312	15,175,488
	Vertex Pharmaceuticals Inc*	332,482	96,266,838
	Zai Lab Ltd (ADR)*	612,499	20,947,466
			1,118,906,796
Health Care Equipment & Supplies – 16.5%
	Abbott Laboratories	941,337	91,083,768
	Align Technology Inc*	133,208	27,588,709
	Boston Scientific Corp*	2,298,614	89,025,320
	Cooper Cos Inc	109,922	29,008,416
	Danaher Corp	352,481	91,042,317
	Dentsply Sirona Inc	348,695	9,885,503
	DexCom Inc*	329,527	26,540,105
	Edwards Lifesciences Corp*	569,803	47,082,822
	Globus Medical Inc*	480,233	28,607,480
	ICU Medical Inc*	74,650	11,242,290
	Insulet Corp*	40,161	9,212,933
	Intuitive Surgical Inc*	140,574	26,349,191
	Medtronic PLC	372,205	30,055,554
	Penumbra Inc*	162,681	30,844,318
	Silk Road Medical Inc*	263,826	11,872,170

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
8	SEPTEMBER 30, 2022

Janus Henderson Global Life Sciences Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Common Stocks– (continued)
Health Care Equipment & Supplies– (continued)
	STERIS PLC	163,241	$27,143,713
	Stryker Corp	193,719	39,235,846
	Tandem Diabetes Care Inc*	177,080	8,473,278
	Teleflex Inc	117,696	23,711,036
			658,004,769
Health Care Providers & Services – 14.8%
	AmerisourceBergen Corp	342,032	46,287,191
	Anthem Inc	171,163	77,749,081
	Centene Corp*	936,020	72,831,716
	Humana Inc	175,650	85,223,623
	Privia Health Group Inc*	391,074	13,319,980
	Quest Diagnostics Inc	111,068	13,626,933
	UnitedHealth Group Inc	554,181	279,883,572
			588,922,096
Health Care Technology – 0.1%
	Health Catalyst Inc*	313,374	3,039,728
Life Sciences Tools & Services – 5.0%
	ICON PLC*	83,643	15,371,911
	Illumina Inc*	219,354	41,850,550
	IQVIA Holdings Inc*	164,137	29,731,776
	NeoGenomics Inc*	1,372,784	11,819,670
	SomaLogic Inc*	984,737	2,855,737
	Thermo Fisher Scientific Inc	194,296	98,544,988
			200,174,632
Pharmaceuticals – 32.0%
	Astellas Pharma Inc	2,866,600	37,896,986
	AstraZeneca PLC	1,516,829	166,767,789
	Bayer AG	396,971	18,316,624
	Bristol-Myers Squibb Co	1,502,227	106,793,317
	Catalent Inc*	190,535	13,787,113
	Collegium Pharmaceutical Inc*	665,534	10,661,855
	DICE Therapeutics Inc*,#	355,532	7,210,189
	Edgewise Therapeutics Inc*,#	408,268	4,017,357
	Elanco Animal Health Inc*	1,259,513	15,630,556
	Eli Lilly & Co	379,612	122,747,540
	Harmony Biosciences Holdings Inc*	392,800	17,397,112
	Horizon Therapeutics PLC*	733,226	45,379,357
	Jazz Pharmaceuticals PLC*	404,090	53,861,156
	Johnson & Johnson	309,651	50,584,587
	Merck & Co Inc	1,249,728	107,626,575
	Novartis AG (ADR)	1,207,410	91,775,234
	Novo Nordisk A/S	611,940	61,005,765
	Organon & Co	1,595,174	37,327,072
	Pfizer Inc	1,177,310	51,519,086
	Roche Holding AG	336,006	109,580,005
	Royalty Pharma PLC - Class A	884,615	35,543,831
	Sanofi	1,007,348	76,869,482
	Takeda Pharmaceutical Co Ltd	754,636	19,602,232
	Ventyx Biosciences Inc*,#	448,794	15,667,399
			1,277,568,219
Total Common Stocks (cost $2,807,392,560)			3,846,616,240
Private Placements– 2.1%
Biotechnology – 1.2%
	Arbor Biotechnologies Inc*,¢,§	156,426	2,591,979
	Asher Biotherapeutics Inc*,¢,§	1,214,301	1,951,139
	Attralus Inc*,¢,§	669,935	3,483,662
	Disc Medicine Inc*,¢,§	1,084,584	1,769,255
	Element Biosciences Inc*,¢,§	425,023	6,991,628

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	9

Janus Henderson Global Life Sciences Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Private Placements– (continued)
Biotechnology– (continued)
	Flame Biosciences*,¢,§	919,200	$2,837,662
	HemoShear Therapeutics LLC*,¢,§	289,280	3,839,396
	LEXEO Therapeutics Inc - Series A*,¢,§	3,643,715	6,268,975
	LEXEO Therapeutics Inc - Series B*,¢,§	883,469	1,520,000
	Shoreline Biosciences Inc*,¢,§	747,187	6,017,769
	Sonoma Biotherapeutics Inc*,¢,§	1,255,200	2,480,652
	Synthekine Inc*,¢,§	2,192,937	6,290,001
	TwinStrand Biosciences Inc*,¢,§	344,314	2,750,001
			48,792,119
Health Care Providers & Services – 0.5%
	Bigfoot Biomedical Inc - Series B*,¢,§	1,035,873	8,440,811
	Bigfoot Biomedical Inc - Series C-1*,¢,§	168,418	1,372,354
	Freenome Holdings Inc*,¢,§	342,803	4,000,511
	Freenome Inc*,¢,§	337,474	3,938,322
			17,751,998
Health Care Technology – 0.1%
	Magnolia Medical Technologies Inc - Series D*,¢,§	1,821,717	3,092,693
Pharmaceuticals – 0.3%
	Neurogene Inc*,¢,§	1,336,317	3,260,613
	Neurogene Inc - Series B*,¢,§	1,486,727	3,627,614
	VALENZABio - Series A*,¢,§	700,559	6,235,276
			13,123,503
Total Private Placements (cost $87,834,582)			82,760,313
Rights– 0%
Biotechnology – 0%
	Clementia Pharmaceuticals Inc CVR*,¢((cost $1,180,320)	874,311	0
Warrants– 0%
Health Care Technology – 0%
	Magnolia Medical Technologies Inc - Series D, expires 12/31/22*,¢,§((cost $0)	1	0
Investment Companies– 0.1%
Money Markets – 0.1%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº,£((cost $5,298,703)	5,298,408	5,298,938
Investments Purchased with Cash Collateral from Securities Lending– 0.7%
Investment Companies – 0.6%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº,£	21,402,690	21,402,690
Time Deposits – 0.1%
	Royal Bank of Canada, 3.0600%, 10/3/22	$5,350,673	5,350,673
Total Investments Purchased with Cash Collateral from Securities Lending (cost $26,753,363)			26,753,363
Total Investments (total cost $2,928,459,528) – 99.3%			3,961,428,854
Cash, Receivables and Other Assets, net of Liabilities – 0.7%			29,277,310
Net Assets – 100%			$3,990,706,164

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
10	SEPTEMBER 30, 2022

Janus Henderson Global Life Sciences Fund

Schedule of Investments

September 30, 2022

Summary of Investments by Country - (Long Positions) (unaudited)
		% of
		Investment
Country	Value	Securities
United States	$3,219,324,129	81.3	%
Switzerland	201,355,239	5.1
United Kingdom	178,083,570	4.5
Denmark	109,221,060	2.7
France	76,869,482	1.9
Belgium	62,826,307	1.6
Japan	57,499,218	1.4
China	22,561,314	0.6
Germany	18,316,624	0.5
Ireland	15,371,911	0.4

Total $3,961,428,854 100.0 %

Schedules of Affiliated Investments – (% of Net Assets)

		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 9/30/22
Investment Companies - 0.1%
Money Markets - 0.1%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº	$	129,576	$	(189)	$	235	$	5,298,938
Investments Purchased with Cash Collateral from Securities Lending - 0.6%
Investment Companies - 0.6%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº		490,999∆		-		-		21,402,690
Total Affiliated Investments - 0.7%		$	620,575	$	(189)	$	235	$	26,701,628

		Value at 9/30/21		Purchases		Sales Proceeds		Value at 9/30/22
Investment Companies - 0.1%
Money Markets - 0.1%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº		13,474,132		430,208,146		(438,383,386)		5,298,938
Investments Purchased with Cash Collateral from Securities Lending - 0.6%
Investment Companies - 0.6%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº		14,830,192		354,251,716		(347,679,218)		21,402,690

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	11

Janus Henderson Global Life Sciences Fund

Schedule of Investments

September 30, 2022

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		$	26,105,000	$	—	$	(26,105,000)	$	—
(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.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
12	SEPTEMBER 30, 2022

Janus Henderson Global Life Sciences Fund

Notes to Schedule of Investments and Other Information

MSCI World Health Care IndexSM	MSCI World Health Care IndexSM 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.

ADR	American Depositary Receipt
CVR	Contingent Value Right
LLC	Limited Liability Company
PLC	Public Limited Company

* Non-income producing security.

ºº Rate shown is the 7-day yield as of September 30, 2022.

# Loaned security; a portion of the security is on loan at September 30, 2022.

¢ Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the year ended September 30, 2022 is $82,760,313, which represents 2.1% of net assets.

£ 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.

§	Schedule of Restricted Securities (as of September 30, 2022)
							Value as a
		Acquisition					% of Net
		Date		Cost		Value	Assets
Arbor Biotechnologies Inc		10/29/21	$	2,591,979	$	2,591,979	0.1	%
Asher Biotherapeutics Inc		8/23/21		2,438,924		1,951,139	0.0
Attralus Inc		8/31/21		5,198,696		3,483,662	0.1
Bigfoot Biomedical Inc - Series B		11/21/17		9,808,940		8,440,811	0.2
Bigfoot Biomedical Inc - Series C-1		12/27/19		1,355,580		1,372,354	0.1
Disc Medicine Inc		8/23/21		2,603,002		1,769,255	0.0
Element Biosciences Inc		6/21/21		8,737,070		6,991,628	0.2
Flame Biosciences		9/28/20		6,020,760		2,837,662	0.1
Freenome Holdings Inc		11/22/21		2,585,523		4,000,511	0.1
Freenome Inc		8/14/20		2,231,817		3,938,322	0.1
HemoShear Therapeutics LLC		2/5/21		3,839,496		3,839,396	0.1
LEXEO Therapeutics Inc - Series A		11/20/20-7/30/21		3,643,715		6,268,975	0.1
LEXEO Therapeutics Inc - Series B		8/10/21		1,520,000		1,520,000	0.0
Magnolia Medical Technologies Inc - Series D, 12/31/22		1/10/22		0		0	0.0
Magnolia Medical Technologies Inc - Series D		1/10/22		3,092,693		3,092,693	0.1
Neurogene Inc		12/15/20-9/22/21		3,260,613		3,260,613	0.1
Neurogene Inc - Series B		3/4/22		3,627,614		3,627,614	0.1
Shoreline Biosciences Inc		10/28/21		7,522,230		6,017,769	0.1
Sonoma Biotherapeutics Inc		7/23/21		2,480,652		2,480,652	0.1
Synthekine Inc		6/3/21		6,290,001		6,290,001	0.2
TwinStrand Biosciences Inc		4/30/21		2,750,001		2,750,001	0.1
VALENZABio - Series A		3/25/21		6,235,276		6,235,276	0.1
Total			$	87,834,582	$	82,760,313	2.1	%

Janus Investment Fund 13

Janus Henderson Global Life Sciences Fund

Notes to Schedule of Investments and Other Information

The Fund has registration rights for certain restricted securities held as of September 30, 2022. The issuer incurs all registration costs.

The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of September 30, 2022. 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
Pharmaceuticals	$	787,529,336	$	490,038,883	$	-
All Other		2,569,048,021		-		-
Private Placements		-		-		82,760,313
Rights		-		-		0
Warrants		-		-		0
Investment Companies		-		5,298,938		-
Investments Purchased with Cash Collateral from Securities Lending		-		26,753,363		-
Total Assets	$	3,356,577,357	$	522,091,184	$	82,760,313

Level 3 Valuation Reconciliation of Assets (for the year ended September 30, 2022)
	Balance as of September 30, 2021	Realized Gain/(Loss)	Change in Unrealized Appreciation/ Depreciation(a)	Gross Purchases	Gross Sales	Transfers In and/or Out of Level 3	Balance as of September 30, 2022
Investment in Securities:
Preferred Stocks
Biotechnology	$ 6,761,234	$ -	$ (843,420)	$ 750,000(b)	$ (6,667,814)(b)	$ -	$ -
Pharmaceuticals	9,822,045	10,119,629	-	-	(19,941,674)(b)	-	-
Private Placements
Biotechnology	48,147,477	-	(9,469,567)	10,114,209	-	-	48,792,119
Health Care Providers & Services	13,635,549	-	1,530,926	2,585,523	-	-	17,751,998
Health Care Technology	-	-	-	3,092,693	-	-	3,092,693
Pharmaceuticals	9,495,889	-	-	3,627,614	-	-	13,123,503
Rights
Biotechnology	-	-	-	-	-	-	-
Warrants
Health Care Technology	-	-	-	-	-	-	-
Total	$ 87,862,194	$10,119,629	$(8,782,061)	$20,170,039	$(26,609,488)	$ -	$ 82,760,313
(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.

14 SEPTEMBER 30, 2022

Janus Henderson Global Life Sciences Fund

Statement of Assets and Liabilities

September 30, 2022

Assets:
	Unaffiliated investments, at value (cost $2,901,758,135)(1)		$	3,934,727,226
	Affiliated investments, at value (cost $26,701,393)			26,701,628
	Cash denominated in foreign currency (cost $81,173)			75,450
	Trustees' deferred compensation			120,048
	Receivables:
		Investments sold		59,013,253
		Foreign tax reclaims		4,900,612
		Fund shares sold		4,883,972
		Dividends		2,526,922
		Dividends from affiliates		35,923
	Other assets			52,876
Total Assets				4,033,037,910
Liabilities:
	Due to custodian			231
	Collateral for securities loaned (Note 2)			26,753,363
	Payables:			—
		Investments purchased		6,204,439
		Fund shares repurchased		5,572,246
		Advisory fees		2,327,274
		Transfer agent fees and expenses		630,201
		12b-1 Distribution and shareholder servicing fees		158,613
		Trustees' deferred compensation fees		120,048
		Professional fees		60,545
		Custodian fees		23,197
		Trustees' fees and expenses		19,449
		Affiliated fund administration fees payable		9,091
		Accrued expenses and other payables		453,049
Total Liabilities				42,331,746
Net Assets			$	3,990,706,164

See Notes to Financial Statements.
Janus Investment Fund	15

Janus Henderson Global Life Sciences Fund

Statement of Assets and Liabilities

September 30, 2022

Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	3,021,694,071
	Total distributable earnings (loss)		969,012,093
Total Net Assets		$	3,990,706,164
Net Assets - Class A Shares		$	238,774,435
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,135,871
Net Asset Value Per Share(2)		$	57.73
Maximum Offering Price Per Share(3)		$	61.25
Net Assets - Class C Shares		$	106,818,713
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,085,486
Net Asset Value Per Share(2)		$	51.22
Net Assets - Class D Shares		$	1,538,659,918
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		26,038,689
Net Asset Value Per Share		$	59.09
Net Assets - Class I Shares		$	839,582,265
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		14,176,682
Net Asset Value Per Share		$	59.22
Net Assets - Class N Shares		$	138,494,777
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,346,485
Net Asset Value Per Share		$	59.02
Net Assets - Class S Shares		$	24,128,303
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		427,822
Net Asset Value Per Share		$	56.40
Net Assets - Class T Shares		$	1,104,247,753
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		18,805,933
Net Asset Value Per Share		$	58.72

(1)Includes $26,105,000 of securities on loan. See Note 2 in Notes to Financial Statements.

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

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

See Notes to Financial Statements.
16	SEPTEMBER 30, 2022

Janus Henderson Global Life Sciences Fund

Statement of Operations

For the year ended September 30, 2022

Investment Income:
	Dividends		$	49,020,977
	Affiliated securities lending income, net			490,999
	Dividends from affiliates			129,576
	Unaffiliated securities lending income, net			40,750
	Other income			32,990
	Foreign tax withheld			(2,679,000)
Total Investment Income				47,036,292
Expenses:
	Advisory fees			28,945,812
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		655,139
		Class C Shares		1,201,380
		Class S Shares		67,681
	Transfer agent administrative fees and expenses:
		Class D Shares		1,955,454
		Class S Shares		67,768
		Class T Shares		3,127,532
	Transfer agent networking and omnibus fees:
		Class A Shares		141,419
		Class C Shares		119,455
		Class I Shares		871,491
	Other transfer agent fees and expenses:
		Class A Shares		16,413
		Class C Shares		6,612
		Class D Shares		230,862
		Class I Shares		43,816
		Class N Shares		6,161
		Class S Shares		367
		Class T Shares		13,294
	Shareholder reports expense			271,444
	Custodian fees			198,437
	Registration fees			152,672
	Affiliated fund administration fees			113,069
	Trustees’ fees and expenses			94,945
	Professional fees			78,732
	Other expenses			315,527
Total Expenses				38,695,482
Less: Excess Expense Reimbursement and Waivers				(165,268)
Net Expenses				38,530,214
Net Investment Income/(Loss)				8,506,078

See Notes to Financial Statements.
Janus Investment Fund	17

Janus Henderson Global Life Sciences Fund

Statement of Operations

For the year ended September 30, 2022

Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	(1,926,418)
	Investments in affiliates		(189)
Total Net Realized Gain/(Loss) on Investments			(1,926,607)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and Trustees’ deferred compensation		(563,450,428)
	Investments in affiliates		235
Total Change in Unrealized Net Appreciation/Depreciation			(563,450,193)
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	(556,870,722)

See Notes to Financial Statements.
18	SEPTEMBER 30, 2022

Janus Henderson Global Life Sciences Fund

Statements of Changes in Net Assets

			Year ended September 30, 2022		Year ended September 30, 2021
Operations:
	Net investment income/(loss)		$	8,506,078	$	10,762,121
	Net realized gain/(loss) on investments			(1,926,607)		471,576,883
	Change in unrealized net appreciation/depreciation			(563,450,193)		292,698,976
Net Increase/(Decrease) in Net Assets Resulting from Operations				(556,870,722)		775,037,980
Dividends and Distributions to Shareholders:
		Class A Shares		(26,218,234)		(18,584,738)
		Class C Shares		(14,503,583)		(12,865,282)
		Class D Shares		(168,341,359)		(135,531,132)
		Class I Shares		(98,682,706)		(75,698,067)
		Class N Shares		(17,490,827)		(15,855,433)
		Class S Shares		(2,696,808)		(2,041,558)
		Class T Shares		(124,306,069)		(103,625,067)
Net Decrease from Dividends and Distributions to Shareholders				(452,239,586)		(364,201,277)
Capital Share Transactions:
		Class A Shares		12,473,104		35,581,878
		Class C Shares		(18,489,015)		(11,323,552)
		Class D Shares		67,853,188		37,946,936
		Class I Shares		(21,496,544)		79,042,566
		Class N Shares		(128,226)		21,543,883
		Class S Shares		2,804,530		1,021,030
		Class T Shares		3,892,712		(8,784,551)
Net Increase/(Decrease) from Capital Share Transactions				46,909,749		155,028,190
Net Increase/(Decrease) in Net Assets				(962,200,559)		565,864,893
Net Assets:
	Beginning of period			4,952,906,723		4,387,041,830
	End of period		$	3,990,706,164	$	4,952,906,723

See Notes to Financial Statements.
Janus Investment Fund	19

Janus Henderson Global Life Sciences Fund

Financial Highlights

Class A Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$72.24	$66.20	$53.89	$64.96	$55.76
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.04	0.07	0.41(2)	0.17	0.01
		Net realized and unrealized gain/(loss)	(7.84)	11.44	15.62	(4.52)	9.74
	Total from Investment Operations		(7.80)	11.51	16.03	(4.35)	9.75
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.76)	(0.66)	(0.40)	—	(0.07)
		Distributions (from capital gains)	(5.95)	(4.81)	(3.32)	(6.72)	(0.48)
	Total Dividends and Distributions		(6.71)	(5.47)	(3.72)	(6.72)	(0.55)
	Net Asset Value, End of Period		$57.73	$72.24	$66.20	$53.89	$64.96
	Total Return*		(11.96)%	17.70%	30.58%	(5.85)%	17.70%
	Net Assets, End of Period (in thousands)		$238,774	$285,239	$228,005	$177,862	$195,674
	Average Net Assets for the Period (in thousands)		$260,738	$264,335	$198,807	$182,919	$181,464
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.98%	0.97%	0.98%	1.00%	0.99%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.98%	0.97%	0.98%	1.00%	0.99%
		Ratio of Net Investment Income/(Loss)	0.07%	0.10%	0.69%(2)	0.30%	0.02%
	Portfolio Turnover Rate		21%	32%	43%	36%	46%

*Total return includes adjustments in accordance 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 Allergan PLC in May 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 $0.29 and 0.49%, respectively.

See Notes to Financial Statements.
20	SEPTEMBER 30, 2022

Janus Henderson Global Life Sciences Fund

Financial Highlights

Class C Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$64.73	$59.83	$49.00	$60.16	$52.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.35)	(0.39)	—(2)(3)	(0.21)	(0.40)
		Net realized and unrealized gain/(loss)	(6.96)	10.32	14.15	(4.23)	9.04
	Total from Investment Operations		(7.31)	9.93	14.15	(4.44)	8.64
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.25)	(0.22)	—(3)	—	—
		Distributions (from capital gains)	(5.95)	(4.81)	(3.32)	(6.72)	(0.48)
	Total Dividends and Distributions		(6.20)	(5.03)	(3.32)	(6.72)	(0.48)
	Net Asset Value, End of Period		$51.22	$64.73	$59.83	$49.00	$60.16
	Total Return*		(12.55)%	16.86%	29.66%	(6.53)%	16.81%
	Net Assets, End of Period (in thousands)		$106,819	$157,110	$155,599	$148,147	$182,894
	Average Net Assets for the Period (in thousands)		$134,801	$165,379	$156,935	$163,407	$173,167
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.65%	1.69%	1.69%	1.71%	1.75%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.65%	1.69%	1.69%	1.71%	1.75%
		Ratio of Net Investment Income/(Loss)	(0.61)%	(0.61)%	(0.01)%(2)	(0.42)%	(0.74)%
	Portfolio Turnover Rate		21%	32%	43%	36%	46%

*Total return includes adjustments in accordance 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 Allergan PLC in May 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 $0.27 and 0.49%, respectively.

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

See Notes to Financial Statements.
Janus Investment Fund	21

Janus Henderson Global Life Sciences Fund

Financial Highlights

Class D Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$73.77	$67.47	$54.86	$65.89	$56.59
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.16	0.20	0.53(2)	0.27	0.12
		Net realized and unrealized gain/(loss)	(8.02)	11.66	15.90	(4.58)	9.86
	Total from Investment Operations		(7.86)	11.86	16.43	(4.31)	9.98
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.87)	(0.75)	(0.50)	—	(0.20)
		Distributions (from capital gains)	(5.95)	(4.81)	(3.32)	(6.72)	(0.48)
	Total Dividends and Distributions		(6.82)	(5.56)	(3.82)	(6.72)	(0.68)
	Net Asset Value, End of Period		$59.09	$73.77	$67.47	$54.86	$65.89
	Total Return*		(11.81)%	17.91%	30.80%	(5.69)%	17.91%
	Net Assets, End of Period (in thousands)		$1,538,660	$1,848,983	$1,653,849	$1,372,808	$1,549,599
	Average Net Assets for the Period (in thousands)		$1,704,598	$1,837,079	$1,526,148	$1,449,521	$1,404,624
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.80%	0.80%	0.81%	0.82%	0.82%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.80%	0.80%	0.81%	0.82%	0.82%
		Ratio of Net Investment Income/(Loss)	0.24%	0.28%	0.87%(2)	0.48%	0.20%
	Portfolio Turnover Rate		21%	32%	43%	36%	46%

*Total return includes adjustments in accordance 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 Allergan PLC in May 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 $0.30 and 0.49%, respectively.

See Notes to Financial Statements.
22	SEPTEMBER 30, 2022

Janus Henderson Global Life Sciences Fund

Financial Highlights

Class I Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$73.93	$67.61	$54.96	$65.96	$56.66
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.18	0.23	0.57(2)	0.30	0.15
		Net realized and unrealized gain/(loss)	(8.03)	11.69	15.93	(4.58)	9.87
	Total from Investment Operations		(7.85)	11.92	16.50	(4.28)	10.02
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.91)	(0.79)	(0.53)	—	(0.24)
		Distributions (from capital gains)	(5.95)	(4.81)	(3.32)	(6.72)	(0.48)
	Total Dividends and Distributions		(6.86)	(5.60)	(3.85)	(6.72)	(0.72)
	Net Asset Value, End of Period		$59.22	$73.93	$67.61	$54.96	$65.96
	Total Return*		(11.77)%	17.96%	30.89%	(5.63)%	17.97%
	Net Assets, End of Period (in thousands)		$839,582	$1,079,081	$911,963	$692,575	$762,127
	Average Net Assets for the Period (in thousands)		$963,599	$1,033,591	$790,645	$719,800	$688,302
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.76%	0.75%	0.75%	0.77%	0.76%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.76%	0.75%	0.75%	0.77%	0.76%
		Ratio of Net Investment Income/(Loss)	0.28%	0.32%	0.93%(2)	0.53%	0.26%
	Portfolio Turnover Rate		21%	32%	43%	36%	46%

*Total return includes adjustments in accordance 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 Allergan PLC in May 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 $0.30 and 0.49%, respectively.

See Notes to Financial Statements.
Janus Investment Fund	23

Janus Henderson Global Life Sciences Fund

Financial Highlights

Class N Shares
For a share outstanding during the year or period ended September 30			2022	2021	2020	2019	2018(1)
	Net Asset Value, Beginning of Period		$73.69	$67.41	$54.81	$65.76	$59.59
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(2)	0.24	0.31	0.66(3)	0.36	0.16
		Net realized and unrealized gain/(loss)	(7.99)	11.62	15.85	(4.59)	6.01
	Total from Investment Operations		(7.75)	11.93	16.51	(4.23)	6.17
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.97)	(0.84)	(0.59)	—	—
		Distributions (from capital gains)	(5.95)	(4.81)	(3.32)	(6.72)	—
	Total Dividends and Distributions		(6.92)	(5.65)	(3.91)	(6.72)	—
	Net Asset Value, End of Period		$59.02	$73.69	$67.41	$54.81	$65.76
	Total Return*		(11.68)%	18.04%	30.99%	(5.57)%	10.35%
	Net Assets, End of Period (in thousands)		$138,495	$176,576	$144,543	$90,958	$104,903
	Average Net Assets for the Period (in thousands)		$165,129	$176,137	$110,308	$99,924	$24,212
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.67%	0.67%	0.67%	0.68%	0.70%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.67%	0.67%	0.67%	0.68%	0.70%
		Ratio of Net Investment Income/(Loss)	0.37%	0.43%	1.08%(3)	0.63%	0.39%
	Portfolio Turnover Rate		21%	32%	43%	36%	46%

*Total return includes adjustments in accordance 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 Allergan PLC in May 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 $0.30 and 0.49%, respectively.

See Notes to Financial Statements.
24	SEPTEMBER 30, 2022

Janus Henderson Global Life Sciences Fund

Financial Highlights

Class S Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$70.72	$64.93	$52.94	$64.07	$55.09
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.08)	(0.07)	0.31(2)	0.07	(0.08)
		Net realized and unrealized gain/(loss)	(7.66)	11.21	15.31	(4.48)	9.60
	Total from Investment Operations		(7.74)	11.14	15.62	(4.41)	9.52
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.63)	(0.54)	(0.31)	—	(0.06)
		Distributions (from capital gains)	(5.95)	(4.81)	(3.32)	(6.72)	(0.48)
	Total Dividends and Distributions		(6.58)	(5.35)	(3.63)	(6.72)	(0.54)
	Net Asset Value, End of Period		$56.40	$70.72	$64.93	$52.94	$64.07
	Total Return*		(12.13)%	17.46%	30.33%	(6.04)%	17.49%
	Net Assets, End of Period (in thousands)		$24,128	$27,575	$24,287	$18,981	$20,113
	Average Net Assets for the Period (in thousands)		$26,974	$27,694	$22,312	$19,870	$18,269
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.18%	1.17%	1.18%	1.19%	1.18%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.18%	1.17%	1.18%	1.18%	1.17%
		Ratio of Net Investment Income/(Loss)	(0.13)%	(0.09)%	0.52%(2)	0.14%	(0.14)%
	Portfolio Turnover Rate		21%	32%	43%	36%	46%

*Total return includes adjustments in accordance 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 Allergan PLC in May 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 $0.29 and 0.49%, respectively.

See Notes to Financial Statements.
Janus Investment Fund	25

Janus Henderson Global Life Sciences Fund

Financial Highlights

Class T Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$73.33	$67.11	$54.59	$65.66	$56.39
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.09	0.12	0.46(2)	0.22	0.06
		Net realized and unrealized gain/(loss)	(7.96)	11.60	15.82	(4.57)	9.84
	Total from Investment Operations		(7.87)	11.72	16.28	(4.35)	9.90
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.79)	(0.69)	(0.44)	—	(0.15)
		Distributions (from capital gains)	(5.95)	(4.81)	(3.32)	(6.72)	(0.48)
	Total Dividends and Distributions		(6.74)	(5.50)	(3.76)	(6.72)	(0.63)
	Net Asset Value, End of Period		$58.72	$73.33	$67.11	$54.59	$65.66
	Total Return*		(11.89)%	17.78%	30.66%	(5.78)%	17.80%
	Net Assets, End of Period (in thousands)		$1,104,248	$1,378,342	$1,268,796	$1,102,667	$1,293,953
	Average Net Assets for the Period (in thousands)		$1,244,923	$1,394,446	$1,191,342	$1,180,068	$1,230,729
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.92%	0.91%	0.92%	0.92%	0.92%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.91%	0.90%	0.91%	0.91%	0.91%
		Ratio of Net Investment Income/(Loss)	0.14%	0.17%	0.76%(2)	0.38%	0.10%
	Portfolio Turnover Rate		21%	32%	43%	36%	46%

*Total return includes adjustments in accordance 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 Allergan PLC in May 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 $0.30 and 0.49%, respectively.

See Notes to Financial Statements.
26	SEPTEMBER 30, 2022

Janus Henderson Global Life Sciences Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus Henderson Global Life Sciences Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 39 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC (formerly Janus Capital Management LLC) is the investment adviser (the “Adviser”) to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Shareholders, including other funds, individuals, accounts, as well as the Fund’s portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s Shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors, 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, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (formerly Janus Distributors LLC) (the

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Janus Henderson Global Life Sciences Fund

Notes to Financial Statements

“Distributor”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

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

Investment Valuation

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The 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 Adviser-approved pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a 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 valuation policies provide for the use of systematic fair valuation models provided by independent pricing services to value foreign 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.

28 SEPTEMBER 30, 2022

Janus Henderson Global Life Sciences Fund

Notes to Financial Statements

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

Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available. For private placements where observable inputs are limited, assumptions about market activity and risk are used in employing valuation techniques such as the market approach, the income approach, or the cost approach, as defined under ASC 820. These are categorized as Level 3 in the hierarchy.

For significant fair value measurements categorized within Level 3 of the fair value hierarchy, the table below summarizes the valuation techniques and provides quantitative information about the significant unobservable inputs. In addition, the table provides a narrative description of the uncertainty of the fair value measurement based on the use of significant unobservable inputs that have been different, or that reasonable could have been different, at the reporting date.

Asset	Fair Value at September 30, 2022	Valuation Technique	Unobservable Input	Input Amount or Range	Weighted Average(1)	Impact to Valuation from an Increase in Input
Private Placements
Biotechnology	$1,769,255	Market Approach	Discount Rate	10%	10%	Decrease
	$2,837,662	Income Approach	Liquidation Value	$3.09	$3.09	Increase
	$25,741,003	Market Approach	Transaction Price	$1.72 - $16.57	$5.91	Increase
	$18,444,199	Market Approach	Transaction Price	$2.01 - $20.56	$12.76	Increase
			Discount	20% - 33%	22%	Decrease
Health Care Providers & Services	$7,938,833	Market Approach	Transaction Price	$11.67	$11.67	Increase
	$9,813,165	Market Approach	Adjustment based on market comparables	(62%) - 3%	(62%) - 3%	Decrease
Health Care Technology	$3,092,693	Market Approach	Transaction Price	$1.70	$1.70	Increase
Pharmaceuticals	$13,123,503	Market Approach	Transaction Price	$2.44-$8.90	$5.51	Increase

(1) Unobservable inputs were weighted by the relative fair value of securities.

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

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of September 30, 2022 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” and "Level 3 Valuation Reconciliation of Assets" in the Notes to Schedule of Investments and Other Information.

Investment Transactions and Investment Income

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of

Janus Investment Fund 29

Janus Henderson Global Life Sciences Fund

Notes to Financial Statements

the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

Expenses

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Indemnifications

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

Foreign Currency Translations

The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

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

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

Dividends and Distributions

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

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

30 SEPTEMBER 30, 2022

Janus Henderson Global Life Sciences Fund

Notes to Financial Statements

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

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 in response to the COVID-19 pandemic. This and other government intervention into the economy and financial markets to address the COVID-19 pandemic may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Government actions to mitigate the economic impact of the pandemic have resulted in a large expansion of government deficits and debt, the long term consequences of which are not known. The COVID-19 pandemic could adversely affect the value and liquidity of a Fund’s investments, impair a Fund’s ability to satisfy redemption requests, and negatively impact a Fund’s performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

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 the Adviser 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.

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. Among other things, these developments have adversely affected the value and exchange rate of the euro and pound sterling, and may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse effect on the Fund’s investments in such countries, other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.

Restricted Security Transactions

Restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of the Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist.

Janus Investment Fund 31

Janus Henderson Global Life Sciences Fund

Notes to Financial Statements

Counterparties

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.

Securities Lending

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the SEC. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.

Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

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

32 SEPTEMBER 30, 2022

Janus Henderson Global Life Sciences Fund

Notes to Financial Statements

105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of September 30, 2022, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $26,105,000. Gross amounts of recognized liabilities for securities lending (collateral received) as of September 30, 2022 is $26,753,363, resulting in the net amount due to the counterparty of $648,363.

Offsetting Assets and Liabilities

The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

The Offsetting Assets and Liabilities table located in the Schedule of Investments presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the Fund's Schedule of Investments.

3. Investment Advisory Agreements and Other Transactions with Affiliates

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

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (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 the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $502,935 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 2022. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

Janus Henderson Services US LLC (formerly Janus Services LLC) (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

Average Daily Net Assets of Class D Shares of the Janus Henderson funds	Administrative Services Fee
Under $40 billion	0.12%
$40 billion – $49.9 billion	0.10%
Over $49.9 billion	0.08%

During the reporting period, the administrative services fee rate was 0.11%.

Janus Investment Fund 33

Janus Henderson Global Life Sciences Fund

Notes to Financial Statements

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the year ended September 30, 2022, the Distributor retained upfront sales charges of $27,712.

A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. During the year ended September 30, 2022, redeeming shareholders of Class A Shares paid CDSCs of $1,088 to Janus Henderson Distributors.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the year ended September 30, 2022, redeeming shareholders of Class C Shares paid CDSCs of $7,999.

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

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Notes to Financial Statements

Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of September 30, 2022 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended September 30, 2022 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $436,813 were paid by the Trust to the Trustees under the Deferred Plan during the year ended September 30, 2022.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests 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.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended September 30, 2022 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

The Fund is permitted to purchase or sell securities (“cross-trade”) between itself and other funds or accounts managed by the Adviser in accordance with Rule 17a-7 under the Investment Company Act of 1940 (“Rule 17a-7”), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust’s Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the year ended September 30, 2022, the Fund engaged in cross trades amounting to $5,408,567 in purchases and $595,769 in sales, resulting in a net realized loss of $5,219. The net realized loss is included within the “Net Realized Gain/(Loss) on Investments” section of the Fund’s Statement of Operations.

4. Federal Income Tax

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.

Other book to tax differences primarily consist of deferred compensation. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

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Janus Henderson Global Life Sciences Fund

Notes to Financial Statements

The Fund has elected to defer post-October losses as noted in the table below. These losses will be deferred for tax purposes and recognized during the next fiscal year.

			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ 7,738,458	$ -	$ -	$ -	$(11,211,392)	$ (344,027)	$972,829,054

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 2022 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)
$2,988,599,800	$1,202,962,450	$(230,133,396)	$972,829,054

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.

For the year ended September 30, 2022
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 179,518,295	$ 272,721,291	$ -	$ -

For the year ended September 30, 2021
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 50,690,323	$ 313,510,954	$ -	$ -

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. The following reclassifications have been made to the Fund:

Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ -	$ 1,934,235	$ (1,934,235)

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Notes to Financial Statements

5. Capital Share Transactions

	Year ended September 30, 2022		Year ended September 30, 2021
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	735,975	$ 46,852,292	987,440	$ 69,959,356
Reinvested dividends and distributions	283,164	18,688,820	185,271	12,904,091
Shares repurchased	(831,936)	(53,068,008)	(668,185)	(47,281,569)
Net Increase/(Decrease)	187,203	$ 12,473,104	504,526	$ 35,581,878
Class C Shares:
Shares sold	145,429	$ 8,363,484	318,940	$ 20,349,513
Reinvested dividends and distributions	229,759	13,525,931	189,458	11,894,185
Shares repurchased	(716,737)	(40,378,430)	(682,174)	(43,567,250)
Net Increase/(Decrease)	(341,549)	$ (18,489,015)	(173,776)	$ (11,323,552)
Class D Shares:
Shares sold	824,955	$ 53,865,569	1,219,273	$ 87,819,205
Reinvested dividends and distributions	2,417,153	163,061,184	1,852,297	131,568,627
Shares repurchased	(2,268,686)	(149,073,565)	(2,518,669)	(181,440,896)
Net Increase/(Decrease)	973,422	$ 67,853,188	552,901	$ 37,946,936
Class I Shares:
Shares sold	3,435,132	$224,972,692	3,555,786	$257,040,480
Reinvested dividends and distributions	1,185,696	80,141,190	863,183	61,415,492
Shares repurchased	(5,041,043)	(326,610,426)	(3,310,779)	(239,413,406)
Net Increase/(Decrease)	(420,215)	$ (21,496,544)	1,108,190	$ 79,042,566
Class N Shares:
Shares sold	756,520	$ 50,543,407	2,265,994	$162,865,089
Reinvested dividends and distributions	259,287	17,452,575	223,607	15,851,522
Shares repurchased	(1,065,372)	(68,124,208)	(2,237,919)	(157,172,728)
Net Increase/(Decrease)	(49,565)	$ (128,226)	251,682	$ 21,543,883
Class S Shares:
Shares sold	106,733	$ 6,976,861	87,091	$ 6,027,153
Reinvested dividends and distributions	41,766	2,696,808	29,891	2,041,558
Shares repurchased	(110,603)	(6,869,139)	(101,125)	(7,047,681)
Net Increase/(Decrease)	37,896	$ 2,804,530	15,857	$ 1,021,030
Class T Shares:
Shares sold	1,010,460	$ 65,704,756	1,915,324	$137,627,328
Reinvested dividends and distributions	1,809,837	121,421,995	1,432,638	101,244,513
Shares repurchased	(2,810,104)	(183,234,039)	(3,457,768)	(247,656,392)
Net Increase/(Decrease)	10,193	$ 3,892,712	(109,806)	$ (8,784,551)

6. Purchases and Sales of Investment Securities

For the year ended September 30, 2022, 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
$950,902,824	$1,353,175,715	$ -	$ -

7. Recent Accounting Pronouncements

The FASB issued Accounting Standards Update 2022-03: Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”) in June 2022. The new guidance in the ASU clarifies existing guidance

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Janus Henderson Global Life Sciences Fund

Notes to Financial Statements

in ASC 820 related to the fair value measurement of an equity security subject to contractual sale restrictions with the intent to reduce diversity in interpretation. Under the guidance, a contractual restriction on the sale of an equity security would not be considered when measuring fair value as such restriction is not treated as part of the equity security’s unit of account. The amendments would be applied prospectively on or after adoption date to equity securities with a contract containing a sale restriction that is executed or modified after such date. The effective date set by the FASB is December 15, 2023, with early adoption permitted. The Adviser is currently evaluating whether to early adopt and does not anticipate it to have a material impact on the Fund.

8. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to September 30, 2022 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.

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Janus Henderson Global Life Sciences Fund

Report of Independent Registered Public Accounting Firm

TotheBoard of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Global Life Sciences Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Global Life Sciences Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2022, the related statement of operations for the year ended September 30, 2022, the statements of changes in net assets for each of the two years in the period ended September 30, 2022,including the related notes,and the financial highlightsfor each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2022 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022 by correspondence with the custodian, transfer agent, investee company and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Denver, Colorado

November 28, 2022

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

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Janus Henderson Global Life Sciences 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 (each, a “Fund,” and collectively, the “Funds” and 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 agreement for each Janus Henderson Fund that utilizes a subadviser.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (formerly, Janus Capital Management LLC) (the “Adviser”) and the subadviser 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 meetings held on November 3-4, 2021 and December 7-8, 2021, the Trustees’ evaluated the information provided by the Adviser, the subadviser, and the independent fee consultant, as well as other information addressed during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser and each subadviser, as applicable, were fair and reasonable in light of the nature, extent and quality of the services provided by the Adviser, its affiliates and the subadviser, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund and the subadvisory agreement for each subadvised Janus Henderson Fund, for the period from February 1, 2022 through February 1, 2023, subject to earlier termination as provided for in each agreement.

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

Nature, Extent and Quality of Services

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

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Additional Information (unaudited)

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 the Adviser and the 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 the Adviser or the subadviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

The Trustees concluded that the nature, extent and quality of the services provided by the Adviser and 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 the Adviser and the subadviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and each 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, 2021, approximately 55% of the Janus Henderson Funds were in the top two quartiles of performance versus Broadridge peers, and for the 12 months ended September 30, 2021, approximately 45% 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 second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving

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Additional Information (unaudited)

Fixed-Income Funds

·For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·For Janus Developed World Bond Fund, the Trustees noted the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

Global and International Equity Funds

·For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the

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Additional Information (unaudited)

Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

Money Market Funds

·For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was 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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

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Additional Information (unaudited)

·For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser 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 bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser and subadviser had taken or were taking to improve performance.

·For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson International Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser and subadviser had taken or were taking to improve performance.

·For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser and subadviser had taken or were taking to improve performance.

U.S. Equity Funds

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

·For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

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Additional Information (unaudited)

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 the Adviser out of its management fees collected from such Janus Henderson Fund.

The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge Expense Group peers; and (3) and the management fees for the Janus Henderson Funds, on average, were 6% 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.

The Trustees considered the methodology used by the Adviser and 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 the Adviser and subadviser to comparable separate account clients and to comparable non-affiliated funds subadvised by the Adviser or subadviser (for which the Adviser 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 the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser 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; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged to Janus Henderson subadvised fund and separate account investors; and (4) as part of its 2020 review, 9 of 10 Janus Henderson Funds have lower management fees than similar funds subadvised by the Adviser.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2020, including the VIT Portfolios, and noted the following with regard to each VIT Portfolio’s total expenses, net of applicable fee waivers (the VIT Portfolio’s “total expenses”):

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Additional Information (unaudited)

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 the Adviser 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.

·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 the Adviser 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 the Adviser 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 one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser 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 the Adviser 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 the Adviser has contractually agreed to limit the Fund’s expenses.

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

·For Janus Henderson Short Duration 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 the Adviser 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 the Adviser 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 certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser 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 the Adviser has contractually agreed to limit the Fund’s expenses.

·For Janus Henderson Global Equity Income 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 the Adviser 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.

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Additional Information (unaudited)

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

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

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

Money Market Funds

·For Janus Henderson Government 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 the Adviser has voluntarily agreed to limit the Fund’s expenses to assist the Fund in attempting to maintain a yield of at least 0.00%.

·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 the Adviser has agreed to limit the Fund’s expenses to assist the Fund in attempting to maintain a yield of at least 0.00%.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted 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 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 the Adviser 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 the Adviser 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

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Janus Henderson Global Life Sciences Fund

Additional Information (unaudited)

that the Adviser 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 the Adviser 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 the Adviser 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, 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 the Adviser 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 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 the Adviser 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.

·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 the Adviser 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 the Adviser 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 Mid Cap Value Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

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

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by

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Additional Information (unaudited)

numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser and 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 the Adviser 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 the Adviser 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 the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser and its affiliates, as well as the fees paid by the Adviser to the subadviser 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 the Adviser and the subadviser 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 the Adviser and subadviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

Economies of Scale

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 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 75% of these Janus Henderson Funds’ have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. The Trustees also noted the following: (1) that for those Janus Henderson Funds whose expenses are being reduced by the contractual expense limitations of the Adviser, the Adviser is subsidizing certain of these Janus Henderson Funds because they have not reached adequate scale; (2) 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 (3) 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 the Adviser 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 the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, the Adviser appeared to be investing to increase the likelihood that these Janus

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Additional Information (unaudited)

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 the Adviser.

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

Other Benefits to the Adviser

The Trustees also considered benefits that accrue to the Adviser and its affiliates and subadviser to the Janus Henderson Funds from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by 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 the Adviser and/or the Adviser, and/or subadviser to a Janus Henderson Fund. The Trustees concluded that the Adviser’s and the subadviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates and subadviser pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser and the subadviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser and the subadviser 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 the Adviser’s and/or the subadviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser and/or other clients of the subadviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser, the subadviser or other Janus Henderson funds, and that the success of the Adviser and the subadviser could enhance the Adviser’s and the subadviser’s ability to serve the Janus Henderson Funds.

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Useful Information About Your Fund Report (unaudited)

Management Commentary

The Management Commentary in this report includes valuable insight as well as statistical information to help you understand how your Fund’s performance and characteristics stack up against those of comparable indices.

If the Fund invests in foreign securities, this report may include information about country exposure. Country exposure is based primarily on 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.

Please keep in mind that the opinions expressed in the Management Commentary are just that: opinions. They are a reflection based on best judgment at the time this report was compiled, which was September 30, 2022. As the investing environment changes, so could opinions. These views are unique and are not necessarily shared by fellow employees or by Janus Henderson in general.

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 the Adviser 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. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by Bloomberg 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.

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Janus Henderson Global Life Sciences Fund

Useful Information About Your Fund Report (unaudited)

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.

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.

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.

52 SEPTEMBER 30, 2022

Janus Henderson Global Life Sciences Fund

Useful Information About Your Fund Report (unaudited)

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 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.

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Janus Henderson Global Life Sciences Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2022:

Capital Gain Distributions	$272,721,291
Dividends Received Deduction Percentage	100%
Qualified Dividend Income Percentage	100%

54 SEPTEMBER 30, 2022

Janus Henderson Global Life Sciences Fund

Trustees and Officers (unaudited)

The following are the Trustees and officers of the Trust, together with a brief description of their principal occupations during the last five years (principal occupations for certain Trustees may include periods over five years). The Fund’s Statement of Additional Information includes additional information about the Trustees and officers and is available, without charge, by calling 1-877-335-2687.

Each Trustee has served in that capacity since he or she was originally elected or appointed. The Trustees do not serve a specified term of office. Each Trustee will hold office until the termination of the Trust or his or her earlier death, resignation, retirement, incapacity, or removal. Under the Fund’s Governance Procedures and Guidelines, the policy is for Trustees to retire no later than the end of the calendar year in which the Trustee turns 75. The Trustees review the Fund’s Governance Procedures and Guidelines from time to time and may make changes they deem appropriate. The Fund’s Nominating and Governance Committee will consider nominees for the position of Trustee recommended by shareholders. Shareholders may submit the name of a candidate for consideration by the Committee by submitting their recommendations to the Trust’s Secretary. Each Trustee is currently a Trustee of one other registered investment company advised by the Adviser: Janus Aspen Series. Collectively, these two registered investment companies consist of 50 series or funds referred to herein as the Fund Complex.

The Trust’s officers are elected annually by the Trustees for a one-year term. Certain officers also serve as officers of Janus Aspen Series. Certain officers of the Fund may also be officers and/or directors of the Adviser. Except as otherwise disclosed, Fund officers receive no compensation from the Fund, except for the Fund’s Chief Compliance Officer, as authorized by the Trustees.

Janus Investment Fund 55

Janus Henderson Global Life Sciences Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Chairman Trustee	5/22-Present 1/13-Present	Principal, Curam Holdings LLC (since 2018). Formerly, Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm) (2012-2018), Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	50	Advisory Board Member of AEW Core Property Trust (open-end property fund) (since 2020), and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016), Director of Nuveen Global Investors LLC (2007-2011), Director of Communities in Schools (2004-2010), and Director of Mutual Fund Education Alliance (until 2010).
Cheryl D. Alston 151 Detroit Street Denver, CO 80206 DOB: 1966	Trustee	8/22-Present	Executive Director and Chief Investment Officer, Employees’ Retirement Fund of the City of Dallas (since 2004).	50	Director of Blue Cross Blue Shield of Kansas City (a not-for-profit health insurance provider) (since 2016) and Director of Global Life Insurance (life and supplemental health insurance provider) (since 2017). Formerly, Director of Federal Home Loan Bank of Dallas (2017-2021).

56 SEPTEMBER 30, 2022

Janus Henderson Global Life Sciences Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000), and Chief Investment Officer (1987-1994) and Vice Chairman and Director (1990-1994) of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	50	Member, Limited Partner Advisory Committee, Karmel Capital Fund III (later stage growth fund) (since 2022), Member of the Investment Committee for the Orange County Community Foundation (a grantmaking foundation) (since 2020), Advisory Board Member, RevOZ Fund LP and related funds (real estate investments for opportunity zones) (since 2020), and Advisory Board Member, Innovate Partners Emerging Growth and Equity Fund I (early stage venture capital fund) (since 2014). Formerly, Managing Trustee of National Retirement Partners Liquidating Trust (2013-2016), Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (2005-2013), Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009), Director of RemedyTemp, Inc. (temporary help services company) (1996-2006), and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).

Janus Investment Fund 57

Janus Henderson Global Life Sciences Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Founder, Daraja Capital (advisory and investment firm) (since 2016). Formerly, Senior Vice President and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (2011-2021), and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	50	Member of the Investment Committee for Cooper Union (private college) (since 2021), Board Member, Van Alen Institute (nonprofit architectural and design organization) (since 2019), and Director of Brightwood Capital Advisors, LLC (since 2014).

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Janus Henderson Global Life Sciences Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Darrell B. Jackson 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	8/22-Present	President and Chief Executive Officer, The Efficace Group Inc. (since 2018). Formerly, President and Chief Executive Officer, Seaway Bank and Trust Company (community bank) (2014-2015), and Executive Vice President and Co-President, Wealth Management (2009-2014), and several senior positions, including Group Executive, Senior Vice President, and Vice President (1995-2009) of Northern Trust Company (financial services company) (1995-2014).	50	Director of Amalgamated Financial Corp (bank) (since August 2021), Director of YR Media (a not-for-profit production company) (since 2021), and Director of Gray-Bowen-Scott (transportation project consulting firm) (since April 2020). Formerly, Director of Delaware Place Bank (closely held commercial bank) (2016-2018) and Director of Seaway Bank and Trust Company (2014-2015).

Janus Investment Fund 59

Janus Henderson Global Life Sciences Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Trustee	6/02-Present	Chief Executive Officer, muun chi LLC (organic food business) (since 2022) and Independent Consultant (since 2019). Formerly, Chief Operating Officer, muun chi LLC (2020-2022), Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (2016-2019), Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations) (2009-2016), Chief Executive Officer, Imprint Capital Advisors (impact investment firm) (2013-2015), and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	50	Chairman of the Board and Trustee of The Investment Fund for Foundations Investment Program (TIP) (consisting of 1 fund) (since 2008). Formerly, Director of the F.B. Heron Foundation (a private grantmaking foundation) (2006-2022), and Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds) (2016-2021).

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Janus Henderson Global Life Sciences Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company.	50	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013). Formerly, Director, West Bend Mutual Insurance Company (property/casualty insurance) (2013-2021), Trustee of Northwestern Mutual Life Insurance Company (2010-2013), and Director of Frank Russell Company (global asset management firm) (2008-2013).
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired. Formerly, Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006) and Treasurer for Driehaus Mutual Funds (1996-2002).	50	Formerly, Director of Family Service of Lake County (2019-2021), Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017), Independent Trustee, State Farm Associates’ Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017).

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Janus Henderson Global Life Sciences Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	50	Director of Chicago Community Trust (Regional Community Foundation), Lurie Children’s Hospital (Chicago, IL), and Shirley Ryan Ability Lab. Formerly, Director of Wrapports, LLC (until 2022), Director of Chicago Council on Global Affairs (until 2019), InnerWorkings (until 2019) and Director of Walmart (until 2017).

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Janus Henderson Global Life Sciences Fund

Trustees and Officers (unaudited)

OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Andrew Acker 151 Detroit Street Denver, CO 80206 DOB: 1972	Executive Vice President and Portfolio Manager Janus Henderson Global Life Sciences Fund	5/07-Present	Portfolio Manager for other Janus Henderson accounts.
Michelle Rosenberg 151 Detroit Street Denver, CO 80206 DOB: 1973	President and Chief Executive Officer	9/22-Present	General Counsel and Corporate Secretary of Janus Henderson Investors (since 2018). Formerly, Interim President and Chief Executive Officer of the Trust and Janus Aspen Series (2022), Senior Vice President and Head of Legal, North America of Janus Henderson Investors (2017-2018) and Deputy General Counsel of Janus Henderson US (Holdings) Inc. (2015-2018).
Kristin Mariani 151 Detroit Street Denver, CO 80206 DOB: 1966	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	7/20-Present	Head of Compliance, North America for Janus Henderson Investors (since September 2020) and Chief Compliance Officer for Janus Henderson Investors US LLC (since September 2017). Formerly, Global Head of Investment Management Compliance for Janus Henderson Investors (February 2019 - August 2020), Vice President, Head of Global Distribution Compliance and Chief Compliance Officer of Janus Henderson Distributors US LLC (May 2017 – September 2017), Vice President, Compliance at Janus Henderson US (Holdings) Inc., Janus Henderson Investors US LLC, and Janus Henderson Distributors US LLC (2009-2017).
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Head of U.S. Fund Administration, Janus Henderson Investors and Janus Henderson Services US LLC.
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

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Janus Henderson Global Life Sciences Fund

Trustees and Officers (unaudited)

OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Abigail J. Murray 151 Detroit Street Denver, CO 80206 DOB: 1975	Vice President, Chief Legal Officer, and Secretary	12/20-Present	Managing Counsel (2020-present). Formerly, Senior Counsel for Invesco Ltd. (2017-2020), and Vice President and Senior Counsel, ALPS Fund Services, Inc. and Assistant General Counsel, ALPS Advisors, Inc. (2015-2017).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

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Janus Henderson Global Life Sciences Fund

Notes

NotesPage1

Janus Investment Fund 65

This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Janus Henderson Distributors US LLC
	125-02-93043 11-22

	ANNUAL REPORT September 30, 2022
Janus Henderson Global Real Estate Fund
Janus Investment Fund
		HIGHLIGHTS ·Portfolio management perspective ·Investment strategy behind your fund ·Fund performance, characteristics and holdings

Table of Contents

Janus Henderson Global Real Estate Fund

Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	11
Statement of Assets and Liabilities	12
Statement of Operations	14
Statements of Changes in Net Assets	16
Financial Highlights	17
Notes to Financial Statements	24
Report of Independent Registered Public Accounting Firm	36
Additional Information	37
Useful Information About Your Fund Report	48
Designation Requirements	51
Trustees and Officers	52

Janus Henderson Global Real Estate Fund (unaudited)

FUND SNAPSHOT A global equity fund that seeks total return through a combination of capital appreciation and current income. The Fund invests in real estate investment trusts (REITs) and real estate-related businesses. Our emphasis on local property market knowledge combined with a repeatable, disciplined investment process seeks to provide diversification from traditional asset classes for investors. Greg Kuhl co-portfolio manager Tim Gibson co-portfolio manager Guy Barnard co-portfolio manager

PERFORMANCE

The Janus Henderson Global Real Estate Fund Class I Shares returned -24.04% for the 12-month period ended September 30, 2022. The Fund’s primary benchmark, the FTSE EPRA Nareit Global Index, returned -22.38%, while its secondary benchmark, the FTSE EPRA Nareit Global Net Index, returned -23.01%.

INVESTMENT ENVIRONMENT

Global equity markets posted negative returns for the 12-month period, falling amid soaring inflation, monetary and fiscal tightening, and concerns of an economic recession. Although stocks gained early in the period, market volatility increased in 2022 as persistent supply chain disruptions, Russia’s invasion of Ukraine, and surging commodities prices contributed to an increasingly challenging backdrop for equities. As prospects for economic growth dimmed, many investors turned to defensive stocks, while valuation multiples for faster-growing companies compressed. The Federal Reserve (Fed) hiked interest rates five times between March and September and the European Central Bank raised rates twice, its first hikes in 11 years. Other central banks joined the fight against inflation as prices continued to rise, and markets grappled with the possibility of further rate hikes into 2023. In Europe, a looming energy crisis added to negative sentiment.

Global property stocks, as measured by the FTSE EPRA Nareit Global Index, fell 22% over the period, underperforming wider equity markets, which fell 20%, as measured by the MSCI World Index^SM. Investors in property looked for market evidence to better understand the magnitude of pricing adjustment needed to reflect higher funding costs, at the same time as a weakening global economy made rental income streams harder for investors to underwrite. German property stocks suffered sharp declines, as well as those in Sweden and the UK. In the U.S., perceived defensive areas of the market, such as self-storage, apartments, and net lease, outperformed, with offices and data centers lagging.

On the operational front, the second-quarter 2022 earnings season for U.S. real estate investment trusts (REITs) proved to be the strongest, versus expectations, in 15 years. Approximately 70% of REITs raised 2022 earnings guidance, reflecting ongoing operational strength across the sector. The industrial, apartment, and storage sectors delivered particularly strong earnings guidance increases despite broader macro uncertainty, pointing to accelerating rent growth driven by record tenant demand and muted levels of new supply. Despite fundamental strength, global property stocks traded at an approximately 25% discount to net asset value (NAV) at the end of the 12-month period, a level last seen in 2009, suggesting listed REITs already are reflecting significant uncertainty and pricing in severe declines in property values.

PERFORMANCE DISCUSSION

Our holdings in real estate operators and hotel and resort REITs detracted, while our exposure to the U.S. net lease sector proved beneficial, with holdings adding value on perceived defensiveness of cash flows in a recession. Exposure to niche property sectors also was additive, with storage and single-family rental housing making positive contributions.

At the individual stock level, Shimao Group Holdings was the top detractor from relative performance. The Chinese property developer was pressured by rising policy risks and regulatory clampdowns over the period. Gaming REIT VICI Properties was the top contributor. The company’s stock rose given the general resiliency of its business model during an uncertain time. VICI was also added to the S&P 500 Index and its credit rating was upgraded to investment grade during the period.

Janus Investment Fund 1

Janus Henderson Global Real Estate Fund (unaudited)

Toward period end, we sold out of a hotel owner given limited earnings visibility in a tougher macroeconomic environment. We also sold out of an industrial owner, and rotated proceeds into an existing holding in a warehouse REIT where we have higher total return expectations. Additionally, we took profits in a U.S. healthcare owner following completion of its merger with an owner and operator of medical office buildings, and initiated a new position in an industrial landlord, with valuation overly discounted given the company’s solid future growth prospects. Following strong share price performance, we trimmed outperformers in the U.S. net lease sector. Proceeds were allocated to existing holdings in the portfolio where we saw attractive expected total returns coupled with strong conviction in the investment thesis.

OUTLOOK

While real estate will not be immune to the changing macroeconomic landscape, its potential to provide more dependable income streams, diversification benefits, and inflation protection over time should provide some comfort. Within the sector, real estate fundamentals are likely to reflect ongoing divergence across different property types in the years ahead, driven by the themes of changing demographics, digitization, sustainability, and the convenience lifestyle. It therefore remains important, in our view, to remain selective. The importance of management, asset, and balance sheet quality are also likely to come to the fore again.

The direct property market will take time to adjust to higher funding costs, but the listed market has reacted already, resulting in shares trading at wide discounts to previous asset values and reflecting a highly uncertain environment. This may overlook the attractive, reliable and growing income streams that many real estate companies can generate for investors.

Thank you for investing in the Janus Henderson Global Real Estate Fund.

2 SEPTEMBER 30, 2022

Janus Henderson Global Real Estate Fund (unaudited)

Fund At A Glance

September 30, 2022

5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
VICI Properties Inc	2.92%	0.73%	Shimao Group Holdings Ltd	0.20%	-0.48%
Agree Realty Corp	0.88%	0.39%	Fastighets AB Balder - Class B	1.38%	-0.48%
Life Storage Inc	2.58%	0.36%	Instone Real Estate Group SE	0.56%	-0.46%
National Retail Properties Inc	2.44%	0.36%	Park Hotels & Resorts Inc	2.48%	-0.37%
Rexford Industrial Realty Inc	2.80%	0.35%	GDS Holdings Ltd	0.43%	-0.34%

	3 Top Contributors - Sectors*
		Relative	Fund	FTSE EPRA Nareit Global Index
		Contribution	Average Weight	Average Weight
	Consumer Discretionary	0.18%	1.02%	0.13%
	Other**	0.13%	1.91%	0.05%
	Health Care	0.00%	0.00%	0.11%
	3 Top Detractors - Sectors*
		Relative	Fund	FTSE EPRA Nareit Global Index
		Contribution	Average Weight	Average Weight
	Real Estate	-0.65%	95.28%	99.71%
	Information Technology	-0.34%	0.43%	0.00%
	Communication Services	-0.25%	1.36%	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 3

Janus Henderson Global Real Estate Fund (unaudited)

Fund At A Glance

September 30, 2022

5 Largest Equity Holdings -(% of Net Assets)
Prologis Inc
Equity Real Estate Investment Trusts (REITs)	6.7%
Alexandria Real Estate Equities Inc
Equity Real Estate Investment Trusts (REITs)	4.7%
VICI Properties Inc
Equity Real Estate Investment Trusts (REITs)	4.4%
Digital Realty Trust Inc
Equity Real Estate Investment Trusts (REITs)	4.0%
Rexford Industrial Realty Inc
Equity Real Estate Investment Trusts (REITs)	3.8%
	23.6%

Asset Allocation - (% of Net Assets)
Common Stocks	98.2%
Investment Companies	1.4%
Investments Purchased with Cash Collateral from Securities Lending	0.0%
Other		0.4%
		100.0%

Top Country Allocations - Long Positions -(% of Investment Securities)
As of September 30, 2022	As of September 30, 2021

4 SEPTEMBER 30, 2022

Janus Henderson Global Real Estate Fund (unaudited)

Performance

See important disclosures on the next page.

Average Annual Total Return - for the periods ended September 30, 2022					Prospectus Expense Ratios
	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses‡
Class A Shares at NAV	-24.19%	2.67%	5.17%	4.16%	1.23%
Class A Shares at MOP	-28.53%	1.46%	4.54%	3.75%
Class C Shares at NAV	-24.81%	1.86%	4.37%	3.42%	2.04%
Class C Shares at CDSC	-25.53%	1.86%	4.37%	3.42%
Class D Shares	-24.05%	2.86%	5.36%	3.70%	1.06%
Class I Shares	-24.04%	2.93%	5.45%	4.43%	1.00%
Class N Shares	-23.94%	3.03%	5.50%	4.47%	0.90%
Class S Shares	-24.37%	2.45%	4.99%	4.00%	1.43%
Class T Shares	-24.15%	2.77%	5.29%	3.91%	1.14%
FTSE EPRA Nareit Global Index	-22.38%	-0.76%	3.32%	1.88%
FTSE EPRA Nareit Global Net Index	-23.01%	-1.61%	2.48%	N/A**
Morningstar Quartile - Class I Shares	3rd	1st	1st	1st
Morningstar Ranking - based on total returns for Global Real Estate Funds	112/192	16/181	7/146	4/107

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.

For certain periods, the Fund’s performance may reflect the effect of expense waivers.

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 securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs),

Janus Investment Fund 5

Janus Henderson Global Real Estate Fund (unaudited)

Performance

Environmental, Social and Governance (ESG) factors, 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.

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 A Shares, Class C Shares, Class I Shares, and Class S Shares commenced operations on July 6, 2009, after the reorganization of each class of Janus Adviser Global Real Estate Fund (“the predecessor fund”) into corresponding shares of the Fund. Performance shown for each class for periods prior to July 6, 2009, reflects the historical performance of each corresponding class of the predecessor fund prior to the reorganization, calculated using the fees and expenses of the corresponding class of the predecessor fund respectively, net of any applicable 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 historical performance of the Fund’s Class I Shares, calculated using the fees and expenses of Class D Shares, without the effect of any fee and expense limitations or waivers.

Class N Shares of the Fund commenced operations on January 26, 2018. Performance shown for Class N Shares reflects the historical performance of the Fund's Class I Shares from July 6, 2009 to January 26, 2018, calculated using the fees and expenses of Class I Shares, net of any applicable fee and expense limitations or waivers. Performance shown for Class N Shares for periods prior to July 6, 2009, reflects the historical performance of the predecessor fund's Class I Shares, calculated using the fees and expenses of Class I Shares of the predecessor fund, net of any applicable fee and expense limitations or waivers.

Class T Shares commenced operations on July 6, 2009. Performance shown for Class T Shares for periods prior to July 6, 2009, reflects the historical performance of the predecessor fund’s Class I Shares, calculated using the fees and expenses of Class T Shares, without the effect of any 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.

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.

© 2022 Morningstar, Inc. All Rights Reserved.

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 – November 28, 2007

**Since inception index return is not available for indices created subsequent to fund inception.

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

6 SEPTEMBER 30, 2022

Janus Henderson Global Real Estate 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 (4/1/22)	Ending Account Value (9/30/22)	Expenses Paid During Period (4/1/22 - 9/30/22)†	Beginning Account Value (4/1/22)	Ending Account Value (9/30/22)	Expenses Paid During Period (4/1/22 - 9/30/22)†	Net Annualized Expense Ratio (4/1/22 - 9/30/22)
Class A Shares		$1,000.00	$739.30	$5.58	$1,000.00	$1,018.65	$6.48	1.28%
Class C Shares		$1,000.00	$736.20	$8.97	$1,000.00	$1,014.74	$10.40	2.06%
Class D Shares		$1,000.00	$740.10	$4.84	$1,000.00	$1,019.50	$5.62	1.11%
Class I Shares		$1,000.00	$740.00	$4.54	$1,000.00	$1,019.85	$5.27	1.04%
Class N Shares		$1,000.00	$740.70	$4.10	$1,000.00	$1,020.36	$4.76	0.94%
Class S Shares		$1,000.00	$738.10	$6.41	$1,000.00	$1,017.70	$7.44	1.47%
Class T Shares		$1,000.00	$740.00	$5.15	$1,000.00	$1,019.15	$5.97	1.18%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/365 (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 7

Janus Henderson Global Real Estate Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Common Stocks– 98.2%
Diversified Telecommunication Services – 0.8%
	Cellnex Telecom SA (144A)*	164,000	$5,055,581
Equity Real Estate Investment Trusts (REITs) – 78.9%
	Activia Properties Inc	1,581	4,624,687
	Advance Residence Investment Corp	1,434	3,504,860
	Agree Realty Corp	151,937	10,267,902
	Alexandria Real Estate Equities Inc	209,192	29,326,626
	CapitaLand Mall Trust	6,493,126	8,634,764
	CubeSmart	505,616	20,254,977
	Digital Realty Trust Inc	253,272	25,119,517
	Equity LifeStyle Properties Inc	229,277	14,407,767
	Essex Property Trust Inc	86,079	20,850,916
	Gecina SA	57,000	4,429,717
	Goodman Group	660,242	6,595,227
	Hulic Inc	4,745	5,429,922
	Industrial & Infrastructure Fund Investment Corp	2,330	2,635,789
	Invitation Homes Inc	655,460	22,134,884
	Japan Hotel Investment Corp	10,534	5,246,616
	Japan Retail Fund Investment Corp	8,063	6,066,204
	Land Securities Group PLC	740,000	4,255,142
	LaSalle Logiport	2,498	2,788,598
	Life Storage Inc	112,488	12,459,171
	Link	1,727,500	12,057,736
	Mapletree Logistics Trust	6,302,245	6,806,564
	Merlin Properties Socimi SA	745,000	5,721,853
	National Retail Properties Inc	436,960	17,417,226
	Orix JREIT Inc	7,533	9,607,015
	Prologis Inc	408,951	41,549,422
	Rexford Industrial Realty Inc	449,607	23,379,564
	Safestore Holdings PLC	415,371	3,883,427
	SBA Communications Corp	27,160	7,731,094
	Segro PLC	865,000	7,246,404
	SITE Centers Corp	829,500	8,883,945
	Spirit Realty Capital Inc	511,584	18,498,877
	STAG Industrial Inc	585,859	16,655,971
	Stockland	3,529,787	7,348,432
	Sun Communities Inc	156,054	21,118,788
	UDR Inc	363,083	15,144,192
	UNITE Group PLC	472,360	4,478,205
	VICI Properties Inc	917,247	27,379,823
	Vicinity Centres	3,960,643	4,421,365
	Welltower Inc	312,427	20,095,305
	Workspace Group PLC	500,000	2,197,604
			490,656,098
Real Estate Management & Development – 18.5%
	Ayala Land Inc	10,516,500	4,009,597
	China Resources Land Ltd	3,118,000	12,155,978
	China Vanke Co Ltd	2,958,500	5,378,657
	City Developments Ltd	936,700	4,939,447
	CK Asset Holdings Ltd	1,681,500	10,090,253
	CTP NV (144A)	380,000	3,923,631
	Fastighets AB Balder - Class B*	1,250,000	4,942,971
	Hang Lung Properties Ltd	2,920,000	4,766,780
	Helical PLC	950,000	3,789,685
	LEG Immobilien AG#	64,000	3,850,297
	Mitsui Fudosan Co Ltd	1,033,600	19,705,368
	Swire Properties Ltd	2,774,400	5,962,157
	Tokyu Fudosan Holdings Corp	704,400	3,673,899
	Tricon Capital Group Inc	1,550,878	13,418,037
	VGP NV	37,500	3,542,551

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
8	SEPTEMBER 30, 2022

Janus Henderson Global Real Estate Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Common Stocks– (continued)
Real Estate Management & Development– (continued)
	Vonovia SE	485,000	$10,553,818
			114,703,126
Total Common Stocks (cost $692,716,903)			610,414,805
Investment Companies– 1.4%
Money Markets – 1.4%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº,£((cost $8,309,444)	8,308,613	8,309,444
Investments Purchased with Cash Collateral from Securities Lending– 0%
Investment Companies – 0%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº,£	55,187	55,187
Time Deposits – 0%
	Royal Bank of Canada, 3.0600%, 10/3/22	$13,797	13,797
Total Investments Purchased with Cash Collateral from Securities Lending (cost $68,984)			68,984
Total Investments (total cost $701,095,331) – 99.6%			618,793,233
Cash, Receivables and Other Assets, net of Liabilities – 0.4%			2,748,466
Net Assets – 100%			$621,541,699

Summary of Investments by Country - (Long Positions) (unaudited)
		% of
		Investment
Country	Value	Securities
United States	$381,054,395	61.6	%
Japan	63,282,958	10.2
Hong Kong	32,876,926	5.3
United Kingdom	25,850,467	4.2
Singapore	20,380,775	3.3
Australia	18,365,024	3.0
China	17,534,635	2.8
Germany	14,404,115	2.3
Canada	13,418,037	2.2
Spain	10,777,434	1.7
Sweden	4,942,971	0.8
France	4,429,717	0.7
Philippines	4,009,597	0.7
Netherlands	3,923,631	0.6
Belgium	3,542,551	0.6

Total $618,793,233 100.0 %

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	9

Janus Henderson Global Real Estate Fund

Schedule of Investments

September 30, 2022

Schedules of Affiliated Investments – (% of Net Assets)

		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 9/30/22
Investment Companies - 1.4%
Money Markets - 1.4%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº	$	83,824	$	212	$	-	$	8,309,444
Investments Purchased with Cash Collateral from Securities Lending - 0.0%
Investment Companies - 0.0%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº		9,965∆		-		-		55,187
Total Affiliated Investments - 1.4%		$	93,789	$	212	$	-	$	8,364,631

		Value at 9/30/21		Purchases		Sales Proceeds		Value at 9/30/22
Investment Companies - 1.4%
Money Markets - 1.4%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº		18,131,688		156,954,156		(166,776,612)		8,309,444
Investments Purchased with Cash Collateral from Securities Lending - 0.0%
Investment Companies - 0.0%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº		3,032,104		31,950,751		(34,927,668)		55,187

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		$	68,824	$	—	$	(68,824)	$	—
(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.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
10	SEPTEMBER 30, 2022

Janus Henderson Global Real Estate Fund

Notes to Schedule of Investments and Other Information

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.

LLC	Limited Liability Company
PLC	Public Limited 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 year ended September 30, 2022 is $8,979,212, which represents 1.4% of net assets.

* Non-income producing security.

ºº Rate shown is the 7-day yield as of September 30, 2022.

# Loaned security; a portion of the security is on loan at September 30, 2022.

£ 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 September 30, 2022. 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
Equity Real Estate Investment Trusts (REITs)	$	372,675,967	$	117,980,131	$	-
Real Estate Management & Development		13,418,037		101,285,089		-
All Other		-		5,055,581		-
Investment Companies		-		8,309,444		-
Investments Purchased with Cash Collateral from Securities Lending		-		68,984		-
Total Assets	$	386,094,004	$	232,699,229	$	-

Janus Investment Fund 11

Janus Henderson Global Real Estate Fund

Statement of Assets and Liabilities

September 30, 2022

See footnotes at the end of the Statement.

Assets:
	Unaffiliated investments, at value (cost $692,730,700)(1)		$	610,428,602
	Affiliated investments, at value (cost $8,364,631)			8,364,631
	Cash denominated in foreign currency (cost $132,072)			131,649
	Trustees' deferred compensation			18,644
	Receivables:
		Dividends		3,205,065
		Fund shares sold		1,871,010
		Foreign tax reclaims		271,258
		Investments sold		108,805
		Dividends from affiliates		7,104
	Other assets			4,866
Total Assets				624,411,634
Liabilities:
	Due to custodian			1,949
	Collateral for securities loaned (Note 2)			68,984
	Payables:			—
		Fund shares repurchased		1,669,366
		Advisory fees		545,239
		Dividends		239,796
		Transfer agent fees and expenses		103,218
		Professional fees		57,732
		Trustees' deferred compensation fees		18,644
		Custodian fees		15,217
		12b-1 Distribution and shareholder servicing fees		8,951
		Trustees' fees and expenses		3,648
		Affiliated fund administration fees payable		1,524
		Accrued expenses and other payables		135,667
Total Liabilities				2,869,935
Net Assets			$	621,541,699

See Notes to Financial Statements.
12	SEPTEMBER 30, 2022

Janus Henderson Global Real Estate Fund

Statement of Assets and Liabilities

September 30, 2022

Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	727,102,326
	Total distributable earnings (loss)		(105,560,627)
Total Net Assets		$	621,541,699
Net Assets - Class A Shares		$	11,566,174
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,098,731
Net Asset Value Per Share(2)		$	10.53
Maximum Offering Price Per Share(3)		$	11.17
Net Assets - Class C Shares		$	4,548,148
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		442,376
Net Asset Value Per Share(2)		$	10.28
Net Assets - Class D Shares		$	44,665,845
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,207,568
Net Asset Value Per Share		$	10.62
Net Assets - Class I Shares		$	383,144,106
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		36,140,482
Net Asset Value Per Share		$	10.60
Net Assets - Class N Shares		$	82,484,452
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		7,777,845
Net Asset Value Per Share		$	10.61
Net Assets - Class S Shares		$	7,237,709
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		690,383
Net Asset Value Per Share		$	10.48
Net Assets - Class T Shares		$	87,895,265
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		8,294,517
Net Asset Value Per Share		$	10.60

(1)Includes $68,824 of securities on loan. See Note 2 in Notes to Financial Statements.

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

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

See Notes to Financial Statements.
Janus Investment Fund	13

Janus Henderson Global Real Estate Fund

Statement of Operations

For the year ended September 30, 2022

Investment Income:
	Dividends		$	24,217,726
	Dividends from affiliates			83,824
	Affiliated securities lending income, net			9,965
	Unaffiliated securities lending income, net			1,716
	Other income			10,258
	Foreign tax withheld			(704,117)
Total Investment Income				23,619,372
Expenses:
	Advisory fees			7,289,354
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		38,058
		Class C Shares		59,305
		Class S Shares		23,333
	Transfer agent administrative fees and expenses:
		Class D Shares		66,973
		Class S Shares		23,360
		Class T Shares		287,977
	Transfer agent networking and omnibus fees:
		Class A Shares		10,612
		Class C Shares		5,859
		Class I Shares		572,424
	Other transfer agent fees and expenses:
		Class A Shares		1,083
		Class C Shares		342
		Class D Shares		15,843
		Class I Shares		25,227
		Class N Shares		4,119
		Class S Shares		304
		Class T Shares		1,588
	Registration fees			154,063
	Professional fees			65,120
	Shareholder reports expense			52,843
	Custodian fees			45,619
	Affiliated fund administration fees			21,125
	Trustees’ fees and expenses			18,659
	Other expenses			110,701
Total Expenses				8,893,891
Less: Excess Expense Reimbursement and Waivers				(5,849)
Net Expenses				8,888,042
Net Investment Income/(Loss)				14,731,330

See Notes to Financial Statements.
14	SEPTEMBER 30, 2022

Janus Henderson Global Real Estate Fund

Statement of Operations

For the year ended September 30, 2022

Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	(13,010,250)
	Investments in affiliates		212
Total Net Realized Gain/(Loss) on Investments			(13,010,038)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and Trustees’ deferred compensation		(205,235,857)
Total Change in Unrealized Net Appreciation/Depreciation			(205,235,857)
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	(203,514,565)

See Notes to Financial Statements.
Janus Investment Fund	15

Janus Henderson Global Real Estate Fund

Statements of Changes in Net Assets

			Year ended September 30, 2022		Year ended September 30, 2021
Operations:
	Net investment income/(loss)		$	14,731,330	$	18,589,076
	Net realized gain/(loss) on investments			(13,010,038)		58,759,905
	Change in unrealized net appreciation/depreciation			(205,235,857)		68,822,681
Net Increase/(Decrease) in Net Assets Resulting from Operations				(203,514,565)		146,171,662
Dividends and Distributions to Shareholders:
		Class A Shares		(839,084)		(218,230)
		Class C Shares		(330,381)		(87,047)
		Class D Shares		(3,281,953)		(873,853)
		Class I Shares		(30,872,396)		(8,514,426)
		Class N Shares		(6,399,486)		(1,821,131)
		Class S Shares		(485,221)		(125,581)
		Class T Shares		(6,552,609)		(1,837,581)
Net Decrease from Dividends and Distributions to Shareholders				(48,761,130)		(13,477,849)
Capital Share Transactions:
		Class A Shares		904,085		3,314,454
		Class C Shares		(306,068)		(230,118)
		Class D Shares		3,842,929		8,121,071
		Class I Shares		(9,479,268)		58,822,137
		Class N Shares		(434,386)		8,064,462
		Class S Shares		971,554		1,261,319
		Class T Shares		414,322		12,025,332
Net Increase/(Decrease) from Capital Share Transactions				(4,086,832)		91,378,657
Net Increase/(Decrease) in Net Assets				(256,362,527)		224,072,470
Net Assets:
	Beginning of period			877,904,226		653,831,756
	End of period		$	621,541,699	$	877,904,226

See Notes to Financial Statements.
16	SEPTEMBER 30, 2022

Janus Henderson Global Real Estate Fund

Financial Highlights

Class A Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$14.65	$12.18	$13.00	$11.68	$11.28
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.21	0.32	0.18	0.18	0.18
		Net realized and unrealized gain/(loss)	(3.55)	2.38	(0.49)	1.72	0.68
	Total from Investment Operations		(3.34)	2.70	(0.31)	1.90	0.86
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.38)	(0.23)	(0.37)	(0.36)	(0.46)
		Distributions (from capital gains)	(0.40)	—	(0.14)	(0.22)	—
	Total Dividends and Distributions		(0.78)	(0.23)	(0.51)	(0.58)	(0.46)
	Net Asset Value, End of Period		$10.53	$14.65	$12.18	$13.00	$11.68
	Total Return*		(24.19)%	22.32%	(2.53)%	17.12%	7.76%
	Net Assets, End of Period (in thousands)		$11,566	$15,294	$9,857	$9,167	$5,828
	Average Net Assets for the Period (in thousands)		$15,160	$12,864	$11,509	$7,245	$5,093
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.27%	1.23%	1.25%	1.36%	1.26%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.27%	1.23%	1.25%	1.35%	1.26%
		Ratio of Net Investment Income/(Loss)	1.56%	2.25%	1.42%	1.46%	1.60%
	Portfolio Turnover Rate		68%	77%	69%	61%	78%

*Total return includes adjustments in accordance 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 Global Real Estate Fund

Financial Highlights

Class C Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$14.34	$11.98	$12.81	$11.53	$11.14
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.10	0.18	0.08	0.09	0.10
		Net realized and unrealized gain/(loss)	(3.46)	2.37	(0.49)	1.69	0.67
	Total from Investment Operations		(3.36)	2.55	(0.41)	1.78	0.77
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.30)	(0.19)	(0.28)	(0.28)	(0.38)
		Distributions (from capital gains)	(0.40)	—	(0.14)	(0.22)	—
	Total Dividends and Distributions		(0.70)	(0.19)	(0.42)	(0.50)	(0.38)
	Net Asset Value, End of Period		$10.28	$14.34	$11.98	$12.81	$11.53
	Total Return*		(24.81)%	21.34%	(3.33)%	16.19%	7.01%
	Net Assets, End of Period (in thousands)		$4,548	$6,766	$5,908	$8,020	$6,970
	Average Net Assets for the Period (in thousands)		$6,321	$6,420	$7,522	$7,211	$6,717
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.00%	2.03%	2.03%	2.09%	2.00%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.00%	2.03%	2.03%	2.09%	2.00%
		Ratio of Net Investment Income/(Loss)	0.75%	1.31%	0.65%	0.73%	0.84%
	Portfolio Turnover Rate		68%	77%	69%	61%	78%

*Total return includes adjustments in accordance 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	SEPTEMBER 30, 2022

Janus Henderson Global Real Estate Fund

Financial Highlights

Class D Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$14.77	$12.26	$13.09	$11.76	$11.35
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.24	0.34	0.20	0.20	0.20
		Net realized and unrealized gain/(loss)	(3.58)	2.41	(0.50)	1.73	0.69
	Total from Investment Operations		(3.34)	2.75	(0.30)	1.93	0.89
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.41)	(0.24)	(0.39)	(0.38)	(0.48)
		Distributions (from capital gains)	(0.40)	—	(0.14)	(0.22)	—
	Total Dividends and Distributions		(0.81)	(0.24)	(0.53)	(0.60)	(0.48)
	Net Asset Value, End of Period		$10.62	$14.77	$12.26	$13.09	$11.76
	Total Return*		(24.05)%	22.59%	(2.39)%	17.31%	7.98%
	Net Assets, End of Period (in thousands)		$44,666	$58,872	$42,584	$46,239	$36,579
	Average Net Assets for the Period (in thousands)		$58,433	$49,730	$47,764	$39,590	$35,963
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.08%	1.06%	1.08%	1.16%	1.08%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.08%	1.06%	1.08%	1.16%	1.08%
		Ratio of Net Investment Income/(Loss)	1.74%	2.41%	1.62%	1.65%	1.75%
	Portfolio Turnover Rate		68%	77%	69%	61%	78%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.
Janus Investment Fund	19

Janus Henderson Global Real Estate Fund

Financial Highlights

Class I Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$14.75	$12.25	$13.08	$11.75	$11.33
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.24	0.34	0.22	0.20	0.22
		Net realized and unrealized gain/(loss)	(3.58)	2.41	(0.51)	1.74	0.69
	Total from Investment Operations		(3.34)	2.75	(0.29)	1.94	0.91
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.41)	(0.25)	(0.40)	(0.39)	(0.49)
		Distributions (from capital gains)	(0.40)	—	(0.14)	(0.22)	—
	Total Dividends and Distributions		(0.81)	(0.25)	(0.54)	(0.61)	(0.49)
	Net Asset Value, End of Period		$10.60	$14.75	$12.25	$13.08	$11.75
	Total Return*		(24.04)%	22.56%	(2.31)%	17.41%	8.21%
	Net Assets, End of Period (in thousands)		$383,144	$551,129	$408,928	$211,998	$147,863
	Average Net Assets for the Period (in thousands)		$531,316	$484,077	$291,765	$186,262	$120,270
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.03%	1.00%	1.02%	1.09%	0.96%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.03%	1.00%	1.02%	1.09%	0.96%
		Ratio of Net Investment Income/(Loss)	1.77%	2.44%	1.83%	1.68%	1.91%
	Portfolio Turnover Rate		68%	77%	69%	61%	78%

*Total return includes adjustments in accordance 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	SEPTEMBER 30, 2022

Janus Henderson Global Real Estate Fund

Financial Highlights

Class N Shares
For a share outstanding during the year or period ended September 30			2022	2021	2020	2019	2018(1)
	Net Asset Value, Beginning of Period		$14.76	$12.24	$13.07	$11.75	$11.81
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(2)	0.26	0.35	0.23	0.27	0.17
		Net realized and unrealized gain/(loss)	(3.58)	2.42	(0.51)	1.67	(0.10)
	Total from Investment Operations		(3.32)	2.77	(0.28)	1.94	0.07
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.43)	(0.25)	(0.41)	(0.40)	(0.13)
		Distributions (from capital gains)	(0.40)	—	(0.14)	(0.22)	—
	Total Dividends and Distributions		(0.83)	(0.25)	(0.55)	(0.62)	(0.13)
	Net Asset Value, End of Period		$10.61	$14.76	$12.24	$13.07	$11.75
	Total Return*		(23.94)%	22.80%	(2.22)%	17.43%	0.59%
	Net Assets, End of Period (in thousands)		$82,484	$114,928	$88,550	$71,472	$35,316
	Average Net Assets for the Period (in thousands)		$106,338	$104,011	$80,627	$34,671	$28,132
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.92%	0.90%	0.92%	0.99%	0.93%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.92%	0.90%	0.92%	0.99%	0.93%
		Ratio of Net Investment Income/(Loss)	1.88%	2.49%	1.84%	2.28%	2.14%
	Portfolio Turnover Rate		68%	77%	69%	61%	78%

*Total return includes adjustments in accordance 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.

See Notes to Financial Statements.
Janus Investment Fund	21

Janus Henderson Global Real Estate Fund

Financial Highlights

Class S Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$14.59	$12.15	$12.97	$11.66	$11.26
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.19	0.29	0.16	0.15	0.16
		Net realized and unrealized gain/(loss)	(3.54)	2.37	(0.49)	1.72	0.67
	Total from Investment Operations		(3.35)	2.66	(0.33)	1.87	0.83
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.36)	(0.22)	(0.35)	(0.34)	(0.43)
		Distributions (from capital gains)	(0.40)	—	(0.14)	(0.22)	—
	Total Dividends and Distributions		(0.76)	(0.22)	(0.49)	(0.56)	(0.43)
	Net Asset Value, End of Period		$10.48	$14.59	$12.15	$12.97	$11.66
	Total Return*		(24.37)%	22.03%	(2.69)%	16.86%	7.56%
	Net Assets, End of Period (in thousands)		$7,238	$9,178	$6,692	$5,177	$2,464
	Average Net Assets for the Period (in thousands)		$9,305	$7,647	$6,265	$3,433	$2,615
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.46%	1.43%	1.46%	1.57%	1.45%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.45%	1.43%	1.46%	1.53%	1.45%
		Ratio of Net Investment Income/(Loss)	1.38%	2.06%	1.30%	1.28%	1.35%
	Portfolio Turnover Rate		68%	77%	69%	61%	78%

*Total return includes adjustments in accordance 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	SEPTEMBER 30, 2022

Janus Henderson Global Real Estate Fund

Financial Highlights

Class T Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$14.75	$12.25	$13.08	$11.75	$11.34
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.23	0.32	0.19	0.19	0.19
		Net realized and unrealized gain/(loss)	(3.59)	2.42	(0.50)	1.74	0.69
	Total from Investment Operations		(3.36)	2.74	(0.31)	1.93	0.88
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.39)	(0.24)	(0.38)	(0.38)	(0.47)
		Distributions (from capital gains)	(0.40)	—	(0.14)	(0.22)	—
	Total Dividends and Distributions		(0.79)	(0.24)	(0.52)	(0.60)	(0.47)
	Net Asset Value, End of Period		$10.60	$14.75	$12.25	$13.08	$11.75
	Total Return*		(24.15)%	22.49%	(2.47)%	17.27%	7.90%
	Net Assets, End of Period (in thousands)		$87,895	$121,737	$91,313	$80,573	$43,490
	Average Net Assets for the Period (in thousands)		$114,716	$107,523	$95,019	$54,353	$51,128
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.17%	1.14%	1.16%	1.23%	1.14%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.17%	1.14%	1.16%	1.23%	1.14%
		Ratio of Net Investment Income/(Loss)	1.65%	2.30%	1.57%	1.59%	1.64%
	Portfolio Turnover Rate		68%	77%	69%	61%	78%

*Total return includes adjustments in accordance 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	23

Janus Henderson Global Real Estate Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus Henderson Global Real Estate Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 39 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks total return through a combination of capital appreciation and current income. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC (formerly Janus Capital Management LLC) is the investment adviser (the “Adviser”) to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Shareholders, including other funds, individuals, accounts, as well as the Fund’s portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s Shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors, 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, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (formerly Janus Distributors LLC) (the

24 SEPTEMBER 30, 2022

Janus Henderson Global Real Estate Fund

Notes to Financial Statements

“Distributor”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

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

Investment Valuation

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The 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 Adviser-approved pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a 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 valuation policies provide for the use of systematic fair valuation models provided by independent pricing services to value foreign 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 25

Janus Henderson Global Real Estate Fund

Notes to Financial Statements

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

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

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

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of September 30, 2022 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.

Investment Transactions and Investment Income

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

Expenses

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Indemnifications

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

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

26 SEPTEMBER 30, 2022

Janus Henderson Global Real Estate Fund

Notes to Financial Statements

translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

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

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

Dividends and Distributions

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

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

Federal Income Taxes

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

2. Other Investments and Strategies

Additional Investment Risk

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 in response to the COVID-19 pandemic. This and other government intervention into the economy and financial markets to address the COVID-19 pandemic may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Government actions to mitigate the economic impact of the pandemic have resulted in a large expansion of government deficits and debt, the long term consequences of which are not known. The COVID-19 pandemic could adversely affect the value and liquidity of a Fund’s investments, impair a Fund’s ability to satisfy redemption requests, and negatively impact a Fund’s performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

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

Janus Investment Fund 27

Janus Henderson Global Real Estate Fund

Notes to Financial Statements

other operational systems upon which the Fund’s service providers, including the Adviser 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.

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. Among other things, these developments have adversely affected the value and exchange rate of the euro and pound sterling, and may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse effect on the Fund’s investments in such countries, other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.

Real Estate Investing

The Fund may invest in equity and debt securities of real estate-related companies. Such companies may include those in the real estate industry or real estate-related industries. These securities may include common stocks, corporate bonds, preferred stocks, and other equity securities, including, but not limited to, mortgage-backed securities, real estate-backed securities, securities of REITs and similar REIT-like entities. A REIT is a trust that invests in real estate-related projects, such as properties, mortgage loans, and construction loans. REITs are generally categorized as equity, mortgage, or hybrid REITs. A REIT may be listed on an exchange or traded OTC.

Counterparties

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.

Securities Lending

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be

28 SEPTEMBER 30, 2022

Janus Henderson Global Real Estate Fund

Notes to Financial Statements

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.

Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

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

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of September 30, 2022, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $68,824. Gross amounts of recognized liabilities for securities lending (collateral received) as of September 30, 2022 is $68,984, resulting in the net amount due to the counterparty of $160.

Offsetting Assets and Liabilities

The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

The Offsetting Assets and Liabilities table located in the Schedule of Investments presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the Fund's Schedule of Investments.

3. Investment Advisory Agreements and Other Transactions with Affiliates

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

The investment advisory fee rate paid to the Adviser by the Fund consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the Fund’s average daily net assets during the previous month (the “Base Fee Rate”), plus or minus (2) a performance-fee adjustment (the “Performance Adjustment”) calculated by applying a variable rate of up to 0.15% (positive or negative) to the Fund’s average daily net assets based on the Fund’s relative performance compared to the cumulative investment record of its benchmark index over a 36-

Janus Investment Fund 29

Janus Henderson Global Real Estate Fund

Notes to Financial Statements

month performance measurement period or shorter time period, as applicable. The investment advisory fee rate is calculated daily and paid monthly.

The investment performance of the Fund’s Class A Shares (waiving the upfront sales load) for the performance measurement period is used to calculate the Performance Adjustment. The Fund’s Base Fee Rate prior to any performance adjustment (expressed as an annual rate) is 0.75%, and the Fund’s benchmark index used in the calculation is the FTSE EPRA Nareit Global Index.

No Performance Adjustment is applied unless the difference between the Fund’s investment performance and the cumulative investment record of the Fund’s benchmark index is 0.50% or greater (positive or negative) during the applicable performance measurement period. The Base Fee Rate is subject to an upward or downward Performance Adjustment for every full 0.50% increment by which the Fund outperforms or underperforms its benchmark index, up to the Fund’s full performance rate of ±4.00%. Because the Performance Adjustment is tied to a Fund’s relative performance compared to its benchmark index (and not its absolute performance), the Performance Adjustment could increase the Adviser’s fee even if the Fund’s Shares lose value during the performance measurement period and could decrease the Adviser’s fee even if the Fund’s Shares increase in value during the performance measurement period. For purposes of computing the Base Fee Rate and the Performance Adjustment, net assets are averaged over different periods (average daily net assets during the previous month for the Base Fee Rate, versus average daily net assets during the performance measurement period for the Performance Adjustment). Performance of the Fund is calculated 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 year ended September 30, 2022, the performance adjusted investment advisory fee rate before any waivers and/or reimbursements of expenses is 0.86%.

The Adviser has entered into a personnel-sharing arrangement with its foreign (non-U.S.) affiliates, Henderson Global Investors Limited, Henderson Global Investors (Japan) Ltd., and Henderson Global Investors (Singapore) Ltd. (collectively, “HGIL”), pursuant to which HGIL and certain employees of HGIL serve as “associated persons” of the Adviser. In this capacity, such employees of HGIL are subject to the oversight and supervision of the Adviser and may provide portfolio management, research, and related services to the Fund on behalf of the Adviser.

The Adviser has contractually agreed to waive the investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, excluding any performance adjustments to management 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 payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.91% of the Fund’s average daily net assets. The Adviser has agreed to continue the waivers for at least a one-year period commencing on January 28, 2022. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (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 the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $502,935 was paid to the Chief Compliance Officer and

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Janus Henderson Global Real Estate Fund

Notes to Financial Statements

certain compliance staff by the Trust during the year ended September 30, 2022. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

Janus Henderson Services US LLC (formerly Janus Services LLC) (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

Average Daily Net Assets of Class D Shares of the Janus Henderson funds	Administrative Services Fee
Under $40 billion	0.12%
$40 billion – $49.9 billion	0.10%
Over $49.9 billion	0.08%

During the reporting period, the administrative services fee rate was 0.11%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.

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Janus Henderson Global Real Estate Fund

Notes to Financial Statements

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the year ended September 30, 2022, the Distributor retained upfront sales charges of $7,040.

A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. During the year ended September 30, 2022, redeeming shareholders of Class A Shares paid CDSCs of $366 to Janus Henderson Distributors.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the year ended September 30, 2022, redeeming shareholders of Class C Shares paid CDSCs of $521.

The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of September 30, 2022 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended September 30, 2022 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $436,813 were paid by the Trust to the Trustees under the Deferred Plan during the year ended September 30, 2022.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests 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.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended September 30, 2022 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

4. Federal Income Tax

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.

Other book to tax differences primarily consist of deferred compensation. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and

32 SEPTEMBER 30, 2022

Janus Henderson Global Real Estate Fund

Notes to Financial Statements

losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

The Fund has elected to defer post-October losses as noted in the table below. These losses will be deferred for tax purposes and recognized during the next fiscal year.

			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ 1,987,538	$ -	$ -	$ -	$(16,179,128)	$ (86,180)	$(91,282,857)

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 2022 are noted below. The primary difference 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)
$ 710,076,090	$22,933,873	$(114,216,730)	$ (91,282,857)

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.

For the year ended September 30, 2022
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 24,663,167	$ 24,097,963	$ -	$ -

For the year ended September 30, 2021
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 13,477,849	$ -	$ -	$ -

Janus Investment Fund 33

Janus Henderson Global Real Estate Fund

Notes to Financial Statements

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. The following reclassifications have been made to the Fund:

Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ -	$ 1,057,571	$ (1,057,571)

5. Capital Share Transactions

	Year ended September 30, 2022		Year ended September 30, 2021
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	222,130	$ 3,085,637	416,186	$ 5,829,137
Reinvested dividends and distributions	49,083	705,517	13,023	180,706
Shares repurchased	(216,286)	(2,887,069)	(194,664)	(2,695,389)
Net Increase/(Decrease)	54,927	$ 904,085	234,545	$ 3,314,454
Class C Shares:
Shares sold	59,826	$ 815,647	204,019	$ 2,734,463
Reinvested dividends and distributions	20,592	294,979	5,850	79,612
Shares repurchased	(109,948)	(1,416,694)	(231,177)	(3,044,193)
Net Increase/(Decrease)	(29,530)	$ (306,068)	(21,308)	$ (230,118)
Class D Shares:
Shares sold	870,256	$ 12,510,701	1,214,758	$ 17,785,841
Reinvested dividends and distributions	222,584	3,212,973	61,609	859,013
Shares repurchased	(870,874)	(11,880,745)	(762,784)	(10,523,783)
Net Increase/(Decrease)	221,966	$ 3,842,929	513,583	$ 8,121,071
Class I Shares:
Shares sold	10,806,963	$149,882,756	13,964,809	$195,161,807
Reinvested dividends and distributions	1,919,517	27,671,302	547,064	7,610,971
Shares repurchased	(13,943,994)	(187,033,326)	(10,548,274)	(143,950,641)
Net Increase/(Decrease)	(1,217,514)	$ (9,479,268)	3,963,599	$ 58,822,137
Class N Shares:
Shares sold	1,590,545	$ 21,781,419	2,375,838	$ 32,887,203
Reinvested dividends and distributions	294,697	4,241,519	76,598	1,077,336
Shares repurchased	(1,894,627)	(26,457,324)	(1,897,809)	(25,900,077)
Net Increase/(Decrease)	(9,385)	$ (434,386)	554,627	$ 8,064,462
Class S Shares:
Shares sold	198,787	$ 2,799,261	257,001	$ 3,663,716
Reinvested dividends and distributions	33,774	485,221	9,077	125,581
Shares repurchased	(171,061)	(2,312,928)	(188,196)	(2,527,978)
Net Increase/(Decrease)	61,500	$ 971,554	77,882	$ 1,261,319
Class T Shares:
Shares sold	1,502,556	$ 20,495,414	3,327,595	$ 47,129,030
Reinvested dividends and distributions	448,196	6,474,103	130,475	1,816,882
Shares repurchased	(1,912,303)	(26,555,195)	(2,656,538)	(36,920,580)
Net Increase/(Decrease)	38,449	$ 414,322	801,532	$ 12,025,332

34 SEPTEMBER 30, 2022

Janus Henderson Global Real Estate Fund

Notes to Financial Statements

6. Purchases and Sales of Investment Securities

For the year ended September 30, 2022, 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
$ 554,454,144	$ 579,778,040	$ -	$ -

7. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to September 30, 2022 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.

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Report of Independent Registered Public Accounting Firm

TotheBoard of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Global Real Estate Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Global Real Estate Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2022, the related statement of operations for the year ended September 30, 2022, the statements of changes in net assets for each of the two years in the period ended September 30, 2022,including the related notes,and the financial highlightsfor each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2022 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022 by correspondence with the custodian, transfer agent and broker; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Denver, Colorado

November 28, 2022

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

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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 (each, a “Fund,” and collectively, the “Funds” and 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 agreement for each Janus Henderson Fund that utilizes a subadviser.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (formerly, Janus Capital Management LLC) (the “Adviser”) and the subadviser 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 meetings held on November 3-4, 2021 and December 7-8, 2021, the Trustees’ evaluated the information provided by the Adviser, the subadviser, and the independent fee consultant, as well as other information addressed during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser and each subadviser, as applicable, were fair and reasonable in light of the nature, extent and quality of the services provided by the Adviser, its affiliates and the subadviser, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund and the subadvisory agreement for each subadvised Janus Henderson Fund, for the period from February 1, 2022 through February 1, 2023, subject to earlier termination as provided for in each agreement.

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

Nature, Extent and Quality of Services

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

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Additional Information (unaudited)

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 the Adviser and the 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 the Adviser or the subadviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

The Trustees concluded that the nature, extent and quality of the services provided by the Adviser and 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 the Adviser and the subadviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and each 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, 2021, approximately 55% of the Janus Henderson Funds were in the top two quartiles of performance versus Broadridge peers, and for the 12 months ended September 30, 2021, approximately 45% 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 second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving

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Additional Information (unaudited)

Fixed-Income Funds

·For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·For Janus Developed World Bond Fund, the Trustees noted the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

Global and International Equity Funds

·For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the

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Janus Henderson Global Real Estate Fund

Additional Information (unaudited)

Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

Money Market Funds

·For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was 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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

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Additional Information (unaudited)

·For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser 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 bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser and subadviser had taken or were taking to improve performance.

·For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson International Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser and subadviser had taken or were taking to improve performance.

·For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser and subadviser had taken or were taking to improve performance.

U.S. Equity Funds

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

·For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

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Janus Henderson Global Real Estate Fund

Additional Information (unaudited)

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 the Adviser out of its management fees collected from such Janus Henderson Fund.

The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge Expense Group peers; and (3) and the management fees for the Janus Henderson Funds, on average, were 6% 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.

The Trustees considered the methodology used by the Adviser and 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 the Adviser and subadviser to comparable separate account clients and to comparable non-affiliated funds subadvised by the Adviser or subadviser (for which the Adviser 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 the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser 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; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged to Janus Henderson subadvised fund and separate account investors; and (4) as part of its 2020 review, 9 of 10 Janus Henderson Funds have lower management fees than similar funds subadvised by the Adviser.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2020, including the VIT Portfolios, and noted the following with regard to each VIT Portfolio’s total expenses, net of applicable fee waivers (the VIT Portfolio’s “total expenses”):

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Additional Information (unaudited)

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 the Adviser 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.

·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 the Adviser 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 the Adviser 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 one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser 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 the Adviser 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 the Adviser has contractually agreed to limit the Fund’s expenses.

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

·For Janus Henderson Short Duration 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 the Adviser 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 the Adviser 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 certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser 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 the Adviser has contractually agreed to limit the Fund’s expenses.

·For Janus Henderson Global Equity Income 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 the Adviser 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.

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Janus Henderson Global Real Estate Fund

Additional Information (unaudited)

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

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

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

Money Market Funds

·For Janus Henderson Government 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 the Adviser has voluntarily agreed to limit the Fund’s expenses to assist the Fund in attempting to maintain a yield of at least 0.00%.

·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 the Adviser has agreed to limit the Fund’s expenses to assist the Fund in attempting to maintain a yield of at least 0.00%.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted 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 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 the Adviser 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 the Adviser 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

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Additional Information (unaudited)

that the Adviser 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 the Adviser 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 the Adviser 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, 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 the Adviser 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 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 the Adviser 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.

·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 the Adviser 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 the Adviser 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 Mid Cap Value Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

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

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by

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Janus Henderson Global Real Estate Fund

Additional Information (unaudited)

numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser and 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 the Adviser 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 the Adviser 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 the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser and its affiliates, as well as the fees paid by the Adviser to the subadviser 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 the Adviser and the subadviser 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 the Adviser and subadviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

Economies of Scale

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 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 75% of these Janus Henderson Funds’ have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. The Trustees also noted the following: (1) that for those Janus Henderson Funds whose expenses are being reduced by the contractual expense limitations of the Adviser, the Adviser is subsidizing certain of these Janus Henderson Funds because they have not reached adequate scale; (2) 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 (3) 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 the Adviser 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 the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, the Adviser appeared to be investing to increase the likelihood that these Janus

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Additional Information (unaudited)

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 the Adviser.

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

Other Benefits to the Adviser

The Trustees also considered benefits that accrue to the Adviser and its affiliates and subadviser to the Janus Henderson Funds from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by 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 the Adviser and/or the Adviser, and/or subadviser to a Janus Henderson Fund. The Trustees concluded that the Adviser’s and the subadviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates and subadviser pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser and the subadviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser and the subadviser 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 the Adviser’s and/or the subadviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser and/or other clients of the subadviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser, the subadviser or other Janus Henderson funds, and that the success of the Adviser and the subadviser could enhance the Adviser’s and the subadviser’s ability to serve the Janus Henderson Funds.

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Janus Henderson Global Real Estate Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

The Management Commentary in this report includes valuable insight as well as statistical information to help you understand how your Fund’s performance and characteristics stack up against those of comparable indices.

If the Fund invests in foreign securities, this report may include information about country exposure. Country exposure is based primarily on 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.

Please keep in mind that the opinions expressed in the Management Commentary are just that: opinions. They are a reflection based on best judgment at the time this report was compiled, which was September 30, 2022. As the investing environment changes, so could opinions. These views are unique and are not necessarily shared by fellow employees or by Janus Henderson in general.

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 the Adviser 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. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by Bloomberg 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.

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Useful Information About Your Fund Report (unaudited)

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.

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.

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.

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Janus Henderson Global Real Estate Fund

Useful Information About Your Fund Report (unaudited)

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 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.

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Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2022:

Capital Gain Distributions	$24,097,963
Dividends Received Deduction Percentage	15%
Qualified Dividend Income Percentage	56%

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Janus Henderson Global Real Estate Fund

Trustees and Officers (unaudited)

The following are the Trustees and officers of the Trust, together with a brief description of their principal occupations during the last five years (principal occupations for certain Trustees may include periods over five years). The Fund’s Statement of Additional Information includes additional information about the Trustees and officers and is available, without charge, by calling 1-877-335-2687.

Each Trustee has served in that capacity since he or she was originally elected or appointed. The Trustees do not serve a specified term of office. Each Trustee will hold office until the termination of the Trust or his or her earlier death, resignation, retirement, incapacity, or removal. Under the Fund’s Governance Procedures and Guidelines, the policy is for Trustees to retire no later than the end of the calendar year in which the Trustee turns 75. The Trustees review the Fund’s Governance Procedures and Guidelines from time to time and may make changes they deem appropriate. The Fund’s Nominating and Governance Committee will consider nominees for the position of Trustee recommended by shareholders. Shareholders may submit the name of a candidate for consideration by the Committee by submitting their recommendations to the Trust’s Secretary. Each Trustee is currently a Trustee of one other registered investment company advised by the Adviser: Janus Aspen Series. Collectively, these two registered investment companies consist of 50 series or funds referred to herein as the Fund Complex.

The Trust’s officers are elected annually by the Trustees for a one-year term. Certain officers also serve as officers of Janus Aspen Series. Certain officers of the Fund may also be officers and/or directors of the Adviser. Except as otherwise disclosed, Fund officers receive no compensation from the Fund, except for the Fund’s Chief Compliance Officer, as authorized by the Trustees.

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Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Chairman Trustee	5/22-Present 1/13-Present	Principal, Curam Holdings LLC (since 2018). Formerly, Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm) (2012-2018), Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	50	Advisory Board Member of AEW Core Property Trust (open-end property fund) (since 2020), and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016), Director of Nuveen Global Investors LLC (2007-2011), Director of Communities in Schools (2004-2010), and Director of Mutual Fund Education Alliance (until 2010).
Cheryl D. Alston 151 Detroit Street Denver, CO 80206 DOB: 1966	Trustee	8/22-Present	Executive Director and Chief Investment Officer, Employees’ Retirement Fund of the City of Dallas (since 2004).	50	Director of Blue Cross Blue Shield of Kansas City (a not-for-profit health insurance provider) (since 2016) and Director of Global Life Insurance (life and supplemental health insurance provider) (since 2017). Formerly, Director of Federal Home Loan Bank of Dallas (2017-2021).

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Janus Henderson Global Real Estate Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000), and Chief Investment Officer (1987-1994) and Vice Chairman and Director (1990-1994) of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	50	Member, Limited Partner Advisory Committee, Karmel Capital Fund III (later stage growth fund) (since 2022), Member of the Investment Committee for the Orange County Community Foundation (a grantmaking foundation) (since 2020), Advisory Board Member, RevOZ Fund LP and related funds (real estate investments for opportunity zones) (since 2020), and Advisory Board Member, Innovate Partners Emerging Growth and Equity Fund I (early stage venture capital fund) (since 2014). Formerly, Managing Trustee of National Retirement Partners Liquidating Trust (2013-2016), Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (2005-2013), Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009), Director of RemedyTemp, Inc. (temporary help services company) (1996-2006), and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).

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Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Founder, Daraja Capital (advisory and investment firm) (since 2016). Formerly, Senior Vice President and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (2011-2021), and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	50	Member of the Investment Committee for Cooper Union (private college) (since 2021), Board Member, Van Alen Institute (nonprofit architectural and design organization) (since 2019), and Director of Brightwood Capital Advisors, LLC (since 2014).

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Janus Henderson Global Real Estate Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Darrell B. Jackson 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	8/22-Present	President and Chief Executive Officer, The Efficace Group Inc. (since 2018). Formerly, President and Chief Executive Officer, Seaway Bank and Trust Company (community bank) (2014-2015), and Executive Vice President and Co-President, Wealth Management (2009-2014), and several senior positions, including Group Executive, Senior Vice President, and Vice President (1995-2009) of Northern Trust Company (financial services company) (1995-2014).	50	Director of Amalgamated Financial Corp (bank) (since August 2021), Director of YR Media (a not-for-profit production company) (since 2021), and Director of Gray-Bowen-Scott (transportation project consulting firm) (since April 2020). Formerly, Director of Delaware Place Bank (closely held commercial bank) (2016-2018) and Director of Seaway Bank and Trust Company (2014-2015).

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Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Trustee	6/02-Present	Chief Executive Officer, muun chi LLC (organic food business) (since 2022) and Independent Consultant (since 2019). Formerly, Chief Operating Officer, muun chi LLC (2020-2022), Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (2016-2019), Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations) (2009-2016), Chief Executive Officer, Imprint Capital Advisors (impact investment firm) (2013-2015), and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	50	Chairman of the Board and Trustee of The Investment Fund for Foundations Investment Program (TIP) (consisting of 1 fund) (since 2008). Formerly, Director of the F.B. Heron Foundation (a private grantmaking foundation) (2006-2022), and Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds) (2016-2021).

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Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company.	50	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013). Formerly, Director, West Bend Mutual Insurance Company (property/casualty insurance) (2013-2021), Trustee of Northwestern Mutual Life Insurance Company (2010-2013), and Director of Frank Russell Company (global asset management firm) (2008-2013).
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired. Formerly, Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006) and Treasurer for Driehaus Mutual Funds (1996-2002).	50	Formerly, Director of Family Service of Lake County (2019-2021), Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017), Independent Trustee, State Farm Associates’ Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017).

58 SEPTEMBER 30, 2022

Janus Henderson Global Real Estate Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	50	Director of Chicago Community Trust (Regional Community Foundation), Lurie Children’s Hospital (Chicago, IL), and Shirley Ryan Ability Lab. Formerly, Director of Wrapports, LLC (until 2022), Director of Chicago Council on Global Affairs (until 2019), InnerWorkings (until 2019) and Director of Walmart (until 2017).

Janus Investment Fund 59

Janus Henderson Global Real Estate Fund

Trustees and Officers (unaudited)

OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Guy Barnard 151 Detroit Street Denver, CO 80206 DOB: 1981	Executive Vice President and Co-Portfolio Manager Janus Henderson Global Real Estate Fund	6/17-Present	Co-Head of Global Property Equities of Janus Henderson Investors and Portfolio Manager for other Janus Henderson accounts.
Tim Gibson 151 Detroit Street Denver, CO 80206 DOB: 1978	Executive Vice President and Co-Portfolio Manager Janus Henderson Global Real Estate Fund	6/17-Present	Co-Head of Global Property Equities of Janus Henderson Investors and Portfolio Manager for other Janus Henderson accounts.
Greg Kuhl 151 Detroit Street Denver, CO 80206 DOB: 1983	Executive Vice President and Co-Portfolio Manager Janus Henderson Global Real Estate Fund	3/19-Present	Portfolio Manager of other Janus Henderson accounts.
Michelle Rosenberg 151 Detroit Street Denver, CO 80206 DOB: 1973	President and Chief Executive Officer	9/22-Present	General Counsel and Corporate Secretary of Janus Henderson Investors (since 2018). Formerly, Interim President and Chief Executive Officer of the Trust and Janus Aspen Series (2022), Senior Vice President and Head of Legal, North America of Janus Henderson Investors (2017-2018) and Deputy General Counsel of Janus Henderson US (Holdings) Inc. (2015-2018).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

60 SEPTEMBER 30, 2022

Janus Henderson Global Real Estate Fund

Trustees and Officers (unaudited)

OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Kristin Mariani 151 Detroit Street Denver, CO 80206 DOB: 1966	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	7/20-Present	Head of Compliance, North America for Janus Henderson Investors (since September 2020) and Chief Compliance Officer for Janus Henderson Investors US LLC (since September 2017). Formerly, Global Head of Investment Management Compliance for Janus Henderson Investors (February 2019 - August 2020), Vice President, Head of Global Distribution Compliance and Chief Compliance Officer of Janus Henderson Distributors US LLC (May 2017 – September 2017), Vice President, Compliance at Janus Henderson US (Holdings) Inc., Janus Henderson Investors US LLC, and Janus Henderson Distributors US LLC (2009-2017).
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Head of U.S. Fund Administration, Janus Henderson Investors and Janus Henderson Services US LLC.
Abigail J. Murray 151 Detroit Street Denver, CO 80206 DOB: 1975	Vice President, Chief Legal Officer, and Secretary	12/20-Present	Managing Counsel (2020-present). Formerly, Senior Counsel for Invesco Ltd. (2017-2020), and Vice President and Senior Counsel, ALPS Fund Services, Inc. and Assistant General Counsel, ALPS Advisors, Inc. (2015-2017).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

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 is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Janus Henderson Distributors US LLC
	125-02-93044 11-22

	ANNUAL REPORT September 30, 2022
Janus Henderson Global Research Fund
Janus Investment Fund
		HIGHLIGHTS ·Portfolio management perspective ·Investment strategy behind your fund ·Fund performance, characteristics and holdings

Table of Contents

Janus Henderson Global Research Fund

Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	13
Statement of Assets and Liabilities	15
Statement of Operations	17
Statements of Changes in Net Assets	19
Financial Highlights	20
Notes to Financial Statements	28
Report of Independent Registered Public Accounting Firm	41
Additional Information	42
Useful Information About Your Fund Report	53
Designation Requirements	56
Trustees and Officers	57

Janus Henderson Global Research Fund (unaudited)

FUND SNAPSHOT By investing in the best ideas from each global research sector team, this global large-cap growth fund seeks long-term growth of capital. Our analysts scour the globe to identify industry-leading companies with brand power, enduring business models, and strong competitive positioning. Team-Based Approach Led by Matthew Peron, Director of Centralized Equity Research

PERFORMANCE

The Janus Henderson Global Research Fund Class I Shares returned -23.33% for the 12-month period ended September 30, 2022, while its primary benchmark, the MSCI World Index^SM, returned -19.63%, and its secondary benchmark, the MSCI All Country World Index^SM, returned -20.66%.

INVESTMENT ENVIRONMENT

Global equity markets posted negative returns for the 12-month period, falling amid soaring inflation, monetary and fiscal tightening, and concerns of an economic recession. Although stocks gained early in the period, market volatility increased in 2022 as persistent supply chain disruptions, Russia’s invasion of Ukraine, and surging commodities prices contributed to an increasingly challenging backdrop for equities. As prospects for economic growth dimmed, many investors turned to defensive stocks, while valuation multiples for faster-growing companies compressed. In an effort to curb inflation, the U.S. Federal Reserve (Fed) hiked interest rates five times between March and September and the European Central Bank raised rates twice, its first hikes in 11 years. Other central banks joined the fight against inflation as prices continued to rise. In Europe, a looming energy crisis added to negative sentiment.

PERFORMANCE DISCUSSION

While we aim to outperform over shorter periods, our goal is to provide consistent outperformance long term by focusing on what we consider our strengths: picking stocks and avoiding macroeconomic risks. Stocks are selected by our seven global sector teams, which employ a bottom-up, fundamental approach to identify what we consider the best global opportunities. Despite this approach, the Fund underperformed both benchmarks for the reporting period.

On an individual stock basis, top relative detractors included semiconductor company ASML Holding. ASML’s stock declined along with the broader semiconductor industry as recession fears sparked a rotation out of faster-growing companies into more defensive stocks. We believe this is a high-quality business with durable growth drivers, a strong management team, robust margins, and free-cash-flow generation. Our long-term conviction in the company is high, as the company continued to see robust demand for its products during the period.

Concerns about a downturn in the global economy and perceptions that many gaming stocks had become overvalued caused the sector to fall out of favor during the quarter. Despite continued strong fundamentals, UK-based Entain declined with the broad sector. Worries over potentially tighter gambling regulations in the UK also weighed on the stock. We think this could be a clearing event for the sector but are confident that Entain will overcome these headwinds. During the period, the company continued to demonstrate an ability to consistently drive strong cash flows and gain market share.

Industrials holding Alstom also delivered disappointing results. Despite seeing an improvement in sales and healthy order intake levels, management recently cautioned that component shortages and inflation could weigh on profitability in its 2023 fiscal year. We maintained our position in Alstom, which is a leading maker of rail equipment in Europe, as we believe its profitability and cash flow will inflect positively over the next several years as its works through its lower-margin Bombardier legacy contracts. We’re also optimistic that orders can remain robust as a result of the company harvesting the higher-margin contracts in its backlog.

Conversely, Fund performance was buoyed by select energy holdings. ConocoPhillips and Marathon Petroleum both benefited from persistently high oil prices. Adding to share strength for oil producer ConocoPhillips was the hope that its diversified asset base could make it more resilient against inflationary pressures in the supply chain.

Janus Investment Fund 1

Janus Henderson Global Research Fund (unaudited)

Other positives included better-than-expected earnings and revenue, as well as a planned $5 billion increase in expected 2022 returns of capital to shareholders, bringing the projected total cash return to $15 billion. Oil refiner Marathon Petroleum also exceeded profit and revenue expectations, benefiting from tight refining capacity and strong demand for oil products. Similar to ConocoPhillips, Marathon Petroleum continued to demonstrate a strong commitment to enhancing shareholder value through its share repurchase program. In August, the company authorized another $5 billion buyback. Its total planned buyback for 2022 is $15 billion.

U.S.-focused beverage and alcohol company Constellation Brands also contributed materially to the Fund’s relative performance. The company saw an improvement in beer sales and operating profit following a COVID-related slowdown. Management’s announcement of a planned share repurchase of up to $500 million further boosted sentiment for the stock.

OUTLOOK

Despite a synchronized shift in monetary and fiscal tightening, inflation remains stubbornly high. As a result, we have adopted a more cautious outlook for the global economy. Meanwhile, on a relative basis, the U.S. economy has remained somewhat resilient, with a strong labor market giving investors hope that a downturn in the U.S. may not be as severe as in other parts of the world and that the U.S. may therefore bolster the global economy. The loosening of China’s zero-tolerance COVID-19 policy could also have positive implications for the global economy.

Turning to the Fund, our strategy is to invest in quality businesses able to demonstrate future earnings growth by providing innovative products and services, while also focusing on the price we pay for that growth. Our investment universe has expanded with the market sell-off as we continue to find good companies supporting our investment themes in e-commerce, cloud computing, digital payments, and healthcare innovation. Nonetheless, macroeconomic headwinds have prompted us to take additional measures to manage the Fund’s risk. To that end, we are being vigilant in our evaluation of stock-specific risk, including stress-testing each company’s free cash flow to assess any potential impact from the current economic environment. We’ve also shortened the Fund’s equity duration with the goal of further reducing its sensitivity to rising interest rates. We believe these measures, in combination with our focus on companies participating in secular growth trends, will enable us to pursue our goal of long-term growth of capital.

Thank you for your investment in Janus Henderson Global Research Fund.

2 SEPTEMBER 30, 2022

Janus Henderson Global Research Fund (unaudited)

Fund At A Glance

September 30, 2022

5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
Marathon Petroleum Corp	1.01%	0.53%	ASML Holding NV	2.53%	-0.54%
Constellation Brands Inc	2.12%	0.52%	Entain PLC	1.01%	-0.52%
ConocoPhillips	1.08%	0.45%	Alstom SA	0.93%	-0.35%
Canadian Natural Resources Ltd	1.25%	0.43%	Sea Ltd (ADR)	0.39%	-0.34%
Teck Resources Ltd	1.01%	0.39%	MercadoLibre Inc	0.68%	-0.34%

	3 Top Contributors - Sectors*
		Relative	Fund	MSCI World Index
		Contribution	Average Weight	Average Weight
	Energy	0.99%	7.22%	7.20%
	Healthcare	0.18%	13.40%	13.06%
	Other**	0.05%	0.18%	0.04%
	5 Top Detractors - Sectors*
		Relative	Fund	MSCI World Index
		Contribution	Average Weight	Average Weight
	Industrials	-1.26%	16.88%	17.02%
	Communications	-1.08%	9.13%	9.43%
	Consumer	-0.99%	15.81%	15.78%
	Technology	-0.75%	19.11%	19.23%
	Financials	-0.51%	18.27%	18.23%
	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.

Janus Investment Fund 3

Janus Henderson Global Research Fund (unaudited)

Fund At A Glance

September 30, 2022

5 Largest Equity Holdings -(% of Net Assets)
Microsoft Corp
Software	4.9%
Apple Inc
Technology Hardware, Storage & Peripherals	4.6%
Alphabet Inc - Class C
Interactive Media & Services	3.2%
Amazon.com Inc
Internet & Direct Marketing Retail	3.0%
Constellation Brands Inc
Beverages	2.4%
	18.1%

Asset Allocation - (% of Net Assets)
Common Stocks	99.1%
Preferred Stocks	0.7%
Investment Companies	0.3%
Private Placements	0.2%
Investments Purchased with Cash Collateral from Securities Lending	0.1%
Other		(0.4)%
		100.0%

Top Country Allocations - Long Positions -(% of Investment Securities)
As of September 30, 2022	As of September 30, 2021

4 SEPTEMBER 30, 2022

Janus Henderson Global Research Fund (unaudited)

Performance

See important disclosures on the next page.

Average Annual Total Return - for the periods ended September 30, 2022					Prospectus Expense Ratios
	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses‡
Class A Shares at NAV	-23.60%	5.02%	7.80%	7.74%	1.17%
Class A Shares at MOP	-27.99%	3.78%	7.16%	7.38%
Class C Shares at NAV	-24.09%	4.34%	7.05%	6.96%	1.86%
Class C Shares at CDSC	-24.77%	4.34%	7.05%	6.96%
Class D Shares	-23.37%	5.35%	8.08%	7.93%	0.86%
Class I Shares	-23.33%	5.43%	8.17%	8.00%	0.79%
Class N Shares	-23.28%	5.49%	8.12%	7.94%	0.73%
Class R Shares	-23.87%	4.67%	7.43%	7.36%	1.50%
Class S Shares	-23.66%	4.97%	7.71%	7.58%	1.22%
Class T Shares	-23.45%	5.25%	7.99%	7.87%	0.97%
MSCI World Index	-19.63%	5.30%	8.11%	6.13%
MSCI All Country World Index	-20.66%	4.44%	7.28%	5.89%
Morningstar Quartile - Class T Shares	1st	2nd	2nd	1st
Morningstar Ranking - based on total returns for World Large Stock Funds	63/370	140/299	133/245	38/155

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.

For certain periods, the Fund’s performance may reflect the effect of expense waivers.

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

Janus Investment Fund 5

Janus Henderson Global Research 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), Environmental, Social and Governance (ESG) factors, 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.

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 A Shares, Class C 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 August 4, 2017. Performance shown for periods prior to August 4, 2017, reflects the performance for 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.

Class R Shares commenced operations on March 15, 2013. Performance shown for periods prior to March 15, 2013 reflects the historical performance of the Fund’s Class T Shares, calculated using the fees and expenses of Class R Shares, without the effect of any 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.

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.

© 2022 Morningstar, Inc. All Rights Reserved.

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 25, 2005

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

6 SEPTEMBER 30, 2022

Janus Henderson Global Research 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 (4/1/22)	Ending Account Value (9/30/22)	Expenses Paid During Period (4/1/22 - 9/30/22)†	Beginning Account Value (4/1/22)	Ending Account Value (9/30/22)	Expenses Paid During Period (4/1/22 - 9/30/22)†	Net Annualized Expense Ratio (4/1/22 - 9/30/22)
Class A Shares		$1,000.00	$780.50	$4.33	$1,000.00	$1,020.21	$4.91	0.97%
Class C Shares		$1,000.00	$778.00	$7.18	$1,000.00	$1,017.00	$8.14	1.61%
Class D Shares		$1,000.00	$781.60	$3.08	$1,000.00	$1,021.61	$3.50	0.69%
Class I Shares		$1,000.00	$781.90	$2.72	$1,000.00	$1,022.01	$3.09	0.61%
Class N Shares		$1,000.00	$782.10	$2.46	$1,000.00	$1,022.31	$2.79	0.55%
Class R Shares		$1,000.00	$779.00	$5.93	$1,000.00	$1,018.40	$6.73	1.33%
Class S Shares		$1,000.00	$780.20	$4.73	$1,000.00	$1,019.75	$5.37	1.06%
Class T Shares		$1,000.00	$781.20	$3.48	$1,000.00	$1,021.16	$3.95	0.78%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/365 (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 7

Janus Henderson Global Research Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Common Stocks– 99.1%
Aerospace & Defense – 1.8%
	Airbus SE	311,212	$26,882,256
	General Dynamics Corp	84,305	17,886,992
			44,769,248
Air Freight & Logistics – 1.8%
	United Parcel Service Inc	280,786	45,358,170
Airlines – 0.4%
	Ryanair Holdings PLC (ADR)*	152,810	8,927,160
Automobiles – 0.9%
	Tesla Inc*	86,718	23,001,950
Banks – 4.9%
	Bank of America Corp	859,577	25,959,225
	BNP Paribas SA	405,524	17,117,565
	HDFC Bank Ltd	512,908	8,888,181
	JPMorgan Chase & Co	478,981	50,053,514
	Toronto-Dominion Bank/The	363,884	22,319,905
			124,338,390
Beverages – 4.3%
	Constellation Brands Inc	262,991	60,403,773
	Pernod Ricard SA	265,247	48,475,325
			108,879,098
Biotechnology – 3.0%
	AbbVie Inc	255,290	34,262,471
	Ascendis Pharma A/S (ADR)*,#	61,740	6,375,272
	Sarepta Therapeutics Inc*	103,442	11,434,479
	Vertex Pharmaceuticals Inc*	79,386	22,985,422
			75,057,644
Capital Markets – 4.3%
	Blackstone Group Inc	214,754	17,974,910
	Charles Schwab Corp	370,519	26,629,201
	London Stock Exchange Group PLC	104,515	8,811,063
	LPL Financial Holdings Inc	87,505	19,118,092
	Morgan Stanley	330,909	26,145,120
	State Street Corp	158,761	9,654,256
			108,332,642
Chemicals – 1.7%
	Linde PLC	154,409	41,627,122
Consumer Finance – 0.9%
	Capital One Financial Corp	165,268	15,232,752
	OneMain Holdings Inc	235,056	6,938,853
			22,171,605
Diversified Financial Services – 0.6%
	Apollo Global Management Inc	330,737	15,379,271
Electric Utilities – 0.3%
	NextEra Energy Inc	79,014	6,195,488
Electronic Equipment, Instruments & Components – 1.1%
	Hexagon AB - Class B	3,061,509	28,398,793
Entertainment – 2.0%
	Liberty Media Corp-Liberty Formula One*	519,969	30,418,186
	Nintendo Co Ltd	515,000	20,856,606
			51,274,792
Equity Real Estate Investment Trusts (REITs) – 1.1%
	American Tower Corp	128,865	27,667,315
Health Care Equipment & Supplies – 2.0%
	Abbott Laboratories	97,996	9,482,093
	Boston Scientific Corp*	372,682	14,433,974
	Danaher Corp	49,873	12,881,697
	Dentsply Sirona Inc	197,822	5,608,254

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
8	SEPTEMBER 30, 2022

Janus Henderson Global Research Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Common Stocks– (continued)
Health Care Equipment & Supplies– (continued)
	Edwards Lifesciences Corp*	105,286	$8,699,782
			51,105,800
Health Care Providers & Services – 1.9%
	Centene Corp*	228,070	17,746,127
	Humana Inc	42,727	20,730,713
	UnitedHealth Group Inc	19,534	9,865,451
			48,342,291
Hotels, Restaurants & Leisure – 2.2%
	Entain PLC	1,300,770	15,617,009
	McDonald's Corp	175,277	40,443,415
			56,060,424
Independent Power and Renewable Electricity Producers – 1.6%
	NRG Energy Inc	607,046	23,231,650
	Vistra Energy Corp	818,039	17,178,819
			40,410,469
Information Technology Services – 4.4%
	Fidelity National Information Services Inc	188,265	14,227,186
	Global Payments Inc	131,704	14,230,617
	Mastercard Inc	148,240	42,150,562
	Visa Inc	224,515	39,885,090
			110,493,455
Insurance – 2.9%
	AIA Group Ltd	1,878,100	15,593,529
	Aon PLC - Class A	63,362	16,972,779
	Beazley PLC	1,057,327	6,557,760
	Intact Financial Corp	61,336	8,681,273
	Progressive Corp/The	220,416	25,614,543
			73,419,884
Interactive Media & Services – 3.5%
	Alphabet Inc - Class C*	824,575	79,282,886
	Tencent Holdings Ltd	242,200	8,179,839
			87,462,725
Internet & Direct Marketing Retail – 5.0%
	Amazon.com Inc*	678,510	76,671,630
	Booking Holdings Inc*	13,710	22,528,409
	JD.Com Inc - Class A	742,478	18,749,137
	MercadoLibre Inc*	9,869	8,169,361
			126,118,537
Life Sciences Tools & Services – 0.8%
	Thermo Fisher Scientific Inc	41,701	21,150,330
Machinery – 4.0%
	Alstom SA	1,030,169	16,562,833
	Atlas Copco AB - Class A	2,963,249	27,454,476
	Deere & Co	93,177	31,110,869
	Parker-Hannifin Corp	103,710	25,129,970
			100,258,148
Metals & Mining – 2.3%
	Freeport-McMoRan Inc	583,397	15,944,240
	Rio Tinto PLC	289,278	15,664,747
	Teck Resources Ltd	862,024	26,218,961
			57,827,948
Multi-Utilities – 0.3%
	RWE AG	177,358	6,524,861
Oil, Gas & Consumable Fuels – 6.4%
	Canadian Natural Resources Ltd	690,249	32,133,660
	Cheniere Energy Inc	73,037	12,117,569
	ConocoPhillips	336,133	34,399,851
	EOG Resources Inc	177,679	19,852,075

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	9

Janus Henderson Global Research Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Common Stocks– (continued)
Oil, Gas & Consumable Fuels– (continued)
	Marathon Petroleum Corp	359,024	$35,661,854
	Suncor Energy Inc#	762,401	21,472,197
	Total SE	102,081	4,804,219
			160,441,425
Personal Products – 1.5%
	Unilever PLC	862,573	38,036,862
Pharmaceuticals – 6.3%
	AstraZeneca PLC	329,555	36,232,930
	Catalent Inc*	123,367	8,926,836
	Eli Lilly & Co	36,623	11,842,047
	Horizon Therapeutics PLC*	141,824	8,777,487
	Merck & Co Inc	304,455	26,219,665
	Novartis AG	303,227	23,120,665
	Organon & Co	244,701	5,726,003
	Roche Holding AG	71,829	23,425,243
	Sanofi	187,842	14,333,991
			158,604,867
Road & Rail – 0.7%
	Uber Technologies Inc*	629,839	16,690,734
Semiconductor & Semiconductor Equipment – 5.6%
	Advanced Micro Devices Inc*	203,414	12,888,311
	ASML Holding NV	126,279	52,371,526
	Lam Research Corp	28,434	10,406,844
	Marvell Technology Inc	291,301	12,499,726
	NVIDIA Corp	182,561	22,161,080
	Taiwan Semiconductor Manufacturing Co Ltd	1,721,000	22,622,740
	Texas Instruments Inc	46,812	7,245,561
			140,195,788
Software – 7.5%
	Atlassian Corp PLC - Class A*	28,215	5,941,797
	Autodesk Inc*	47,428	8,859,550
	Constellation Software Inc/Canada	2,960	4,119,162
	Microsoft Corp	532,222	123,954,504
	ServiceNow Inc*	16,655	6,289,095
	Synopsys Inc*	70,661	21,587,642
	Workday Inc - Class A*	116,352	17,711,101
			188,462,851
Specialty Retail – 1.1%
	O'Reilly Automotive Inc*	39,722	27,938,469
Technology Hardware, Storage & Peripherals – 4.6%
	Apple Inc	832,305	115,024,551
Textiles, Apparel & Luxury Goods – 1.7%
	LVMH Moet Hennessy Louis Vuitton SE	21,772	12,796,413
	Moncler SpA	199,869	8,205,333
	NIKE Inc - Class B	251,581	20,911,413
			41,913,159
Trading Companies & Distributors – 2.1%
	Ferguson PLC	516,823	53,803,335
Wireless Telecommunication Services – 1.6%
	T-Mobile US Inc*	302,807	40,627,615
Total Common Stocks (cost $2,069,792,837)			2,492,293,216
Preferred Stocks– 0.7%
Automobiles – 0.7%
	Dr Ing hc F Porsche AG((cost $18,565,450)	231,048	18,678,367
Private Placements– 0.2%
Health Care Providers & Services – 0.2%
	API Holdings Private Ltd*,¢,§((cost $9,401,252)	12,941,830	4,827,441

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
10	SEPTEMBER 30, 2022

Janus Henderson Global Research Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Investment Companies– 0.3%
Money Markets – 0.3%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº,£((cost $8,553,298)	8,552,442	$8,553,298
Investments Purchased with Cash Collateral from Securities Lending– 0.1%
Investment Companies – 0.1%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº,£	977,540	977,540
Time Deposits – 0%
	Royal Bank of Canada, 3.0600%, 10/3/22	$244,385	244,385
Total Investments Purchased with Cash Collateral from Securities Lending (cost $1,221,925)			1,221,925
Total Investments (total cost $2,107,534,762) – 100.4%			2,525,574,247
Liabilities, net of Cash, Receivables and Other Assets – (0.4)%			(10,939,649)
Net Assets – 100%			$2,514,634,598

Summary of Investments by Country - (Long Positions) (unaudited)
		% of
		Investment
Country	Value	Securities
United States	$1,789,798,667	70.9	%
France	140,972,602	5.6
United Kingdom	124,510,631	4.9
Canada	114,945,158	4.6
Netherlands	90,408,388	3.6
Sweden	55,853,269	2.2
Switzerland	46,545,908	1.8
China	26,928,976	1.1
Germany	25,203,228	1.0
Taiwan	22,622,740	0.9
Japan	20,856,606	0.8
Hong Kong	15,593,529	0.6
India	13,715,622	0.5
Ireland	8,927,160	0.4
Italy	8,205,333	0.3
Argentina	8,169,361	0.3
Denmark	6,375,272	0.3
Australia	5,941,797	0.2

Total $2,525,574,247 100.0 %

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	11

Janus Henderson Global Research Fund

Schedule of Investments

September 30, 2022

Schedules of Affiliated Investments – (% of Net Assets)

		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 9/30/22
Investment Companies - 0.3%
Money Markets - 0.3%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº	$	22,910	$	174	$	-	$	8,553,298
Investments Purchased with Cash Collateral from Securities Lending - 0.1%
Investment Companies - 0.1%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº		40,633∆		-		-		977,540
Total Affiliated Investments - 0.4%		$	63,543	$	174	$	-	$	9,530,838

		Value at 9/30/21		Purchases		Sales Proceeds		Value at 9/30/22
Investment Companies - 0.3%
Money Markets - 0.3%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº		-		219,656,802		(211,103,678)		8,553,298
Investments Purchased with Cash Collateral from Securities Lending - 0.1%
Investment Companies - 0.1%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº		8,814,292		243,508,874		(251,345,626)		977,540

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		$	1,161,284	$	—	$	(1,161,284)	$	—
(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.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
12	SEPTEMBER 30, 2022

Janus Henderson Global Research Fund

Notes to Schedule of Investments and Other Information

MSCI All Country World IndexSM	MSCI All Country World IndexSM reflects the equity market performance of global developed and emerging markets.
MSCI World IndexSM	MSCI World IndexSM reflects the equity market performance of global developed markets.

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

* Non-income producing security.

ºº Rate shown is the 7-day yield as of September 30, 2022.

# Loaned security; a portion of the security is on loan at September 30, 2022.

¢ Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the year ended September 30, 2022 is $4,827,441, which represents 0.2% of net assets.

£ 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.

§	Schedule of Restricted Securities (as of September 30, 2022)
							Value as a
		Acquisition					% of Net
		Date		Cost		Value	Assets
API Holdings Private Ltd		9/27/21	$	9,401,252	$	4,827,441	0.2	%
The Fund has registration rights for certain restricted securities held as of September 30, 2022. The issuer incurs all registration costs.

Janus Investment Fund 13

Janus Henderson Global Research Fund

Notes to Schedule of Investments and Other Information

The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of September 30, 2022. 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
Aerospace & Defense	$	17,886,992	$	26,882,256	$	-
Banks		98,332,644		26,005,746		-
Beverages		60,403,773		48,475,325		-
Capital Markets		99,521,579		8,811,063		-
Electronic Equipment, Instruments & Components		-		28,398,793		-
Entertainment		30,418,186		20,856,606		-
Hotels, Restaurants & Leisure		40,443,415		15,617,009		-
Insurance		51,268,595		22,151,289		-
Interactive Media & Services		79,282,886		8,179,839		-
Internet & Direct Marketing Retail		107,369,400		18,749,137		-
Machinery		56,240,839		44,017,309		-
Metals & Mining		42,163,201		15,664,747		-
Multi-Utilities		-		6,524,861		-
Oil, Gas & Consumable Fuels		155,637,206		4,804,219		-
Personal Products		-		38,036,862		-
Pharmaceuticals		61,492,038		97,112,829		-
Semiconductor & Semiconductor Equipment		65,201,522		74,994,266		-
Textiles, Apparel & Luxury Goods		20,911,413		21,001,746		-
Trading Companies & Distributors		-		53,803,335		-
All Other		925,632,290		-		-
Preferred Stocks		18,678,367		-		-
Private Placements		-		-		4,827,441
Investment Companies		-		8,553,298		-
Investments Purchased with Cash Collateral from Securities Lending		-		1,221,925		-
Total Assets	$	1,930,884,346	$	589,862,460	$	4,827,441

14 SEPTEMBER 30, 2022

Janus Henderson Global Research Fund

Statement of Assets and Liabilities

September 30, 2022

See footnotes at the end of the Statement.

Assets:
	Unaffiliated investments, at value (cost $2,098,003,924)(1)		$	2,516,043,409
	Affiliated investments, at value (cost $9,530,838)			9,530,838
	Cash denominated in foreign currency (cost $39,343)			37,497
	Trustees' deferred compensation			75,680
	Receivables:
		Investments sold		8,196,591
		Fund shares sold		5,261,947
		Dividends		1,843,147
		Foreign tax reclaims		1,463,387
		Dividends from affiliates		1,985
	Other assets			13,844
Total Assets				2,542,468,325
Liabilities:
	Due to custodian			5,674
	Collateral for securities loaned (Note 2)			1,221,925
	Payables:			—
		Investments purchased		18,565,451
		Fund shares repurchased		5,856,261
		Advisory fees		1,232,111
		Transfer agent fees and expenses		448,946
		Trustees' deferred compensation fees		75,680
		Professional fees		53,949
		Custodian fees		19,239
		12b-1 Distribution and shareholder servicing fees		14,110
		Trustees' fees and expenses		13,334
		Affiliated fund administration fees payable		5,948
		Foreign tax liability		2,934
		Accrued expenses and other payables		318,165
Total Liabilities				27,833,727
Net Assets			$	2,514,634,598

See Notes to Financial Statements.
Janus Investment Fund	15

Janus Henderson Global Research Fund

Statement of Assets and Liabilities

September 30, 2022

Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	1,981,631,291
	Total distributable earnings (loss) (includes $2,934 of foreign capital gains tax)		533,003,307
Total Net Assets		$	2,514,634,598
Net Assets - Class A Shares		$	17,174,875
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		227,786
Net Asset Value Per Share(2)		$	75.40
Maximum Offering Price Per Share(3)		$	80.00
Net Assets - Class C Shares		$	2,971,097
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		41,108
Net Asset Value Per Share(2)		$	72.28
Net Assets - Class D Shares		$	1,424,181,485
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		19,114,798
Net Asset Value Per Share		$	74.51
Net Assets - Class I Shares		$	100,359,330
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,321,707
Net Asset Value Per Share		$	75.93
Net Assets - Class N Shares		$	30,830,791
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		414,266
Net Asset Value Per Share		$	74.42
Net Assets - Class R Shares		$	8,122,825
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		109,603
Net Asset Value Per Share		$	74.11
Net Assets - Class S Shares		$	14,034,018
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		185,696
Net Asset Value Per Share		$	75.58
Net Assets - Class T Shares		$	916,960,177
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		12,333,307
Net Asset Value Per Share		$	74.35

(1)Includes $1,161,284 of securities on loan. See Note 2 in Notes to Financial Statements.

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

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

See Notes to Financial Statements.
16	SEPTEMBER 30, 2022

Janus Henderson Global Research Fund

Statement of Operations

For the period ended September 30, 2022

Investment Income:
	Dividends		$	48,847,038
	Affiliated securities lending income, net			40,633
	Dividends from affiliates			22,910
	Unaffiliated securities lending income, net			8,416
	Other income			25,473
	Foreign tax withheld			(2,278,986)
Total Investment Income				46,665,484
Expenses:
	Advisory fees			18,553,248
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		54,958
		Class C Shares		37,064
		Class R Shares		47,714
		Class S Shares		47,334
	Transfer agent administrative fees and expenses:
		Class D Shares		2,058,243
		Class R Shares		23,879
		Class S Shares		47,454
		Class T Shares		2,946,379
	Transfer agent networking and omnibus fees:
		Class A Shares		34,645
		Class C Shares		3,066
		Class I Shares		84,275
	Other transfer agent fees and expenses:
		Class A Shares		1,399
		Class C Shares		215
		Class D Shares		290,449
		Class I Shares		5,836
		Class N Shares		1,374
		Class R Shares		133
		Class S Shares		331
		Class T Shares		13,280
	Shareholder reports expense			232,133
	Registration fees			131,519
	Custodian fees			126,178
	Affiliated fund administration fees			80,124
	Professional fees			74,297
	Trustees’ fees and expenses			67,196
	Other expenses			242,418
Total Expenses				25,205,141
Less: Excess Expense Reimbursement and Waivers				(171,393)
Net Expenses				25,033,748
Net Investment Income/(Loss)				21,631,736

See Notes to Financial Statements.
Janus Investment Fund	17

Janus Henderson Global Research Fund

Statement of Operations

For the period ended September 30, 2022

Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	109,214,984
	Investments in affiliates		174
Total Net Realized Gain/(Loss) on Investments			109,215,158
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and Trustees’ deferred compensation (net of decrease in deferred foreign taxes of $484,984)		(907,116,204)
Total Change in Unrealized Net Appreciation/Depreciation			(907,116,204)
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	(776,269,310)

See Notes to Financial Statements.
18	SEPTEMBER 30, 2022

Janus Henderson Global Research Fund

Statements of Changes in Net Assets

			Year ended September 30, 2022		Year ended September 30, 2021
Operations:
	Net investment income/(loss)		$	21,631,736	$	16,954,198
	Net realized gain/(loss) on investments			109,215,158		366,009,950
	Change in unrealized net appreciation/depreciation			(907,116,204)		411,833,902
Net Increase/(Decrease) in Net Assets Resulting from Operations				(776,269,310)		794,798,050
Dividends and Distributions to Shareholders:
		Class A Shares		(2,432,950)		(837,329)
		Class C Shares		(478,940)		(183,533)
		Class D Shares		(212,599,273)		(65,556,809)
		Class I Shares		(15,452,023)		(5,229,791)
		Class N Shares		(4,330,870)		(1,659,352)
		Class R Shares		(1,035,016)		(268,840)
		Class S Shares		(2,106,969)		(752,697)
		Class T Shares		(139,551,040)		(43,456,205)
Net Decrease from Dividends and Distributions to Shareholders				(377,987,081)		(117,944,556)
Capital Share Transactions:
		Class A Shares		678,202		(4,020,585)
		Class C Shares		(32,373)		(1,534,613)
		Class D Shares		116,945,555		(21,083,449)
		Class I Shares		770,181		(19,497,565)
		Class N Shares		348,344		(6,237,164)
		Class R Shares		1,920,902		228,904
		Class S Shares		(3,708,048)		(111,942,696)
		Class T Shares		33,302,471		(2,733,097)
Net Increase/(Decrease) from Capital Share Transactions				150,225,234		(166,820,265)
Net Increase/(Decrease) in Net Assets				(1,004,031,157)		510,033,229
Net Assets:
	Beginning of period			3,518,665,755		3,008,632,526
	End of period		$	2,514,634,598	$	3,518,665,755

See Notes to Financial Statements.
Janus Investment Fund	19

Janus Henderson Global Research Fund

Financial Highlights

Class A Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$110.18	$89.60	$81.67	$85.80	$76.26
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.41	0.23	0.31	0.65	0.57
		Net realized and unrealized gain/(loss)	(23.60)	23.77	11.47	(0.20)	9.25
	Total from Investment Operations		(23.19)	24.00	11.78	0.45	9.82
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.16)	(0.16)	(0.61)	(0.46)	(0.28)
		Distributions (from capital gains)	(11.43)	(3.26)	(3.24)	(4.12)	—
	Total Dividends and Distributions		(11.59)	(3.42)	(3.85)	(4.58)	(0.28)
	Net Asset Value, End of Period		$75.40	$110.18	$89.60	$81.67	$85.80
	Total Return*		(23.60)%	27.28%	14.71%	1.43%	12.90%
	Net Assets, End of Period (in thousands)		$17,175	$24,310	$23,470	$18,247	$16,478
	Average Net Assets for the Period (in thousands)		$21,901	$24,438	$19,926	$17,274	$15,685
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.03%	1.17%	1.21%	1.32%	1.14%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.03%	1.17%	1.20%	1.16%	1.00%
		Ratio of Net Investment Income/(Loss)	0.43%	0.23%	0.37%	0.83%	0.70%
	Portfolio Turnover Rate		33%	25%	34%	35%	32%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.
20	SEPTEMBER 30, 2022

Janus Henderson Global Research Fund

Financial Highlights

Class C Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$106.56	$87.19	$79.50	$83.65	$74.57
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.21)	(0.45)	(0.22)	0.13	0.04
		Net realized and unrealized gain/(loss)	(22.64)	23.08	11.15	(0.16)	9.04
	Total from Investment Operations		(22.85)	22.63	10.93	(0.03)	9.08
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(11.43)	(3.26)	(3.24)	(4.12)	—
	Total Dividends and Distributions		(11.43)	(3.26)	(3.24)	(4.12)	—
	Net Asset Value, End of Period		$72.28	$106.56	$87.19	$79.50	$83.65
	Total Return*		(24.09)%	26.42%	13.98%	0.78%	12.18%
	Net Assets, End of Period (in thousands)		$2,971	$4,491	$5,005	$5,564	$7,746
	Average Net Assets for the Period (in thousands)		$4,022	$4,880	$5,323	$6,303	$8,343
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.68%	1.85%	1.84%	1.80%	1.64%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.68%	1.85%	1.84%	1.80%	1.64%
		Ratio of Net Investment Income/(Loss)	(0.23)%	(0.45)%	(0.27)%	0.17%	0.05%
	Portfolio Turnover Rate		33%	25%	34%	35%	32%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.
Janus Investment Fund	21

Janus Henderson Global Research Fund

Financial Highlights

Class D Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$109.10	$88.69	$80.85	$84.93	$75.50
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.68	0.56	0.55	0.88	0.82
		Net realized and unrealized gain/(loss)	(23.29)	23.50	11.36	(0.21)	9.14
	Total from Investment Operations		(22.61)	24.06	11.91	0.67	9.96
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.55)	(0.39)	(0.83)	(0.63)	(0.53)
		Distributions (from capital gains)	(11.43)	(3.26)	(3.24)	(4.12)	—
	Total Dividends and Distributions		(11.98)	(3.65)	(4.07)	(4.75)	(0.53)
	Net Asset Value, End of Period		$74.51	$109.10	$88.69	$80.85	$84.93
	Total Return*		(23.37)%	27.68%	15.06%	1.76%	13.25%
	Net Assets, End of Period (in thousands)		$1,424,181	$1,959,177	$1,607,701	$1,493,928	$1,564,083
	Average Net Assets for the Period (in thousands)		$1,797,317	$1,873,058	$1,511,011	$1,463,525	$1,527,522
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.75%	0.86%	0.89%	0.83%	0.69%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.75%	0.86%	0.89%	0.83%	0.69%
		Ratio of Net Investment Income/(Loss)	0.72%	0.54%	0.68%	1.13%	1.02%
	Portfolio Turnover Rate		33%	25%	34%	35%	32%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.
22	SEPTEMBER 30, 2022

Janus Henderson Global Research Fund

Financial Highlights

Class I Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$110.96	$90.13	$82.10	$86.16	$76.57
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.75	0.64	0.63	0.95	0.91
		Net realized and unrealized gain/(loss)	(23.73)	23.90	11.54	(0.20)	9.27
	Total from Investment Operations		(22.98)	24.54	12.17	0.75	10.18
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.62)	(0.45)	(0.90)	(0.69)	(0.59)
		Distributions (from capital gains)	(11.43)	(3.26)	(3.24)	(4.12)	—
	Total Dividends and Distributions		(12.05)	(3.71)	(4.14)	(4.81)	(0.59)
	Net Asset Value, End of Period		$75.93	$110.96	$90.13	$82.10	$86.16
	Total Return*		(23.33)%	27.78%	15.15%	1.85%	13.36%
	Net Assets, End of Period (in thousands)		$100,359	$145,610	$135,394	$139,584	$179,093
	Average Net Assets for the Period (in thousands)		$128,292	$145,201	$132,597	$146,672	$167,007
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.68%	0.79%	0.81%	0.74%	0.60%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.68%	0.79%	0.81%	0.74%	0.60%
		Ratio of Net Investment Income/(Loss)	0.78%	0.61%	0.76%	1.21%	1.11%
	Portfolio Turnover Rate		33%	25%	34%	35%	32%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.
Janus Investment Fund	23

Janus Henderson Global Research Fund

Financial Highlights

Class N Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$109.00	$88.60	$80.77	$84.85	$75.44
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.80	0.69	0.66	1.02	0.96
		Net realized and unrealized gain/(loss)	(23.27)	23.48	11.36	(0.25)	9.11
	Total from Investment Operations		(22.47)	24.17	12.02	0.77	10.07
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.68)	(0.51)	(0.95)	(0.73)	(0.66)
		Distributions (from capital gains)	(11.43)	(3.26)	(3.24)	(4.12)	—
	Total Dividends and Distributions		(12.11)	(3.77)	(4.19)	(4.85)	(0.66)
	Net Asset Value, End of Period		$74.42	$109.00	$88.60	$80.77	$84.85
	Total Return*		(23.28)%	27.85%	15.23%	1.91%	13.42%
	Net Assets, End of Period (in thousands)		$30,831	$43,521	$40,607	$31,393	$38,195
	Average Net Assets for the Period (in thousands)		$37,593	$44,557	$30,617	$37,778	$36,802
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.62%	0.73%	0.76%	0.68%	0.54%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.62%	0.73%	0.76%	0.68%	0.54%
		Ratio of Net Investment Income/(Loss)	0.85%	0.67%	0.81%	1.32%	1.19%
	Portfolio Turnover Rate		33%	25%	34%	35%	32%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.
24	SEPTEMBER 30, 2022

Janus Henderson Global Research Fund

Financial Highlights

Class R Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$108.69	$88.57	$80.78	$84.95	$75.55
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.08	(0.10)	0.02	0.39	0.32
		Net realized and unrealized gain/(loss)	(23.23)	23.48	11.34	(0.18)	9.15
	Total from Investment Operations		(23.15)	23.38	11.36	0.21	9.47
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	(0.33)	(0.26)	(0.07)
		Distributions (from capital gains)	(11.43)	(3.26)	(3.24)	(4.12)	—
	Total Dividends and Distributions		(11.43)	(3.26)	(3.57)	(4.38)	(0.07)
	Net Asset Value, End of Period		$74.11	$108.69	$88.57	$80.78	$84.95
	Total Return*		(23.87)%	26.87%	14.33%	1.11%	12.55%
	Net Assets, End of Period (in thousands)		$8,123	$9,736	$7,802	$6,574	$6,417
	Average Net Assets for the Period (in thousands)		$9,507	$8,777	$6,410	$6,232	$6,245
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.39%	1.50%	1.54%	1.47%	1.31%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.39%	1.50%	1.54%	1.47%	1.31%
		Ratio of Net Investment Income/(Loss)	0.09%	(0.10)%	0.03%	0.50%	0.40%
	Portfolio Turnover Rate		33%	25%	34%	35%	32%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.
Janus Investment Fund	25

Janus Henderson Global Research Fund

Financial Highlights

Class S Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$110.34	$89.62	$81.85	$85.96	$76.40
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.32	0.28	0.27	0.61	0.51
		Net realized and unrealized gain/(loss)	(23.65)	23.70	11.48	(0.18)	9.30
	Total from Investment Operations		(23.33)	23.98	11.75	0.43	9.81
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	(0.74)	(0.42)	(0.25)
		Distributions (from capital gains)	(11.43)	(3.26)	(3.24)	(4.12)	—
	Total Dividends and Distributions		(11.43)	(3.26)	(3.98)	(4.54)	(0.25)
	Net Asset Value, End of Period		$75.58	$110.34	$89.62	$81.85	$85.96
	Total Return*		(23.66)%	27.23%	14.66%	1.40%	12.86%
	Net Assets, End of Period (in thousands)		$14,034	$24,088	$131,161	$109,878	$62,331
	Average Net Assets for the Period (in thousands)		$18,904	$25,744	$128,108	$64,355	$67,144
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.13%	1.21%	1.24%	1.18%	1.04%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.12%	1.21%	1.24%	1.18%	1.04%
		Ratio of Net Investment Income/(Loss)	0.33%	0.27%	0.33%	0.77%	0.63%
	Portfolio Turnover Rate		33%	25%	34%	35%	32%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.
26	SEPTEMBER 30, 2022

Janus Henderson Global Research Fund

Financial Highlights

Class T Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$108.88	$88.54	$80.73	$84.82	$75.41
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.58	0.45	0.48	0.82	0.75
		Net realized and unrealized gain/(loss)	(23.25)	23.47	11.34	(0.21)	9.13
	Total from Investment Operations		(22.67)	23.92	11.82	0.61	9.88
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.43)	(0.32)	(0.77)	(0.58)	(0.47)
		Distributions (from capital gains)	(11.43)	(3.26)	(3.24)	(4.12)	—
	Total Dividends and Distributions		(11.86)	(3.58)	(4.01)	(4.70)	(0.47)
	Net Asset Value, End of Period		$74.35	$108.88	$88.54	$80.73	$84.82
	Total Return*		(23.45)%	27.55%	14.96%	1.67%	13.16%
	Net Assets, End of Period (in thousands)		$916,960	$1,307,732	$1,057,492	$1,014,552	$1,054,640
	Average Net Assets for the Period (in thousands)		$1,173,459	$1,262,884	$1,009,337	$988,429	$1,033,780
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.86%	0.97%	0.99%	0.93%	0.79%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.84%	0.96%	0.99%	0.92%	0.78%
		Ratio of Net Investment Income/(Loss)	0.62%	0.44%	0.59%	1.05%	0.93%
	Portfolio Turnover Rate		33%	25%	34%	35%	32%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.
Janus Investment Fund	27

Janus Henderson Global Research Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus Henderson Global Research Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 39 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC (formerly Janus Capital Management LLC) is the investment adviser (the “Adviser”) to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors, 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, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (formerly Janus Distributors LLC) (the “Distributor”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

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

28 SEPTEMBER 30, 2022

Janus Henderson Global Research Fund

Notes to Financial Statements

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The 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

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The 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 Adviser-approved pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a 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 valuation policies provide for the use of systematic fair valuation models provided by independent pricing services to value foreign 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 29

Janus Henderson Global Research Fund

Notes to Financial Statements

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

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

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

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of September 30, 2022 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.

The Fund did not hold a significant amount of Level 3 securities as of September 30, 2022.

Investment Transactions and Investment Income

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

Expenses

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Indemnifications

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

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

30 SEPTEMBER 30, 2022

Janus Henderson Global Research Fund

Notes to Financial Statements

date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

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

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

Dividends and Distributions

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

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

Federal Income Taxes

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

2. Other Investments and Strategies

Additional Investment Risk

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 in response to the COVID-19 pandemic. This and other government intervention into the economy and financial markets to address the COVID-19 pandemic may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Government actions to mitigate the economic impact of the pandemic have resulted in a large expansion of government deficits and debt, the long term consequences of which are not known. The COVID-19 pandemic could adversely affect the value and liquidity of a Fund’s investments, impair a Fund’s ability to satisfy redemption requests, and negatively impact a Fund’s performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

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

Janus Investment Fund 31

Janus Henderson Global Research Fund

Notes to Financial Statements

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 the Adviser 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.

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. Among other things, these developments have adversely affected the value and exchange rate of the euro and pound sterling, and may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse effect on the Fund’s investments in such countries, other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.

Restricted Security Transactions

Restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of the Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist.

Real Estate Investing

The Fund may invest in equity and debt securities of real estate-related companies. Such companies may include those in the real estate industry or real estate-related industries. These securities may include common stocks, corporate bonds, preferred stocks, and other equity securities, including, but not limited to, mortgage-backed securities, real estate-backed securities, securities of REITs and similar REIT-like entities. A REIT is a trust that invests in real estate-related projects, such as properties, mortgage loans, and construction loans. REITs are generally categorized as equity, mortgage, or hybrid REITs. A REIT may be listed on an exchange or traded OTC.

Counterparties

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.

32 SEPTEMBER 30, 2022

Janus Henderson Global Research Fund

Notes to Financial Statements

Securities Lending

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the SEC. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.

Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

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

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of September 30, 2022, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $1,161,284. Gross amounts of recognized liabilities for securities lending (collateral received) as of September 30, 2022 is $1,221,925, resulting in the net amount due to the counterparty of $60,641.

Offsetting Assets and Liabilities

The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

The Offsetting Assets and Liabilities table located in the Schedule of Investments presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the Fund's Schedule of Investments.

Janus Investment Fund 33

Janus Henderson Global Research Fund

Notes to Financial Statements

3. Investment Advisory Agreements and Other Transactions with Affiliates

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

The investment advisory fee rate paid to the Adviser by the Fund consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the Fund’s average daily net assets during the previous month (the “Base Fee Rate”), plus or minus (2) a performance-fee adjustment (the “Performance Adjustment”) calculated by applying a variable rate of up to 0.15% (positive or negative) to the Fund’s average daily net assets based on the Fund’s relative performance compared to the cumulative investment record of its benchmark index over a 36-month performance measurement period or shorter time period, as applicable. The investment advisory fee rate is calculated daily and paid monthly.

The investment performance of the Fund’s Class A Shares (waiving the upfront sales load) for the performance measurement period is used to calculate the Performance Adjustment. The Fund’s Base Fee Rate prior to any performance adjustment (expressed as an annual rate) is 0.60%, and the Fund’s benchmark index used in the calculation is the MSCI World Index^SM.

No Performance Adjustment is applied unless the difference between the Fund’s investment performance and the cumulative investment record of the Fund’s benchmark index is 0.50% or greater (positive or negative) during the applicable performance measurement period. The Base Fee Rate is subject to an upward or downward Performance Adjustment for every full 0.50% increment by which the Fund outperforms or underperforms its benchmark index, up to the Fund’s full performance rate of ±6.00%. Because the Performance Adjustment is tied to a Fund’s relative performance compared to its benchmark index (and not its absolute performance), the Performance Adjustment could increase the Adviser’s fee even if the Fund’s Shares lose value during the performance measurement period and could decrease the Adviser’s fee even if the Fund’s Shares increase in value during the performance measurement period. For purposes of computing the Base Fee Rate and the Performance Adjustment, net assets are averaged over different periods (average daily net assets during the previous month for the Base Fee Rate, versus average daily net assets during the performance measurement period for the Performance Adjustment). Performance of the Fund is calculated net of expenses whereas the Fund’s benchmark index does not have any fees or expenses. Reinvestment of dividends and distributions is included in calculating both the performance of a Fund and the Fund’s benchmark index.

The Fund’s 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 September 30, 2022, the performance adjusted investment advisory fee rate before any waivers and/or reimbursements of expenses is 0.58%.

The Adviser has contractually agreed to waive the investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, excluding any performance adjustments to management 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 payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.86% of the Fund’s average daily net assets. The Adviser has agreed to continue the waivers for at least a one-year period commencing on January 28, 2022. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (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

34 SEPTEMBER 30, 2022

Janus Henderson Global Research Fund

Notes to Financial Statements

Fund’s Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $502,935 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended September 30, 2022. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

Janus Henderson Services US LLC (formerly Janus Services LLC) (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

Average Daily Net Assets of Class D Shares of the Janus Henderson funds	Administrative Services Fee
Under $40 billion	0.12%
$40 billion – $49.9 billion	0.10%
Over $49.9 billion	0.08%

During the reporting period, the administrative services fee rate was 0.11%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class R Shares, Class S Shares, and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares, and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R Shares, Class S Shares, and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, of up to 0.50% of the Class R Shares' average daily net assets, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank

Janus Investment Fund 35

Janus Henderson Global Research Fund

Notes to Financial Statements

trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended September 30, 2022, the Distributor retained upfront sales charges of $283.

A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the period ended September 30, 2022.

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 September 30, 2022, redeeming shareholders of Class C Shares paid CDSCs of $960.

The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of September 30, 2022 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended September 30, 2022 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $436,813 were paid by the Trust to the Trustees under the Deferred Plan during the period ended September 30, 2022.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests 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.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended September 30, 2022 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

The Fund is permitted to purchase or sell securities (“cross-trade”) between itself and other funds or accounts managed by the Adviser in accordance with Rule 17a-7 under the Investment Company Act of 1940 (“Rule 17a-7”), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust’s Board of Trustees. These procedures have been designed to ensure

36 SEPTEMBER 30, 2022

Janus Henderson Global Research Fund

Notes to Financial Statements

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 September 30, 2022, the Fund engaged in cross trades amounting to $3,230,233 in purchases and $1,029,750 in sales, resulting in a net realized loss of $530,250. The net realized loss is included within the “Net Realized Gain/(Loss) on Investments” section of the Fund’s Statement of Operations.

As of September 30, 2022, shares of the Fund were owned by affiliates of the Adviser, and/or other funds advised by the Adviser, as indicated in the table below:

Class	% of Class Owned		% of Fund Owned
Class A Shares	-	%	-	%
Class C Shares	-		-
Class D Shares	-		-
Class I Shares	-		-
Class N Shares	45		1
Class R Shares	-		-
Class S Shares	-		-
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

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes (reduced by foreign tax liability).

Other book to tax differences primarily consist of deferred compensation. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ 25,733,358	$ 92,412,197	$ -	$ -	$ -	$(216,972)	$ 415,074,724

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 2022 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)
$ 2,110,496,589	$639,398,660	$(224,321,002)	$ 415,077,658

Janus Investment Fund 37

Janus Henderson Global Research Fund

Notes to Financial Statements

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.

For the year ended September 30, 2022
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 39,151,197	$ 338,835,884	$ -	$ -

For the year ended September 30, 2021
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 11,866,817	$ 106,077,739	$ -	$ -

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. The following reclassifications have been made to the Fund:

Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ -	$ 4,113,713	$ (4,113,713)

38 SEPTEMBER 30, 2022

Janus Henderson Global Research Fund

Notes to Financial Statements

5. Capital Share Transactions

	Year ended September 30, 2022		Year ended September 30, 2021
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	53,979	$ 5,198,977	47,006	$ 4,813,707
Reinvested dividends and distributions	18,870	1,879,233	5,588	545,222
Shares repurchased	(65,698)	(6,400,008)	(93,896)	(9,379,514)
Net Increase/(Decrease)	7,151	$ 678,202	(41,302)	$ (4,020,585)
Class C Shares:
Shares sold	4,028	$ 377,090	5,609	$ 557,392
Reinvested dividends and distributions	4,695	450,451	1,836	174,183
Shares repurchased	(9,756)	(859,914)	(22,710)	(2,266,188)
Net Increase/(Decrease)	(1,033)	$ (32,373)	(15,265)	$ (1,534,613)
Class D Shares:
Shares sold	304,275	$ 28,952,846	390,481	$ 39,919,687
Reinvested dividends and distributions	2,058,031	202,078,044	647,933	62,447,782
Shares repurchased	(1,204,742)	(114,085,335)	(1,208,431)	(123,450,918)
Net Increase/(Decrease)	1,157,564	$116,945,555	(170,017)	$ (21,083,449)
Class I Shares:
Shares sold	235,153	$ 23,460,934	261,600	$ 27,657,572
Reinvested dividends and distributions	146,533	14,654,763	42,943	4,206,664
Shares repurchased	(372,248)	(37,345,516)	(494,413)	(51,361,801)
Net Increase/(Decrease)	9,438	$ 770,181	(189,870)	$ (19,497,565)
Class N Shares:
Shares sold	78,556	$ 7,013,474	70,228	$ 7,347,983
Reinvested dividends and distributions	42,847	4,197,755	16,998	1,634,877
Shares repurchased	(106,433)	(10,862,885)	(146,269)	(15,220,024)
Net Increase/(Decrease)	14,970	$ 348,344	(59,043)	$ (6,237,164)
Class R Shares:
Shares sold	30,052	$ 2,853,871	23,033	$ 2,418,306
Reinvested dividends and distributions	10,544	1,035,016	2,767	266,998
Shares repurchased	(20,573)	(1,967,985)	(24,314)	(2,456,400)
Net Increase/(Decrease)	20,023	$ 1,920,902	1,486	$ 228,904
Class S Shares:
Shares sold	35,285	$ 3,371,394	38,545	$ 3,945,043
Reinvested dividends and distributions	21,077	2,105,395	7,697	752,260
Shares repurchased	(88,978)	(9,184,837)	(1,291,417)	(116,639,999)
Net Increase/(Decrease)	(32,616)	$ (3,708,048)	(1,245,175)	$(111,942,696)
Class T Shares:
Shares sold	588,800	$ 55,748,125	2,228,564	$ 213,989,572
Reinvested dividends and distributions	1,390,985	136,386,095	441,931	42,540,264
Shares repurchased	(1,657,212)	(158,831,749)	(2,603,434)	(259,262,933)
Net Increase/(Decrease)	322,573	$ 33,302,471	67,061	$ (2,733,097)

6. Purchases and Sales of Investment Securities

For the period ended September 30, 2022, 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
$1,031,284,330	$1,246,608,306	$ -	$ -

Janus Investment Fund 39

Janus Henderson Global Research Fund

Notes to Financial Statements

7. Recent Accounting Pronouncements

The FASB issued Accounting Standards Update 2022-03: Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”) in June 2022. The new guidance in the ASU clarifies existing guidance in ASC 820 related to the fair value measurement of an equity security subject to contractual sale restrictions with the intent to reduce diversity in interpretation. Under the guidance, a contractual restriction on the sale of an equity security would not be considered when measuring fair value as such restriction is not treated as part of the equity security’s unit of account. The amendments would be applied prospectively on or after adoption date to equity securities with a contract containing a sale restriction that is executed or modified after such date. The effective date set by the FASB is December 15, 2023, with early adoption permitted. The Adviser is currently evaluating whether to early adopt and does not anticipate it to have a material impact on the Fund.

8. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to September 30, 2022 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.

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Janus Henderson Global Research Fund

Report of Independent Registered Public Accounting Firm

TotheBoard of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Global Research Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Global Research Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2022, the related statement of operations for the year ended September 30, 2022, the statements of changes in net assets for each of the two years in the period ended September 30, 2022,including the related notes,and the financial highlightsfor each of the five years in the period ended September 30, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2022 and the financial highlights for each of the five years in the period ended September 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Denver, Colorado

November 28, 2022

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

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Janus Henderson Global Research 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 (each, a “Fund,” and collectively, the “Funds” and 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 agreement for each Janus Henderson Fund that utilizes a subadviser.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (formerly, Janus Capital Management LLC) (the “Adviser”) and the subadviser 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 meetings held on November 3-4, 2021 and December 7-8, 2021, the Trustees’ evaluated the information provided by the Adviser, the subadviser, and the independent fee consultant, as well as other information addressed during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser and each subadviser, as applicable, were fair and reasonable in light of the nature, extent and quality of the services provided by the Adviser, its affiliates and the subadviser, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund and the subadvisory agreement for each subadvised Janus Henderson Fund, for the period from February 1, 2022 through February 1, 2023, subject to earlier termination as provided for in each agreement.

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

Nature, Extent and Quality of Services

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

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Additional Information (unaudited)

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 the Adviser and the 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 the Adviser or the subadviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

The Trustees concluded that the nature, extent and quality of the services provided by the Adviser and 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 the Adviser and the subadviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and each 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, 2021, approximately 55% of the Janus Henderson Funds were in the top two quartiles of performance versus Broadridge peers, and for the 12 months ended September 30, 2021, approximately 45% 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 second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving

Janus Investment Fund 43

Janus Henderson Global Research Fund

Additional Information (unaudited)

Fixed-Income Funds

·For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·For Janus Developed World Bond Fund, the Trustees noted the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

Global and International Equity Funds

·For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the

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Additional Information (unaudited)

Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

Money Market Funds

·For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was 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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

Janus Investment Fund 45

Janus Henderson Global Research Fund

Additional Information (unaudited)

·For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser 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 bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser and subadviser had taken or were taking to improve performance.

·For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson International Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser and subadviser had taken or were taking to improve performance.

·For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser and subadviser had taken or were taking to improve performance.

U.S. Equity Funds

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

·For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

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Additional Information (unaudited)

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 the Adviser out of its management fees collected from such Janus Henderson Fund.

The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge Expense Group peers; and (3) and the management fees for the Janus Henderson Funds, on average, were 6% 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.

The Trustees considered the methodology used by the Adviser and 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 the Adviser and subadviser to comparable separate account clients and to comparable non-affiliated funds subadvised by the Adviser or subadviser (for which the Adviser 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 the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser 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; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged to Janus Henderson subadvised fund and separate account investors; and (4) as part of its 2020 review, 9 of 10 Janus Henderson Funds have lower management fees than similar funds subadvised by the Adviser.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2020, including the VIT Portfolios, and noted the following with regard to each VIT Portfolio’s total expenses, net of applicable fee waivers (the VIT Portfolio’s “total expenses”):

Janus Investment Fund 47

Janus Henderson Global Research Fund

Additional Information (unaudited)

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 the Adviser 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.

·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 the Adviser 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 the Adviser 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 one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser 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 the Adviser 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 the Adviser has contractually agreed to limit the Fund’s expenses.

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

·For Janus Henderson Short Duration 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 the Adviser 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 the Adviser 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 certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser 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 the Adviser has contractually agreed to limit the Fund’s expenses.

·For Janus Henderson Global Equity Income 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 the Adviser 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.

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Additional Information (unaudited)

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

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

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

Money Market Funds

·For Janus Henderson Government 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 the Adviser has voluntarily agreed to limit the Fund’s expenses to assist the Fund in attempting to maintain a yield of at least 0.00%.

·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 the Adviser has agreed to limit the Fund’s expenses to assist the Fund in attempting to maintain a yield of at least 0.00%.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted 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 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 the Adviser 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 the Adviser 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

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Additional Information (unaudited)

that the Adviser 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 the Adviser 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 the Adviser 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, 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 the Adviser 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 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 the Adviser 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.

·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 the Adviser 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 the Adviser 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 Mid Cap Value Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

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

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by

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Additional Information (unaudited)

numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser and 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 the Adviser 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 the Adviser 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 the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser and its affiliates, as well as the fees paid by the Adviser to the subadviser 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 the Adviser and the subadviser 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 the Adviser and subadviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

Economies of Scale

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 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 75% of these Janus Henderson Funds’ have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. The Trustees also noted the following: (1) that for those Janus Henderson Funds whose expenses are being reduced by the contractual expense limitations of the Adviser, the Adviser is subsidizing certain of these Janus Henderson Funds because they have not reached adequate scale; (2) 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 (3) 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 the Adviser 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 the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, the Adviser appeared to be investing to increase the likelihood that these Janus

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Additional Information (unaudited)

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 the Adviser.

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

Other Benefits to the Adviser

The Trustees also considered benefits that accrue to the Adviser and its affiliates and subadviser to the Janus Henderson Funds from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by 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 the Adviser and/or the Adviser, and/or subadviser to a Janus Henderson Fund. The Trustees concluded that the Adviser’s and the subadviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates and subadviser pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser and the subadviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser and the subadviser 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 the Adviser’s and/or the subadviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser and/or other clients of the subadviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser, the subadviser or other Janus Henderson funds, and that the success of the Adviser and the subadviser could enhance the Adviser’s and the subadviser’s ability to serve the Janus Henderson Funds.

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Useful Information About Your Fund Report (unaudited)

Management Commentary

The Management Commentary in this report includes valuable insight as well as statistical information to help you understand how your Fund’s performance and characteristics stack up against those of comparable indices.

If the Fund invests in foreign securities, this report may include information about country exposure. Country exposure is based primarily on 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.

Please keep in mind that the opinions expressed in the Management Commentary are just that: opinions. They are a reflection based on best judgment at the time this report was compiled, which was September 30, 2022. As the investing environment changes, so could opinions. These views are unique and are not necessarily shared by fellow employees or by Janus Henderson in general.

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 the Adviser 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. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by Bloomberg 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.

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Useful Information About Your Fund Report (unaudited)

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.

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.

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.

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Useful Information About Your Fund Report (unaudited)

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 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.

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Janus Henderson Global Research Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the period ended September 30, 2022:

Capital Gain Distributions	$338,835,884
Dividends Received Deduction Percentage	93%
Qualified Dividend Income Percentage	85%

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Janus Henderson Global Research Fund

Trustees and Officers (unaudited)

The following are the Trustees and officers of the Trust, together with a brief description of their principal occupations during the last five years (principal occupations for certain Trustees may include periods over five years). The Fund’s Statement of Additional Information includes additional information about the Trustees and officers and is available, without charge, by calling 1-877-335-2687.

Each Trustee has served in that capacity since he or she was originally elected or appointed. The Trustees do not serve a specified term of office. Each Trustee will hold office until the termination of the Trust or his or her earlier death, resignation, retirement, incapacity, or removal. Under the Fund’s Governance Procedures and Guidelines, the policy is for Trustees to retire no later than the end of the calendar year in which the Trustee turns 75. The Trustees review the Fund’s Governance Procedures and Guidelines from time to time and may make changes they deem appropriate. The Fund’s Nominating and Governance Committee will consider nominees for the position of Trustee recommended by shareholders. Shareholders may submit the name of a candidate for consideration by the Committee by submitting their recommendations to the Trust’s Secretary. Each Trustee is currently a Trustee of one other registered investment company advised by the Adviser: Janus Aspen Series. Collectively, these two registered investment companies consist of 50 series or funds referred to herein as the Fund Complex.

The Trust’s officers are elected annually by the Trustees for a one-year term. Certain officers also serve as officers of Janus Aspen Series. Certain officers of the Fund may also be officers and/or directors of the Adviser. Except as otherwise disclosed, Fund officers receive no compensation from the Fund, except for the Fund’s Chief Compliance Officer, as authorized by the Trustees.

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Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Chairman Trustee	5/22-Present 1/13-Present	Principal, Curam Holdings LLC (since 2018). Formerly, Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm) (2012-2018), Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	50	Advisory Board Member of AEW Core Property Trust (open-end property fund) (since 2020), and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016), Director of Nuveen Global Investors LLC (2007-2011), Director of Communities in Schools (2004-2010), and Director of Mutual Fund Education Alliance (until 2010).
Cheryl D. Alston 151 Detroit Street Denver, CO 80206 DOB: 1966	Trustee	8/22-Present	Executive Director and Chief Investment Officer, Employees’ Retirement Fund of the City of Dallas (since 2004).	50	Director of Blue Cross Blue Shield of Kansas City (a not-for-profit health insurance provider) (since 2016) and Director of Global Life Insurance (life and supplemental health insurance provider) (since 2017). Formerly, Director of Federal Home Loan Bank of Dallas (2017-2021).

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Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000), and Chief Investment Officer (1987-1994) and Vice Chairman and Director (1990-1994) of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	50	Member, Limited Partner Advisory Committee, Karmel Capital Fund III (later stage growth fund) (since 2022), Member of the Investment Committee for the Orange County Community Foundation (a grantmaking foundation) (since 2020), Advisory Board Member, RevOZ Fund LP and related funds (real estate investments for opportunity zones) (since 2020), and Advisory Board Member, Innovate Partners Emerging Growth and Equity Fund I (early stage venture capital fund) (since 2014). Formerly, Managing Trustee of National Retirement Partners Liquidating Trust (2013-2016), Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (2005-2013), Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009), Director of RemedyTemp, Inc. (temporary help services company) (1996-2006), and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).

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Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Founder, Daraja Capital (advisory and investment firm) (since 2016). Formerly, Senior Vice President and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (2011-2021), and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	50	Member of the Investment Committee for Cooper Union (private college) (since 2021), Board Member, Van Alen Institute (nonprofit architectural and design organization) (since 2019), and Director of Brightwood Capital Advisors, LLC (since 2014).

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Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Darrell B. Jackson 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	8/22-Present	President and Chief Executive Officer, The Efficace Group Inc. (since 2018). Formerly, President and Chief Executive Officer, Seaway Bank and Trust Company (community bank) (2014-2015), and Executive Vice President and Co-President, Wealth Management (2009-2014), and several senior positions, including Group Executive, Senior Vice President, and Vice President (1995-2009) of Northern Trust Company (financial services company) (1995-2014).	50	Director of Amalgamated Financial Corp (bank) (since August 2021), Director of YR Media (a not-for-profit production company) (since 2021), and Director of Gray-Bowen-Scott (transportation project consulting firm) (since April 2020). Formerly, Director of Delaware Place Bank (closely held commercial bank) (2016-2018) and Director of Seaway Bank and Trust Company (2014-2015).

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Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Trustee	6/02-Present	Chief Executive Officer, muun chi LLC (organic food business) (since 2022) and Independent Consultant (since 2019). Formerly, Chief Operating Officer, muun chi LLC (2020-2022), Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (2016-2019), Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations) (2009-2016), Chief Executive Officer, Imprint Capital Advisors (impact investment firm) (2013-2015), and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	50	Chairman of the Board and Trustee of The Investment Fund for Foundations Investment Program (TIP) (consisting of 1 fund) (since 2008). Formerly, Director of the F.B. Heron Foundation (a private grantmaking foundation) (2006-2022), and Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds) (2016-2021).

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Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company.	50	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013). Formerly, Director, West Bend Mutual Insurance Company (property/casualty insurance) (2013-2021), Trustee of Northwestern Mutual Life Insurance Company (2010-2013), and Director of Frank Russell Company (global asset management firm) (2008-2013).
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired. Formerly, Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006) and Treasurer for Driehaus Mutual Funds (1996-2002).	50	Formerly, Director of Family Service of Lake County (2019-2021), Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017), Independent Trustee, State Farm Associates’ Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017).

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Janus Henderson Global Research Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	50	Director of Chicago Community Trust (Regional Community Foundation), Lurie Children’s Hospital (Chicago, IL), and Shirley Ryan Ability Lab. Formerly, Director of Wrapports, LLC (until 2022), Director of Chicago Council on Global Affairs (until 2019), InnerWorkings (until 2019) and Director of Walmart (until 2017).

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Janus Henderson Global Research Fund

Trustees and Officers (unaudited)

OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Matthew Peron 151 Detroit Street Denver, CO 80206 DOB: 1968	Executive Vice President Janus Henderson Global Research Fund	4/20-Present	Director of Research of the Adviser and Portfolio Manager for other Janus Henderson accounts. Formerly, Chief Investment Officer for City National Rochdale (2018-2020), Executive Vice President and Managing Director of Global Equity at Northern Trust (2005-2018).
Michelle Rosenberg 151 Detroit Street Denver, CO 80206 DOB: 1973	President and Chief Executive Officer	9/22-Present	General Counsel and Corporate Secretary of Janus Henderson Investors (since 2018). Formerly, Interim President and Chief Executive Officer of the Trust and Janus Aspen Series (2022), Senior Vice President and Head of Legal, North America of Janus Henderson Investors (2017-2018) and Deputy General Counsel of Janus Henderson US (Holdings) Inc. (2015-2018).
Kristin Mariani 151 Detroit Street Denver, CO 80206 DOB: 1966	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	7/20-Present	Head of Compliance, North America for Janus Henderson Investors (since September 2020) and Chief Compliance Officer for Janus Henderson Investors US LLC (since September 2017). Formerly, Global Head of Investment Management Compliance for Janus Henderson Investors (February 2019 - August 2020), Vice President, Head of Global Distribution Compliance and Chief Compliance Officer of Janus Henderson Distributors US LLC (May 2017 – September 2017), Vice President, Compliance at Janus Henderson US (Holdings) Inc., Janus Henderson Investors US LLC, and Janus Henderson Distributors US LLC (2009-2017).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

Janus Investment Fund 65

Janus Henderson Global Research Fund

Trustees and Officers (unaudited)

OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Head of U.S. Fund Administration, Janus Henderson Investors and Janus Henderson Services US LLC.
Abigail J. Murray 151 Detroit Street Denver, CO 80206 DOB: 1975	Vice President, Chief Legal Officer, and Secretary	12/20-Present	Managing Counsel (2020-present). Formerly, Senior Counsel for Invesco Ltd. (2017-2020), and Vice President and Senior Counsel, ALPS Fund Services, Inc. and Assistant General Counsel, ALPS Advisors, Inc. (2015-2017).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

66 SEPTEMBER 30, 2022

Janus Henderson Global Research Fund

Notes

NotesPage1

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Janus Henderson Global Research Fund

Notes

NotesPage2

68 SEPTEMBER 30, 2022

Janus Henderson Global Research Fund

Notes

NotesPage3

Janus Investment Fund 69

This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Janus Henderson Distributors US LLC
	125-02-93045 11-22

	ANNUAL REPORT September 30, 2022
Janus Henderson Global Select Fund
Janus Investment Fund
		HIGHLIGHTS ·Portfolio management perspective ·Investment strategy behind your fund ·Fund performance, characteristics and holdings

Table of Contents

Janus Henderson Global Select Fund

Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	13
Statement of Assets and Liabilities	15
Statement of Operations	17
Statements of Changes in Net Assets	19
Financial Highlights	20
Notes to Financial Statements	28
Report of Independent Registered Public Accounting Firm	41
Additional Information	42
Useful Information About Your Fund Report	53
Designation Requirements	56
Trustees and Officers	57

Janus Henderson Global Select Fund (unaudited)

FUND SNAPSHOT Janus Henderson Global Select Fund is a global equity fund seeking to grow capital by investing with conviction in companies worldwide where the portfolio managers believe the market underestimates free-cash-flow growth. The Fund considers both growth and value criteria as it seeks to deliver strong, risk-adjusted returns over the long term, irrespective of prevailing market conditions. Julian McManus co-portfolio manager George Maris co-portfolio manager

PERFORMANCE OVERVIEW

The Janus Henderson Global Select Fund Class I Shares returned -18.23% for the 12-month period ended September 30, 2022. The Fund’s benchmark, the MSCI All Country World Index^SM, returned -20.66%.

INVESTMENT ENVIRONMENT

Global equity markets declined over the 12-month period as high levels of inflation in many of the world’s key developed economies prompted aggressive monetary and fiscal tightening, triggering fears of global recession. Equities began the period with positive, if volatile, performance in the fourth quarter of 2021, as investors focused on strong corporate earnings. However, global stock markets sold off in February following Russia’s invasion of Ukraine. Geopolitical turmoil and ongoing supply chain issues drove prices higher, with particularly sharp increases in commodities. Steep inflation prompted several central banks to raise interest rates, causing a rotation from long-duration growth stocks to more cyclical companies. The U.S. Federal Reserve raised rates by 0.25% in March, but then moved more aggressively with a 0.50% increase in May and consecutive 0.75% hikes in June, July, and September. Persistently rising prices caused central banks around the world to join the fight against inflation. Adding to investors’ concerns in Europe was a looming energy crisis as Russia substantially reduced gas supplies to several European countries. Meanwhile circumstances in China weighed upon markets as the country reinstituted COVID-19 restrictions, suffered continued property market declines, and faced a sharp slowdown in gross domestic product (GDP) growth. Unlike most central banks, the Bank of Japan continued its yield curve control policy, suppressing both short- and long-term interest rates. This resulted in the Yen weakening significantly versus the U.S. dollar due to widening interest rate differentials. China witnessed a similar weakening of its currency relative to the U.S. dollar.

PERFORMANCE DISCUSSION

We employ a high-conviction investment approach, seeking strong risk-adjusted performance over the long term. Over time, we think we can generate excess returns in a risk-efficient manner by identifying companies whose free-cash-flow growth is underestimated by the market. Our approach enabled us to outperform our benchmark for the period.

Individual contributors to the Fund’s relative performance included energy holdings, which gained amid a recovery in oil prices as a result of improved demand from a recovery in travel and economic activity, as well as tighter supplies of crude and natural gas driven by geopolitical strife and regulatory policies. Standout performers included oil and natural gas producer Canadian Natural Resources, which also benefited from strong execution across its operations, increased production of natural gas, and substantial free cash flow. The company’s commitment to maximizing value for shareholders through thoughtful capital allocation also supported strength in its shares. During the period, management continued to allocate excess cash to stock buybacks and debt reduction. Another energy holding that contributed materially to our results was Marathon Petroleum. Robust demand for refined products and healthy refining margins supported gains for the oil refiner. Similar to Canadian Natural Resources, Marathon continued to demonstrate a commitment to enhancing shareholder value through its share repurchase program, which it was able to fund from operations and the proceeds from the sale of its Speedway business.

Another notable contributor was Teck Resources, a Canada-based miner of steelmaking coal, copper, and zinc. The company benefited from rising commodity prices and Teck’s progress in building out Quebrada Blanca Phase 2 (QB2), a low-cost, long-life copper project in northern Chile. QB2 is expected to allow Teck to double its copper production in 2023. Teck is also exploring

Janus Investment Fund 1

Janus Henderson Global Select Fund (unaudited)

portfolio optimization, particularly within its oil sands business. A sale of this business would bolster the company’s environmental, social, and governance (ESG) position. We think asset sales, along with the tapering of capital expenditures associated with QB2, should allow Teck to return significant capital to shareholders.

Conversely, select holdings detracted from relative results, including U.S.-based performance apparel and footwear company Under Armour. After tightening inventory amid global supply chain issues, the company was challenged to meet demand, resulting in weaker-than-expected quarterly sales. Expectations of slower economic growth, worries around consumer spending, and an unexpected CEO resignation added to share weakness. We maintained our position in Under Armour, which continued to improve brand strength, contain costs, and introduce new products. We also believe the stock is undervalued, potentially making it an attractive acquisition target.

Concerns about a downturn in the global economy and perceptions that many gaming stocks were overvalued pressured gaming stocks. Despite continued strong fundamentals, U.S.-based Caesars Entertainment and UK-based Entain declined with the broad sector. An earnings miss, weakness in its digital gaming segment, and lower occupancy rates pressured Caesars’ shares. Another overhang for the company was stalled progress on the sale of its properties. Further pressuring online gaming company Entain’s stock were political delays around a white paper published by the UK government that is expected to shape future gambling regulation. We think, with improved political stability in the UK, this could eventually be a clearing event for the sector. We are confident strong fundamentals will enable Entain to overcome the current headwinds. During the period, Entain continued to demonstrate an ability to consistently drive strong cash flows and grow market share.

OUTLOOK

We think the backdrop for equity markets will remain challenging in the near term as persistent inflation, rising interest rates, and a weakening global economy threaten corporate profit growth. Although we witnessed a remarkable shift in global monetary policy during the period, we believe central banks were slow to tackle inflation and will likely continue to raise interest rates and reverse quantitative easing. Adding to economic challenges in Europe is a deepening energy crisis caused by Russia’s dramatic reduction in natural gas supplies to the region. In China, the government’s zero-COVID policy represents a continued drag on its economy, and we think U.S. restrictions on semiconductor technology exports to Chinese entities could further hamper the country’s attempts to move up the value-add curve.

In response to these macroeconomic challenges, the Fund increased its focus on businesses that our analysis suggests have the potential for superior free cash flow visibility and are trading at attractive valuations. More of these opportunities became evident recently within the pharmaceutical and consumer staples sectors. The Fund also increased exposure to European banks, which are over-provisioned for credit losses stemming from a recession and yet do not price in the benefits of higher interest rates. As a result of these modifications, we think the Fund is positioned to weather continued market and economic volatility, which we will be using to look for future opportunities.

Thank you for your continued investment in Janus Henderson Global Select Fund.

2 SEPTEMBER 30, 2022

Janus Henderson Global Select Fund (unaudited)

Fund At A Glance

September 30, 2022

5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
Marathon Petroleum Corp	3.14%	1.87%	Under Armour Inc	2.88%	-1.79%
Teck Resources Ltd	3.91%	1.65%	Caesars Entertainment Inc	1.84%	-1.45%
Canadian Natural Resources Ltd	2.47%	1.21%	Entain PLC	1.98%	-1.00%
NRG Energy Inc	5.20%	0.96%	Citigroup Inc	2.69%	-0.62%
Humana Inc	1.80%	0.68%	Prudential PLC	0.86%	-0.30%

	5 Top Contributors - Sectors*
		Relative	Fund	MSCI All Country World Index
		Contribution	Average Weight	Average Weight
	Energy	1.83%	5.61%	4.39%
	Communication Services	1.76%	8.35%	8.20%
	Materials	1.54%	6.66%	4.80%
	Health Care	0.96%	11.42%	11.97%
	Utilities	0.54%	5.20%	2.91%
	5 Top Detractors - Sectors*
		Relative	Fund	MSCI All Country World Index
		Contribution	Average Weight	Average Weight
	Consumer Discretionary	-3.71%	14.58%	11.81%
	Information Technology	-0.30%	14.54%	22.07%
	Consumer Staples	-0.26%	3.45%	7.11%
	Financials	-0.02%	16.81%	14.48%
	Real Estate	0.05%	0.00%	2.71%
	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 3

Janus Henderson Global Select Fund (unaudited)

Fund At A Glance

September 30, 2022

5 Largest Equity Holdings -(% of Net Assets)
NRG Energy Inc
Independent Power and Renewable Electricity Producers	5.7%
Microsoft Corp
Software	4.8%
Marathon Petroleum Corp
Oil, Gas & Consumable Fuels	3.7%
Teck Resources Ltd
Metals & Mining	3.2%
Humana Inc
Health Care Providers & Services	3.0%
	20.4%

Asset Allocation - (% of Net Assets)
Common Stocks	97.9%
Investment Companies	1.5%
Investments Purchased with Cash Collateral from Securities Lending	0.8%
Preferred Stocks	0.8%
Private Placements	0.0%
Other		(1.0)%
		100.0%

Emerging markets comprised 7.3% of total net assets.

Top Country Allocations - Long Positions -(% of Investment Securities)
As of September 30, 2022	As of September 30, 2021

4 SEPTEMBER 30, 2022

Janus Henderson Global Select Fund (unaudited)

Performance

See important disclosures on the next page.

Average Annual Total Return - for the periods ended September 30, 2022					Prospectus Expense Ratios
	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses‡	Net Annual Fund Operating Expenses‡
Class A Shares at NAV	-18.45%	5.03%	8.51%	3.63%	1.03%	1.03%
Class A Shares at MOP	-23.13%	3.79%	7.87%	3.35%
Class C Shares at NAV	-19.14%	4.16%	7.61%	2.81%	2.20%	1.94%
Class C Shares at CDSC	-19.85%	4.16%	7.61%	2.81%
Class D Shares	-18.25%	5.27%	8.71%	3.76%	0.82%	0.82%
Class I Shares	-18.23%	5.31%	8.82%	3.82%	0.77%	0.77%
Class N Shares	-18.15%	5.42%	8.77%	3.78%	0.68%	0.68%
Class R Shares	-18.89%	4.44%	7.98%	3.16%	3.97%	1.64%
Class S Shares	-18.75%	4.72%	8.26%	3.44%	2.76%	1.38%
Class T Shares	-18.36%	5.18%	8.64%	3.72%	0.92%	0.92%
MSCI All Country World Index	-20.66%	4.44%	7.28%	4.30%
Morningstar Quartile - Class T Shares	2nd	1st	1st	4th
Morningstar Ranking - based on total returns for World Large Stock Funds	111/346	66/303	20/226	65/79

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.

For certain periods, the Fund’s performance may reflect the effect of expense waivers.

Janus Investment Fund 5

Janus Henderson Global Select 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), Environmental, Social and Governance (ESG) factors, 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.

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 A Shares, Class C Shares, Class R Shares, and Class S Shares commenced operations on July 6, 2009. Performance shown for each class 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 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.

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.

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

© 2022 Morningstar, Inc. All Rights Reserved.

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 – June 30, 2000

‡ As stated in the prospectus. Net expense ratios reflect the expense waivers, if any, contractually agreed to for at least a one-year period commencing on January 28, 2022. See Financial Highlights for actual expense ratios during the reporting period.

6 SEPTEMBER 30, 2022

Janus Henderson Global Select 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 (4/1/22)	Ending Account Value (9/30/22)	Expenses Paid During Period (4/1/22 - 9/30/22)†	Beginning Account Value (4/1/22)	Ending Account Value (9/30/22)	Expenses Paid During Period (4/1/22 - 9/30/22)†	Net Annualized Expense Ratio (4/1/22 - 9/30/22)
Class A Shares		$1,000.00	$799.70	$4.69	$1,000.00	$1,019.85	$5.27	1.04%
Class C Shares		$1,000.00	$796.40	$8.29	$1,000.00	$1,015.84	$9.30	1.84%
Class D Shares		$1,000.00	$800.60	$3.75	$1,000.00	$1,020.91	$4.20	0.83%
Class I Shares		$1,000.00	$800.80	$3.52	$1,000.00	$1,021.16	$3.95	0.78%
Class N Shares		$1,000.00	$801.40	$3.12	$1,000.00	$1,021.61	$3.50	0.69%
Class R Shares		$1,000.00	$797.20	$7.39	$1,000.00	$1,016.85	$8.29	1.64%
Class S Shares		$1,000.00	$798.30	$6.31	$1,000.00	$1,018.05	$7.08	1.40%
Class T Shares		$1,000.00	$799.90	$4.11	$1,000.00	$1,020.51	$4.61	0.91%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/365 (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 7

Janus Henderson Global Select Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Common Stocks– 97.9%
Aerospace & Defense – 3.3%
	Airbus SE	346,153	$29,900,434
	L3Harris Technologies Inc	154,122	32,031,175
	Safran SA	32,243	2,931,239
			64,862,848
Air Freight & Logistics – 2.0%
	United Parcel Service Inc	242,320	39,144,373
Banks – 5.2%
	Bank of China Ltd	85,804,000	28,008,467
	BNP Paribas SA	411,508	17,370,155
	Citigroup Inc	764,866	31,871,966
	Natwest Group PLC	6,519,117	16,265,670
	Permanent TSB Group Holdings PLC*	5,290,709	8,135,859
			101,652,117
Beverages – 3.8%
	Heineken NV	350,328	30,707,398
	Monster Beverage Corp*	513,460	44,650,482
			75,357,880
Biotechnology – 1.9%
	Ascendis Pharma A/S (ADR)*	81,386	8,403,918
	Neurocrine Biosciences Inc*	271,920	28,880,623
			37,284,541
Capital Markets – 2.7%
	Morgan Stanley	666,371	52,649,973
Containers & Packaging – 2.1%
	Crown Holdings Inc	506,035	41,004,016
Diversified Telecommunication Services – 1.5%
	Deutsche Telekom AG	1,698,406	29,109,812
Electronic Equipment, Instruments & Components – 2.8%
	E Ink Holdings Inc	2,289,000	15,124,443
	Hexagon AB - Class B	1,152,232	10,688,193
	Keyence Corp	88,300	29,319,914
			55,132,550
Entertainment – 3.4%
	Liberty Media Corp-Liberty Formula One*	810,667	47,424,020
	Nintendo Co Ltd	457,000	18,507,707
			65,931,727
Health Care Providers & Services – 3.0%
	Humana Inc	121,191	58,800,661
Hotels, Restaurants & Leisure – 2.8%
	Caesars Entertainment Inc*	709,741	22,896,245
	Entain PLC	2,664,372	31,988,377
			54,884,622
Household Durables – 2.1%
	PulteGroup Inc	1,087,174	40,769,025
Independent Power and Renewable Electricity Producers – 5.7%
	NRG Energy Inc	2,908,675	111,314,992
Information Technology Services – 1.5%
	Fidelity National Information Services Inc	394,655	29,824,078
Insurance – 7.1%
	AIA Group Ltd	3,544,200	29,426,859
	Beazley PLC	4,371,108	27,110,511
	NN Group NV	636,788	24,780,609
	WR Berkley Corp	899,293	58,076,342
			139,394,321
Interactive Media & Services – 1.0%
	Alphabet Inc - Class A*	203,257	19,441,532
Internet & Direct Marketing Retail – 2.3%
	JD.Com Inc - Class A	1,746,226	44,095,893

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
8	SEPTEMBER 30, 2022

Janus Henderson Global Select Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Common Stocks– (continued)
Machinery – 3.4%
	Deere & Co	106,069	$35,415,378
	Wabtec Corp	394,288	32,075,329
			67,490,707
Metals & Mining – 3.2%
	Teck Resources Ltd	2,063,901	62,774,747
Oil, Gas & Consumable Fuels – 5.7%
	Canadian Natural Resources Ltd#	852,623	39,706,653
	Marathon Petroleum Corp	726,750	72,188,077
			111,894,730
Personal Products – 2.1%
	Unilever PLC	949,646	41,774,767
Pharmaceuticals – 8.3%
	AstraZeneca PLC	516,583	56,795,726
	Bayer AG	468,448	21,614,642
	Merck & Co Inc	558,461	48,094,661
	Organon & Co	1,570,224	36,743,242
			163,248,271
Road & Rail – 1.7%
	Full Truck Alliance Co (ADR)*	2,441,097	15,989,185
	Uber Technologies Inc*	617,406	16,361,259
			32,350,444
Semiconductor & Semiconductor Equipment – 3.5%
	ASML Holding NV	68,922	28,583,932
	Taiwan Semiconductor Manufacturing Co Ltd	3,098,000	40,723,561
			69,307,493
Software – 6.3%
	Microsoft Corp	400,660	93,313,714
	Workday Inc - Class A*	196,988	29,985,513
			123,299,227
Specialty Retail – 0.8%
	TJX Cos Inc	266,181	16,535,164
Textiles, Apparel & Luxury Goods – 4.9%
	LVMH Moet Hennessy Louis Vuitton SE	44,206	25,981,915
	Samsonite International SA (144A)*	14,571,300	34,975,513
	Under Armour Inc*	6,015,561	35,852,744
			96,810,172
Thrifts & Mortgage Finance – 0.5%
	MGIC Investment Corp	746,987	9,576,373
Trading Companies & Distributors – 1.5%
	Ferguson PLC	286,930	29,870,557
Wireless Telecommunication Services – 1.8%
	T-Mobile US Inc*	260,036	34,889,030
Total Common Stocks (cost $1,661,416,178)			1,920,476,643
Preferred Stocks– 0.8%
Automobiles – 0.8%
	Dr Ing hc F Porsche AG((cost $16,333,027)	203,365	16,440,420
Private Placements– 0%
Software – 0%
	Magic Leap Inc - Class A private equity common shares*,¢,§((cost $9,254,547)	19,041	0
Investment Companies– 1.5%
Money Markets – 1.5%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº,£((cost $28,295,191)	28,295,191	28,298,020
Investments Purchased with Cash Collateral from Securities Lending– 0.8%
Investment Companies – 0.7%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº,£	13,167,540	13,167,540

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	9

Janus Henderson Global Select Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Investments Purchased with Cash Collateral from Securities Lending– (continued)
Time Deposits – 0.1%
	Royal Bank of Canada, 3.0600%, 10/3/22	$3,291,885	$3,291,885
Total Investments Purchased with Cash Collateral from Securities Lending (cost $16,459,425)			16,459,425
Total Investments (total cost $1,731,758,368) – 101.0%			1,981,674,508
Liabilities, net of Cash, Receivables and Other Assets – (1.0)%			(19,856,594)
Net Assets – 100%			$1,961,817,914

Summary of Investments by Country - (Long Positions) (unaudited)
		% of
		Investment
Country	Value	Securities
United States	$1,194,437,989	60.3	%
United Kingdom	173,935,051	8.8
Canada	102,481,400	5.2
China	88,093,545	4.5
Netherlands	84,071,939	4.2
France	76,183,743	3.8
Germany	67,164,874	3.4
Hong Kong	64,402,372	3.3
Taiwan	55,848,004	2.8
Japan	47,827,621	2.4
Sweden	10,688,193	0.5
Denmark	8,403,918	0.4
Ireland	8,135,859	0.4

Total $1,981,674,508 100.0 %

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
10	SEPTEMBER 30, 2022

Janus Henderson Global Select Fund

Schedule of Investments

September 30, 2022

Schedules of Affiliated Investments – (% of Net Assets)

		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 9/30/22
Investment Companies - 1.5%
Money Markets - 1.5%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº	$	191,060	$	(3,445)	$	2,829	$	28,298,020
Investments Purchased with Cash Collateral from Securities Lending - 0.7%
Investment Companies - 0.7%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº		218,236∆		-		-		13,167,540
Total Affiliated Investments - 2.2%		$	409,296	$	(3,445)	$	2,829	$	41,465,560

		Value at 9/30/21		Purchases		Sales Proceeds		Value at 9/30/22
Investment Companies - 1.5%
Money Markets - 1.5%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº		30,836,984		350,005,977		(352,544,325)		28,298,020
Investments Purchased with Cash Collateral from Securities Lending - 0.7%
Investment Companies - 0.7%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº		-		247,947,013		(234,779,473)		13,167,540

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	11

Janus Henderson Global Select Fund

Schedule of Investments

September 30, 2022

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		$	16,052,679	$	—	$	(16,052,679)	$	—
(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.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
12	SEPTEMBER 30, 2022

Janus Henderson Global Select Fund

Notes to Schedule of Investments and Other Information

MSCI All Country World Index^SM MSCI All Country World Index^SM reflects the equity market performance of global developed and emerging markets.

ADR	American Depositary Receipt
LLC	Limited Liability Company
PLC	Public Limited 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 year ended September 30, 2022 is $34,975,513, which represents 1.8% of net assets.
*	Non-income producing security.
ºº	Rate shown is the 7-day yield as of September 30, 2022.
#	Loaned security; a portion of the security is on loan at September 30, 2022.
¢	Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the year ended September 30, 2022 is $0 which represents 0.0% of net assets.
£	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.

§	Schedule of Restricted Securities (as of September 30, 2022)
							Value as a
		Acquisition					% of Net
		Date		Cost		Value	Assets
Magic Leap Inc - Class A private equity common shares		10/5/17	$	9,254,547	$	0	0.0	%
The Fund has registration rights for certain restricted securities held as of September 30, 2022. The issuer incurs all registration costs.

Janus Investment Fund 13

Janus Henderson Global Select Fund

Notes to Schedule of Investments and Other Information

The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of September 30, 2022. 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
Aerospace & Defense	$	32,031,175	$	32,831,673	$	-
Banks		31,871,966		69,780,151		-
Beverages		44,650,482		30,707,398		-
Diversified Telecommunication Services		-		29,109,812		-
Electronic Equipment, Instruments & Components		-		55,132,550		-
Entertainment		47,424,020		18,507,707		-
Hotels, Restaurants & Leisure		22,896,245		31,988,377		-
Insurance		58,076,342		81,317,979		-
Internet & Direct Marketing Retail		-		44,095,893		-
Personal Products		-		41,774,767		-
Pharmaceuticals		84,837,903		78,410,368		-
Semiconductor & Semiconductor Equipment		-		69,307,493		-
Textiles, Apparel & Luxury Goods		35,852,744		60,957,428		-
Trading Companies & Distributors		-		29,870,557		-
All Other		889,043,613		-		-
Preferred Stocks		16,440,420		-		-
Private Placements		-		-		0
Investment Companies		-		28,298,020		-
Investments Purchased with Cash Collateral from Securities Lending		-		16,459,425		-
Total Assets	$	1,263,124,910	$	718,549,598	$	0

14 SEPTEMBER 30, 2022

Janus Henderson Global Select Fund

Statement of Assets and Liabilities

September 30, 2022

See footnotes at the end of the Statement.

Assets:
	Unaffiliated investments, at value (cost $1,690,295,637)(1)		$	1,940,208,948
	Affiliated investments, at value (cost $41,462,731)			41,465,560
	Cash denominated in foreign currency (cost $87,373)			87,691
	Trustees' deferred compensation			59,042
	Receivables:
		Investments sold		16,263,188
		Dividends		1,701,040
		Fund shares sold		943,914
		Foreign tax reclaims		334,802
		Dividends from affiliates		80,521
	Other assets			13,278
Total Assets				2,001,157,984
Liabilities:
	Due to custodian			128
	Collateral for securities loaned (Note 3)			16,459,425
	Payables:			—
		Investments purchased		19,553,089
		Fund shares repurchased		1,324,639
		Advisory fees		1,188,091
		Transfer agent fees and expenses		346,911
		Professional fees		66,318
		Trustees' deferred compensation fees		59,042
		Trustees' fees and expenses		10,361
		Affiliated fund administration fees payable		4,643
		12b-1 Distribution and shareholder servicing fees		1,925
		Custodian fees		231
		Accrued expenses and other payables		325,267
Total Liabilities				39,340,070
Net Assets			$	1,961,817,914

See Notes to Financial Statements.
Janus Investment Fund	15

Janus Henderson Global Select Fund

Statement of Assets and Liabilities

September 30, 2022

Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	1,659,785,625
	Total distributable earnings (loss)		302,032,289
Total Net Assets		$	1,961,817,914
Net Assets - Class A Shares		$	5,581,964
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		393,862
Net Asset Value Per Share(2)		$	14.17
Maximum Offering Price Per Share(3)		$	15.03
Net Assets - Class C Shares		$	563,698
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		42,001
Net Asset Value Per Share(2)		$	13.42
Net Assets - Class D Shares		$	1,459,358,417
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		103,598,144
Net Asset Value Per Share		$	14.09
Net Assets - Class I Shares		$	24,003,789
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,696,698
Net Asset Value Per Share		$	14.15
Net Assets - Class N Shares		$	21,394,623
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,515,746
Net Asset Value Per Share		$	14.11
Net Assets - Class R Shares		$	120,453
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		8,681
Net Asset Value Per Share		$	13.88
Net Assets - Class S Shares		$	82,460
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		5,802
Net Asset Value Per Share		$	14.21
Net Assets - Class T Shares		$	450,712,510
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		31,940,390
Net Asset Value Per Share		$	14.11

(1)Includes $16,052,679 of securities on loan. See Note 3 in Notes to Financial Statements.

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

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

See Notes to Financial Statements.
16	SEPTEMBER 30, 2022

Janus Henderson Global Select Fund

Statement of Operations

For the year ended September 30, 2022

Investment Income:
	Dividends		$	46,134,739
	Affiliated securities lending income, net			218,236
	Dividends from affiliates			191,060
	Unaffiliated securities lending income, net			8,017
	Other income			42,572
	Foreign tax withheld			(1,934,398)
Total Investment Income				44,660,226
Expenses:
	Advisory fees			15,410,151
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		16,974
		Class C Shares		5,571
		Class R Shares		667
		Class S Shares		271
	Transfer agent administrative fees and expenses:
		Class D Shares		2,048,754
		Class R Shares		339
		Class S Shares		272
		Class T Shares		1,391,377
	Transfer agent networking and omnibus fees:
		Class A Shares		4,323
		Class C Shares		417
		Class I Shares		19,617
	Other transfer agent fees and expenses:
		Class A Shares		467
		Class C Shares		48
		Class D Shares		406,871
		Class I Shares		1,113
		Class N Shares		955
		Class R Shares		24
		Class S Shares		16
		Class T Shares		8,116
	Shareholder reports expense			278,908
	Registration fees			127,038
	Custodian fees			106,253
	Professional fees			74,964
	Affiliated fund administration fees			60,197
	Trustees’ fees and expenses			50,779
	Other expenses			194,816
Total Expenses				20,209,298
Less: Excess Expense Reimbursement and Waivers				(103,410)
Net Expenses				20,105,888
Net Investment Income/(Loss)				24,554,338

See Notes to Financial Statements.
Janus Investment Fund	17

Janus Henderson Global Select Fund

Statement of Operations

For the year ended September 30, 2022

Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions (net of foreign taxes of $8)	$	47,143,996
	Investments in affiliates		(3,445)
Total Net Realized Gain/(Loss) on Investments			47,140,551
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and Trustees’ deferred compensation		(513,010,729)
	Investments in affiliates		2,829
Total Change in Unrealized Net Appreciation/Depreciation			(513,007,900)
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	(441,313,011)

See Notes to Financial Statements.
18	SEPTEMBER 30, 2022

Janus Henderson Global Select Fund

Statements of Changes in Net Assets

			Year ended September 30, 2022		Year ended September 30, 2021
Operations:
	Net investment income/(loss)		$	24,554,338	$	18,127,933
	Net realized gain/(loss) on investments			47,140,551		270,669,430
	Change in unrealized net appreciation/depreciation			(513,007,900)		363,289,877
Net Increase/(Decrease) in Net Assets Resulting from Operations				(441,313,011)		652,087,240
Dividends and Distributions to Shareholders:
		Class A Shares		(826,160)		(314,417)
		Class C Shares		(68,065)		(33,972)
		Class D Shares		(220,714,191)		(84,743,417)
		Class I Shares		(2,697,365)		(862,095)
		Class N Shares		(3,114,836)		(1,453,322)
		Class R Shares		(16,669)		(4,979)
		Class S Shares		(15,445)		(12,027)
		Class T Shares		(68,619,381)		(26,126,702)
Net Decrease from Dividends and Distributions to Shareholders				(296,072,112)		(113,550,931)
Capital Share Transactions:
		Class A Shares		637,559		(246,769)
		Class C Shares		170,165		(251,299)
		Class D Shares		131,997,273		(19,243,397)
		Class I Shares		9,202,478		3,345,265
		Class N Shares		2,920,908		(4,477,743)
		Class R Shares		41,900		(10,727)
		Class S Shares		(23,685)		(141,920)
		Class T Shares		34,360,785		(2,542,605)
Net Increase/(Decrease) from Capital Share Transactions				179,307,383		(23,569,195)
Net Increase/(Decrease) in Net Assets				(558,077,740)		514,967,114
Net Assets:
	Beginning of period			2,519,895,654		2,004,928,540
	End of period		$	1,961,817,914	$	2,519,895,654

See Notes to Financial Statements.
Janus Investment Fund	19

Janus Henderson Global Select Fund

Financial Highlights

Class A Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$19.70	$15.56	$15.01	$17.64	$16.16
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.14	0.10	0.10	0.14	0.09
		Net realized and unrealized gain/(loss)	(3.38)	4.91	1.10	(0.58)	1.52
	Total from Investment Operations		(3.24)	5.01	1.20	(0.44)	1.61
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.10)	(0.12)	(0.13)	(0.06)	(0.13)
		Distributions (from capital gains)	(2.19)	(0.75)	(0.52)	(2.13)	—
	Total Dividends and Distributions		(2.29)	(0.87)	(0.65)	(2.19)	(0.13)
	Net Asset Value, End of Period		$14.17	$19.70	$15.56	$15.01	$17.64
	Total Return*		(18.45)%	32.96%	7.96%	(0.72)%	9.99%
	Net Assets, End of Period (in thousands)		$5,582	$7,039	$5,788	$5,380	$4,666
	Average Net Assets for the Period (in thousands)		$6,759	$6,717	$5,354	$4,885	$4,885
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.04%	1.03%	1.06%	1.08%	1.03%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.04%	1.03%	1.06%	1.08%	1.03%
		Ratio of Net Investment Income/(Loss)	0.83%	0.56%	0.70%	0.97%	0.54%
	Portfolio Turnover Rate		56%	37%	31%	30%	41%

*Total return includes adjustments in accordance 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	SEPTEMBER 30, 2022

Janus Henderson Global Select Fund

Financial Highlights

Class C Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$18.82	$14.92	$14.42	$17.10	$15.69
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	—(2)	(0.06)	(0.04)	—(2)	(0.05)
		Net realized and unrealized gain/(loss)	(3.21)	4.71	1.06	(0.55)	1.49
	Total from Investment Operations		(3.21)	4.65	1.02	(0.55)	1.44
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	(0.03)
		Distributions (from capital gains)	(2.19)	(0.75)	(0.52)	(2.13)	—
	Total Dividends and Distributions		(2.19)	(0.75)	(0.52)	(2.13)	(0.03)
	Net Asset Value, End of Period		$13.42	$18.82	$14.92	$14.42	$17.10
	Total Return*		(19.14)%	31.84%	7.00%	(1.55)%	9.15%
	Net Assets, End of Period (in thousands)		$564	$586	$676	$1,197	$2,229
	Average Net Assets for the Period (in thousands)		$609	$650	$1,005	$1,534	$2,591
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.16%	2.14%	2.01%	1.94%	1.84%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.87%	1.88%	1.91%	1.94%	1.84%
		Ratio of Net Investment Income/(Loss)	0.02%	(0.33)%	(0.26)%	(0.01)%	(0.27)%
	Portfolio Turnover Rate		56%	37%	31%	30%	41%

*Total return includes adjustments in accordance 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	21

Janus Henderson Global Select Fund

Financial Highlights

Class D Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$19.60	$15.47	$14.93	$17.55	$16.06
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.18	0.14	0.13	0.17	0.13
		Net realized and unrealized gain/(loss)	(3.36)	4.88	1.10	(0.57)	1.51
	Total from Investment Operations		(3.18)	5.02	1.23	(0.40)	1.64
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.14)	(0.14)	(0.17)	(0.09)	(0.15)
		Distributions (from capital gains)	(2.19)	(0.75)	(0.52)	(2.13)	—
	Total Dividends and Distributions		(2.33)	(0.89)	(0.69)	(2.22)	(0.15)
	Net Asset Value, End of Period		$14.09	$19.60	$15.47	$14.93	$17.55
	Total Return*		(18.25)%	33.28%	8.18%	(0.51)%	10.22%
	Net Assets, End of Period (in thousands)		$1,459,358	$1,876,374	$1,494,051	$1,493,415	$1,615,089
	Average Net Assets for the Period (in thousands)		$1,787,127	$1,803,402	$1,455,934	$1,479,323	$1,629,405
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.82%	0.82%	0.84%	0.85%	0.84%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.82%	0.82%	0.84%	0.85%	0.84%
		Ratio of Net Investment Income/(Loss)	1.04%	0.77%	0.91%	1.15%	0.75%
	Portfolio Turnover Rate		56%	37%	31%	30%	41%

*Total return includes adjustments in accordance 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	SEPTEMBER 30, 2022

Janus Henderson Global Select Fund

Financial Highlights

Class I Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$19.68	$15.53	$14.99	$17.61	$16.12
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.19	0.16	0.14	0.19	0.15
		Net realized and unrealized gain/(loss)	(3.38)	4.89	1.10	(0.58)	1.49
	Total from Investment Operations		(3.19)	5.05	1.24	(0.39)	1.64
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.15)	(0.15)	(0.18)	(0.10)	(0.15)
		Distributions (from capital gains)	(2.19)	(0.75)	(0.52)	(2.13)	—
	Total Dividends and Distributions		(2.34)	(0.90)	(0.70)	(2.23)	(0.15)
	Net Asset Value, End of Period		$14.15	$19.68	$15.53	$14.99	$17.61
	Total Return*		(18.23)%	33.31%	8.25%	(0.39)%	10.22%
	Net Assets, End of Period (in thousands)		$24,004	$22,347	$14,853	$17,024	$17,043
	Average Net Assets for the Period (in thousands)		$22,980	$19,681	$16,194	$16,875	$15,444
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.77%	0.77%	0.78%	0.80%	0.77%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.77%	0.77%	0.78%	0.80%	0.77%
		Ratio of Net Investment Income/(Loss)	1.12%	0.83%	0.91%	1.27%	0.86%
	Portfolio Turnover Rate		56%	37%	31%	30%	41%

*Total return includes adjustments in accordance 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	23

Janus Henderson Global Select Fund

Financial Highlights

Class N Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$19.64	$15.50	$14.96	$17.58	$16.09
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.20	0.17	0.14	0.19	0.16
		Net realized and unrealized gain/(loss)	(3.37)	4.88	1.12	(0.56)	1.50
	Total from Investment Operations		(3.17)	5.05	1.26	(0.37)	1.66
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.17)	(0.16)	(0.20)	(0.12)	(0.17)
		Distributions (from capital gains)	(2.19)	(0.75)	(0.52)	(2.13)	—
	Total Dividends and Distributions		(2.36)	(0.91)	(0.72)	(2.25)	(0.17)
	Net Asset Value, End of Period		$14.11	$19.64	$15.50	$14.96	$17.58
	Total Return*		(18.21)%	33.41%	8.38%	(0.28)%	10.34%
	Net Assets, End of Period (in thousands)		$21,395	$26,130	$24,271	$37,810	$33,278
	Average Net Assets for the Period (in thousands)		$25,204	$27,543	$29,294	$31,647	$33,126
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.69%	0.68%	0.68%	0.69%	0.68%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.69%	0.68%	0.68%	0.69%	0.68%
		Ratio of Net Investment Income/(Loss)	1.18%	0.90%	0.97%	1.32%	0.92%
	Portfolio Turnover Rate		56%	37%	31%	30%	41%

*Total return includes adjustments in accordance 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.
24	SEPTEMBER 30, 2022

Janus Henderson Global Select Fund

Financial Highlights

Class R Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$19.36	$15.29	$14.76	$17.39	$15.99
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.05	—(2)	0.01	0.05	—(2)
		Net realized and unrealized gain/(loss)	(3.31)	4.82	1.08	(0.55)	1.49
	Total from Investment Operations		(3.26)	4.82	1.09	(0.50)	1.49
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.03)	—	(0.04)	—	(0.09)
		Distributions (from capital gains)	(2.19)	(0.75)	(0.52)	(2.13)	—
	Total Dividends and Distributions		(2.22)	(0.75)	(0.56)	(2.13)	(0.09)
	Net Asset Value, End of Period		$13.88	$19.36	$15.29	$14.76	$17.39
	Total Return*		(18.89)%	32.19%	7.29%	(1.21)%	9.32%
	Net Assets, End of Period (in thousands)		$120	$123	$107	$188	$230
	Average Net Assets for the Period (in thousands)		$135	$118	$170	$198	$459
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	3.67%	3.94%	3.20%	2.95%	1.76%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.62%	1.60%	1.63%	1.63%	1.56%
		Ratio of Net Investment Income/(Loss)	0.27%	(0.02)%	0.05%	0.37%	0.01%
	Portfolio Turnover Rate		56%	37%	31%	30%	41%

*Total return includes adjustments in accordance 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	25

Janus Henderson Global Select Fund

Financial Highlights

Class S Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$19.71	$15.57	$15.02	$17.74	$16.24
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.08	0.03	0.06	0.10	0.04
		Net realized and unrealized gain/(loss)	(3.39)	4.93	1.09	(0.58)	1.53
	Total from Investment Operations		(3.31)	4.96	1.15	(0.48)	1.57
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.07)	(0.08)	(0.11)	(0.07)
		Distributions (from capital gains)	(2.19)	(0.75)	(0.52)	(2.13)	—
	Total Dividends and Distributions		(2.19)	(0.82)	(0.60)	(2.24)	(0.07)
	Net Asset Value, End of Period		$14.21	$19.71	$15.57	$15.02	$17.74
	Total Return*		(18.75)%	32.57%	7.61%	(0.97)%	9.69%
	Net Assets, End of Period (in thousands)		$82	$139	$227	$248	$251
	Average Net Assets for the Period (in thousands)		$108	$189	$231	$234	$259
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	3.97%	2.76%	2.48%	2.47%	1.75%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.37%	1.36%	1.37%	1.36%	1.29%
		Ratio of Net Investment Income/(Loss)	0.42%	0.16%	0.38%	0.66%	0.25%
	Portfolio Turnover Rate		56%	37%	31%	30%	41%

*Total return includes adjustments in accordance 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.
26	SEPTEMBER 30, 2022

Janus Henderson Global Select Fund

Financial Highlights

Class T Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$19.63	$15.50	$14.96	$17.57	$16.08
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.17	0.13	0.12	0.16	0.12
		Net realized and unrealized gain/(loss)	(3.37)	4.88	1.10	(0.57)	1.51
	Total from Investment Operations		(3.20)	5.01	1.22	(0.41)	1.63
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.13)	(0.13)	(0.16)	(0.07)	(0.14)
		Distributions (from capital gains)	(2.19)	(0.75)	(0.52)	(2.13)	—
	Total Dividends and Distributions		(2.32)	(0.88)	(0.68)	(2.20)	(0.14)
	Net Asset Value, End of Period		$14.11	$19.63	$15.50	$14.96	$17.57
	Total Return*		(18.36)%	33.15%	8.08%	(0.54)%	10.17%
	Net Assets, End of Period (in thousands)		$450,713	$587,159	$464,956	$484,175	$533,974
	Average Net Assets for the Period (in thousands)		$554,055	$561,617	$464,019	$481,731	$539,796
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.92%	0.92%	0.92%	0.93%	0.92%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.91%	0.91%	0.91%	0.92%	0.91%
		Ratio of Net Investment Income/(Loss)	0.96%	0.68%	0.83%	1.08%	0.68%
	Portfolio Turnover Rate		56%	37%	31%	30%	41%

*Total return includes adjustments in accordance 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	27

Janus Henderson Global Select Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus Henderson Global Select Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 39 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC (formerly Janus Capital Management LLC) is the investment adviser (the “Adviser”) to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors, 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, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (formerly Janus Distributors LLC) (the “Distributor”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

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

28 SEPTEMBER 30, 2022

Janus Henderson Global Select Fund

Notes to Financial Statements

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The 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

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The 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 Adviser-approved pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a 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 valuation policies provide for the use of systematic fair valuation models provided by independent pricing services to value foreign 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 29

Janus Henderson Global Select Fund

Notes to Financial Statements

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

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

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

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of September 30, 2022 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.

The Fund did not hold a significant amount of Level 3 securities as of September 30, 2022.

Investment Transactions and Investment Income

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

Expenses

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Indemnifications

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

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

30 SEPTEMBER 30, 2022

Janus Henderson Global Select Fund

Notes to Financial Statements

date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

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

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

Dividends and Distributions

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

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

Federal Income Taxes

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

2. Other Investments and Strategies

Additional Investment Risk

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 in response to the COVID-19 pandemic. This and other government intervention into the economy and financial markets to address the COVID-19 pandemic may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Government actions to mitigate the economic impact of the pandemic have resulted in a large expansion of government deficits and debt, the long term consequences of which are not known. The COVID-19 pandemic could adversely affect the value and liquidity of a Fund’s investments, impair a Fund’s ability to satisfy redemption requests, and negatively impact a Fund’s performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

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

Janus Investment Fund 31

Janus Henderson Global Select Fund

Notes to Financial Statements

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 the Adviser 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.

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. Among other things, these developments have adversely affected the value and exchange rate of the euro and pound sterling, and may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse effect on the Fund’s investments in such countries, other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.

Counterparties

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.

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. Emerging market countries in which the Fund may invest include frontier market countries, the economies of which are less developed than other emerging market countries. To the extent that the Fund invests a significant amount of its assets in one or more of these countries, its returns and net asset value may be affected to a large degree by events and economic conditions in such countries. The risks of foreign investing are heightened when investing in emerging markets, which may result in the price of investments in emerging markets experiencing sudden and sharp price swings. In many developing markets, there is less government supervision and regulation of stock exchanges, brokers, and listed companies, making these investments potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. Similarly, issuers in such markets may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which U.S. companies are subject. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and

32 SEPTEMBER 30, 2022

Janus Henderson Global Select Fund

Notes to Financial Statements

trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the Fund’s investments may be denominated in foreign currencies and therefore, changes in the value of a country’s currency compared to the U.S. dollar may affect the value of the Fund’s investments. To the extent that the Fund invests a significant portion of its assets in the securities of issuers in or companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund’s performance. Developing countries may also experience a higher level of exposure and vulnerability to the adverse effects of climate change. This can be attributed to both the geographic location of emerging market countries and/or a country’s lack of access to technology or resources to adjust and adapt to its effects. An increased occurrence and severity of natural disasters and extreme weather events such as droughts and decreased crop yields, heat waves, flooding and rising sea levels, and increased spread of disease, could cause harmful effects to the performance of affected economies. Additionally, foreign and emerging market risks, including, but not limited to, price controls, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, nationalization, and restrictions on repatriation of assets may be heightened to the extent the Fund invests in Chinese local market securities.

Restricted Security Transactions

Restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of the Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist.

Securities Lending

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the SEC. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.

Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

Janus Investment Fund 33

Janus Henderson Global Select Fund

Notes to Financial Statements

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

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of September 30, 2022, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $16,052,679. Gross amounts of recognized liabilities for securities lending (collateral received) as of September 30, 2022 is $16,459,425, resulting in the net amount due to the counterparty of $406,746.

Offsetting Assets and Liabilities

The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

The Offsetting Assets and Liabilities table located in the Schedule of Investments presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the Fund's Schedule of Investments.

3. Investment Advisory Agreements and Other Transactions with Affiliates

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

The Adviser has contractually agreed to waive the investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, 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 payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.87% of the Fund’s average daily net assets. The Adviser has agreed to continue the waivers for at least one-year period ending January 28, 2022. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (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 the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $502,935 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 2022. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

Janus Henderson Services US LLC (formerly Janus Services LLC) (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder

34 SEPTEMBER 30, 2022

Janus Henderson Global Select Fund

Notes to Financial Statements

services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

Average Daily Net Assets of Class D Shares of the Janus Henderson funds	Administrative Services Fee
Under $40 billion	0.12%
$40 billion – $49.9 billion	0.10%
Over $49.9 billion	0.08%

During the reporting period, the administrative services fee rate was 0.11%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class R Shares, Class S Shares, and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares, and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R Shares, Class S Shares, and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, of up to 0.50% of the Class R Shares' average daily net assets, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the year ended September 30, 2022, the Distributor retained upfront sales charges of $1,105.

Janus Investment Fund 35

Janus Henderson Global Select Fund

Notes to Financial Statements

A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the year ended September 30, 2022.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class C Shares during the year ended September 30, 2022.

The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of September 30, 2022 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended September 30, 2022 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $436,813 were paid by the Trust to the Trustees under the Deferred Plan during the year ended September 30, 2022.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests 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.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended September 30, 2022 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

The Fund is permitted to purchase or sell securities (“cross-trade”) between itself and other funds or accounts managed by the Adviser in accordance with Rule 17a-7 under the Investment Company Act of 1940 (“Rule 17a-7”), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust’s Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the year ended September 30, 2022, the Fund engaged in cross trades amounting to $1,029,750 in purchases.

36 SEPTEMBER 30, 2022

Janus Henderson Global Select Fund

Notes to Financial Statements

As of September 30, 2022, shares of the Fund were owned by affiliates of the Adviser, and/or other funds advised by the Adviser, as indicated in the table below:

Class	% of Class Owned		% of Fund Owned
Class A Shares	-	%	-	%
Class C Shares	-		-
Class D Shares	-		-
Class I Shares	-		-
Class N Shares	80		1
Class R Shares	-		-
Class S Shares	-		-
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

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.

Other book to tax differences primarily consist of deferred compensation. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ 19,917,902	$ 35,215,037	$ -	$ -	$ -	$ (196,202)	$247,095,552

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 2022 are noted below. The primary difference 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)
$ 1,734,578,956	$375,821,367	$(128,725,815)	$ 247,095,552

Janus Investment Fund 37

Janus Henderson Global Select Fund

Notes to Financial Statements

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.

For the year ended September 30, 2022
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 35,803,205	$ 260,268,907	$ -	$ -

For the year ended September 30, 2021
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 36,610,566	$ 76,940,365	$ -	$ -

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. The following reclassifications have been made to the Fund:

Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ 1,125,174	$ (4,632,625)	$ 3,507,451

Capital has been adjusted by $1,125,182, including $717,834 of long-term capital gain, for distributions in connection with Fund share redemptions (tax equalization).

38 SEPTEMBER 30, 2022

Janus Henderson Global Select Fund

Notes to Financial Statements

5. Capital Share Transactions

	Year ended September 30, 2022		Year ended September 30, 2021
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	45,159	$ 797,321	26,042	$ 483,191
Reinvested dividends and distributions	43,875	750,710	16,436	285,002
Shares repurchased	(52,420)	(910,472)	(57,117)	(1,014,962)
Net Increase/(Decrease)	36,614	$ 637,559	(14,639)	$ (246,769)
Class C Shares:
Shares sold	12,911	$ 201,178	3,454	$ 64,583
Reinvested dividends and distributions	4,173	68,065	2,038	33,972
Shares repurchased	(6,217)	(99,078)	(19,642)	(349,854)
Net Increase/(Decrease)	10,867	$ 170,165	(14,150)	$ (251,299)
Class D Shares:
Shares sold	1,789,338	$ 30,973,256	2,203,328	$ 41,284,931
Reinvested dividends and distributions	12,616,979	214,236,297	4,780,532	82,320,764
Shares repurchased	(6,550,382)	(113,212,280)	(7,797,820)	(142,849,092)
Net Increase/(Decrease)	7,855,935	$ 131,997,273	(813,960)	$(19,243,397)
Class I Shares:
Shares sold	700,589	$ 11,575,199	273,675	$ 5,140,916
Reinvested dividends and distributions	151,400	2,581,372	47,200	815,610
Shares repurchased	(291,023)	(4,954,093)	(141,642)	(2,611,261)
Net Increase/(Decrease)	560,966	$ 9,202,478	179,233	$ 3,345,265
Class N Shares:
Shares sold	217,485	$ 3,531,454	193,821	$ 3,594,074
Reinvested dividends and distributions	183,226	3,114,836	84,348	1,453,322
Shares repurchased	(215,725)	(3,725,382)	(513,747)	(9,525,139)
Net Increase/(Decrease)	184,986	$ 2,920,908	(235,578)	$ (4,477,743)
Class R Shares:
Shares sold	1,868	$ 33,827	255	$ 4,687
Reinvested dividends and distributions	977	16,461	287	4,911
Shares repurchased	(510)	(8,388)	(1,204)	(20,325)
Net Increase/(Decrease)	2,335	$ 41,900	(662)	$ (10,727)
Class S Shares:
Shares sold	187	$ 3,213	248	$ 4,464
Reinvested dividends and distributions	897	15,445	692	12,027
Shares repurchased	(2,324)	(42,343)	(8,458)	(158,411)
Net Increase/(Decrease)	(1,240)	$ (23,685)	(7,518)	$ (141,920)
Class T Shares:
Shares sold	2,015,918	$ 35,089,015	1,900,455	$ 35,428,430
Reinvested dividends and distributions	3,930,772	66,901,743	1,481,771	25,560,543
Shares repurchased	(3,922,873)	(67,629,973)	(3,460,887)	(63,531,578)
Net Increase/(Decrease)	2,023,817	$ 34,360,785	(78,661)	$ (2,542,605)

6. Purchases and Sales of Investment Securities

For the year ended September 30, 2022, 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
$1,312,265,927	$1,402,180,226	$ -	$ -

Janus Investment Fund 39

Janus Henderson Global Select Fund

Notes to Financial Statements

7. Recent Accounting Pronouncements

The FASB issued Accounting Standards Update 2022-03: Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”) in June 2022. The new guidance in the ASU clarifies existing guidance in ASC 820 related to the fair value measurement of an equity security subject to contractual sale restrictions with the intent to reduce diversity in interpretation. Under the guidance, a contractual restriction on the sale of an equity security would not be considered when measuring fair value as such restriction is not treated as part of the equity security’s unit of account. The amendments would be applied prospectively on or after adoption date to equity securities with a contract containing a sale restriction that is executed or modified after such date. The effective date set by the FASB is December 15, 2023, with early adoption permitted. The Adviser is currently evaluating whether to early adopt and does not anticipate it to have a material impact on the Fund.

8. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to September 30, 2022 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.

40 SEPTEMBER 30, 2022

Janus Henderson Global Select Fund

Report of Independent Registered Public Accounting Firm

TotheBoard of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Global Select Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Global Select Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2022, the related statement of operations for the year ended September 30, 2022, the statements of changes in net assets for each of the two years in the period ended September 30, 2022,including the related notes,and the financial highlightsfor each of the five years in the period ended September 30, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2022 and the financial highlights for each of the five years in the period ended September 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Denver, Colorado

November 28, 2022

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

Janus Investment Fund 41

Janus Henderson Global Select 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 (each, a “Fund,” and collectively, the “Funds” and 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 agreement for each Janus Henderson Fund that utilizes a subadviser.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (formerly, Janus Capital Management LLC) (the “Adviser”) and the subadviser 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 meetings held on November 3-4, 2021 and December 7-8, 2021, the Trustees’ evaluated the information provided by the Adviser, the subadviser, and the independent fee consultant, as well as other information addressed during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser and each subadviser, as applicable, were fair and reasonable in light of the nature, extent and quality of the services provided by the Adviser, its affiliates and the subadviser, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund and the subadvisory agreement for each subadvised Janus Henderson Fund, for the period from February 1, 2022 through February 1, 2023, subject to earlier termination as provided for in each agreement.

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

Nature, Extent and Quality of Services

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

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Janus Henderson Global Select Fund

Additional Information (unaudited)

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 the Adviser and the 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 the Adviser or the subadviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

The Trustees concluded that the nature, extent and quality of the services provided by the Adviser and 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 the Adviser and the subadviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and each 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, 2021, approximately 55% of the Janus Henderson Funds were in the top two quartiles of performance versus Broadridge peers, and for the 12 months ended September 30, 2021, approximately 45% 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 second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving

Janus Investment Fund 43

Janus Henderson Global Select Fund

Additional Information (unaudited)

Fixed-Income Funds

·For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·For Janus Developed World Bond Fund, the Trustees noted the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

Global and International Equity Funds

·For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the

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Janus Henderson Global Select Fund

Additional Information (unaudited)

Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

Money Market Funds

·For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was 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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

Janus Investment Fund 45

Janus Henderson Global Select Fund

Additional Information (unaudited)

·For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser 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 bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser and subadviser had taken or were taking to improve performance.

·For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson International Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser and subadviser had taken or were taking to improve performance.

·For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser and subadviser had taken or were taking to improve performance.

U.S. Equity Funds

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

·For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

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Janus Henderson Global Select Fund

Additional Information (unaudited)

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 the Adviser out of its management fees collected from such Janus Henderson Fund.

The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge Expense Group peers; and (3) and the management fees for the Janus Henderson Funds, on average, were 6% 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.

The Trustees considered the methodology used by the Adviser and 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 the Adviser and subadviser to comparable separate account clients and to comparable non-affiliated funds subadvised by the Adviser or subadviser (for which the Adviser 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 the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser 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; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged to Janus Henderson subadvised fund and separate account investors; and (4) as part of its 2020 review, 9 of 10 Janus Henderson Funds have lower management fees than similar funds subadvised by the Adviser.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2020, including the VIT Portfolios, and noted the following with regard to each VIT Portfolio’s total expenses, net of applicable fee waivers (the VIT Portfolio’s “total expenses”):

Janus Investment Fund 47

Janus Henderson Global Select Fund

Additional Information (unaudited)

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 the Adviser 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.

·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 the Adviser 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 the Adviser 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 one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser 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 the Adviser 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 the Adviser has contractually agreed to limit the Fund’s expenses.

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

·For Janus Henderson Short Duration 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 the Adviser 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 the Adviser 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 certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser 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 the Adviser has contractually agreed to limit the Fund’s expenses.

·For Janus Henderson Global Equity Income 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 the Adviser 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.

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Janus Henderson Global Select Fund

Additional Information (unaudited)

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

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

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

Money Market Funds

·For Janus Henderson Government 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 the Adviser has voluntarily agreed to limit the Fund’s expenses to assist the Fund in attempting to maintain a yield of at least 0.00%.

·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 the Adviser has agreed to limit the Fund’s expenses to assist the Fund in attempting to maintain a yield of at least 0.00%.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted 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 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 the Adviser 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 the Adviser 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

Janus Investment Fund 49

Janus Henderson Global Select Fund

Additional Information (unaudited)

that the Adviser 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 the Adviser 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 the Adviser 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, 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 the Adviser 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 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 the Adviser 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.

·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 the Adviser 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 the Adviser 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 Mid Cap Value Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

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

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by

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Janus Henderson Global Select Fund

Additional Information (unaudited)

numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser and 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 the Adviser 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 the Adviser 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 the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser and its affiliates, as well as the fees paid by the Adviser to the subadviser 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 the Adviser and the subadviser 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 the Adviser and subadviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

Economies of Scale

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 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 75% of these Janus Henderson Funds’ have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. The Trustees also noted the following: (1) that for those Janus Henderson Funds whose expenses are being reduced by the contractual expense limitations of the Adviser, the Adviser is subsidizing certain of these Janus Henderson Funds because they have not reached adequate scale; (2) 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 (3) 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 the Adviser 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 the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, the Adviser appeared to be investing to increase the likelihood that these Janus

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Additional Information (unaudited)

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 the Adviser.

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

Other Benefits to the Adviser

The Trustees also considered benefits that accrue to the Adviser and its affiliates and subadviser to the Janus Henderson Funds from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by 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 the Adviser and/or the Adviser, and/or subadviser to a Janus Henderson Fund. The Trustees concluded that the Adviser’s and the subadviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates and subadviser pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser and the subadviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser and the subadviser 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 the Adviser’s and/or the subadviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser and/or other clients of the subadviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser, the subadviser or other Janus Henderson funds, and that the success of the Adviser and the subadviser could enhance the Adviser’s and the subadviser’s ability to serve the Janus Henderson Funds.

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Janus Henderson Global Select Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

The Management Commentary in this report includes valuable insight as well as statistical information to help you understand how your Fund’s performance and characteristics stack up against those of comparable indices.

If the Fund invests in foreign securities, this report may include information about country exposure. Country exposure is based primarily on 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.

Please keep in mind that the opinions expressed in the Management Commentary are just that: opinions. They are a reflection based on best judgment at the time this report was compiled, which was September 30, 2022. As the investing environment changes, so could opinions. These views are unique and are not necessarily shared by fellow employees or by Janus Henderson in general.

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 the Adviser 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. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by Bloomberg 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.

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Janus Henderson Global Select Fund

Useful Information About Your Fund Report (unaudited)

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.

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.

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.

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Useful Information About Your Fund Report (unaudited)

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 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.

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Janus Henderson Global Select Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2022:

Capital Gain Distributions	$260,986,739
Dividends Received Deduction Percentage	97%
Qualified Dividend Income Percentage	100%

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Janus Henderson Global Select Fund

Trustees and Officers (unaudited)

The following are the Trustees and officers of the Trust, together with a brief description of their principal occupations during the last five years (principal occupations for certain Trustees may include periods over five years). The Fund’s Statement of Additional Information includes additional information about the Trustees and officers and is available, without charge, by calling 1-877-335-2687.

Each Trustee has served in that capacity since he or she was originally elected or appointed. The Trustees do not serve a specified term of office. Each Trustee will hold office until the termination of the Trust or his or her earlier death, resignation, retirement, incapacity, or removal. Under the Fund’s Governance Procedures and Guidelines, the policy is for Trustees to retire no later than the end of the calendar year in which the Trustee turns 75. The Trustees review the Fund’s Governance Procedures and Guidelines from time to time and may make changes they deem appropriate. The Fund’s Nominating and Governance Committee will consider nominees for the position of Trustee recommended by shareholders. Shareholders may submit the name of a candidate for consideration by the Committee by submitting their recommendations to the Trust’s Secretary. Each Trustee is currently a Trustee of one other registered investment company advised by the Adviser: Janus Aspen Series. Collectively, these two registered investment companies consist of 50 series or funds referred to herein as the Fund Complex.

The Trust’s officers are elected annually by the Trustees for a one-year term. Certain officers also serve as officers of Janus Aspen Series. Certain officers of the Fund may also be officers and/or directors of the Adviser. Except as otherwise disclosed, Fund officers receive no compensation from the Fund, except for the Fund’s Chief Compliance Officer, as authorized by the Trustees.

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Janus Henderson Global Select Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Chairman Trustee	5/22-Present 1/13-Present	Principal, Curam Holdings LLC (since 2018). Formerly, Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm) (2012-2018), Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	50	Advisory Board Member of AEW Core Property Trust (open-end property fund) (since 2020), and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016), Director of Nuveen Global Investors LLC (2007-2011), Director of Communities in Schools (2004-2010), and Director of Mutual Fund Education Alliance (until 2010).
Cheryl D. Alston 151 Detroit Street Denver, CO 80206 DOB: 1966	Trustee	8/22-Present	Executive Director and Chief Investment Officer, Employees’ Retirement Fund of the City of Dallas (since 2004).	50	Director of Blue Cross Blue Shield of Kansas City (a not-for-profit health insurance provider) (since 2016) and Director of Global Life Insurance (life and supplemental health insurance provider) (since 2017). Formerly, Director of Federal Home Loan Bank of Dallas (2017-2021).

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Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000), and Chief Investment Officer (1987-1994) and Vice Chairman and Director (1990-1994) of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	50	Member, Limited Partner Advisory Committee, Karmel Capital Fund III (later stage growth fund) (since 2022), Member of the Investment Committee for the Orange County Community Foundation (a grantmaking foundation) (since 2020), Advisory Board Member, RevOZ Fund LP and related funds (real estate investments for opportunity zones) (since 2020), and Advisory Board Member, Innovate Partners Emerging Growth and Equity Fund I (early stage venture capital fund) (since 2014). Formerly, Managing Trustee of National Retirement Partners Liquidating Trust (2013-2016), Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (2005-2013), Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009), Director of RemedyTemp, Inc. (temporary help services company) (1996-2006), and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).

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Janus Henderson Global Select Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Founder, Daraja Capital (advisory and investment firm) (since 2016). Formerly, Senior Vice President and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (2011-2021), and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	50	Member of the Investment Committee for Cooper Union (private college) (since 2021), Board Member, Van Alen Institute (nonprofit architectural and design organization) (since 2019), and Director of Brightwood Capital Advisors, LLC (since 2014).

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Janus Henderson Global Select Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Darrell B. Jackson 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	8/22-Present	President and Chief Executive Officer, The Efficace Group Inc. (since 2018). Formerly, President and Chief Executive Officer, Seaway Bank and Trust Company (community bank) (2014-2015), and Executive Vice President and Co-President, Wealth Management (2009-2014), and several senior positions, including Group Executive, Senior Vice President, and Vice President (1995-2009) of Northern Trust Company (financial services company) (1995-2014).	50	Director of Amalgamated Financial Corp (bank) (since August 2021), Director of YR Media (a not-for-profit production company) (since 2021), and Director of Gray-Bowen-Scott (transportation project consulting firm) (since April 2020). Formerly, Director of Delaware Place Bank (closely held commercial bank) (2016-2018) and Director of Seaway Bank and Trust Company (2014-2015).

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Janus Henderson Global Select Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Trustee	6/02-Present	Chief Executive Officer, muun chi LLC (organic food business) (since 2022) and Independent Consultant (since 2019). Formerly, Chief Operating Officer, muun chi LLC (2020-2022), Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (2016-2019), Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations) (2009-2016), Chief Executive Officer, Imprint Capital Advisors (impact investment firm) (2013-2015), and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	50	Chairman of the Board and Trustee of The Investment Fund for Foundations Investment Program (TIP) (consisting of 1 fund) (since 2008). Formerly, Director of the F.B. Heron Foundation (a private grantmaking foundation) (2006-2022), and Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds) (2016-2021).

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Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company.	50	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013). Formerly, Director, West Bend Mutual Insurance Company (property/casualty insurance) (2013-2021), Trustee of Northwestern Mutual Life Insurance Company (2010-2013), and Director of Frank Russell Company (global asset management firm) (2008-2013).
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired. Formerly, Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006) and Treasurer for Driehaus Mutual Funds (1996-2002).	50	Formerly, Director of Family Service of Lake County (2019-2021), Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017), Independent Trustee, State Farm Associates’ Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017).

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Janus Henderson Global Select Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	50	Director of Chicago Community Trust (Regional Community Foundation), Lurie Children’s Hospital (Chicago, IL), and Shirley Ryan Ability Lab. Formerly, Director of Wrapports, LLC (until 2022), Director of Chicago Council on Global Affairs (until 2019), InnerWorkings (until 2019) and Director of Walmart (until 2017).

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Janus Henderson Global Select Fund

Trustees and Officers (unaudited)

OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
George P. Maris 151 Detroit Street Denver, CO 80206 DOB: 1968	Executive Vice President and Co-Portfolio Manager Janus Henderson Global Select Fund	8/12-Present	Co-Head of Equities - Americas of Janus Henderson Investors and Portfolio Manager for other Janus Henderson accounts.
Julian McManus 151 Detroit Street Denver, CO 80206 DOB: 1970	Executive Vice President and Co-Portfolio Manager Janus Henderson Global Select Fund	1/18-Present	Portfolio Manager for other Janus Henderson accounts and Analyst for the Adviser.
Michelle Rosenberg 151 Detroit Street Denver, CO 80206 DOB: 1973	President and Chief Executive Officer	9/22-Present	General Counsel and Corporate Secretary of Janus Henderson Investors (since 2018). Formerly, Interim President and Chief Executive Officer of the Trust and Janus Aspen Series (2022), Senior Vice President and Head of Legal, North America of Janus Henderson Investors (2017-2018) and Deputy General Counsel of Janus Henderson US (Holdings) Inc. (2015-2018).
Kristin Mariani 151 Detroit Street Denver, CO 80206 DOB: 1966	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	7/20-Present	Head of Compliance, North America for Janus Henderson Investors (since September 2020) and Chief Compliance Officer for Janus Henderson Investors US LLC (since September 2017). Formerly, Global Head of Investment Management Compliance for Janus Henderson Investors (February 2019 - August 2020), Vice President, Head of Global Distribution Compliance and Chief Compliance Officer of Janus Henderson Distributors US LLC (May 2017 – September 2017), Vice President, Compliance at Janus Henderson US (Holdings) Inc., Janus Henderson Investors US LLC, and Janus Henderson Distributors US LLC (2009-2017).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

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Trustees and Officers (unaudited)

OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Head of U.S. Fund Administration, Janus Henderson Investors and Janus Henderson Services US LLC.
Abigail J. Murray 151 Detroit Street Denver, CO 80206 DOB: 1975	Vice President, Chief Legal Officer, and Secretary	12/20-Present	Managing Counsel (2020-present). Formerly, Senior Counsel for Invesco Ltd. (2017-2020), and Vice President and Senior Counsel, ALPS Fund Services, Inc. and Assistant General Counsel, ALPS Advisors, Inc. (2015-2017).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

66 SEPTEMBER 30, 2022

Janus Henderson Global Select Fund

Notes

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Janus Investment Fund 67

Janus Henderson Global Select Fund

Notes

NotesPage2

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Janus Henderson Global Select Fund

Notes

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Janus Investment Fund 69

This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Janus Henderson Distributors US LLC
	125-02-93046 11-22

	ANNUAL REPORT September 30, 2022
Janus Henderson Global Sustainable Equity Fund
Janus Investment Fund
		HIGHLIGHTS ·Portfolio management perspective ·Investment strategy behind your fund ·Fund performance, characteristics and holdings

Table of Contents

Janus Henderson Global Sustainable Equity Fund

Management Commentary 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
Report of Independent Registered Public Accounting Firm	37
Additional Information	38
Useful Information About Your Fund Report	49
Designation Requirements	52
Trustees and Officers	53

Janus Henderson Global Sustainable Equity Fund (unaudited)

FUND SNAPSHOT We believe there is a strong link between sustainable development, innovation, and long-term compounding growth. Our investment framework seeks to invest in companies whose products and services are considered to have a positive impact on the environment and society, while at the same time helping us stay on the right side of disruption. We believe this approach will provide clients with a persistent return source, deliver future compound growth, and help mitigate downside risk. Aaron Scully co-portfolio manager Hamish Chamberlayne co-portfolio manager

PERFORMANCE

The Janus Henderson Global Sustainable Equity Fund Class I Shares returned -25.97% for the 12-month period ended September 30, 2022, underperforming its benchmark, the MSCI World Index^SM, which returned -19.63%.

INVESTMENT ENVIRONMENT

Volatility was the overarching feature of global stock markets over the 12 months, as higher inflation, tightening monetary policy, and slowing global growth caused dislocations in markets.

The period started strongly; investors put aside uncertainty around higher inflation, hawkish central banks, and worries about the Omicron variant of COVID-19, with global stock markets ending the fourth quarter of 2021 positively. However, positive investor sentiment waned in 2022 as the U.S. raised rates for the first time in over three years and increased expectations of further tightening.

War in Europe also shocked markets, with Russia’s invasion of Ukraine having devasting effects on Ukraine and energy supplies more broadly. Given that Russia supplies much of the world’s energy, its threat to restrict supply spurred a rise in oil and gas prices, adding to inflationary pressures. On the plus side, this move also served as an incentive for Western countries to become more self-sufficient in energy generation. In China, the re-emergence of COVID-19 and the resulting lockdowns, combined with uncertainty following the Chinese government’s attempts to control housing market speculation, added to the risk-off environment, with weakness in Chinese markets spreading to other parts of Asia.

Market sentiment weakened further in the second half as ongoing supply chain issues, surging energy costs, and higher food prices pushed inflation to multi-decade highs in major economies. Developed market central banks responded by increasing the pace of rate hikes, forcing equity markets lower. In this environment, investors moved away from companies that rely on global supply chains, prompting many to look at reshoring and seeking ways to reduce dependence on external suppliers. More generally, equity valuations contracted, and many markets entered “bear market” territory.

Alongside economic volatility, extreme weather continued to feature as a major global issue. The effects of climate change appeared unrelentingly, with droughts and wildfires around the globe and severe flooding across the U.S., Brazil, China, and Pakistan. A combination of flooding and infrastructure failure led to a drinking water crisis in Jackson, Mississippi, providing yet another acute example of the detrimental social impact of extreme weather. As we look at these events, we remain as convinced as ever in the need for countries to invest in the areas that we regard as crucial for the next decade: energy security, economic resilience, and supply chain re-localization.

Global events meant that governments around the world started to focus on the aforementioned secular trends and move toward achieving the goals set out in the delayed 2021 United Nations Climate Change Conference (COP26), which took place at the end of 2021. We see evidence of this in many places, and the passing of the Inflation Reduction Act by the U.S. Congress in August was a step in this direction. The legislation aims to control inflation, develop the country’s infrastructure, and promote cleaner energy by investing in domestic generation. This will put the U.S. economy on a pathway to net zero and we think it is likely to be an essential factor in driving investment and creating jobs for the economy. The bill also incentivizes homeowners to improve energy efficiency and offers tax credits on electric vehicles manufactured using solely a North American supply chain.

Janus Investment Fund 1

Janus Henderson Global Sustainable Equity Fund (unaudited)

Similarly, the EU passed a crucial milestone in its “Fit for 55” plan, boosting its renewable energy target, increasing energy efficiency, and setting a pathway to reducing net greenhouse gases.

PERFORMANCE DISCUSSION

The best-performing sectors in the index were energy, utilities, and consumer staples, with energy being the only sector to post a positive return in the past 12 months. Among the worst performers were communication services, consumer discretionary, and information technology, all of which posted double-digit losses.

Information technology presented the most pain for the Fund over the period, with both an overweight to the sector and unfavorable stock selection detracting from relative performance. The biggest drag on performance was the Fund’s lack of an investment in Apple, while within the Fund, our software and semiconductor names underperformed on concerns of future growth. Strong returns from energy stocks, driven by events in Ukraine, also detracted significantly from performance given the Fund’s exclusion of fossil fuels. Elsewhere, a beneficial underweight to the consumer discretionary sector was offset by stock selection as our holdings in Adidas, Aptiv, and others all fell on stock-specific news. The Fund’s investment policy excludes some luxury brands, fast food restaurants, and casinos, which were among the leading performers. An underweight allocation and stock selection in healthcare also hurt relative performance. This was partly a result of avoiding companies involved in animal testing, although pharmaceuticals held up relatively well. Weakness in the European economy weighed on our stock selection in the industrials sector, where Knorr-Bremse and other holdings dragged on relative performance. This was offset to some extent by our U.S. holdings, particularly our water names.

Good stock selection in financials made this the best-performing sector for the Fund relative to the index. Insurers such as Progressive and Intact Financial held up well compared with banks, which recorded double-digit losses. Another positive contributor was communication services, where our underweight allocation contributed positively to relative returns, as this was the weakest sector in the index. Stock selection also contributed favorably. Our overweight allocation to utilities, primarily through our renewable energy names such as Boralex and others, also helped support relative performance.

The leading performers in the portfolio were health insurance company Humana; property and casualty insurance provider Progressive; and Intact Financial, a Canadian property and casualty insurer.

Humana is a pioneer in integrated care in the U.S. and has developed a niche in tailoring its offering towards government-sponsored programs. The company aims to reduce costs for its members through better prevention of health problems and programs to encourage healthier lifestyles. Humana is a beneficiary of the aging population trend, and we like its ability to drive better health outcomes. The company’s share price has benefited from its exposure to the defensive characteristics of the healthcare and insurance sectors and was further boosted by a series of above-expectations earnings and raised guidance. Management envisages further membership growth and increased profits in 2023. In May, Humana announced a joint venture to develop additional primary care clinics, further cementing its position as one of the largest senior-focused primary care providers in the U.S.

Progressive is one of the largest automotive insurance companies in the U.S. and considers itself a data science company focused on the insurance industry. It uses analytics, such as tracking driving habits, to identify and attract lower-risk drivers. This encourages safer driving practices among its policy holders and allows it to offer lower insurance rates, creating a competitive advantage. Management indicated that the company has completed much of its repricing, while many competitors continue to seek higher premiums, and this could propel growth in 2023 when competitor pricing begins to look relatively unfavorable. We also saw positive trends from Progressive as it looks to build its home insurance client book after acquiring its joint venture home insurance partner. The company will only offer home insurance to customers who bundle it with auto cover, and this should be those who are lower risk. Progressive has been a consistent performer for the strategy, and we consider its ability to create a safer environment for its customers to be a huge benefit to society.

Intact Financial has demonstrated continued growth in earnings driven by better-than-expected margins across all segments in which it operates, growth in its financial reserves, and strong investment income. Similar to Progressive, our long-term thesis for Intact is based on the company’s use of digital technology and data analytics to attract lower-risk customers by rewarding safer driving habits or the adoption of other loss prevention measures. The company has competitive advantages including scale, pricing, and in-house data analytics. Its 2021 acquisition of network security company RSA boosted its market

2 SEPTEMBER 30, 2022

Janus Henderson Global Sustainable Equity Fund (unaudited)

share in Canada, making it double the size of its nearest local competitor.

The biggest detractors for the period were Avalara, a tax and compliance software provider; Knorr-Bremse, which provides technology for the rail and truck industries; and software provider Adobe.

Avalara fell despite solid results. The company was a victim of the shift in investor style from value stocks to growth stocks as the market environment weakened. Although we like its exposure to increased levels of e-commerce and cloud computing, we sold the position after a deal was announced to take the company private.

Knorr-Bremse is a global leader in providing critical components and systems for the rail and commercial vehicle industries. The company suffered a big fall in value after the death of its long-standing CEO and chairman, who was also the majority owner. The share price was also hit by a series of governance issues, including high levels of turnover among management and the supervisory board, a lack of clarity around the family’s shareholding and a failed merger. There were also operational issues, including the fact that the company had a large amount of its business in China and Russia. We value Knorr-Bremse’s exposure to themes such as electrification, urbanization, investment in public transport systems, and regulation regarding safety and efficiency.

Adobe suffered a sharp share price fall after posting fourth quarter 2021 results were below expectations, together with lower guidance. There were further falls when the company was caught up in general weakness in the sector, and again after it announced the acquisition of Figma, a smaller competitor. The acquisition conflicted with our view of Adobe as an innovator and cast doubt over the potential for share price rises, and so we sold the stock.

In terms of trading activity, we sold our holding in a large automotive and clean energy company after a sharp rise took the company’s valuation past the $1 trillion market cap threshold, which appeared to limit future growth prospects. In addition to Adobe, we also exited positions in companies involved in packaging materials, telecom services, and personalized healthcare, as we felt there were better prospects elsewhere. Toward period end we sold the holding in Avalara and our holding in a Software as a Service (SaaS) products provider after both received offers from private equity companies. We trimmed our positions in several holdings, including a multinational semiconductor company, an insurance brokerage firm, and a Japanese multinational video game company.

We initiated new positions in a major global communication services company and a leader in 5G investment in the U.S.; and a provider of next-generation cloud-based enterprise resource planning (ERP) software solutions. We also added to some of our holdings in healthcare and information technology.

OUTLOOK

The global economy is facing many challenges right now. Central banks are adopting aggressive monetary policies to address high levels of inflation, and higher interest rates are having a consequential impact on consumer and business confidence, global foreign exchange rates and asset valuations. Meanwhile, we must also contend with the ramifications of geopolitical instability, energy market instability, and weather and climate instability. This presents a highly volatile backdrop for corporate earnings, and the current result has been weak equity markets and plenty of cause for investor concern.

Yet we see many reasons for investors to look through these challenges, and to consider the opportunities. The current situation has reinforced our long-term conviction in the secular trends of energy security, economic resilience, supply chain re-localization, and the overall migration to a more sustainable global economy.

We continually look to invest in companies that benefit from these secular sustainability themes, such as companies that develop energy efficiency products that we believe could benefit as reducing energy demand becomes a core element of government policy; and renewable energy developers that will help economies move away from fossil fuels and help tackle energy security more broadly. The current market environment may not necessarily reward these companies’ equity valuations in the near term, but they continue to deliver robust operational performance with strong revenue, earnings, and free cash flow growth. As we assess the current market environment, we firmly believe the current weakness offers an opportunity to invest in many of these companies at lower valuation levels.

Thank you for investing in the Janus Henderson Global Sustainable Equity Fund.

Janus Investment Fund 3

Janus Henderson Global Sustainable Equity Fund (unaudited)

Fund At A Glance

September 30, 2022

5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
Progressive Corp/The	1.96%	0.69%	Avalara Inc	1.31%	-0.72%
Humana Inc	2.19%	0.67%	Knorr-Bremse AG	1.25%	-0.61%
Intact Financial Corp	2.60%	0.63%	Adobe Inc	1.96%	-0.59%
Boralex Inc - Class A	1.78%	0.51%	adidas AG	1.07%	-0.55%
Cadence Design Systems Inc	1.61%	0.36%	Aptiv PLC	1.82%	-0.54%

	5 Top Contributors - Sectors*
		Relative	Fund	MSCI World Index
		Contribution	Average Weight	Average Weight
	Financials	1.87%	13.81%	13.64%
	Communication Services	1.84%	2.45%	7.91%
	Other**	0.78%	3.52%	0.00%
	Utilities	0.23%	5.05%	2.94%
	Real Estate	0.03%	4.07%	2.80%
	5 Top Detractors - Sectors*
		Relative	Fund	MSCI World Index
		Contribution	Average Weight	Average Weight
	Information Technology	-4.66%	40.87%	22.24%
	Energy	-1.49%	0.00%	4.27%
	Health Care	-1.29%	6.23%	12.99%
	Consumer Discretionary	-0.97%	6.51%	11.58%
	Consumer Staples	-0.74%	0.48%	7.26%
	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.

4 SEPTEMBER 30, 2022

Janus Henderson Global Sustainable Equity Fund (unaudited)

Fund At A Glance

September 30, 2022

5 Largest Equity Holdings -(% of Net Assets)
Microsoft Corp
Software	6.0%
Autodesk Inc
Software	3.5%
Intact Financial Corp
Insurance	3.0%
Aon PLC - Class A
Insurance	3.0%
Humana Inc
Health Care Providers & Services	3.0%
	18.5%

Asset Allocation - (% of Net Assets)
Common Stocks	95.8%
Investment Companies	4.6%
Other		(0.4)%
		100.0%

Top Country Allocations - Long Positions -(% of Investment Securities)
As of September 30, 2022	As of September 30, 2021

Janus Investment Fund 5

Janus Henderson Global Sustainable Equity Fund (unaudited)

Performance

See important disclosures on the next page.

Average Annual Total Return - for the periods ended September 30, 2022			Prospectus Expense Ratios
	One Year	Since Inception*	Total Annual Fund Operating Expenses‡	Net Annual Fund Operating Expenses‡
Class A Shares at NAV	-26.05%	2.19%	4.53%	1.16%
Class A Shares at MOP	-30.28%	-0.44%
Class C Shares at NAV	-25.79%	2.22%	7.33%	1.87%
Class C Shares at CDSC	-26.53%	2.22%
Class D Shares	-26.02%	2.24%	1.97%	1.00%
Class I Shares	-25.97%	2.35%	1.86%	0.87%
Class N Shares	-25.93%	2.39%	2.14%	0.86%
Class R Shares	-25.72%	2.13%	8.11%	1.61%
Class S Shares	-25.98%	2.19%	6.82%	1.37%
Class T Shares	-26.12%	2.14%	2.82%	1.11%
MSCI World Index	-19.63%	5.21%
Morningstar Quartile - Class I Shares	2nd	1st
Morningstar Ranking - based on total returns for World Large Stock Funds	105/370	83/350

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.

For certain periods, the Fund’s performance may reflect the effect of expense waivers.

6 SEPTEMBER 30, 2022

Janus Henderson Global Sustainable Equity Fund (unaudited)

Performance

Until the earlier of three years from inception or the Fund’s assets meeting the first fee breakpoint, expenses previously waived or reimbursed may be recovered if the expense ratio falls below certain limits.

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), Environmental, Social and Governance (ESG) factors, 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.

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 R Shares commenced operations on January 28, 2021. Performance shown for periods prior to January 28, 2021, reflects the historical performance of the Funds’s Class I Shares, calculated using the fees and expenses of Class R Shares, net of any applicable fee and expense limitations or waivers.

If Class R Shares of the Fund had been available during periods prior to January 28, 2021, the performance shown may have been different. The performance shown for periods following the Fund's commencement of Class R Shares reflects the fees and expenses of Class R 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.

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.

© 2022 Morningstar, Inc. All Rights Reserved.

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 – June 25, 2020

‡ As stated in the prospectus. Net expense ratios reflect the expense waivers, if any, contractually agreed to for at least a one-year period commencing on January 28, 2022. See Financial Highlights for actual expense ratios during the reporting period.

Janus Investment Fund 7

Janus Henderson Global Sustainable 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 (4/1/22)	Ending Account Value (9/30/22)	Expenses Paid During Period (4/1/22 - 9/30/22)†	Beginning Account Value (4/1/22)	Ending Account Value (9/30/22)	Expenses Paid During Period (4/1/22 - 9/30/22)†	Net Annualized Expense Ratio (4/1/22 - 9/30/22)
Class A Shares		$1,000.00	$770.40	$4.84	$1,000.00	$1,019.60	$5.52	1.09%
Class C Shares		$1,000.00	$771.30	$2.98	$1,000.00	$1,021.71	$3.40	0.67%
Class D Shares		$1,000.00	$770.90	$4.48	$1,000.00	$1,020.00	$5.11	1.01%
Class I Shares		$1,000.00	$770.80	$4.35	$1,000.00	$1,020.16	$4.96	0.98%
Class N Shares		$1,000.00	$770.90	$3.86	$1,000.00	$1,020.71	$4.41	0.87%
Class R Shares		$1,000.00	$771.50	$3.51	$1,000.00	$1,021.11	$4.00	0.79%
Class S Shares		$1,000.00	$770.40	$3.95	$1,000.00	$1,020.61	$4.51	0.89%
Class T Shares		$1,000.00	$770.00	$4.88	$1,000.00	$1,019.55	$5.57	1.10%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/365 (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.

8 SEPTEMBER 30, 2022

Janus Henderson Global Sustainable Equity Fund

Schedule of Investments

September 30, 2022

Shares			Value
Common Stocks– 95.8%
Auto Components – 1.6%
	Aptiv PLC*	5,420	$423,898
Building Products – 1.4%
	Advanced Drainage Systems Inc	2,909	361,792
Containers & Packaging – 1.0%
	DS Smith PLC	94,385	267,939
Diversified Financial Services – 0.2%
	Linklogis Inc - Class B (144A)*	133,492	55,247
Electric Utilities – 1.6%
	SSE PLC	25,349	429,696
Electrical Equipment – 5.5%
	Legrand SA	8,636	557,878
	Nidec Corp	6,300	354,941
	Schneider Electric SE	5,037	565,020
			1,477,839
Electronic Equipment, Instruments & Components – 6.9%
	IPG Photonics Corp*	4,676	394,421
	Murata Manufacturing Co Ltd	7,900	362,936
	Shimadzu Corp	16,100	419,139
	TE Connectivity Ltd	5,986	660,615
			1,837,111
Entertainment – 2.3%
	Nintendo Co Ltd	15,000	607,474
Equity Real Estate Investment Trusts (REITs) – 3.9%
	Crown Castle International Corp	2,562	370,337
	Equinix Inc	652	370,884
	Prologis Inc	3,098	314,757
			1,055,978
Food Products – 0.5%
	McCormick & Co Inc/MD	1,718	122,442
Health Care Equipment & Supplies – 0.2%
	Nanosonics Ltd*	30,100	65,810
Health Care Providers & Services – 5.0%
	Encompass Health Corp	10,187	460,758
	Enhabit Inc*	5,095	71,534
	Humana Inc	1,649	800,078
			1,332,370
Independent Power and Renewable Electricity Producers – 4.1%
	Boralex Inc - Class A	19,656	624,318
	Innergex Renewable Energy Inc	37,944	477,734
			1,102,052
Information Technology Services – 2.2%
	Mastercard Inc	2,041	580,338
Insurance – 12.9%
	AIA Group Ltd	59,000	489,866
	Aon PLC - Class A	3,014	807,360
	Intact Financial Corp	5,710	808,173
	Marsh & McLennan Cos Inc	4,249	634,333
	Progressive Corp/The	6,066	704,930
			3,444,662
Leisure Products – 1.9%
	Shimano Inc	3,200	504,396
Life Sciences Tools & Services – 1.8%
	ICON PLC*	2,683	493,082
Machinery – 7.8%
	Evoqua Water Technologies Corp*	18,257	603,759
	Knorr-Bremse AG	5,251	227,628
	Wabtec Corp	9,237	751,430
	Xylem Inc/NY	5,758	503,019
			2,085,836

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	9

Janus Henderson Global Sustainable Equity Fund

Schedule of Investments

September 30, 2022

Shares			Value
Common Stocks– (continued)
Professional Services – 1.7%
	Wolters Kluwer NV	4,650	$452,661
Semiconductor & Semiconductor Equipment – 12.2%
	ASML Holding NV	904	374,915
	Lam Research Corp	1,330	486,780
	Microchip Technology Inc	11,331	691,531
	NVIDIA Corp	4,928	598,210
	Taiwan Semiconductor Manufacturing Co Ltd	34,000	446,934
	Texas Instruments Inc	4,374	677,008
			3,275,378
Software – 15.3%
	Atlassian Corp PLC - Class A*	2,461	518,262
	Autodesk Inc*	4,955	925,594
	Bill.com Holdings Inc*	1,448	191,672
	Cadence Design Systems Inc*	3,238	529,186
	Microsoft Corp	6,923	1,612,367
	Workday Inc - Class A*	2,129	324,076
			4,101,157
Specialty Retail – 1.2%
	Home Depot Inc	1,174	323,954
Textiles, Apparel & Luxury Goods – 1.4%
	adidas AG	1,556	180,547
	NIKE Inc - Class B	2,400	199,488
			380,035
Thrifts & Mortgage Finance – 1.8%
	Walker & Dunlop Inc	5,915	495,263
Wireless Telecommunication Services – 1.4%
	T-Mobile US Inc*	2,766	371,114
Total Common Stocks (cost $28,830,217)			25,647,524
Investment Companies– 4.6%
Money Markets – 4.6%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº,£((cost $1,228,256)	1,228,155	1,228,278
Total Investments (total cost $30,058,473) – 100.4%			26,875,802
Liabilities, net of Cash, Receivables and Other Assets – (0.4)%			(95,754)
Net Assets – 100%			$26,780,048

Summary of Investments by Country - (Long Positions) (unaudited)
		% of
		Investment
Country	Value	Securities
United States	$17,591,206	65.4	%
Japan	2,248,886	8.4
Canada	1,910,225	7.1
France	1,122,898	4.2
Netherlands	827,576	3.1
United Kingdom	697,635	2.6
Australia	584,072	2.2
Ireland	493,082	1.8
Hong Kong	489,866	1.8
Taiwan	446,934	1.7
Germany	408,175	1.5
China	55,247	0.2

Total $26,875,802 100.0 %

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
10	SEPTEMBER 30, 2022

Janus Henderson Global Sustainable Equity Fund

Schedule of Investments

September 30, 2022

Schedules of Affiliated Investments – (% of Net Assets)

		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 9/30/22
Investment Companies - 4.6%
Money Markets - 4.6%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº	$	9,215	$	30	$	(16)	$	1,228,278

		Value at 9/30/21		Purchases		Sales Proceeds		Value at 9/30/22
Investment Companies - 4.6%
Money Markets - 4.6%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº		1,726,214		10,979,720		(11,477,670)		1,228,278

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	11

Janus Henderson Global Sustainable Equity Fund

Notes to Schedule of Investments and Other Information

MSCI World Index^SM MSCI World Index^SM reflects the equity market performance of global developed markets.

LLC	Limited Liability Company
PLC	Public Limited 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 year ended September 30, 2022 is $55,247, which represents 0.2% of net assets.

* Non-income producing security.

ºº Rate shown is the 7-day yield as of September 30, 2022.

£ 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 September 30, 2022. 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
Containers & Packaging	$	-	$	267,939	$	-
Diversified Financial Services		-		55,247		-
Electric Utilities		-		429,696		-
Electrical Equipment		-		1,477,839		-
Electronic Equipment, Instruments & Components		1,055,036		782,075		-
Entertainment		-		607,474		-
Health Care Equipment & Supplies		-		65,810		-
Insurance		2,954,796		489,866		-
Leisure Products		-		504,396		-
Machinery		1,858,208		227,628		-
Professional Services		-		452,661		-
Semiconductor & Semiconductor Equipment		2,453,529		821,849		-
Textiles, Apparel & Luxury Goods		199,488		180,547		-
All Other		10,763,440		-		-
Investment Companies		-		1,228,278		-
Total Assets	$	19,284,497	$	7,591,305	$	-

12 SEPTEMBER 30, 2022

Janus Henderson Global Sustainable Equity Fund

Statement of Assets and Liabilities

September 30, 2022

See footnotes at the end of the Statement.

Assets:
	Unaffiliated investments, at value (cost $28,830,217)		$	25,647,524
	Affiliated investments, at value (cost $1,228,256)			1,228,278
	Cash denominated in foreign currency (cost $6,716)			6,543
	Trustees' deferred compensation			806
	Receivables:
		Dividends		24,980
		Foreign tax reclaims		8,214
		Fund shares sold		6,627
		Dividends from affiliates		2,617
	Other assets			684
Total Assets				26,926,273
Liabilities:
	Payables:			—
		Professional fees		50,846
		Advisory fees		30,187
		Fund shares repurchased		8,725
		Transfer agent fees and expenses		4,415
		Custodian fees		2,970
		Trustees' deferred compensation fees		806
		Trustees' fees and expenses		136
		12b-1 Distribution and shareholder servicing fees		131
		Affiliated fund administration fees payable		63
		Accrued expenses and other payables		47,946
Total Liabilities				146,225
Net Assets			$	26,780,048

See Notes to Financial Statements.
Janus Investment Fund	13

Janus Henderson Global Sustainable Equity Fund

Statement of Assets and Liabilities

September 30, 2022

Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	31,721,557
	Total distributable earnings (loss)		(4,941,509)
Total Net Assets		$	26,780,048
Net Assets - Class A Shares		$	181,609
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		17,515
Net Asset Value Per Share(1)		$	10.37
Maximum Offering Price Per Share(2)		$	11.00
Net Assets - Class C Shares		$	60,776
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		5,848
Net Asset Value Per Share(1)		$	10.39
Net Assets - Class D Shares		$	20,663,764
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,987,628
Net Asset Value Per Share		$	10.40
Net Assets - Class I Shares		$	3,990,912
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		384,182
Net Asset Value Per Share		$	10.39
Net Assets - Class N Shares		$	1,250,011
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		119,859
Net Asset Value Per Share		$	10.43
Net Assets - Class R Shares		$	40,464
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,890
Net Asset Value Per Share		$	10.40
Net Assets - Class S Shares		$	52,543
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		5,065
Net Asset Value Per Share		$	10.37
Net Assets - Class T Shares		$	539,969
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		52,015
Net Asset Value Per Share		$	10.38

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

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

See Notes to Financial Statements.
14	SEPTEMBER 30, 2022

Janus Henderson Global Sustainable Equity Fund

Statement of Operations

For the year ended September 30, 2022

Investment Income:
	Dividends		$	403,724
	Dividends from affiliates			9,215
	Other income			254
	Foreign tax withheld			(24,559)
Total Investment Income				388,634
Expenses:
	Advisory fees			258,185
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		246
		Class C Shares		—
		Class R Shares		—
		Class S Shares		—
	Transfer agent administrative fees and expenses:
		Class D Shares		28,143
		Class R Shares		127
		Class S Shares		165
		Class T Shares		1,588
	Transfer agent networking and omnibus fees:
		Class A Shares		127
		Class C Shares		18
		Class I Shares		4,108
	Other transfer agent fees and expenses:
		Class A Shares		26
		Class C Shares		9
		Class D Shares		8,690
		Class I Shares		519
		Class N Shares		93
		Class R Shares		6
		Class S Shares		4
		Class T Shares		37
	Registration fees			140,730
	Non-affiliated fund administration fees			69,688
	Professional fees			48,057
	Shareholder reports expense			12,603
	Custodian fees			8,920
	Affiliated fund administration fees			861
	Trustees’ fees and expenses			799
	Other expenses			6,556
Total Expenses				590,305
Less: Excess Expense Reimbursement and Waivers				(254,570)
Net Expenses				335,735
Net Investment Income/(Loss)				52,899

See Notes to Financial Statements.
Janus Investment Fund	15

Janus Henderson Global Sustainable Equity Fund

Statement of Operations

For the year ended September 30, 2022

Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	(1,658,837)
	Investments in affiliates		30
Total Net Realized Gain/(Loss) on Investments			(1,658,807)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and Trustees’ deferred compensation		(8,339,891)
	Investments in affiliates		(16)
Total Change in Unrealized Net Appreciation/Depreciation			(8,339,907)
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	(9,945,815)

See Notes to Financial Statements.
16	SEPTEMBER 30, 2022

Janus Henderson Global Sustainable Equity Fund

Statements of Changes in Net Assets

			Year ended September 30, 2022		Year ended September 30, 2021(1)
Operations:
	Net investment income/(loss)		$	52,899	$	55,853
	Net realized gain/(loss) on investments			(1,658,807)		234,173
	Change in unrealized net appreciation/depreciation			(8,339,907)		4,375,106
Net Increase/(Decrease) in Net Assets Resulting from Operations				(9,945,815)		4,665,132
Dividends and Distributions to Shareholders:
		Class A Shares		(1,797)		(237)
		Class C Shares		(778)		(149)
		Class D Shares		(270,032)		(12,247)
		Class I Shares		(131,214)		(21,225)
		Class N Shares		(16,196)		(466)
		Class R Shares		(510)		—
		Class S Shares		(721)		(186)
		Class T Shares		(6,829)		(251)
Net Decrease from Dividends and Distributions to Shareholders				(428,077)		(34,761)
Capital Share Transactions:
		Class A Shares		68,834		91,700
		Class C Shares		5,715		6,149
		Class D Shares		4,293,945		15,901,862
		Class I Shares		(5,268,172)		4,421,540
		Class N Shares		222,331		1,137,369
		Class R Shares		510		50,000
		Class S Shares		721		186
		Class T Shares		27,879		550,080
Net Increase/(Decrease) from Capital Share Transactions				(648,237)		22,158,886
Net Increase/(Decrease) in Net Assets				(11,022,129)		26,789,257
Net Assets:
	Beginning of period			37,802,177		11,012,920
	End of period		$	26,780,048	$	37,802,177

(1)Period from January 28, 2021 (inception date) through September 30, 2021 for Class R Shares.

See Notes to Financial Statements.
Janus Investment Fund	17

Janus Henderson Global Sustainable Equity Fund

Financial Highlights

Class A Shares
For a share outstanding during the year or period ended September 30			2022	2021	2020(1)
	Net Asset Value, Beginning of Period		$14.16	$11.18	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(2)	0.02	0.02	0.01
		Net realized and unrealized gain/(loss)	(3.67)	3.00	1.17
	Total from Investment Operations		(3.65)	3.02	1.18
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.01)	(0.03)	—
		Distributions (from capital gains)	(0.13)	(0.01)	—
	Total Dividends and Distributions		(0.14)	(0.04)	—
	Net Asset Value, End of Period		$10.37	$14.16	$11.18
	Total Return*		(26.05)%	27.05%	11.80%
	Net Assets, End of Period (in thousands)		$182	$181	$67
	Average Net Assets for the Period (in thousands)		$208	$123	$63
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	3.18%	4.43%	15.65%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.05%	1.06%	1.13%
		Ratio of Net Investment Income/(Loss)	0.15%	0.12%	0.27%
	Portfolio Turnover Rate		33%	12%	11%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

(1)Period from June 25, 2020 (inception date) through September 30, 2020.

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

See Notes to Financial Statements.
18	SEPTEMBER 30, 2022

Janus Henderson Global Sustainable Equity Fund

Financial Highlights

Class C Shares
For a share outstanding during the year or period ended September 30			2022	2021	2020(1)
	Net Asset Value, Beginning of Period		$14.13	$11.16	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(2)	0.07	(0.01)	(0.01)
		Net realized and unrealized gain/(loss)	(3.68)	3.01	1.17
	Total from Investment Operations		(3.61)	3.00	1.16
	Less Dividends and Distributions:
		Dividends (from net investment income)	—(3)	(0.02)	—
		Distributions (from capital gains)	(0.13)	(0.01)	—
	Total Dividends and Distributions		(0.13)	(0.03)	—
	Net Asset Value, End of Period		$10.39	$14.13	$11.16
	Total Return*		(25.79)%	26.91%	11.60%
	Net Assets, End of Period (in thousands)		$61	$77	$56
	Average Net Assets for the Period (in thousands)		$74	$67	$54
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	5.34%	6.64%	17.28%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.59%	1.19%	1.87%
		Ratio of Net Investment Income/(Loss)	0.57%	(0.04)%	(0.46)%
	Portfolio Turnover Rate		33%	12%	11%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

(1)Period from June 25, 2020 (inception date) through September 30, 2020.

(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.

See Notes to Financial Statements.
Janus Investment Fund	19

Janus Henderson Global Sustainable Equity Fund

Financial Highlights

Class D Shares
For a share outstanding during the year or period ended September 30			2022	2021	2020(1)
	Net Asset Value, Beginning of Period		$14.20	$11.18	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(2)	0.02	0.02	0.01
		Net realized and unrealized gain/(loss)	(3.68)	3.01	1.17
	Total from Investment Operations		(3.66)	3.03	1.18
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.01)	—	—
		Distributions (from capital gains)	(0.13)	(0.01)	—
	Total Dividends and Distributions		(0.14)	(0.01)	—
	Net Asset Value, End of Period		$10.40	$14.20	$11.18
	Total Return*		(26.02)%	27.15%	11.80%
	Net Assets, End of Period (in thousands)		$20,664	$23,921	$5,226
	Average Net Assets for the Period (in thousands)		$24,549	$16,804	$2,485
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.71%	1.97%	10.52%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.00%	1.00%	0.98%
		Ratio of Net Investment Income/(Loss)	0.16%	0.18%	0.50%
	Portfolio Turnover Rate		33%	12%	11%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

(1)Period from June 25, 2020 (inception date) through September 30, 2020.

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

See Notes to Financial Statements.
20	SEPTEMBER 30, 2022

Janus Henderson Global Sustainable Equity Fund

Financial Highlights

Class I Shares
For a share outstanding during the year or period ended September 30			2022	2021	2020(1)
	Net Asset Value, Beginning of Period		$14.19	$11.19	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(2)	0.02	0.04	0.02
		Net realized and unrealized gain/(loss)	(3.66)	3.00	1.17
	Total from Investment Operations		(3.64)	3.04	1.19
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.03)	(0.03)	—
		Distributions (from capital gains)	(0.13)	(0.01)	—
	Total Dividends and Distributions		(0.16)	(0.04)	—
	Net Asset Value, End of Period		$10.39	$14.19	$11.19
	Total Return*		(25.97)%	27.25%	11.90%
	Net Assets, End of Period (in thousands)		$3,991	$11,353	$5,317
	Average Net Assets for the Period (in thousands)		$7,265	$7,780	$5,071
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.57%	1.86%	10.72%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.92%	0.87%	0.86%
		Ratio of Net Investment Income/(Loss)	0.11%	0.29%	0.55%
	Portfolio Turnover Rate		33%	12%	11%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

(1)Period from June 25, 2020 (inception date) through September 30, 2020.

(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 Global Sustainable Equity Fund

Financial Highlights

Class N Shares
For a share outstanding during the year or period ended September 30			2022	2021	2020(1)
	Net Asset Value, Beginning of Period		$14.23	$11.19	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(2)	0.04	0.05	0.02
		Net realized and unrealized gain/(loss)	(3.69)	3.00	1.17
	Total from Investment Operations		(3.65)	3.05	1.19
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.02)	—	—
		Distributions (from capital gains)	(0.13)	(0.01)	—
	Total Dividends and Distributions		(0.15)	(0.01)	—
	Net Asset Value, End of Period		$10.43	$14.23	$11.19
	Total Return*		(25.93)%	27.30%	11.90%
	Net Assets, End of Period (in thousands)		$1,250	$1,449	$192
	Average Net Assets for the Period (in thousands)		$1,432	$831	$83
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.73%	2.14%	14.24%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.86%	0.86%	0.86%
		Ratio of Net Investment Income/(Loss)	0.31%	0.33%	0.73%
	Portfolio Turnover Rate		33%	12%	11%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

(1)Period from June 25, 2020 (inception date) through September 30, 2020.

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

See Notes to Financial Statements.
22	SEPTEMBER 30, 2022

Janus Henderson Global Sustainable Equity Fund

Financial Highlights

Class R Shares
For a share outstanding during the year or period ended September 30			2022	2021(1)
	Net Asset Value, Beginning of Period		$14.13	$13.08
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(2)	0.08	(0.03)
		Net realized and unrealized gain/(loss)	(3.68)	1.08
	Total from Investment Operations		(3.60)	1.05
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—
		Distributions (from capital gains)	(0.13)	—
	Total Dividends and Distributions		(0.13)	—
	Net Asset Value, End of Period		$10.40	$14.13
	Total Return*		(25.72)%	8.03%
	Net Assets, End of Period (in thousands)		$40	$54
	Average Net Assets for the Period (in thousands)		$51	$53
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	7.35%	7.99%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.57%	1.46%
		Ratio of Net Investment Income/(Loss)	0.59%	(0.27)%
	Portfolio Turnover Rate		33%	12%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

(1)Period from January 28, 2021 (inception date) through September 30, 2021.

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

See Notes to Financial Statements.
Janus Investment Fund	23

Janus Henderson Global Sustainable Equity Fund

Financial Highlights

Class S Shares
For a share outstanding during the year or period ended September 30			2022	2021	2020(1)
	Net Asset Value, Beginning of Period		$14.15	$11.17	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(2)	0.04	—(3)	—(3)
		Net realized and unrealized gain/(loss)	(3.68)	3.01	1.17
	Total from Investment Operations		(3.64)	3.01	1.17
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.01)	(0.02)	—
		Distributions (from capital gains)	(0.13)	(0.01)	—
	Total Dividends and Distributions		(0.14)	(0.03)	—
	Net Asset Value, End of Period		$10.37	$14.15	$11.17
	Total Return*		(25.98)%	27.05%	11.70%
	Net Assets, End of Period (in thousands)		$53	$71	$56
	Average Net Assets for the Period (in thousands)		$66	$67	$54
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	6.24%	6.65%	16.77%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.83%	1.11%	1.37%
		Ratio of Net Investment Income/(Loss)	0.32%	0.03%	0.04%
	Portfolio Turnover Rate		33%	12%	11%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

(1)Period from June 25, 2020 (inception date) through September 30, 2020.

(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.

See Notes to Financial Statements.
24	SEPTEMBER 30, 2022

Janus Henderson Global Sustainable Equity Fund

Financial Highlights

Class T Shares
For a share outstanding during the year or period ended September 30			2022	2021	2020(1)
	Net Asset Value, Beginning of Period		$14.18	$11.18	$10.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(2)	0.01	0.01	0.01
		Net realized and unrealized gain/(loss)	(3.68)	3.01	1.17
	Total from Investment Operations		(3.67)	3.02	1.18
	Less Dividends and Distributions:
		Dividends (from net investment income)	—(3)	(0.01)	—
		Distributions (from capital gains)	(0.13)	(0.01)	—
	Total Dividends and Distributions		(0.13)	(0.02)	—
	Net Asset Value, End of Period		$10.38	$14.18	$11.18
	Total Return*		(26.12)%	27.02%	11.80%
	Net Assets, End of Period (in thousands)		$540	$697	$99
	Average Net Assets for the Period (in thousands)		$633	$387	$77
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.25%	2.82%	14.65%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.09%	1.09%	1.11%
		Ratio of Net Investment Income/(Loss)	0.05%	0.10%	0.33%
	Portfolio Turnover Rate		33%	12%	11%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

(1)Period from June 25, 2020 (inception date) through September 30, 2020.

(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.

See Notes to Financial Statements.
Janus Investment Fund	25

Janus Henderson Global Sustainable Equity Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus Henderson Global Sustainable Equity Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 39 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC (formerly Janus Capital Management LLC) is the investment adviser (the “Adviser”) to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors, 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, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (formerly Janus Distributors LLC) (the “Distributor”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

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

26 SEPTEMBER 30, 2022

Janus Henderson Global Sustainable Equity Fund

Notes to Financial Statements

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The 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

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The 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 Adviser-approved pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a 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 valuation policies provide for the use of systematic fair valuation models provided by independent pricing services to value foreign 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 27

Janus Henderson Global Sustainable Equity Fund

Notes to Financial Statements

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

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

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

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of September 30, 2022 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.

Investment Transactions and Investment Income

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

Expenses

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Foreign Currency Translations

The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

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

28 SEPTEMBER 30, 2022

Janus Henderson Global Sustainable Equity Fund

Notes to Financial Statements

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

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 in response to the COVID-19 pandemic. This and other government intervention into the economy and financial markets to address the COVID-19 pandemic may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Government actions to mitigate the economic impact of the pandemic have resulted in a large expansion of government deficits and debt, the long term consequences of which are not known. The COVID-19 pandemic could adversely affect the value and liquidity of a Fund’s investments, impair a Fund’s ability to satisfy redemption requests, and negatively impact a Fund’s performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

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 the Adviser 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.

Janus Investment Fund 29

Janus Henderson Global Sustainable Equity Fund

Notes to Financial Statements

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. Among other things, these developments have adversely affected the value and exchange rate of the euro and pound sterling, and may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse effect on the Fund’s investments in such countries, other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.

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.

3. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The following table reflects the Fund’s contractual investment advisory fee rate (expressed as an annual rate).

Average Daily Net Assets of the Fund	Contractual Investment Advisory Fee (%)
First $2 Billion	0.75
Over $2 Billion	0.70

The Fund’s actual investment advisory fee rate for the reporting period was 0.75% of average annual net assets before any applicable waivers.

The Adviser has contractually agreed to waive the investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, 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 payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.85% of the Fund’s average daily net assets. The Adviser has agreed to continue the waivers for at least a one-year period commencing on January 28, 2022. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

For the period of three years subsequent to the Fund’s commencement of operations, or until the Fund’s assets exceed the first breakpoint in the investment advisory fee schedule, whichever occurs first, the Adviser may recover from the Fund fees and expenses previously waived or reimbursed, which could then be considered a deferral, if the Fund’s expense ratio including recovered expenses, falls below the expense limit. If applicable, this amount is disclosed as “Recoupment expense” on the Statement of Operations. During the year ended September 30, 2022, the Adviser reimbursed the Fund $254,288 of fees and expense that are eligible for recoupment. As of September 30, 2022, the aggregate amount of recoupment that may potentially be made to the Adviser is $736,846. The recoupment of such reimbursements expires at the latest June 25, 2023.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks

30 SEPTEMBER 30, 2022

Janus Henderson Global Sustainable Equity Fund

Notes to Financial Statements

reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (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 the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $502,935 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 2022. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

Janus Henderson Services US LLC (formerly Janus Services LLC) (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

Average Daily Net Assets of Class D Shares of the Janus Henderson funds	Administrative Services Fee
Under $40 billion	0.12%
$40 billion – $49.9 billion	0.10%
Over $49.9 billion	0.08%

During the reporting period, the administrative services fee rate was 0.11%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Janus Investment Fund 31

Janus Henderson Global Sustainable Equity Fund

Notes to Financial Statements

Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the year ended September 30, 2022, the Distributor retained upfront sales charges of $542.

A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the year ended September 30, 2022.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class C Shares during the year ended September 30, 2022.

The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of September 30, 2022 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended September 30, 2022 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $436,813 were paid by the Trust to the Trustees under the Deferred Plan during the year ended September 30, 2022.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests 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.

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Janus Henderson Global Sustainable Equity Fund

Notes to Financial Statements

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended September 30, 2022 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

As of September 30, 2022, shares of the Fund were owned by affiliates of the Adviser, and/or other funds advised by the Adviser, as indicated in the table below:

Class		% of Class Owned		% of Fund Owned
Class A Shares		29	%	-	%*
Class C Shares		87		-*
Class D Shares		-*		-*
Class I Shares		-		-
Class N Shares		4		-*
Class R Shares		100		-*
Class S Shares		100		-*
Class T Shares		10		-*
*	Less than 0.50%

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

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.

Other book to tax differences primarily consist of deferred compensation. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ 31,237	$ -	$ -	$ -	$ (1,371,819)	$ (2,564)	$ (3,598,363)

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 2022 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)
$30,474,165	$1,297,731	$ (4,896,094)	$ (3,598,363)

Janus Investment Fund 33

Janus Henderson Global Sustainable Equity Fund

Notes to Financial Statements

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.

For the year ended September 30, 2022
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 303,378	$ 124,699	$ -	$ -

For the year ended September 30, 2021
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 34,761	$ -	$ -	$ -

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. The following reclassifications have been made to the Fund:

Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ -	$ (21,526)	$ 21,526

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Janus Henderson Global Sustainable Equity Fund

Notes to Financial Statements

5. Capital Share Transactions

		Year ended September 30, 2022		Year ended September 30, 2021(1)
		Shares	Amount	Shares	Amount
Class A Shares:
Shares sold		5,969	$ 85,061	6,778	$ 91,463
Reinvested dividends and distributions		125	1,797	18	237
Shares repurchased		(1,356)	(18,024)	-	-
Net Increase/(Decrease)		4,738	$ 68,834	6,796	$ 91,700
Class C Shares:
Shares sold		744	$ 10,463	409	$ 6,000
Reinvested dividends and distributions		54	778	12	149
Shares repurchased		(371)	(5,526)	-	-
Net Increase/(Decrease)		427	$ 5,715	421	$ 6,149
Class D Shares:
Shares sold		561,140	$ 7,587,026	1,554,605	$ 20,408,231
Reinvested dividends and distributions		18,393	265,600	932	11,975
Shares repurchased		(276,713)	(3,558,681)	(338,219)	(4,518,344)
Net Increase/(Decrease)		302,820	$ 4,293,945	1,217,318	$ 15,901,862
Class I Shares:
Shares sold		212,724	$ 2,770,878	329,386	$ 4,483,536
Reinvested dividends and distributions		9,099	131,214	1,654	21,224
Shares repurchased		(637,758)	(8,170,264)	(6,170)	(83,220)
Net Increase/(Decrease)		(415,935)	$(5,268,172)	324,870	$ 4,421,540
Class N Shares:
Shares sold		27,058	$ 350,626	92,900	$ 1,247,113
Reinvested dividends and distributions		1,119	16,196	36	466
Shares repurchased		(10,132)	(144,491)	(8,291)	(110,210)
Net Increase/(Decrease)		18,045	$ 222,331	84,645	$ 1,137,369
Class R Shares:
Shares sold		-	$ -	3,855	$ 50,000
Reinvested dividends and distributions		35	510	-	-
Shares repurchased		-	-	-	-
Net Increase/(Decrease)		35	$ 510	3,855	$ 50,000
Class S Shares:
Shares sold		-	$ -	-	$ -
Reinvested dividends and distributions		51	721	14	186
Shares repurchased		-	-	-	-
Net Increase/(Decrease)		51	$ 721	14	$ 186
Class T Shares:
Shares sold		11,608	$ 142,737	51,435	$ 699,859
Reinvested dividends and distributions		473	6,829	19	250
Shares repurchased		(9,202)	(121,687)	(11,190)	(150,029)
Net Increase/(Decrease)		2,879	$ 27,879	40,264	$ 550,080
(1)	Period from January 28, 2021 (inception date) through September 30, 2021 for Class R Shares.

Janus Investment Fund 35

Janus Henderson Global Sustainable Equity Fund

Notes to Financial Statements

6. Purchases and Sales of Investment Securities

For the year ended September 30, 2022, 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
$ 10,679,044	$ 11,748,305	$ -	$ -

7. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to September 30, 2022 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.

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Janus Henderson Global Sustainable Equity Fund

Report of Independent Registered Public Accounting Firm

TotheBoard of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Global Sustainable Equity Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Global Sustainable Equity Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2022, the related statement of operations for the year ended September 30, 2022, the statements of changes in net assets for each of the two years in the period ended September 30, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2022 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

Denver, Colorado

November 28, 2022

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

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Janus Henderson Global Sustainable 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 (each, a “Fund,” and collectively, the “Funds” and 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 agreement for each Janus Henderson Fund that utilizes a subadviser.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (formerly, Janus Capital Management LLC) (the “Adviser”) and the subadviser 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 meetings held on November 3-4, 2021 and December 7-8, 2021, the Trustees’ evaluated the information provided by the Adviser, the subadviser, and the independent fee consultant, as well as other information addressed during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser and each subadviser, as applicable, were fair and reasonable in light of the nature, extent and quality of the services provided by the Adviser, its affiliates and the subadviser, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund and the subadvisory agreement for each subadvised Janus Henderson Fund, for the period from February 1, 2022 through February 1, 2023, subject to earlier termination as provided for in each agreement.

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

Nature, Extent and Quality of Services

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

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Janus Henderson Global Sustainable Equity Fund

Additional Information (unaudited)

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 the Adviser and the 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 the Adviser or the subadviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

The Trustees concluded that the nature, extent and quality of the services provided by the Adviser and 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 the Adviser and the subadviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and each 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, 2021, approximately 55% of the Janus Henderson Funds were in the top two quartiles of performance versus Broadridge peers, and for the 12 months ended September 30, 2021, approximately 45% 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 second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving

Janus Investment Fund 39

Janus Henderson Global Sustainable Equity Fund

Additional Information (unaudited)

Fixed-Income Funds

·For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·For Janus Developed World Bond Fund, the Trustees noted the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

Global and International Equity Funds

·For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the

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Janus Henderson Global Sustainable Equity Fund

Additional Information (unaudited)

Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

Money Market Funds

·For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was 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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

Janus Investment Fund 41

Janus Henderson Global Sustainable Equity Fund

Additional Information (unaudited)

·For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser 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 bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser and subadviser had taken or were taking to improve performance.

·For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson International Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser and subadviser had taken or were taking to improve performance.

·For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser and subadviser had taken or were taking to improve performance.

U.S. Equity Funds

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

·For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

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Additional Information (unaudited)

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 the Adviser out of its management fees collected from such Janus Henderson Fund.

The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge Expense Group peers; and (3) and the management fees for the Janus Henderson Funds, on average, were 6% 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.

The Trustees considered the methodology used by the Adviser and 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 the Adviser and subadviser to comparable separate account clients and to comparable non-affiliated funds subadvised by the Adviser or subadviser (for which the Adviser 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 the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser 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; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged to Janus Henderson subadvised fund and separate account investors; and (4) as part of its 2020 review, 9 of 10 Janus Henderson Funds have lower management fees than similar funds subadvised by the Adviser.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2020, including the VIT Portfolios, and noted the following with regard to each VIT Portfolio’s total expenses, net of applicable fee waivers (the VIT Portfolio’s “total expenses”):

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Additional Information (unaudited)

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 the Adviser 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.

·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 the Adviser 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 the Adviser 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 one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser 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 the Adviser 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 the Adviser has contractually agreed to limit the Fund’s expenses.

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

·For Janus Henderson Short Duration 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 the Adviser 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 the Adviser 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 certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser 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 the Adviser has contractually agreed to limit the Fund’s expenses.

·For Janus Henderson Global Equity Income 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 the Adviser 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.

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Additional Information (unaudited)

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

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

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

Money Market Funds

·For Janus Henderson Government 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 the Adviser has voluntarily agreed to limit the Fund’s expenses to assist the Fund in attempting to maintain a yield of at least 0.00%.

·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 the Adviser has agreed to limit the Fund’s expenses to assist the Fund in attempting to maintain a yield of at least 0.00%.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted 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 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 the Adviser 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 the Adviser 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

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Additional Information (unaudited)

that the Adviser 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 the Adviser 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 the Adviser 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, 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 the Adviser 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 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 the Adviser 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.

·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 the Adviser 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 the Adviser 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 Mid Cap Value Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

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

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by

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Additional Information (unaudited)

numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser and 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 the Adviser 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 the Adviser 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 the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser and its affiliates, as well as the fees paid by the Adviser to the subadviser 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 the Adviser and the subadviser 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 the Adviser and subadviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

Economies of Scale

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 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 75% of these Janus Henderson Funds’ have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. The Trustees also noted the following: (1) that for those Janus Henderson Funds whose expenses are being reduced by the contractual expense limitations of the Adviser, the Adviser is subsidizing certain of these Janus Henderson Funds because they have not reached adequate scale; (2) 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 (3) 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 the Adviser 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 the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, the Adviser appeared to be investing to increase the likelihood that these Janus

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Janus Henderson Global Sustainable Equity Fund

Additional Information (unaudited)

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 the Adviser.

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

Other Benefits to the Adviser

The Trustees also considered benefits that accrue to the Adviser and its affiliates and subadviser to the Janus Henderson Funds from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by 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 the Adviser and/or the Adviser, and/or subadviser to a Janus Henderson Fund. The Trustees concluded that the Adviser’s and the subadviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates and subadviser pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser and the subadviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser and the subadviser 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 the Adviser’s and/or the subadviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser and/or other clients of the subadviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser, the subadviser or other Janus Henderson funds, and that the success of the Adviser and the subadviser could enhance the Adviser’s and the subadviser’s ability to serve the Janus Henderson Funds.

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Useful Information About Your Fund Report (unaudited)

Management Commentary

The Management Commentary in this report includes valuable insight as well as statistical information to help you understand how your Fund’s performance and characteristics stack up against those of comparable indices.

If the Fund invests in foreign securities, this report may include information about country exposure. Country exposure is based primarily on 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.

Please keep in mind that the opinions expressed in the Management Commentary are just that: opinions. They are a reflection based on best judgment at the time this report was compiled, which was September 30, 2022. As the investing environment changes, so could opinions. These views are unique and are not necessarily shared by fellow employees or by Janus Henderson in general.

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 the Adviser 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. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by Bloomberg 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.

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Janus Henderson Global Sustainable Equity Fund

Useful Information About Your Fund Report (unaudited)

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.

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.

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.

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Janus Henderson Global Sustainable Equity Fund

Useful Information About Your Fund Report (unaudited)

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 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.

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Janus Henderson Global Sustainable Equity Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2022:

Capital Gain Distributions	$124,699
Dividends Received Deduction Percentage	100%
Qualified Dividend Income Percentage	100%

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Janus Henderson Global Sustainable Equity Fund

Trustees and Officers (unaudited)

The following are the Trustees and officers of the Trust, together with a brief description of their principal occupations during the last five years (principal occupations for certain Trustees may include periods over five years). The Fund’s Statement of Additional Information includes additional information about the Trustees and officers and is available, without charge, by calling 1-877-335-2687.

Each Trustee has served in that capacity since he or she was originally elected or appointed. The Trustees do not serve a specified term of office. Each Trustee will hold office until the termination of the Trust or his or her earlier death, resignation, retirement, incapacity, or removal. Under the Fund’s Governance Procedures and Guidelines, the policy is for Trustees to retire no later than the end of the calendar year in which the Trustee turns 75. The Trustees review the Fund’s Governance Procedures and Guidelines from time to time and may make changes they deem appropriate. The Fund’s Nominating and Governance Committee will consider nominees for the position of Trustee recommended by shareholders. Shareholders may submit the name of a candidate for consideration by the Committee by submitting their recommendations to the Trust’s Secretary. Each Trustee is currently a Trustee of one other registered investment company advised by the Adviser: Janus Aspen Series. Collectively, these two registered investment companies consist of 50 series or funds referred to herein as the Fund Complex.

The Trust’s officers are elected annually by the Trustees for a one-year term. Certain officers also serve as officers of Janus Aspen Series. Certain officers of the Fund may also be officers and/or directors of the Adviser. Except as otherwise disclosed, Fund officers receive no compensation from the Fund, except for the Fund’s Chief Compliance Officer, as authorized by the Trustees.

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Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Chairman Trustee	5/22-Present 1/13-Present	Principal, Curam Holdings LLC (since 2018). Formerly, Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm) (2012-2018), Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	50	Advisory Board Member of AEW Core Property Trust (open-end property fund) (since 2020), and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016), Director of Nuveen Global Investors LLC (2007-2011), Director of Communities in Schools (2004-2010), and Director of Mutual Fund Education Alliance (until 2010).
Cheryl D. Alston 151 Detroit Street Denver, CO 80206 DOB: 1966	Trustee	8/22-Present	Executive Director and Chief Investment Officer, Employees’ Retirement Fund of the City of Dallas (since 2004).	50	Director of Blue Cross Blue Shield of Kansas City (a not-for-profit health insurance provider) (since 2016) and Director of Global Life Insurance (life and supplemental health insurance provider) (since 2017). Formerly, Director of Federal Home Loan Bank of Dallas (2017-2021).

54 SEPTEMBER 30, 2022

Janus Henderson Global Sustainable Equity Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000), and Chief Investment Officer (1987-1994) and Vice Chairman and Director (1990-1994) of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	50	Member, Limited Partner Advisory Committee, Karmel Capital Fund III (later stage growth fund) (since 2022), Member of the Investment Committee for the Orange County Community Foundation (a grantmaking foundation) (since 2020), Advisory Board Member, RevOZ Fund LP and related funds (real estate investments for opportunity zones) (since 2020), and Advisory Board Member, Innovate Partners Emerging Growth and Equity Fund I (early stage venture capital fund) (since 2014). Formerly, Managing Trustee of National Retirement Partners Liquidating Trust (2013-2016), Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (2005-2013), Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009), Director of RemedyTemp, Inc. (temporary help services company) (1996-2006), and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).

Janus Investment Fund 55

Janus Henderson Global Sustainable Equity Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Founder, Daraja Capital (advisory and investment firm) (since 2016). Formerly, Senior Vice President and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (2011-2021), and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	50	Member of the Investment Committee for Cooper Union (private college) (since 2021), Board Member, Van Alen Institute (nonprofit architectural and design organization) (since 2019), and Director of Brightwood Capital Advisors, LLC (since 2014).

56 SEPTEMBER 30, 2022

Janus Henderson Global Sustainable Equity Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Darrell B. Jackson 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	8/22-Present	President and Chief Executive Officer, The Efficace Group Inc. (since 2018). Formerly, President and Chief Executive Officer, Seaway Bank and Trust Company (community bank) (2014-2015), and Executive Vice President and Co-President, Wealth Management (2009-2014), and several senior positions, including Group Executive, Senior Vice President, and Vice President (1995-2009) of Northern Trust Company (financial services company) (1995-2014).	50	Director of Amalgamated Financial Corp (bank) (since August 2021), Director of YR Media (a not-for-profit production company) (since 2021), and Director of Gray-Bowen-Scott (transportation project consulting firm) (since April 2020). Formerly, Director of Delaware Place Bank (closely held commercial bank) (2016-2018) and Director of Seaway Bank and Trust Company (2014-2015).

Janus Investment Fund 57

Janus Henderson Global Sustainable Equity Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Trustee	6/02-Present	Chief Executive Officer, muun chi LLC (organic food business) (since 2022) and Independent Consultant (since 2019). Formerly, Chief Operating Officer, muun chi LLC (2020-2022), Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (2016-2019), Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations) (2009-2016), Chief Executive Officer, Imprint Capital Advisors (impact investment firm) (2013-2015), and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	50	Chairman of the Board and Trustee of The Investment Fund for Foundations Investment Program (TIP) (consisting of 1 fund) (since 2008). Formerly, Director of the F.B. Heron Foundation (a private grantmaking foundation) (2006-2022), and Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds) (2016-2021).

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Janus Henderson Global Sustainable Equity Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company.	50	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013). Formerly, Director, West Bend Mutual Insurance Company (property/casualty insurance) (2013-2021), Trustee of Northwestern Mutual Life Insurance Company (2010-2013), and Director of Frank Russell Company (global asset management firm) (2008-2013).
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired. Formerly, Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006) and Treasurer for Driehaus Mutual Funds (1996-2002).	50	Formerly, Director of Family Service of Lake County (2019-2021), Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017), Independent Trustee, State Farm Associates’ Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017).

Janus Investment Fund 59

Janus Henderson Global Sustainable Equity Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	50	Director of Chicago Community Trust (Regional Community Foundation), Lurie Children’s Hospital (Chicago, IL), and Shirley Ryan Ability Lab. Formerly, Director of Wrapports, LLC (until 2022), Director of Chicago Council on Global Affairs (until 2019), InnerWorkings (until 2019) and Director of Walmart (until 2017).

60 SEPTEMBER 30, 2022

Janus Henderson Global Sustainable Equity Fund

Trustees and Officers (unaudited)

OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Hamish Chamberlayne 151 Detroit Street Denver, CO 80206 DOB: 1980	Executive Vice President and Co-Portfolio Manager Janus Henderson Global Sustainable Equity Fund	6/20-Present	Head of Global Sustainable Equities of Janus Henderson Investors and Portfolio Manager for other Janus Henderson accounts.
Aaron Scully 151 Detroit Street Denver, CO 80206 DOB: 1976	Executive Vice President and Co-Portfolio Manager Janus Henderson Global Sustainable Equity Fund	6/20-Present	Portfolio Manager for other Janus Henderson accounts.
Michelle Rosenberg 151 Detroit Street Denver, CO 80206 DOB: 1973	President and Chief Executive Officer	9/22-Present	General Counsel and Corporate Secretary of Janus Henderson Investors (since 2018). Formerly, Interim President and Chief Executive Officer of the Trust and Janus Aspen Series (2022), Senior Vice President and Head of Legal, North America of Janus Henderson Investors (2017-2018) and Deputy General Counsel of Janus Henderson US (Holdings) Inc. (2015-2018).
Kristin Mariani 151 Detroit Street Denver, CO 80206 DOB: 1966	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	7/20-Present	Head of Compliance, North America for Janus Henderson Investors (since September 2020) and Chief Compliance Officer for Janus Henderson Investors US LLC (since September 2017). Formerly, Global Head of Investment Management Compliance for Janus Henderson Investors (February 2019 - August 2020), Vice President, Head of Global Distribution Compliance and Chief Compliance Officer of Janus Henderson Distributors US LLC (May 2017 – September 2017), Vice President, Compliance at Janus Henderson US (Holdings) Inc., Janus Henderson Investors US LLC, and Janus Henderson Distributors US LLC (2009-2017).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

Janus Investment Fund 61

Janus Henderson Global Sustainable Equity Fund

Trustees and Officers (unaudited)

OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Head of U.S. Fund Administration, Janus Henderson Investors and Janus Henderson Services US LLC.
Abigail J. Murray 151 Detroit Street Denver, CO 80206 DOB: 1975	Vice President, Chief Legal Officer, and Secretary	12/20-Present	Managing Counsel (2020-present). Formerly, Senior Counsel for Invesco Ltd. (2017-2020), and Vice President and Senior Counsel, ALPS Fund Services, Inc. and Assistant General Counsel, ALPS Advisors, Inc. (2015-2017).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

62 SEPTEMBER 30, 2022

Janus Henderson Global Sustainable Equity Fund

Notes

NotesPage1

Janus Investment Fund 63

Janus Henderson Global Sustainable Equity Fund

Notes

NotesPage2

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Janus Henderson Global Sustainable Equity Fund

Notes

NotesPage3

Janus Investment Fund 65

This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Janus Henderson Distributors US LLC
	125-02-93086 11-22

	ANNUAL REPORT September 30, 2022
Janus Henderson Global Technology and Innovation Fund
Janus Investment Fund
		HIGHLIGHTS ·Portfolio management perspective ·Investment strategy behind your fund ·Fund performance, characteristics and holdings

Table of Contents

Janus Henderson Global Technology and Innovation Fund

Management Commentary 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	25
Report of Independent Registered Public Accounting Firm	38
Additional Information	39
Useful Information About Your Fund Report	50
Designation Requirements	53
Trustees and Officers	54

Janus Henderson Global Technology and Innovation Fund (unaudited)

FUND SNAPSHOT This global growth fund invests in securities of companies that the portfolio managers believe will benefit significantly from advances or improvements in technology. We invest in companies we believe to be resilient and also take smaller positions in companies that have optionality – meaning large potential upside under a specific scenario. The Fund seeks long-term growth of capital. Jonathan Cofsky co-portfolio manager Denny Fish co-portfolio manager

PERFORMANCE OVERVIEW

For the 12 months ended September 30, 2022, the Janus Henderson Global Technology and Innovation Fund Class I Shares returned -37.35%. By comparison, the Fund’s primary benchmark, the S&P 500^® Index, returned -15.47%, while the Fund’s secondary benchmark, the MSCI All Country World Information Technology Index^SM, returned -26.63%.

INVESTMENT ENVIRONMENT

After continuing their post-pandemic rally over the first three months of the period, global tech stocks – along with broader equities – lost ground over the remainder of the fiscal year. A key force in the market’s downturn was the abrupt rise in interest rates as central banks tried to make up lost ground in the wake of surging inflation. Monetary tightening pushed up the discount rates used to value equities, with the end result being a lower present value of a company’s expected cash flows. Given the secular growth profile of many mega-cap tech companies, the sector was acutely impacted by this discounting mechanism.

PERFORMANCE DISCUSSION

The Fund underperformed its primary benchmark, the S&P 500 Index, and also its secondary benchmark, the MSCI All Country World Information Technology Index, for the period. Since we believe technology markets are complex, we construct a portfolio with special attention to downside risk that seeks to balance resilience and optionality. We believe our focus on companies that we expect to be less volatile than the benchmark’s holdings, and those that can benefit from the high pace of technological change, can provide better performance long term.

The period’s leading individual detractor was Apple. The iPhone maker and (increasingly) services company outperformed the broader tech sector, which meant our underweight relative to the benchmark negatively impacted performance. We appreciate the power of the network effects created by Apple’s ecosystem, especially as the company pushed deeper into services, but believe our underweight is merited from a risk-management standpoint given the massive position Apple commands in the benchmark.

Another detractor was social media operator Snap. The company’s stock suffered early in the period as it reported disappointing quarterly results, including a drop in average revenue per user (ARPU). Snap has also had a more difficult time than expected gaining market share amid a weakening environment for advertising revenue. Another headwind has been more stringent privacy guardrails for apps running on Apple platforms as this impacts a company’s ability to target advertising. Given these headwinds, we exited our position in Snap.

A leading contributor was chipmaker Nvidia. The company’s stock jumped early in the period following an announcement by social media giant Facebook saying it would significantly increase its capital spending plans for 2022 as it bolsters its data center network and infrastructure. As a leading producer of graphics processing units used in data centers, Nvidia was expected to benefit.

Also contributing was real estate information and analytics provider CoStar. The stock had been pressured by investor trepidation toward the company’s initiative into the residential space. Consensus has since grown more comfortable with management’s ability to develop this business. Meanwhile, CoStar’s core commercial platform continued to deliver steady results, owing in part to what we consider to be a durable competitive advantage within the space.

Janus Investment Fund 1

Janus Henderson Global Technology and Innovation Fund (unaudited)

OUTLOOK

Despite the darkening economic mood, we believe that the current environment is favorable for active stock pickers focused on identifying companies with durable business models. Volatility and the subsequent valuation compression has enabled us to overweight some of our highest-conviction ideas. The most resilient companies, in our view, should not only weather a weakening economy better than their more fragile peers, but also come out the other side in an even strong competitive position.

Dimming economic prospects could lead to additional earnings downgrades for semiconductor companies (semis), but is not an indictment of the health of the industry. The chip market has undergone considerable rationalization and future economic growth will only create more powerful tailwinds for the industry as semi content becomes more ubiquitous. The industry has also tended to bottom months ahead of the economic cycle, meaning lost ground could be quickly recovered should the current slowdown be short-lived.

We think cloud and other software companies should fare better than semis during a downturn thanks to the resilience of their subscription-based business models. Furthermore, as corporate customers face revenue pressure, they are likely to depend even more on productivity-enhancing software to defend margins.

We are more cautious on companies leveraged to digital advertising as these face both cyclical pressure and a more stringent privacy framework. Also at risk are companies that overextended their businesses during the pandemic, mistaking that outlier period for a new status quo.

Thank you for your investment in Janus Henderson Global Technology and Innovation Fund.

2 SEPTEMBER 30, 2022

Janus Henderson Global Technology and Innovation Fund (unaudited)

Fund At A Glance

September 30, 2022

5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
NVIDIA Corp	3.18%	0.53%	Apple Inc	6.92%	-2.20%
Cadence Design Systems Inc	2.00%	0.45%	Sea Ltd (ADR)	0.94%	-1.05%
CoStar Group Inc	2.17%	0.37%	Snap Inc	0.73%	-0.99%
KLA Corp	2.24%	0.24%	Twilio Inc	1.03%	-0.80%
Mastercard Inc	4.77%	0.17%	ASML Holding NV	5.94%	-0.65%

	2 Top Contributors - Sectors*
		Relative	Fund	MSCI All Country World Information Technology Index
		Contribution	Average Weight	Average Weight
	Other**	0.37%	0.94%	0.00%
	Industrials	-0.04%	3.71%	0.00%
	5 Top Detractors - Sectors*
		Relative	Fund	MSCI All Country World Information Technology Index
		Contribution	Average Weight	Average Weight
	Information Technology	-4.68%	77.56%	100.00%
	Communication Services	-3.62%	8.30%	0.00%
	Consumer Discretionary	-2.09%	8.05%	0.00%
	Financials	-0.21%	0.47%	0.00%
	Real Estate	-0.21%	0.98%	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 3

Janus Henderson Global Technology and Innovation Fund (unaudited)

Fund At A Glance

September 30, 2022

5 Largest Equity Holdings -(% of Net Assets)
Microsoft Corp
Software	12.8%
Apple Inc
Technology Hardware, Storage & Peripherals	6.0%
ASML Holding NV
Semiconductor & Semiconductor Equipment	5.8%
Mastercard Inc
Information Technology Services	4.8%
Amazon.com Inc
Internet & Direct Marketing Retail	4.8%
	34.2%

Asset Allocation - (% of Net Assets)
Common Stocks	93.4%
Investment Companies	4.9%
Private Placements	1.0%
Private Investment in Public Equity (PIPES)	0.4%
Investments Purchased with Cash Collateral from Securities Lending	0.0%
Warrants	0.0%
Other		0.3%
		100.0%

Emerging markets comprised 5.8% of total net assets.

Top Country Allocations - Long Positions -(% of Investment Securities)
As of September 30, 2022	As of September 30, 2021

4 SEPTEMBER 30, 2022

Janus Henderson Global Technology and Innovation Fund (unaudited)

Performance

See important disclosures on the next page.

Average Annual Total Return - for the periods ended September 30, 2022					Prospectus Expense Ratios
	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses‡
Class A Shares at NAV	-37.51%	10.85%	14.85%	8.83%	0.98%
Class A Shares at MOP	-41.10%	9.54%	14.17%	8.56%
Class C Shares at NAV	-37.89%	10.10%	14.08%	8.07%	1.74%
Class C Shares at CDSC	-38.41%	10.10%	14.08%	8.07%
Class D Shares	-37.39%	11.05%	15.08%	9.01%	0.79%
Class I Shares	-37.35%	11.12%	15.16%	9.06%	0.75%
Class N Shares	-37.31%	11.20%	15.14%	9.03%	0.67%
Class S Shares	-37.62%	10.63%	14.68%	8.68%	1.17%
Class T Shares	-37.45%	10.94%	14.98%	8.97%	0.91%
S&P 500 Index	-15.47%	9.24%	11.70%	6.59%
MSCI All Country World Information Technology Index	-26.63%	12.57%	14.62%	6.59%
Morningstar Quartile - Class T Shares	3rd	2nd	2nd	2nd
Morningstar Ranking - based on total returns for Technology Funds	178/260	88/195	74/178	36/95

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.

For certain periods, the Fund’s performance may reflect the effect of expense waivers.

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),

Janus Investment Fund 5

Janus Henderson Global Technology and Innovation Fund (unaudited)

Performance

Environmental, Social and Governance (ESG) factors, 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.

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 A Shares, Class C 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 January 27, 2017. Performance shown for periods prior to January 27, 2017, reflects the historical 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.

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.

© 2022 Morningstar, Inc. All Rights Reserved.

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 March 1, 2022, Jonathan Cofsky and Denny Fish are Co-Portfolio Managers of the Fund.

*The Fund’s inception date – December 31, 1998.

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

6 SEPTEMBER 30, 2022

Janus Henderson Global Technology and Innovation 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 (4/1/22)	Ending Account Value (9/30/22)	Expenses Paid During Period (4/1/22 - 9/30/22)†	Beginning Account Value (4/1/22)	Ending Account Value (9/30/22)	Expenses Paid During Period (4/1/22 - 9/30/22)†	Net Annualized Expense Ratio (4/1/22 - 9/30/22)
Class A Shares		$1,000.00	$705.80	$4.28	$1,000.00	$1,020.05	$5.06	1.00%
Class C Shares		$1,000.00	$703.60	$6.92	$1,000.00	$1,016.95	$8.19	1.62%
Class D Shares		$1,000.00	$706.50	$3.47	$1,000.00	$1,021.01	$4.10	0.81%
Class I Shares		$1,000.00	$706.70	$3.21	$1,000.00	$1,021.31	$3.80	0.75%
Class N Shares		$1,000.00	$706.90	$2.87	$1,000.00	$1,021.71	$3.40	0.67%
Class S Shares		$1,000.00	$705.20	$5.04	$1,000.00	$1,019.15	$5.97	1.18%
Class T Shares		$1,000.00	$706.10	$3.89	$1,000.00	$1,020.51	$4.61	0.91%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/365 (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 7

Janus Henderson Global Technology and Innovation Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Common Stocks– 93.4%
Aerospace & Defense – 0.9%
	Axon Enterprise Inc*	291,197	$33,706,053
Entertainment – 0.5%
	Sea Ltd (ADR)*	366,765	20,557,178
Equity Real Estate Investment Trusts (REITs) – 0.2%
	Equinix Inc	10,683	6,076,918
Information Technology Services – 9.2%
	Adyen NV (144A)*	17,360	21,593,420
	Marqeta Inc - Class A*	2,466,816	17,563,730
	Mastercard Inc	655,658	186,429,796
	MongoDB Inc*	70,204	13,939,706
	Okta Inc*	369,146	20,993,333
	Snowflake Inc - Class A*	294,412	50,038,264
	Square Inc*	269,914	14,842,571
	Wix.com Ltd*	367,894	28,780,348
			354,181,168
Interactive Media & Services – 4.1%
	Alphabet Inc - Class C*	1,453,140	139,719,411
	Match Group Inc*	402,560	19,222,240
			158,941,651
Internet & Direct Marketing Retail – 6.6%
	Amazon.com Inc*	1,637,793	185,070,609
	Farfetch Ltd - Class A*,#	1,340,502	9,986,740
	MercadoLibre Inc*	72,374	59,909,750
			254,967,099
Professional Services – 3.4%
	CoStar Group Inc*	1,899,122	132,273,847
Road & Rail – 0.1%
	Uber Technologies Inc*	193,289	5,122,158
Semiconductor & Semiconductor Equipment – 25.6%
	Advanced Micro Devices Inc*	1,132,370	71,746,963
	Analog Devices Inc	612,642	85,365,536
	Applied Materials Inc	507,213	41,555,961
	ASML Holding NV	537,246	222,811,339
	KLA Corp	344,228	104,173,720
	Lam Research Corp	290,188	106,208,808
	Marvell Technology Inc	1,495,597	64,176,067
	NVIDIA Corp	367,871	44,655,861
	NXP Semiconductors NV	201,866	29,777,254
	Taiwan Semiconductor Manufacturing Co Ltd	10,883,000	143,058,267
	Texas Instruments Inc	454,276	70,312,839
			983,842,615
Software – 35.4%
	Atlassian Corp PLC - Class A*	626,157	131,862,403
	Autodesk Inc*	22,945	4,286,126
	Cadence Design Systems Inc*	603,996	98,711,066
	CCC Intelligent Solutions Holdings Inc*	4,395,954	40,003,181
	Ceridian HCM Holding Inc*	651,973	36,432,251
	Constellation Software Inc/Canada	35,393	49,253,208
	Coupa Software Inc*	252,707	14,859,172
	Dynatrace Inc*	1,123,464	39,107,782
	Microsoft Corp	2,115,733	492,754,216
	Nice Ltd (ADR)*	190,077	35,780,094
	Olo Inc - Class A*	1,425,695	11,262,990
	Pagerduty Inc*	573,402	13,228,384
	Paylocity Holding Corp*	112,052	27,069,522
	Procore Technologies Inc*	766,006	37,901,977
	ServiceNow Inc*	165,977	62,674,575
	Synopsys Inc*	155,300	47,445,703
	Tyler Technologies Inc*	198,519	68,985,352

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
8	SEPTEMBER 30, 2022

Janus Henderson Global Technology and Innovation Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Common Stocks– (continued)
Software– (continued)
	Workday Inc - Class A*	1,004,996	$152,980,491
			1,364,598,493
Technology Hardware, Storage & Peripherals – 6.0%
	Apple Inc	1,663,777	229,933,981
Wireless Telecommunication Services – 1.4%
	T-Mobile US Inc*	386,979	51,920,972
Total Common Stocks (cost $3,061,894,768)			3,596,122,133
Private Investment in Public Equity (PIPES)– 0.4%
Diversified Financial Services – 0.4%
	Altimeter Growth Corp*,§	3,269,751	8,599,445
	CCC Intelligent Solutions Holdings Inc*,§	887,637	8,077,497
Total Private Investment in Public Equity (PIPES) (cost $41,573,880)			16,676,942
Private Placements– 1.0%
Professional Services – 0.3%
	Apartment List Inc*,¢,§	3,783,673	10,745,631
Software – 0.7%
	Magic Leap Inc - Class A private equity common shares*,¢,§	18,847	0
	Via Transportation Inc - Preferred shares*,¢,§	657,989	22,838,799
	Via Transportation Inc - private equity common shares*,¢,§	78,470	2,723,694
			25,562,493
Total Private Placements (cost $56,069,482)			36,308,124
Warrants– 0%
Internet & Direct Marketing Retail – 0%
	Grab Holdings Ltd, expires 12/1/26*((cost $986,182)	333,275	166,638
Investment Companies– 4.9%
Money Markets – 4.9%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº,£((cost $189,241,342)	189,222,420	189,241,342
Investments Purchased with Cash Collateral from Securities Lending– 0%
Investment Companies – 0%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº,£	219,182	219,182
Time Deposits – 0%
	Royal Bank of Canada, 3.0600%, 10/3/22	$54,796	54,796
Total Investments Purchased with Cash Collateral from Securities Lending (cost $273,978)			273,978
Total Investments (total cost $3,350,039,632) – 99.7%			3,838,789,157
Cash, Receivables and Other Assets, net of Liabilities – 0.3%			12,103,805
Net Assets – 100%			$3,850,892,962

Summary of Investments by Country - (Long Positions) (unaudited)
		% of
		Investment
Country	Value	Securities
United States	$3,115,029,772	81.1	%
Netherlands	244,404,759	6.4
Taiwan	163,615,445	4.3
Australia	131,862,403	3.4
Israel	64,560,442	1.7
Argentina	59,909,750	1.6
Canada	49,253,208	1.3
United Kingdom	9,986,740	0.2
Singapore	166,638	0.0

Total $3,838,789,157 100.0 %

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	9

Janus Henderson Global Technology and Innovation Fund

Schedule of Investments

September 30, 2022

Schedules of Affiliated Investments – (% of Net Assets)

		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 9/30/22
Investment Companies - 4.9%
Money Markets - 4.9%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº	$	529,801	$	(459)	$	(729)	$	189,241,342
Investments Purchased with Cash Collateral from Securities Lending - 0.0%
Investment Companies - 0.0%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº		477,384∆		-		-		219,182
Total Affiliated Investments - 4.9%		$	1,007,185	$	(459)	$	(729)	$	189,460,524

		Value at 9/30/21		Purchases		Sales Proceeds		Value at 9/30/22
Investment Companies - 4.9%
Money Markets - 4.9%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº		161,740,558		943,153,805		(915,651,833)		189,241,342
Investments Purchased with Cash Collateral from Securities Lending - 0.0%
Investment Companies - 0.0%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº		36,541,524		406,391,360		(442,713,702)		219,182

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		$	263,372	$	—	$	(263,372)	$	—
(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.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
10	SEPTEMBER 30, 2022

Janus Henderson Global Technology and Innovation Fund

Notes to Schedule of Investments and Other Information

MSCI All Country World Information Technology IndexSM	MSCI All Country World Information Technology IndexSM reflects the performance of information technology stocks from developed and emerging markets.
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
PLC	Public Limited 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 year ended September 30, 2022 is $21,593,420, which represents 0.5% of net assets.

* Non-income producing security.

ºº Rate shown is the 7-day yield as of September 30, 2022.

# Loaned security; a portion of the security is on loan at September 30, 2022.

¢ Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the year ended September 30, 2022 is $36,308,124, which represents 0.9% of net assets.

£ 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.

§	Schedule of Restricted Securities (as of September 30, 2022)
							Value as a
		Acquisition					% of Net
		Date		Cost		Value	Assets
Altimeter Growth Corp		4/14/21	$	32,697,510	$	8,599,445	0.2	%
Apartment List Inc		11/2/20		13,821,758		10,745,631	0.3
CCC Intelligent Solutions Holdings Inc		2/3/21		8,876,370		8,077,497	0.2
Magic Leap Inc - Class A private equity common shares		10/5/17		9,160,263		0	0.0
Via Transportation Inc - Preferred shares		11/4/21		29,692,444		22,838,799	0.6
Via Transportation Inc - private equity common shares		12/2/21		3,395,017		2,723,694	0.1
Total			$	97,643,362	$	52,985,066	1.4	%
The Fund has registration rights for certain restricted securities held as of September 30, 2022. The issuer incurs all registration costs.

Janus Investment Fund 11

Janus Henderson Global Technology and Innovation Fund

Notes to Schedule of Investments and Other Information

The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of September 30, 2022. 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
Information Technology Services	$	332,587,748	$	21,593,420	$	-
Semiconductor & Semiconductor Equipment		617,973,009		365,869,606		-
All Other		2,258,098,350		-		-
Private Investment in Public Equity (PIPES)		16,676,942		-		-
Private Placements		-		-		36,308,124
Warrants		166,638		-		-
Investment Companies		-		189,241,342		-
Investments Purchased with Cash Collateral from Securities Lending		-		273,978		-
Total Assets	$	3,225,502,687	$	576,978,346	$	36,308,124

12 SEPTEMBER 30, 2022

Janus Henderson Global Technology and Innovation Fund

Statement of Assets and Liabilities

September 30, 2022

Assets:
	Unaffiliated investments, at value (cost $3,160,579,108)(1)		$	3,649,328,633
	Affiliated investments, at value (cost $189,460,524)			189,460,524
	Trustees' deferred compensation			115,970
	Receivables:
		Investments sold		17,887,852
		Fund shares sold		8,321,167
		Dividends		1,434,174
		Dividends from affiliates		366,397
		Foreign tax reclaims		4,834
	Other assets			9,152
Total Assets				3,866,928,703
Liabilities:
	Collateral for securities loaned (Note 2)			273,978
	Payables:			—
		Fund shares repurchased		12,161,996
		Advisory fees		2,345,947
		Transfer agent fees and expenses		640,398
		Trustees' deferred compensation fees		115,970
		12b-1 Distribution and shareholder servicing fees		96,194
		Professional fees		64,073
		Custodian fees		40,236
		Trustees' fees and expenses		21,314
		Affiliated fund administration fees payable		9,164
		Accrued expenses and other payables		266,471
Total Liabilities				16,035,741
Net Assets			$	3,850,892,962

See Notes to Financial Statements.
Janus Investment Fund	13

Janus Henderson Global Technology and Innovation Fund

Statement of Assets and Liabilities

September 30, 2022

Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	3,412,246,617
	Total distributable earnings (loss)		438,646,345
Total Net Assets		$	3,850,892,962
Net Assets - Class A Shares		$	182,141,050
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		5,768,293
Net Asset Value Per Share(2)		$	31.58
Maximum Offering Price Per Share(3)		$	33.51
Net Assets - Class C Shares		$	50,614,387
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,891,742
Net Asset Value Per Share(2)		$	26.76
Net Assets - Class D Shares		$	1,794,751,604
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		54,666,488
Net Asset Value Per Share		$	32.83
Net Assets - Class I Shares		$	644,388,088
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		19,379,223
Net Asset Value Per Share		$	33.25
Net Assets - Class N Shares		$	115,297,407
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,512,333
Net Asset Value Per Share		$	32.83
Net Assets - Class S Shares		$	17,984,975
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		587,862
Net Asset Value Per Share		$	30.59
Net Assets - Class T Shares		$	1,045,715,451
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		32,242,463
Net Asset Value Per Share		$	32.43

(1)Includes $263,372 of securities on loan. See Note 2 in Notes to Financial Statements.

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

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

See Notes to Financial Statements.
14	SEPTEMBER 30, 2022

Janus Henderson Global Technology and Innovation Fund

Statement of Operations

For the year ended September 30, 2022

Investment Income:
	Dividends		$	28,116,101
	Dividends from affiliates			529,801
	Affiliated securities lending income, net			477,384
	Unaffiliated securities lending income, net			6,837
	Other income			23,875
	Foreign tax withheld			(1,669,307)
Total Investment Income				27,484,691
Expenses:
	Advisory fees			35,631,130
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		655,028
		Class C Shares		661,810
		Class S Shares		66,723
	Transfer agent administrative fees and expenses:
		Class D Shares		2,882,718
		Class S Shares		66,940
		Class T Shares		3,899,846
	Transfer agent networking and omnibus fees:
		Class A Shares		185,365
		Class C Shares		62,751
		Class I Shares		841,176
	Other transfer agent fees and expenses:
		Class A Shares		16,817
		Class C Shares		4,048
		Class D Shares		314,547
		Class I Shares		43,496
		Class N Shares		6,031
		Class S Shares		284
		Class T Shares		15,499
	Shareholder reports expense			303,151
	Affiliated fund administration fees			139,185
	Custodian fees			137,655
	Registration fees			129,424
	Trustees’ fees and expenses			115,491
	Professional fees			91,241
	Other expenses			364,760
Total Expenses				46,635,116
Less: Excess Expense Reimbursement and Waivers				(175,620)
Net Expenses				46,459,496
Net Investment Income/(Loss)				(18,974,805)

See Notes to Financial Statements.
Janus Investment Fund	15

Janus Henderson Global Technology and Innovation Fund

Statement of Operations

For the year ended September 30, 2022

Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	47,068,976
	Investments in affiliates		(459)
Total Net Realized Gain/(Loss) on Investments			47,068,517
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and Trustees’ deferred compensation		(2,452,269,730)
	Investments in affiliates		(729)
Total Change in Unrealized Net Appreciation/Depreciation			(2,452,270,459)
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	(2,424,176,747)

See Notes to Financial Statements.
16	SEPTEMBER 30, 2022

Janus Henderson Global Technology and Innovation Fund

Statements of Changes in Net Assets

			Year ended September 30, 2022		Year ended September 30, 2021
Operations:
	Net investment income/(loss)		$	(18,974,805)	$	(21,218,218)
	Net realized gain/(loss) on investments			47,068,517		957,712,135
	Change in unrealized net appreciation/depreciation			(2,452,270,459)		579,443,181
Net Increase/(Decrease) in Net Assets Resulting from Operations				(2,424,176,747)		1,515,937,098
Dividends and Distributions to Shareholders:
		Class A Shares		(46,604,439)		(24,126,815)
		Class C Shares		(16,566,428)		(9,512,616)
		Class D Shares		(431,253,501)		(228,155,423)
		Class I Shares		(166,649,528)		(84,659,567)
		Class N Shares		(25,779,168)		(11,937,362)
		Class S Shares		(5,259,139)		(2,161,126)
		Class T Shares		(278,237,921)		(150,400,901)
Net Decrease from Dividends and Distributions to Shareholders				(970,350,124)		(510,953,810)
Capital Share Transactions:
		Class A Shares		23,568,044		20,777,355
		Class C Shares		384,649		(959,381)
		Class D Shares		276,314,024		174,903,766
		Class I Shares		31,451,226		129,009,173
		Class N Shares		34,697,306		34,445,636
		Class S Shares		8,846,141		2,232,031
		Class T Shares		39,626,244		66,730,556
Net Increase/(Decrease) from Capital Share Transactions				414,887,634		427,139,136
Net Increase/(Decrease) in Net Assets				(2,979,639,237)		1,432,122,424
Net Assets:
	Beginning of period			6,830,532,199		5,398,409,775
	End of period		$	3,850,892,962	$	6,830,532,199

See Notes to Financial Statements.
Janus Investment Fund	17

Janus Henderson Global Technology and Innovation Fund

Financial Highlights

Class A Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$59.21	$50.45	$36.72	$36.33	$29.11
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.22)	(0.27)	(0.11)	(0.05)	(0.05)
		Net realized and unrealized gain/(loss)	(18.76)	13.83	17.17	2.33	8.45
	Total from Investment Operations		(18.98)	13.56	17.06	2.28	8.40
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—(2)	—(2)
		Distributions (from capital gains)	(8.65)	(4.80)	(3.33)	(1.89)	(1.18)
	Total Dividends and Distributions		(8.65)	(4.80)	(3.33)	(1.89)	(1.18)
	Net Asset Value, End of Period		$31.58	$59.21	$50.45	$36.72	$36.33
	Total Return*		(37.50)%	28.19%	49.64%	7.70%	29.63%
	Net Assets, End of Period (in thousands)		$182,141	$319,194	$252,037	$172,237	$136,689
	Average Net Assets for the Period (in thousands)		$260,997	$299,780	$204,220	$151,979	$125,207
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.99%	0.98%	0.99%	1.01%	1.00%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.99%	0.98%	0.99%	1.01%	1.00%
		Ratio of Net Investment Income/(Loss)	(0.49)%	(0.47)%	(0.26)%	(0.14)%	(0.16)%
	Portfolio Turnover Rate		47%	43%	37%	36%	20%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

**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.
18	SEPTEMBER 30, 2022

Janus Henderson Global Technology and Innovation Fund

Financial Highlights

Class C Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$51.77	$44.91	$33.24	$33.31	$26.96
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.42)	(0.56)	(0.36)	(0.26)	(0.27)
		Net realized and unrealized gain/(loss)	(15.94)	12.22	15.36	2.08	7.80
	Total from Investment Operations		(16.36)	11.66	15.00	1.82	7.53
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(8.65)	(4.80)	(3.33)	(1.89)	(1.18)
	Total Dividends and Distributions		(8.65)	(4.80)	(3.33)	(1.89)	(1.18)
	Net Asset Value, End of Period		$26.76	$51.77	$44.91	$33.24	$33.31
	Total Return*		(37.88)%	27.37%	48.56%	6.97%	28.73%
	Net Assets, End of Period (in thousands)		$50,614	$101,860	$89,141	$64,636	$89,817
	Average Net Assets for the Period (in thousands)		$79,418	$98,033	$75,085	$66,888	$79,328
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.58%	1.64%	1.69%	1.70%	1.72%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.58%	1.64%	1.69%	1.70%	1.72%
		Ratio of Net Investment Income/(Loss)	(1.09)%	(1.13)%	(0.96)%	(0.85)%	(0.88)%
	Portfolio Turnover Rate		47%	43%	37%	36%	20%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

**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 Global Technology and Innovation Fund

Financial Highlights

Class D Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$61.11	$51.89	$37.62	$37.14	$29.69
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.14)	(0.16)	(0.03)	0.01	—(2)
		Net realized and unrealized gain/(loss)	(19.49)	14.23	17.63	2.40	8.63
	Total from Investment Operations		(19.63)	14.07	17.60	2.41	8.63
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.05)	—	(0.04)	—(2)
		Distributions (from capital gains)	(8.65)	(4.80)	(3.33)	(1.89)	(1.18)
	Total Dividends and Distributions		(8.65)	(4.85)	(3.33)	(1.93)	(1.18)
	Net Asset Value, End of Period		$32.83	$61.11	$51.89	$37.62	$37.14
	Total Return*		(37.39)%	28.43%	49.90%	7.91%	29.84%
	Net Assets, End of Period (in thousands)		$1,794,752	$3,058,182	$2,426,380	$1,603,112	$1,570,846
	Average Net Assets for the Period (in thousands)		$2,524,660	$2,878,436	$1,911,725	$1,501,953	$1,400,342
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.80%	0.79%	0.80%	0.83%	0.83%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.80%	0.79%	0.80%	0.83%	0.83%
		Ratio of Net Investment Income/(Loss)	(0.30)%	(0.29)%	(0.08)%	0.03%	0.01%
	Portfolio Turnover Rate		47%	43%	37%	36%	20%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

**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.
20	SEPTEMBER 30, 2022

Janus Henderson Global Technology and Innovation Fund

Financial Highlights

Class I Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$61.76	$52.40	$37.94	$37.45	$29.91
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.12)	(0.14)	(0.01)	0.04	0.04
		Net realized and unrealized gain/(loss)	(19.74)	14.38	17.80	2.41	8.69
	Total from Investment Operations		(19.86)	14.24	17.79	2.45	8.73
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.08)	—	(0.07)	(0.01)
		Distributions (from capital gains)	(8.65)	(4.80)	(3.33)	(1.89)	(1.18)
	Total Dividends and Distributions		(8.65)	(4.88)	(3.33)	(1.96)	(1.19)
	Net Asset Value, End of Period		$33.25	$61.76	$52.40	$37.94	$37.45
	Total Return*		(37.36)%	28.48%	49.99%	7.97%	29.97%
	Net Assets, End of Period (in thousands)		$644,388	$1,189,917	$890,656	$418,834	$353,236
	Average Net Assets for the Period (in thousands)		$944,382	$1,074,031	$606,085	$356,404	$248,537
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.76%	0.75%	0.75%	0.76%	0.75%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.76%	0.75%	0.75%	0.76%	0.75%
		Ratio of Net Investment Income/(Loss)	(0.26)%	(0.24)%	(0.02)%	0.11%	0.10%
	Portfolio Turnover Rate		47%	43%	37%	36%	20%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

**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 Global Technology and Innovation Fund

Financial Highlights

Class N Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$61.03	$51.81	$37.52	$37.05	$29.59
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.08)	(0.09)	0.02	0.07	0.06
		Net realized and unrealized gain/(loss)	(19.47)	14.21	17.60	2.37	8.60
	Total from Investment Operations		(19.55)	14.12	17.62	2.44	8.66
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.10)	—	(0.08)	(0.02)
		Distributions (from capital gains)	(8.65)	(4.80)	(3.33)	(1.89)	(1.18)
	Total Dividends and Distributions		(8.65)	(4.90)	(3.33)	(1.97)	(1.20)
	Net Asset Value, End of Period		$32.83	$61.03	$51.81	$37.52	$37.05
	Total Return*		(37.29)%	28.59%	50.10%	8.06%	30.04%
	Net Assets, End of Period (in thousands)		$115,297	$175,740	$117,541	$41,043	$20,522
	Average Net Assets for the Period (in thousands)		$155,684	$158,218	$70,265	$28,002	$11,360
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.67%	0.67%	0.67%	0.69%	0.69%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.67%	0.67%	0.67%	0.69%	0.69%
		Ratio of Net Investment Income/(Loss)	(0.17)%	(0.16)%	0.06%	0.19%	0.17%
	Portfolio Turnover Rate		47%	43%	37%	36%	20%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.
22	SEPTEMBER 30, 2022

Janus Henderson Global Technology and Innovation Fund

Financial Highlights

Class S Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$57.73	$49.38	$36.07	$35.79	$28.75
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.29)	(0.36)	(0.19)	(0.12)	(0.12)
		Net realized and unrealized gain/(loss)	(18.20)	13.51	16.83	2.29	8.34
	Total from Investment Operations		(18.49)	13.15	16.64	2.17	8.22
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(8.65)	(4.80)	(3.33)	(1.89)	(1.18)
	Total Dividends and Distributions		(8.65)	(4.80)	(3.33)	(1.89)	(1.18)
	Net Asset Value, End of Period		$30.59	$57.73	$49.38	$36.07	$35.79
	Total Return*		(37.63)%	27.95%	49.35%	7.49%	29.36%
	Net Assets, End of Period (in thousands)		$17,985	$27,069	$21,002	$9,084	$6,628
	Average Net Assets for the Period (in thousands)		$26,676	$25,961	$14,529	$7,654	$6,405
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.18%	1.17%	1.19%	1.22%	1.20%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.17%	1.17%	1.18%	1.22%	1.19%
		Ratio of Net Investment Income/(Loss)	(0.68)%	(0.66)%	(0.46)%	(0.35)%	(0.36)%
	Portfolio Turnover Rate		47%	43%	37%	36%	20%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

**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	23

Janus Henderson Global Technology and Innovation Fund

Financial Highlights

Class T Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$60.53	$51.47	$37.37	$36.91	$29.54
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.19)	(0.23)	(0.08)	(0.02)	(0.03)
		Net realized and unrealized gain/(loss)	(19.26)	14.11	17.51	2.39	8.58
	Total from Investment Operations		(19.45)	13.88	17.43	2.37	8.55
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.02)	—	(0.02)	—
		Distributions (from capital gains)	(8.65)	(4.80)	(3.33)	(1.89)	(1.18)
	Total Dividends and Distributions		(8.65)	(4.82)	(3.33)	(1.91)	(1.18)
	Net Asset Value, End of Period		$32.43	$60.53	$51.47	$37.37	$36.91
	Total Return*		(37.45)%	28.26%	49.77%	7.82%	29.70%
	Net Assets, End of Period (in thousands)		$1,045,715	$1,958,570	$1,601,653	$936,931	$961,794
	Average Net Assets for the Period (in thousands)		$1,554,115	$1,860,359	$1,210,097	$869,267	$812,197
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.91%	0.91%	0.92%	0.93%	0.92%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.90%	0.91%	0.91%	0.92%	0.92%
		Ratio of Net Investment Income/(Loss)	(0.41)%	(0.40)%	(0.18)%	(0.06)%	(0.08)%
	Portfolio Turnover Rate		47%	43%	37%	36%	20%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

**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.
24	SEPTEMBER 30, 2022

Janus Henderson Global Technology and Innovation Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus Henderson Global Technology and Innovation Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 39 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC (formerly Janus Capital Management LLC) is the investment adviser (the “Adviser”) to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Shareholders, including other funds, individuals, accounts, as well as the Fund’s portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s Shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors, 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, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (formerly Janus Distributors LLC) (the

Janus Investment Fund 25

Janus Henderson Global Technology and Innovation Fund

Notes to Financial Statements

“Distributor”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

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

Investment Valuation

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The 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 Adviser-approved pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a 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 valuation policies provide for the use of systematic fair valuation models provided by independent pricing services to value foreign 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.

26 SEPTEMBER 30, 2022

Janus Henderson Global Technology and Innovation Fund

Notes to Financial Statements

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

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

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

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of September 30, 2022 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.

The Fund did not hold a significant amount of Level 3 securities as of September 30, 2022.

Investment Transactions and Investment Income

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

Expenses

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Indemnifications

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

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

Janus Investment Fund 27

Janus Henderson Global Technology and Innovation Fund

Notes to Financial Statements

date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

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

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

Dividends and Distributions

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

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

Federal Income Taxes

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

2. Other Investments and Strategies

Additional Investment Risk

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 in response to the COVID-19 pandemic. This and other government intervention into the economy and financial markets to address the COVID-19 pandemic may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Government actions to mitigate the economic impact of the pandemic have resulted in a large expansion of government deficits and debt, the long term consequences of which are not known. The COVID-19 pandemic could adversely affect the value and liquidity of a Fund’s investments, impair a Fund’s ability to satisfy redemption requests, and negatively impact a Fund’s performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

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

28 SEPTEMBER 30, 2022

Janus Henderson Global Technology and Innovation Fund

Notes to Financial Statements

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 the Adviser 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.

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. Among other things, these developments have adversely affected the value and exchange rate of the euro and pound sterling, and may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse effect on the Fund’s investments in such countries, other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.

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. Emerging market countries in which the Fund may invest include frontier market countries, the economies of which are less developed than other emerging market countries. To the extent that the Fund invests a significant amount of its assets in one or more of these countries, its returns and net asset value may be affected to a large degree by events and economic conditions in such countries. The risks of foreign investing are heightened when investing in emerging markets, which may result in the price of investments in emerging markets experiencing sudden and sharp price swings. In many developing markets, there is less government supervision and regulation of stock exchanges, brokers, and listed companies, making these investments potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. Similarly, issuers in such markets may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which U.S. companies are subject. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the Fund’s investments may be denominated in foreign currencies and therefore, changes in the value of a country’s currency compared to the U.S. dollar may affect the value of the Fund’s investments. To the extent that the Fund invests a significant portion of its assets in the securities of issuers in or companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund’s performance. Developing countries may also experience a higher level of exposure and vulnerability to the adverse effects of climate change. This can be attributed to both the geographic location of emerging market countries and/or a country’s lack of access to technology or resources to adjust and adapt to its effects. An increased occurrence and severity of natural disasters and extreme weather events such as droughts and decreased crop yields, heat waves, flooding and rising sea levels, and increased spread of disease, could cause harmful effects to the performance of affected economies. Additionally, foreign and emerging market risks, including, but not limited to, price controls, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, nationalization, and restrictions on repatriation of assets may be heightened to the extent the Fund invests in Chinese local market securities.

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

Janus Investment Fund 29

Janus Henderson Global Technology and Innovation Fund

Notes to Financial Statements

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.

Restricted Security Transactions

Restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of the Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist.

Private Investment in Public Equity

Private investments in public equity (“PIPEs”) are equity securities privately purchased from public companies (including special purpose acquisition companies) at a specified price. PIPEs generally are not registered with the SEC until after a certain time period from the date the private sale is completed. Until the public registration process is completed, PIPEs are restricted as to resale and the Fund cannot freely trade the securities. Generally, such restrictions cause the PIPEs to be illiquid during this time. PIPEs may contain provisions that the issuer will pay specified financial penalties to the holder if the issuer does not publicly register the restricted equity securities within a specified period of time, but there is no assurance that the restricted equity securities will be publicly registered, or that the registration will remain in effect. To the extent that they increase the supply of a company’s stock in the market, PIPEs can potentially dilute the value of existing shares.

Special Purpose Acquisition Companies (SPAC)

The Fund may invest in stock, warrants, and other securities of special purpose acquisition companies (“SPACs”) or similar entities that pool funds to seek potential acquisition opportunities. Unless and until an acquisition is completed, a SPAC typically invests its assets (less a portion retained to cover expenses) in U.S. Government securities, money market fund securities, and cash. If an acquisition that meets the requirements for the SPAC is not completed within a pre-established period of time (typically two years), the invested funds are returned to the SPAC’s shareholders. Because SPACs and similar entities are in essence blank check companies without an operating history or ongoing business other than seeking acquisitions, the value of a SPAC’s securities is particularly dependent on the ability of the SPAC’s management to timely identify and complete a profitable acquisition. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices. To the extent the SPAC is invested in cash or similar securities while awaiting an acquisition opportunity, a Fund’s ability to meet its investment objective may be negatively impacted. In addition, some SPACs may be traded in the over-the-counter market and may be considered illiquid and/or be subject to restrictions on resale.

Counterparties

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.

30 SEPTEMBER 30, 2022

Janus Henderson Global Technology and Innovation Fund

Notes to Financial Statements

Securities Lending

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the SEC. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.

Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

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

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of September 30, 2022, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $263,372. Gross amounts of recognized liabilities for securities lending (collateral received) as of September 30, 2022 is $273,978, resulting in the net amount due to the counterparty of $10,606.

Offsetting Assets and Liabilities

The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

The Offsetting Assets and Liabilities table located in the Schedule of Investments presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the Fund's Schedule of Investments.

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Janus Henderson Global Technology and Innovation Fund

Notes to Financial Statements

3. Investment Advisory Agreements and Other Transactions with Affiliates

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

The Adviser has contractually agreed to waive the investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, 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 payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.71% of the Fund’s average daily net assets. The Adviser has agreed to continue the waivers for at least a one-year period commencing on January 28, 2022. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (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 the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $502,935 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 2022. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

Janus Henderson Services US LLC (formerly Janus Services LLC) (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

Average Daily Net Assets of Class D Shares of the Janus Henderson funds	Administrative Services Fee
Under $40 billion	0.12%
$40 billion – $49.9 billion	0.10%
Over $49.9 billion	0.08%

During the reporting period, the administrative services fee rate was 0.11%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities

32 SEPTEMBER 30, 2022

Janus Henderson Global Technology and Innovation Fund

Notes to Financial Statements

Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the year ended September 30, 2022, the Distributor retained upfront sales charges of $49,166.

A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. During the year ended September 30, 2022, redeeming shareholders of Class A Shares paid CDSCs of $153 to Janus Henderson Distributors.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the year ended September 30, 2022, redeeming shareholders of Class C Shares paid CDSCs of $5,099.

The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of September 30, 2022 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended September 30, 2022 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $436,813 were paid by the Trust to the Trustees under the Deferred Plan during the year ended September 30, 2022.

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Janus Henderson Global Technology and Innovation Fund

Notes to Financial Statements

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests 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.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended September 30, 2022 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

4. Federal Income Tax

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.

Other book to tax differences primarily consist of deferred compensation. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ -	$ -	$ -	$(18,867,970)	$ -	$ (128,886)	$457,643,201

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 2022 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)
$ 3,381,145,956	$1,004,766,888	$(547,123,687)	$ 457,643,201

34 SEPTEMBER 30, 2022

Janus Henderson Global Technology and Innovation Fund

Notes to Financial Statements

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.

For the year ended September 30, 2022
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 34,402,388	$ 935,947,736	$ -	$ -

For the year ended September 30, 2021
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 4,793,039	$ 506,160,771	$ -	$ -

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. The following reclassifications have been made to the Fund:

Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ 28,795,957	$ (313,574)	$ (28,482,383)

Capital has been adjusted by $24,667,363, including $24,565,469 of long-term capital gain, for distributions in connection with Fund share redemptions (tax equalization).

Janus Investment Fund 35

Janus Henderson Global Technology and Innovation Fund

Notes to Financial Statements

5. Capital Share Transactions

	Year ended September 30, 2022		Year ended September 30, 2021
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	877,413	$ 39,900,994	1,549,800	$ 87,810,243
Reinvested dividends and distributions	785,445	39,554,989	391,837	20,391,219
Shares repurchased	(1,285,642)	(55,887,939)	(1,546,340)	(87,424,107)
Net Increase/(Decrease)	377,216	$ 23,568,044	395,297	$ 20,777,355
Class C Shares:
Shares sold	226,192	$ 8,952,475	392,494	$ 19,087,641
Reinvested dividends and distributions	359,888	15,435,591	195,550	8,944,446
Shares repurchased	(662,056)	(24,003,417)	(605,073)	(28,991,468)
Net Increase/(Decrease)	(75,976)	$ 384,649	(17,029)	$ (959,381)
Class D Shares:
Shares sold	3,599,506	$171,960,826	5,633,990	$321,381,945
Reinvested dividends and distributions	8,016,491	419,182,331	4,146,186	222,359,993
Shares repurchased	(6,992,723)	(314,829,133)	(6,496,952)	(368,838,172)
Net Increase/(Decrease)	4,623,274	$276,314,024	3,283,224	$174,903,766
Class I Shares:
Shares sold	7,091,813	$326,578,396	7,875,296	$456,468,434
Reinvested dividends and distributions	2,866,657	151,760,832	1,369,659	74,208,117
Shares repurchased	(9,846,435)	(446,888,002)	(6,975,855)	(401,667,378)
Net Increase/(Decrease)	112,035	$ 31,451,226	2,269,100	$129,009,173
Class N Shares:
Shares sold	1,255,721	$ 59,650,746	1,460,792	$ 83,346,222
Reinvested dividends and distributions	493,570	25,779,168	223,087	11,937,362
Shares repurchased	(1,116,408)	(50,732,608)	(1,073,007)	(60,837,948)
Net Increase/(Decrease)	632,883	$ 34,697,306	610,872	$ 34,445,636
Class S Shares:
Shares sold	312,563	$ 16,857,268	142,000	$ 7,600,543
Reinvested dividends and distributions	107,615	5,259,139	42,533	2,161,126
Shares repurchased	(301,224)	(13,270,266)	(140,911)	(7,529,638)
Net Increase/(Decrease)	118,954	$ 8,846,141	43,622	$ 2,232,031
Class T Shares:
Shares sold	3,854,873	$184,777,506	7,511,806	$425,071,108
Reinvested dividends and distributions	5,264,764	272,188,274	2,766,547	147,097,319
Shares repurchased	(9,232,493)	(417,339,536)	(9,044,088)	(505,437,871)
Net Increase/(Decrease)	(112,856)	$ 39,626,244	1,234,265	$ 66,730,556

6. Purchases and Sales of Investment Securities

For the year ended September 30, 2022, 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
$2,563,319,961	$3,216,385,517	$ -	$ -

7. Recent Accounting Pronouncements

The FASB issued Accounting Standards Update 2022-03: Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”) in June 2022. The new guidance in the ASU clarifies existing guidance

36 SEPTEMBER 30, 2022

Janus Henderson Global Technology and Innovation Fund

Notes to Financial Statements

in ASC 820 related to the fair value measurement of an equity security subject to contractual sale restrictions with the intent to reduce diversity in interpretation. Under the guidance, a contractual restriction on the sale of an equity security would not be considered when measuring fair value as such restriction is not treated as part of the equity security’s unit of account. The amendments would be applied prospectively on or after adoption date to equity securities with a contract containing a sale restriction that is executed or modified after such date. The effective date set by the FASB is December 15, 2023, with early adoption permitted. The Adviser is currently evaluating whether to early adopt and does not anticipate it to have a material impact on the Fund.

8. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to September 30, 2022 and through the date of issuance of the Fund’s financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.

Janus Investment Fund 37

Janus Henderson Global Technology and Innovation Fund

Report of Independent Registered Public Accounting Firm

TotheBoard of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Global Technology and Innovation Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Global Technology and Innovation Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2022, the related statement of operations for the year ended September 30, 2022, the statements of changes in net assets for each of the two years in the period ended September 30, 2022,including the related notes,and the financial highlightsfor each of the five years in the period ended September 30, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2022 and the financial highlights for each of the five years in the period ended September 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022 by correspondence with the custodian, transfer agent, investee companies and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Denver, Colorado

November 28, 2022

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

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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 (each, a “Fund,” and collectively, the “Funds” and 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 agreement for each Janus Henderson Fund that utilizes a subadviser.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (formerly, Janus Capital Management LLC) (the “Adviser”) and the subadviser 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 meetings held on November 3-4, 2021 and December 7-8, 2021, the Trustees’ evaluated the information provided by the Adviser, the subadviser, and the independent fee consultant, as well as other information addressed during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser and each subadviser, as applicable, were fair and reasonable in light of the nature, extent and quality of the services provided by the Adviser, its affiliates and the subadviser, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund and the subadvisory agreement for each subadvised Janus Henderson Fund, for the period from February 1, 2022 through February 1, 2023, subject to earlier termination as provided for in each agreement.

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

Nature, Extent and Quality of Services

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

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Additional Information (unaudited)

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 the Adviser and the 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 the Adviser or the subadviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

The Trustees concluded that the nature, extent and quality of the services provided by the Adviser and 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 the Adviser and the subadviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and each 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, 2021, approximately 55% of the Janus Henderson Funds were in the top two quartiles of performance versus Broadridge peers, and for the 12 months ended September 30, 2021, approximately 45% 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 second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving

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Additional Information (unaudited)

Fixed-Income Funds

·For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·For Janus Developed World Bond Fund, the Trustees noted the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

Global and International Equity Funds

·For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the

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Additional Information (unaudited)

Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

Money Market Funds

·For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was 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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

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Additional Information (unaudited)

·For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser 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 bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser and subadviser had taken or were taking to improve performance.

·For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson International Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser and subadviser had taken or were taking to improve performance.

·For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser and subadviser had taken or were taking to improve performance.

U.S. Equity Funds

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

·For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

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Additional Information (unaudited)

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 the Adviser out of its management fees collected from such Janus Henderson Fund.

The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge Expense Group peers; and (3) and the management fees for the Janus Henderson Funds, on average, were 6% 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.

The Trustees considered the methodology used by the Adviser and 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 the Adviser and subadviser to comparable separate account clients and to comparable non-affiliated funds subadvised by the Adviser or subadviser (for which the Adviser 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 the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser 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; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged to Janus Henderson subadvised fund and separate account investors; and (4) as part of its 2020 review, 9 of 10 Janus Henderson Funds have lower management fees than similar funds subadvised by the Adviser.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2020, including the VIT Portfolios, and noted the following with regard to each VIT Portfolio’s total expenses, net of applicable fee waivers (the VIT Portfolio’s “total expenses”):

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Additional Information (unaudited)

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 the Adviser 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.

·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 the Adviser 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 the Adviser 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 one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser 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 the Adviser 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 the Adviser has contractually agreed to limit the Fund’s expenses.

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

·For Janus Henderson Short Duration 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 the Adviser 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 the Adviser 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 certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser 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 the Adviser has contractually agreed to limit the Fund’s expenses.

·For Janus Henderson Global Equity Income 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 the Adviser 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.

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Additional Information (unaudited)

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

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

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

Money Market Funds

·For Janus Henderson Government 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 the Adviser has voluntarily agreed to limit the Fund’s expenses to assist the Fund in attempting to maintain a yield of at least 0.00%.

·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 the Adviser has agreed to limit the Fund’s expenses to assist the Fund in attempting to maintain a yield of at least 0.00%.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted 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 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 the Adviser 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 the Adviser 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

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Additional Information (unaudited)

that the Adviser 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 the Adviser 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 the Adviser 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, 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 the Adviser 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 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 the Adviser 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.

·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 the Adviser 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 the Adviser 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 Mid Cap Value Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

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

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by

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Additional Information (unaudited)

numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser and 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 the Adviser 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 the Adviser 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 the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser and its affiliates, as well as the fees paid by the Adviser to the subadviser 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 the Adviser and the subadviser 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 the Adviser and subadviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

Economies of Scale

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 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 75% of these Janus Henderson Funds’ have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. The Trustees also noted the following: (1) that for those Janus Henderson Funds whose expenses are being reduced by the contractual expense limitations of the Adviser, the Adviser is subsidizing certain of these Janus Henderson Funds because they have not reached adequate scale; (2) 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 (3) 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 the Adviser 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 the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, the Adviser appeared to be investing to increase the likelihood that these Janus

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Additional Information (unaudited)

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 the Adviser.

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

Other Benefits to the Adviser

The Trustees also considered benefits that accrue to the Adviser and its affiliates and subadviser to the Janus Henderson Funds from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by 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 the Adviser and/or the Adviser, and/or subadviser to a Janus Henderson Fund. The Trustees concluded that the Adviser’s and the subadviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates and subadviser pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser and the subadviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser and the subadviser 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 the Adviser’s and/or the subadviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser and/or other clients of the subadviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser, the subadviser or other Janus Henderson funds, and that the success of the Adviser and the subadviser could enhance the Adviser’s and the subadviser’s ability to serve the Janus Henderson Funds.

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Janus Henderson Global Technology and Innovation Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

The Management Commentary in this report includes valuable insight as well as statistical information to help you understand how your Fund’s performance and characteristics stack up against those of comparable indices.

If the Fund invests in foreign securities, this report may include information about country exposure. Country exposure is based primarily on 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.

Please keep in mind that the opinions expressed in the Management Commentary are just that: opinions. They are a reflection based on best judgment at the time this report was compiled, which was September 30, 2022. As the investing environment changes, so could opinions. These views are unique and are not necessarily shared by fellow employees or by Janus Henderson in general.

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 the Adviser 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. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by Bloomberg 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.

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Useful Information About Your Fund Report (unaudited)

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.

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.

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.

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Janus Henderson Global Technology and Innovation Fund

Useful Information About Your Fund Report (unaudited)

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 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.

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Janus Henderson Global Technology and Innovation Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2022:

Capital Gain Distributions $964,641,799

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Janus Henderson Global Technology and Innovation Fund

Trustees and Officers (unaudited)

The following are the Trustees and officers of the Trust, together with a brief description of their principal occupations during the last five years (principal occupations for certain Trustees may include periods over five years). The Fund’s Statement of Additional Information includes additional information about the Trustees and officers and is available, without charge, by calling 1-877-335-2687.

Each Trustee has served in that capacity since he or she was originally elected or appointed. The Trustees do not serve a specified term of office. Each Trustee will hold office until the termination of the Trust or his or her earlier death, resignation, retirement, incapacity, or removal. Under the Fund’s Governance Procedures and Guidelines, the policy is for Trustees to retire no later than the end of the calendar year in which the Trustee turns 75. The Trustees review the Fund’s Governance Procedures and Guidelines from time to time and may make changes they deem appropriate. The Fund’s Nominating and Governance Committee will consider nominees for the position of Trustee recommended by shareholders. Shareholders may submit the name of a candidate for consideration by the Committee by submitting their recommendations to the Trust’s Secretary. Each Trustee is currently a Trustee of one other registered investment company advised by the Adviser: Janus Aspen Series. Collectively, these two registered investment companies consist of 50 series or funds referred to herein as the Fund Complex.

The Trust’s officers are elected annually by the Trustees for a one-year term. Certain officers also serve as officers of Janus Aspen Series. Certain officers of the Fund may also be officers and/or directors of the Adviser. Except as otherwise disclosed, Fund officers receive no compensation from the Fund, except for the Fund’s Chief Compliance Officer, as authorized by the Trustees.

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Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Chairman Trustee	5/22-Present 1/13-Present	Principal, Curam Holdings LLC (since 2018). Formerly, Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm) (2012-2018), Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	50	Advisory Board Member of AEW Core Property Trust (open-end property fund) (since 2020), and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016), Director of Nuveen Global Investors LLC (2007-2011), Director of Communities in Schools (2004-2010), and Director of Mutual Fund Education Alliance (until 2010).
Cheryl D. Alston 151 Detroit Street Denver, CO 80206 DOB: 1966	Trustee	8/22-Present	Executive Director and Chief Investment Officer, Employees’ Retirement Fund of the City of Dallas (since 2004).	50	Director of Blue Cross Blue Shield of Kansas City (a not-for-profit health insurance provider) (since 2016) and Director of Global Life Insurance (life and supplemental health insurance provider) (since 2017). Formerly, Director of Federal Home Loan Bank of Dallas (2017-2021).

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Janus Henderson Global Technology and Innovation Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000), and Chief Investment Officer (1987-1994) and Vice Chairman and Director (1990-1994) of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	50	Member, Limited Partner Advisory Committee, Karmel Capital Fund III (later stage growth fund) (since 2022), Member of the Investment Committee for the Orange County Community Foundation (a grantmaking foundation) (since 2020), Advisory Board Member, RevOZ Fund LP and related funds (real estate investments for opportunity zones) (since 2020), and Advisory Board Member, Innovate Partners Emerging Growth and Equity Fund I (early stage venture capital fund) (since 2014). Formerly, Managing Trustee of National Retirement Partners Liquidating Trust (2013-2016), Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (2005-2013), Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009), Director of RemedyTemp, Inc. (temporary help services company) (1996-2006), and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).

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Janus Henderson Global Technology and Innovation Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Founder, Daraja Capital (advisory and investment firm) (since 2016). Formerly, Senior Vice President and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (2011-2021), and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	50	Member of the Investment Committee for Cooper Union (private college) (since 2021), Board Member, Van Alen Institute (nonprofit architectural and design organization) (since 2019), and Director of Brightwood Capital Advisors, LLC (since 2014).

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Janus Henderson Global Technology and Innovation Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Darrell B. Jackson 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	8/22-Present	President and Chief Executive Officer, The Efficace Group Inc. (since 2018). Formerly, President and Chief Executive Officer, Seaway Bank and Trust Company (community bank) (2014-2015), and Executive Vice President and Co-President, Wealth Management (2009-2014), and several senior positions, including Group Executive, Senior Vice President, and Vice President (1995-2009) of Northern Trust Company (financial services company) (1995-2014).	50	Director of Amalgamated Financial Corp (bank) (since August 2021), Director of YR Media (a not-for-profit production company) (since 2021), and Director of Gray-Bowen-Scott (transportation project consulting firm) (since April 2020). Formerly, Director of Delaware Place Bank (closely held commercial bank) (2016-2018) and Director of Seaway Bank and Trust Company (2014-2015).

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Janus Henderson Global Technology and Innovation Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Trustee	6/02-Present	Chief Executive Officer, muun chi LLC (organic food business) (since 2022) and Independent Consultant (since 2019). Formerly, Chief Operating Officer, muun chi LLC (2020-2022), Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (2016-2019), Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations) (2009-2016), Chief Executive Officer, Imprint Capital Advisors (impact investment firm) (2013-2015), and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	50	Chairman of the Board and Trustee of The Investment Fund for Foundations Investment Program (TIP) (consisting of 1 fund) (since 2008). Formerly, Director of the F.B. Heron Foundation (a private grantmaking foundation) (2006-2022), and Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds) (2016-2021).

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Janus Henderson Global Technology and Innovation Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company.	50	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013). Formerly, Director, West Bend Mutual Insurance Company (property/casualty insurance) (2013-2021), Trustee of Northwestern Mutual Life Insurance Company (2010-2013), and Director of Frank Russell Company (global asset management firm) (2008-2013).
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired. Formerly, Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006) and Treasurer for Driehaus Mutual Funds (1996-2002).	50	Formerly, Director of Family Service of Lake County (2019-2021), Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017), Independent Trustee, State Farm Associates’ Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017).

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Janus Henderson Global Technology and Innovation Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	50	Director of Chicago Community Trust (Regional Community Foundation), Lurie Children’s Hospital (Chicago, IL), and Shirley Ryan Ability Lab. Formerly, Director of Wrapports, LLC (until 2022), Director of Chicago Council on Global Affairs (until 2019), InnerWorkings (until 2019) and Director of Walmart (until 2017).

Janus Investment Fund 61

Janus Henderson Global Technology and Innovation Fund

Trustees and Officers (unaudited)

OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Jonathan Cofsky 151 Detroit Street Denver, CO 80206 DOB: 1983	Executive Vice President and Co-Portfolio Manager Janus Henderson Global Technology and Innovation Fund	3/22-Present	Portfolio Manager for other Janus Henderson accounts and Analyst for the Adviser. Formerly, vice president at Sanford C. Bernstein (2006-2014).
Denny Fish 151 Detroit Street Denver, CO 80206 DOB: 1971	Executive Vice President and Co-Portfolio Manager Janus Henderson Global Technology and Innovation Fund	1/16-Present	Head of Technology Sector of Janus Henderson Investors and Portfolio Manager for other Janus Henderson accounts.
Michelle Rosenberg 151 Detroit Street Denver, CO 80206 DOB: 1973	President and Chief Executive Officer	9/22-Present	General Counsel and Corporate Secretary of Janus Henderson Investors (since 2018). Formerly, Interim President and Chief Executive Officer of the Trust and Janus Aspen Series (2022), Senior Vice President and Head of Legal, North America of Janus Henderson Investors (2017-2018) and Deputy General Counsel of Janus Henderson US (Holdings) Inc. (2015-2018).
Kristin Mariani 151 Detroit Street Denver, CO 80206 DOB: 1966	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	7/20-Present	Head of Compliance, North America for Janus Henderson Investors (since September 2020) and Chief Compliance Officer for Janus Henderson Investors US LLC (since September 2017). Formerly, Global Head of Investment Management Compliance for Janus Henderson Investors (February 2019 - August 2020), Vice President, Head of Global Distribution Compliance and Chief Compliance Officer of Janus Henderson Distributors US LLC (May 2017 – September 2017), Vice President, Compliance at Janus Henderson US (Holdings) Inc., Janus Henderson Investors US LLC, and Janus Henderson Distributors US LLC (2009-2017).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

62 SEPTEMBER 30, 2022

Janus Henderson Global Technology and Innovation Fund

Trustees and Officers (unaudited)

OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Head of U.S. Fund Administration, Janus Henderson Investors and Janus Henderson Services US LLC.
Abigail J. Murray 151 Detroit Street Denver, CO 80206 DOB: 1975	Vice President, Chief Legal Officer, and Secretary	12/20-Present	Managing Counsel (2020-present). Formerly, Senior Counsel for Invesco Ltd. (2017-2020), and Vice President and Senior Counsel, ALPS Fund Services, Inc. and Assistant General Counsel, ALPS Advisors, Inc. (2015-2017).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

Janus Investment Fund 63

Janus Henderson Global Technology and Innovation Fund

Notes

NotesPage1

64 SEPTEMBER 30, 2022

Janus Henderson Global Technology and Innovation Fund

Notes

NotesPage2

Janus Investment Fund 65

This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Janus Henderson Distributors US LLC
	125-02-93047 11-22

	ANNUAL REPORT September 30, 2022
Janus Henderson Growth and Income Fund
Janus Investment Fund
		HIGHLIGHTS ·Portfolio management perspective ·Investment strategy behind your fund ·Fund performance, characteristics and holdings

Table of Contents

Janus Henderson Growth and Income Fund

Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	11
Statement of Assets and Liabilities	12
Statement of Operations	14
Statements of Changes in Net Assets	16
Financial Highlights	17
Notes to Financial Statements	25
Report of Independent Registered Public Accounting Firm	36
Additional Information	37
Useful Information About Your Fund Report	48
Designation Requirements	51
Trustees and Officers	52

Janus Henderson Growth and Income Fund (unaudited)

FUND SNAPSHOT A large-cap equity total return fund that seeks long-term growth of capital and current income by investing in a portfolio of high-quality companies – defined by sustainable earnings growth, strong cash flow conversion, and dividend increases. We believe these companies tend to participate in market gains while being potentially resilient on the downside. Jeremiah Buckley Portfolio Manager

PERFORMANCE

The Janus Henderson Growth and Income Fund Class I Shares returned -14.12% for the 12-month period ended September 30, 2022. The Fund’s benchmark, the S&P 500^® Index, returned -15.47%.

INVESTMENT ENVIRONMENT

The period began amid optimism that increased vaccination rates and the imminent arrival of oral antiviral drugs could help lessen the health risks posed by the COVID virus, but investor mood soured rapidly as the Federal Reserve (Fed) realized that it was behind the curve in fighting inflation. Investors hoped the Fed would slow the pace of its interest rate hikes on early signs that inflation could be easing, but that did not materialize. Inflation remained elevated, and the Fed continued to tighten monetary policy aggressively and conveyed that rates would need to remain higher for longer to bring inflation back to its 2% target. The Fed’s hawkish stance underpinned gains in the U.S. dollar, which hit its highest level in more than 20 years toward the end of the period. While the U.S. economy entered a technical recession – experiencing two consecutive quarters of contraction in the first and second quarters of 2022 – the economic outlook remained uncertain, as consumer and labor force data were relatively resilient even amid fears of a weaker economic environment.

PERFORMANCE DISCUSSION

The Fund outperformed the S&P 500 Index during the period. On a sector level, our stock selection in the information technology sector and underweight allocation in the communication services sector contributed to relative results. Our underweight allocation in the strong-performing energy sector and stock selection in the consumer discretionary sector weighed on relative results.

Our holdings in the healthcare sector contributed to relative outperformance, as the more defensive sector generally held up better than the market during a volatile period. Large-cap pharmaceutical company Eli Lilly reported strong results and continued to have success with its product portfolio and pipeline, including treatments for diabetes and a new therapy for obesity that demonstrated efficacy in clinical trials. UnitedHealth Group also reported solid growth and moderately raised guidance during the period. The company has seen continued strength in its Medicare Advantage healthcare plan and Optum, its information and technology-enabled health services business focused on lowering costs within the healthcare system. Consumer staples stock Hershey also contributed to performance. The company has seen an acceleration in revenue growth and continued innovation in its confectionery segment. Management has also executed effectively on recent acquisitions that have been positive for its business.

Fears of slowing consumer demand and nagging supply chain effects hurt the results of some of our holdings in the consumer discretionary sector, such as apparel and footwear company VF Corp., which was among the top relative detractors. The company’s largest brand, Vans, which had been driving sustainable growth with healthy margins, has more recently hit a plateau, with the company struggling to reignite momentum. Garmin was another detractor, as the company’s fitness segment, which benefited during the pandemic, has more recently suffered from difficult year-over-year comparisons and concerns over slowing consumer demand in an uncertain economic environment. Comcast Corp. fell on a growth slowdown in its high-speed Internet business and concerns around increased competition from fiber and wireless offerings. Additionally, a slowing economic environment could eat into Comcast’s sizable advertising revenue.

OUTLOOK

The U.S. equity market has readjusted aggressively this year, as investors try to assess what effects inflation – and the Fed’s response - will have on economic growth, and

Janus Investment Fund 1

Janus Henderson Growth and Income Fund (unaudited)

likewise, corporate earnings. For now, it remains uncertain how much demand destruction we will see from higher rates and what level they will need to reach in order for inflation to return to sustainable levels. Consumers, who drive the bulk of the U.S. economy, are in a stronger position than in previous rate-hiking cycles. This has complicated the Fed’s task of reining in inflation, as consumer strength has kept upward pressure on prices despite tightening monetary policy and fears of a recession.

While we have seen marginal improvement in some data, we continue to look for signals that would make the economic outlook more favorable. An increase in labor force participation - which has lagged since the onset of the pandemic - would help contain wage inflation. At the same time, improved labor productivity as newly hired employees season and pandemic-related disruptions abate would help ease businesses’ need to hire additional workers. Improved raw material and electronic component supplies, as well as easing in other lingering supply chain bottlenecks, would help drive down prices and improve the growth outlook. For now, we remain cautious, as external uncertainties the Russia/Ukraine war, dramatically higher interest rates, increasing restrictions on cross-border trade, and global currency fluctuations - also make the outlook unpredictable.

As always, we remain focused on companies with the ability to generate sustainable cash flow in various economic scenarios and the potential to pay attractive and growing dividends to shareholders while still investing in future growth opportunities. Companies with strong balance sheets that can invest through volatile macroeconomic periods like the current one may be able to position themselves for faster relative growth as we move toward a more normal investment environment.

Thank you for your investment in Janus Henderson Growth and Income Fund.

2 SEPTEMBER 30, 2022

Janus Henderson Growth and Income Fund (unaudited)

Fund At A Glance

September 30, 2022

5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
Eli Lilly & Co	2.32%	0.80%	Comcast Corp	2.36%	-0.68%
UnitedHealth Group Inc	3.14%	0.69%	VF Corp	1.37%	-0.67%
Hershey Co	1.43%	0.54%	Garmin Ltd	1.29%	-0.51%
General Dynamics Corp	1.64%	0.37%	JPMorgan Chase & Co	3.00%	-0.42%
AbbVie Inc	1.75%	0.37%	Chevron Corp	0.28%	-0.32%

	5 Top Contributors - Sectors*
		Relative	Fund	S&P 500 Index
		Contribution	Average Weight	Average Weight
	Information Technology	1.85%	37.04%	27.75%
	Communication Services	1.40%	4.29%	9.46%
	Health Care	0.98%	16.06%	13.77%
	Industrials	0.95%	11.75%	7.89%
	Consumer Staples	0.29%	6.15%	6.30%
	5 Top Detractors - Sectors*
		Relative	Fund	S&P 500 Index
		Contribution	Average Weight	Average Weight
	Energy	-1.67%	0.28%	3.79%
	Consumer Discretionary	-0.90%	12.03%	11.83%
	Utilities	-0.51%	0.00%	2.75%
	Financials	-0.34%	11.31%	11.11%
	Materials	-0.16%	0.92%	2.59%
	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 3

Janus Henderson Growth and Income Fund (unaudited)

Fund At A Glance

September 30, 2022

5 Largest Equity Holdings -(% of Net Assets)
Microsoft Corp
Software	8.5%
Apple Inc
Technology Hardware, Storage & Peripherals	7.2%
Accenture PLC
Information Technology Services	4.2%
UnitedHealth Group Inc
Health Care Providers & Services	3.7%
JPMorgan Chase & Co
Banks	3.0%
	26.6%

Asset Allocation - (% of Net Assets)
Common Stocks	99.9%
Investment Companies	0.2%
Other		(0.1)%
		100.0%

Top Country Allocations - Long Positions -(% of Investment Securities)
As of September 30, 2022	As of September 30, 2021

4 SEPTEMBER 30, 2022

Janus Henderson Growth and Income Fund (unaudited)

Performance

See important disclosures on the next page.

Average Annual Total Return - for the periods ended September 30, 2022					Prospectus Expense Ratios
	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses‡
Class A Shares at NAV	-14.38%	7.96%	10.95%	10.18%	1.01%
Class A Shares at MOP	-19.30%	6.69%	10.29%	9.97%
Class C Shares at NAV	-14.93%	7.23%	10.14%	9.43%	1.69%
Class C Shares at CDSC	-15.74%	7.23%	10.14%	9.43%
Class D Shares	-14.17%	8.21%	11.16%	10.30%	0.75%
Class I Shares	-14.12%	8.26%	11.23%	10.33%	0.70%
Class N Shares	-14.06%	8.34%	11.19%	10.29%	0.62%
Class R Shares	-14.72%	7.51%	10.47%	9.75%	1.40%
Class S Shares	-14.48%	7.81%	10.77%	10.01%	1.13%
Class T Shares	-14.24%	8.09%	11.06%	10.25%	0.87%
S&P 500 Index	-15.47%	9.24%	11.70%	9.71%
Morningstar Quartile - Class T Shares	2nd	3rd	2nd	1st
Morningstar Ranking - based on total returns for Large Blend Funds	388/1,374	609/1,198	388/1,026	30/316

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.

For certain periods, the Fund’s performance may reflect the effect of expense waivers.

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), Environmental, Social and Governance (ESG) factors, non-diversification, portfolio turnover, derivatives, short sales, initial public offerings (IPOs) and

Janus Investment Fund 5

Janus Henderson Growth and Income Fund (unaudited)

Performance

potential conflicts of interest. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.

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 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 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.

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.

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.

© 2022 Morningstar, Inc. All Rights Reserved.

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 – May 15, 1991

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

6 SEPTEMBER 30, 2022

Janus Henderson Growth and Income 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 (4/1/22)	Ending Account Value (9/30/22)	Expenses Paid During Period (4/1/22 - 9/30/22)†	Beginning Account Value (4/1/22)	Ending Account Value (9/30/22)	Expenses Paid During Period (4/1/22 - 9/30/22)†	Net Annualized Expense Ratio (4/1/22 - 9/30/22)
Class A Shares		$1,000.00	$816.10	$4.64	$1,000.00	$1,019.95	$5.16	1.02%
Class C Shares		$1,000.00	$813.40	$7.50	$1,000.00	$1,016.80	$8.34	1.65%
Class D Shares		$1,000.00	$817.10	$3.46	$1,000.00	$1,021.26	$3.85	0.76%
Class I Shares		$1,000.00	$817.30	$3.19	$1,000.00	$1,021.56	$3.55	0.70%
Class N Shares		$1,000.00	$817.70	$2.87	$1,000.00	$1,021.91	$3.19	0.63%
Class R Shares		$1,000.00	$814.40	$6.50	$1,000.00	$1,017.90	$7.23	1.43%
Class S Shares		$1,000.00	$815.70	$5.14	$1,000.00	$1,019.40	$5.72	1.13%
Class T Shares		$1,000.00	$816.70	$3.92	$1,000.00	$1,020.76	$4.36	0.86%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/365 (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 7

Janus Henderson Growth and Income Fund

Schedule of Investments

September 30, 2022

Shares			Value
Common Stocks– 99.9%
Aerospace & Defense – 2.6%
	General Dynamics Corp	524,110	$111,200,419
	L3Harris Technologies Inc	170,265	35,386,175
			146,586,594
Air Freight & Logistics – 2.0%
	United Parcel Service Inc	717,666	115,931,766
Banks – 3.6%
	JPMorgan Chase & Co	1,647,635	172,177,857
	US Bancorp	788,714	31,800,948
			203,978,805
Beverages – 0.5%
	Constellation Brands Inc	129,480	29,738,966
Biotechnology – 3.4%
	AbbVie Inc	898,509	120,588,893
	Amgen Inc	157,493	35,498,922
	Gilead Sciences Inc	606,008	37,384,634
			193,472,449
Capital Markets – 5.6%
	Charles Schwab Corp	483,797	34,770,490
	CME Group Inc	602,707	106,757,491
	Goldman Sachs Group Inc	240,049	70,346,359
	Morgan Stanley	1,359,923	107,447,516
			319,321,856
Chemicals – 1.0%
	Air Products & Chemicals Inc	126,602	29,464,083
	International Flavors & Fragrances Inc	302,295	27,457,455
			56,921,538
Commercial Services & Supplies – 0.5%
	Waste Management Inc	164,298	26,322,183
Communications Equipment – 0.5%
	Motorola Solutions Inc	120,602	27,011,230
Consumer Finance – 2.3%
	American Express Co	996,736	134,469,654
Electrical Equipment – 0.8%
	Rockwell Automation Inc	201,325	43,307,021
Electronic Equipment, Instruments & Components – 3.1%
	Corning Inc	2,364,052	68,604,789
	TE Connectivity Ltd	994,371	109,738,784
			178,343,573
Entertainment – 0.7%
	Warner Music Group Corp - Class A	1,720,126	39,924,124
Food & Staples Retailing – 1.8%
	Costco Wholesale Corp	116,811	55,166,331
	Sysco Corp	681,167	48,165,319
			103,331,650
Food Products – 1.7%
	Hershey Co	447,724	98,709,710
Health Care Equipment & Supplies – 4.4%
	Abbott Laboratories	1,162,359	112,469,857
	Medtronic PLC	1,161,759	93,812,039
	Stryker Corp	215,417	43,630,559
			249,912,455
Health Care Providers & Services – 4.3%
	Quest Diagnostics Inc	270,200	33,150,838
	UnitedHealth Group Inc	423,792	214,031,912
			247,182,750
Hotels, Restaurants & Leisure – 3.9%
	McDonald's Corp	564,226	130,189,507

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
8	SEPTEMBER 30, 2022

Janus Henderson Growth and Income Fund

Schedule of Investments

September 30, 2022

Shares			Value
Common Stocks– (continued)
Hotels, Restaurants & Leisure– (continued)
	Starbucks Corp	1,111,310	$93,638,981
			223,828,488
Household Durables – 1.0%
	Garmin Ltd	727,652	58,437,732
Household Products – 1.9%
	Procter & Gamble Co	864,493	109,142,241
Industrial Conglomerates – 1.5%
	Honeywell International Inc	533,419	89,064,970
Information Technology Services – 8.8%
	Accenture PLC	931,255	239,611,911
	Automatic Data Processing Inc	314,479	71,132,005
	Cognizant Technology Solutions Corp	512,099	29,414,967
	Fidelity National Information Services Inc	389,035	29,399,375
	Visa Inc	749,342	133,120,606
			502,678,864
Insurance – 0.5%
	Travelers Cos Inc	182,693	27,988,568
Leisure Products – 1.3%
	Hasbro Inc	1,096,466	73,923,738
Machinery – 4.0%
	Deere & Co	483,398	161,401,758
	Parker-Hannifin Corp	104,367	25,289,168
	Trane Technologies PLC	309,081	44,758,020
			231,448,946
Media – 2.0%
	Comcast Corp	4,017,366	117,829,345
Multiline Retail – 0.8%
	Target Corp	293,391	43,536,290
Oil, Gas & Consumable Fuels – 1.4%
	Chevron Corp	572,421	82,239,725
Personal Products – 0.6%
	Estee Lauder Cos Inc	149,629	32,304,901
Pharmaceuticals – 5.2%
	Eli Lilly & Co	453,306	146,576,495
	Merck & Co Inc	1,246,697	107,365,546
	Zoetis Inc	288,032	42,712,265
			296,654,306
Professional Services – 0.4%
	Booz Allen Hamilton Holding Corp	268,245	24,772,426
Road & Rail – 0.6%
	Union Pacific Corp	188,078	36,641,356
Semiconductor & Semiconductor Equipment – 5.5%
	KLA Corp	537,298	162,602,494
	Texas Instruments Inc	994,243	153,888,932
			316,491,426
Software – 10.4%
	Intuit Inc	73,777	28,575,308
	Microsoft Corp	2,087,268	486,124,717
	Oracle Corp	1,356,615	82,848,478
			597,548,503
Specialty Retail – 2.6%
	Home Depot Inc	376,425	103,870,714
	TJX Cos Inc	742,535	46,126,274
			149,996,988
Technology Hardware, Storage & Peripherals – 7.2%
	Apple Inc	2,985,545	412,602,319
Textiles, Apparel & Luxury Goods – 1.5%
	NIKE Inc - Class B	444,613	36,956,233

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	9

Janus Henderson Growth and Income Fund

Schedule of Investments

September 30, 2022

Shares			Value
Common Stocks– (continued)
Textiles, Apparel & Luxury Goods– (continued)
	VF Corp	1,630,738	$48,775,374
			85,731,607
Total Common Stocks (cost $3,474,749,409)			5,727,329,063
Investment Companies– 0.2%
Money Markets – 0.2%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº,£((cost $11,984,222)	11,983,024	11,984,222
Total Investments (total cost $3,486,733,631) – 100.1%			5,739,313,285
Liabilities, net of Cash, Receivables and Other Assets – (0.1)%			(4,458,690)
Net Assets – 100%			$5,734,854,595

Schedules of Affiliated Investments – (% of Net Assets)

		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 9/30/22
Investment Companies - 0.2%
Money Markets - 0.2%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº	$	50,889	$	(66)	$	-	$	11,984,222

		Value at 9/30/21		Purchases		Sales Proceeds		Value at 9/30/22
Investment Companies - 0.2%
Money Markets - 0.2%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº		13,284,317		228,571,879		(229,871,908)		11,984,222

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
10	SEPTEMBER 30, 2022

Janus Henderson Growth and Income Fund

Notes to Schedule of Investments and Other Information

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
PLC	Public Limited Company

ºº Rate shown is the 7-day yield as of September 30, 2022.

£ 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 September 30, 2022. 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	$	5,727,329,063	$	-	$	-
Investment Companies		-		11,984,222		-
Total Assets	$	5,727,329,063	$	11,984,222	$	-

Janus Investment Fund 11

Janus Henderson Growth and Income Fund

Statement of Assets and Liabilities

September 30, 2022

See footnotes at the end of the Statement.

Assets:
	Unaffiliated investments, at value (cost $3,474,749,409)		$	5,727,329,063
	Affiliated investments, at value (cost $11,984,222)			11,984,222
	Trustees' deferred compensation			172,027
	Receivables:
		Investments sold		19,747,160
		Fund shares sold		5,866,479
		Dividends		3,577,919
		Foreign tax reclaims		106,600
		Dividends from affiliates		16,589
	Other assets			7,842
Total Assets				5,768,807,901
Liabilities:
	Due to custodian			588
	Payables:			—
		Investments purchased		20,343,373
		Fund shares repurchased		7,960,118
		Advisory fees		3,270,456
		Transfer agent fees and expenses		940,178
		Dividends		765,175
		Trustees' deferred compensation fees		172,027
		12b-1 Distribution and shareholder servicing fees		60,548
		Professional fees		57,672
		Trustees' fees and expenses		29,731
		Affiliated fund administration fees payable		13,627
		Custodian fees		10,455
		Accrued expenses and other payables		329,358
Total Liabilities				33,953,306
Net Assets			$	5,734,854,595

See Notes to Financial Statements.
12	SEPTEMBER 30, 2022

Janus Henderson Growth and Income Fund

Statement of Assets and Liabilities

September 30, 2022

Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	3,166,539,150
	Total distributable earnings (loss)		2,568,315,445
Total Net Assets		$	5,734,854,595
Net Assets - Class A Shares		$	71,632,551
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,196,765
Net Asset Value Per Share(1)		$	59.86
Maximum Offering Price Per Share(2)		$	63.51
Net Assets - Class C Shares		$	40,161,352
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		682,227
Net Asset Value Per Share(1)		$	58.87
Net Assets - Class D Shares		$	3,529,397,116
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		58,856,160
Net Asset Value Per Share		$	59.97
Net Assets - Class I Shares		$	344,523,704
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		5,742,056
Net Asset Value Per Share		$	60.00
Net Assets - Class N Shares		$	47,906,173
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		799,767
Net Asset Value Per Share		$	59.90
Net Assets - Class R Shares		$	5,477,335
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		92,185
Net Asset Value Per Share		$	59.42
Net Assets - Class S Shares		$	12,049,339
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		201,377
Net Asset Value Per Share		$	59.83
Net Assets - Class T Shares		$	1,683,707,025
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		28,106,471
Net Asset Value Per Share		$	59.90

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

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

See Notes to Financial Statements.
Janus Investment Fund	13

Janus Henderson Growth and Income Fund

Statement of Operations

For the year ended September 30, 2022

Investment Income:
	Dividends		$	124,139,513
	Dividends from affiliates			50,889
	Other income			38,120
	Foreign tax withheld			(37,159)
Total Investment Income				124,191,363
Expenses:
	Advisory fees			41,910,358
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		226,896
		Class C Shares		474,412
		Class R Shares		33,024
		Class S Shares		49,045
	Transfer agent administrative fees and expenses:
		Class D Shares		4,860,135
		Class R Shares		17,041
		Class S Shares		49,174
		Class T Shares		5,144,096
	Transfer agent networking and omnibus fees:
		Class A Shares		119,596
		Class C Shares		30,974
		Class I Shares		331,362
	Other transfer agent fees and expenses:
		Class A Shares		5,504
		Class C Shares		2,335
		Class D Shares		455,138
		Class I Shares		18,472
		Class N Shares		2,535
		Class R Shares		176
		Class S Shares		303
		Class T Shares		17,892
	Shareholder reports expense			348,225
	Registration fees			175,167
	Affiliated fund administration fees			174,626
	Trustees’ fees and expenses			147,468
	Professional fees			80,917
	Custodian fees			35,318
	Other expenses			416,359
Total Expenses				55,126,548
Less: Excess Expense Reimbursement and Waivers				(327,792)
Net Expenses				54,798,756
Net Investment Income/(Loss)				69,392,607

See Notes to Financial Statements.
14	SEPTEMBER 30, 2022

Janus Henderson Growth and Income Fund

Statement of Operations

For the year ended September 30, 2022

Net Realized Gain/(Loss) on Investments:
	Investments(1)	$	370,337,452
	Investments in affiliates		(66)
Total Net Realized Gain/(Loss) on Investments			370,337,386
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and Trustees’ deferred compensation		(1,387,712,807)
Total Change in Unrealized Net Appreciation/Depreciation			(1,387,712,807)
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	(947,982,814)

(1)Includes $10,145,387 of realized gains and losses resulting from a redemption-in-kind during the year ended September 30, 2022.

See Notes to Financial Statements.
Janus Investment Fund	15

Janus Henderson Growth and Income Fund

Statements of Changes in Net Assets

			Year ended September 30, 2022		Year ended September 30, 2021
Operations:
	Net investment income/(loss)		$	69,392,607	$	62,891,585
	Net realized gain/(loss) on investments			370,337,386		373,778,928
	Change in unrealized net appreciation/depreciation			(1,387,712,807)		1,201,908,352
Net Increase/(Decrease) in Net Assets Resulting from Operations				(947,982,814)		1,638,578,865
Dividends and Distributions to Shareholders:
		Class A Shares		(5,314,593)		(3,005,988)
		Class C Shares		(2,753,238)		(1,593,791)
		Class D Shares		(260,184,925)		(147,338,668)
		Class I Shares		(26,709,382)		(17,034,840)
		Class N Shares		(4,394,143)		(2,416,858)
		Class R Shares		(391,842)		(286,219)
		Class S Shares		(1,294,942)		(800,410)
		Class T Shares		(125,047,566)		(72,590,111)
Net Decrease from Dividends and Distributions to Shareholders				(426,090,631)		(245,066,885)
Capital Share Transactions:
		Class A Shares		(2,581,520)		(7,064,117)
		Class C Shares		(3,207,945)		(7,962,136)
		Class D Shares		87,339,620		(52,885,131)
		Class I Shares		(30,154,463)		(63,281,156)
		Class N Shares		(11,386,114)		4,488,641
		Class R Shares		(565,996)		(2,644,604)
		Class S Shares		(8,461,564)		(3,898,946)
		Class T Shares		(22,616,596)		(117,933,431)
Net Increase/(Decrease) from Capital Share Transactions				8,365,422		(251,180,880)
Net Increase/(Decrease) in Net Assets				(1,365,708,023)		1,142,331,100
Net Assets:
	Beginning of period			7,100,562,618		5,958,231,518
	End of period		$	5,734,854,595	$	7,100,562,618

See Notes to Financial Statements.
16	SEPTEMBER 30, 2022

Janus Henderson Growth and Income Fund

Financial Highlights

Class A Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$73.95	$59.77	$58.49	$59.20	$51.66
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.55	0.49	0.80	1.00	0.91
		Net realized and unrealized gain/(loss)	(10.31)	16.06	2.53	2.27	8.49
	Total from Investment Operations		(9.76)	16.55	3.33	3.27	9.40
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.57)	(0.51)	(0.83)	(1.01)	(0.91)
		Distributions (from capital gains)	(3.76)	(1.86)	(1.22)	(2.97)	(0.95)
	Total Dividends and Distributions		(4.33)	(2.37)	(2.05)	(3.98)	(1.86)
	Net Asset Value, End of Period		$59.86	$73.95	$59.77	$58.49	$59.20
	Total Return*		(14.38)%	28.28%	5.81%	6.53%	18.48%
	Net Assets, End of Period (in thousands)		$71,633	$91,735	$80,310	$88,445	$32,284
	Average Net Assets for the Period (in thousands)		$90,358	$88,624	$80,441	$64,525	$25,843
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.01%	1.01%	0.99%	0.95%	0.95%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.01%	1.01%	0.99%	0.95%	0.95%
		Ratio of Net Investment Income/(Loss)	0.77%	0.71%	1.41%	1.79%	1.63%
	Portfolio Turnover Rate		17%	11%	24%	13%	13%

*Total return includes adjustments in accordance 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 Growth and Income Fund

Financial Highlights

Class C Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$72.81	$58.90	$57.68	$58.46	$51.07
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.10	0.05	0.43	0.56	0.49
		Net realized and unrealized gain/(loss)	(10.13)	15.82	2.49	2.26	8.39
	Total from Investment Operations		(10.03)	15.87	2.92	2.82	8.88
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.15)	(0.10)	(0.48)	(0.63)	(0.54)
		Distributions (from capital gains)	(3.76)	(1.86)	(1.22)	(2.97)	(0.95)
	Total Dividends and Distributions		(3.91)	(1.96)	(1.70)	(3.60)	(1.49)
	Net Asset Value, End of Period		$58.87	$72.81	$58.90	$57.68	$58.46
	Total Return*		(14.93)%	27.48%	5.12%	5.75%	17.59%
	Net Assets, End of Period (in thousands)		$40,161	$53,156	$49,982	$59,591	$25,899
	Average Net Assets for the Period (in thousands)		$50,122	$53,200	$55,935	$42,229	$22,813
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.64%	1.65%	1.64%	1.69%	1.68%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.64%	1.65%	1.64%	1.69%	1.68%
		Ratio of Net Investment Income/(Loss)	0.15%	0.08%	0.77%	1.02%	0.90%
	Portfolio Turnover Rate		17%	11%	24%	13%	13%

*Total return includes adjustments in accordance 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	SEPTEMBER 30, 2022

Janus Henderson Growth and Income Fund

Financial Highlights

Class D Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$74.09	$59.87	$58.58	$59.27	$51.71
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.74	0.67	0.93	1.09	1.01
		Net realized and unrealized gain/(loss)	(10.34)	16.11	2.54	2.28	8.51
	Total from Investment Operations		(9.60)	16.78	3.47	3.37	9.52
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.76)	(0.70)	(0.96)	(1.09)	(1.01)
		Distributions (from capital gains)	(3.76)	(1.86)	(1.22)	(2.97)	(0.95)
	Total Dividends and Distributions		(4.52)	(2.56)	(2.18)	(4.06)	(1.96)
	Net Asset Value, End of Period		$59.97	$74.09	$59.87	$58.58	$59.27
	Total Return*		(14.17)%	28.63%	6.07%	6.71%	18.69%
	Net Assets, End of Period (in thousands)		$3,529,397	$4,284,567	$3,506,038	$3,546,939	$3,508,493
	Average Net Assets for the Period (in thousands)		$4,238,795	$4,038,177	$3,410,901	$3,396,252	$3,349,596
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.75%	0.75%	0.76%	0.76%	0.77%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.75%	0.75%	0.76%	0.76%	0.77%
		Ratio of Net Investment Income/(Loss)	1.04%	0.97%	1.64%	1.95%	1.80%
	Portfolio Turnover Rate		17%	11%	24%	13%	13%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.
Janus Investment Fund	19

Janus Henderson Growth and Income Fund

Financial Highlights

Class I Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$74.12	$59.90	$58.61	$59.29	$51.74
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.78	0.71	0.97	1.13	1.05
		Net realized and unrealized gain/(loss)	(10.35)	16.10	2.52	2.29	8.50
	Total from Investment Operations		(9.57)	16.81	3.49	3.42	9.55
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.79)	(0.73)	(0.98)	(1.13)	(1.05)
		Distributions (from capital gains)	(3.76)	(1.86)	(1.22)	(2.97)	(0.95)
	Total Dividends and Distributions		(4.55)	(2.59)	(2.20)	(4.10)	(2.00)
	Net Asset Value, End of Period		$60.00	$74.12	$59.90	$58.61	$59.29
	Total Return*		(14.12)%	28.68%	6.11%	6.80%	18.75%
	Net Assets, End of Period (in thousands)		$344,524	$458,387	$429,567	$537,792	$175,321
	Average Net Assets for the Period (in thousands)		$425,515	$443,087	$500,070	$359,418	$129,552
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.70%	0.70%	0.71%	0.71%	0.69%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.70%	0.70%	0.71%	0.71%	0.69%
		Ratio of Net Investment Income/(Loss)	1.08%	1.03%	1.70%	2.02%	1.88%
	Portfolio Turnover Rate		17%	11%	24%	13%	13%

*Total return includes adjustments in accordance 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	SEPTEMBER 30, 2022

Janus Henderson Growth and Income Fund

Financial Highlights

Class N Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$74.01	$59.80	$58.52	$59.22	$51.67
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.84	0.76	1.00	1.14	1.12
		Net realized and unrealized gain/(loss)	(10.35)	16.09	2.53	2.30	8.45
	Total from Investment Operations		(9.51)	16.85	3.53	3.44	9.57
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.84)	(0.78)	(1.03)	(1.17)	(1.07)
		Distributions (from capital gains)	(3.76)	(1.86)	(1.22)	(2.97)	(0.95)
	Total Dividends and Distributions		(4.60)	(2.64)	(2.25)	(4.14)	(2.02)
	Net Asset Value, End of Period		$59.90	$74.01	$59.80	$58.52	$59.22
	Total Return*		(14.06)%	28.81%	6.20%	6.85%	18.83%
	Net Assets, End of Period (in thousands)		$47,906	$73,167	$55,506	$40,399	$8,802
	Average Net Assets for the Period (in thousands)		$73,633	$65,537	$50,678	$17,524	$7,427
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.63%	0.62%	0.63%	0.64%	0.65%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.63%	0.62%	0.63%	0.64%	0.65%
		Ratio of Net Investment Income/(Loss)	1.17%	1.09%	1.76%	2.04%	2.00%
	Portfolio Turnover Rate		17%	11%	24%	13%	13%

*Total return includes adjustments in accordance 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 Growth and Income Fund

Financial Highlights

Class R Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$73.44	$59.35	$58.10	$58.86	$51.40
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.27	0.23	0.57	0.72	0.65
		Net realized and unrealized gain/(loss)	(10.23)	15.95	2.51	2.27	8.44
	Total from Investment Operations		(9.96)	16.18	3.08	2.99	9.09
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.30)	(0.23)	(0.61)	(0.78)	(0.68)
		Distributions (from capital gains)	(3.76)	(1.86)	(1.22)	(2.97)	(0.95)
	Total Dividends and Distributions		(4.06)	(2.09)	(1.83)	(3.75)	(1.63)
	Net Asset Value, End of Period		$59.42	$73.44	$59.35	$58.10	$58.86
	Total Return*		(14.72)%	27.82%	5.38%	6.03%	17.92%
	Net Assets, End of Period (in thousands)		$5,477	$7,329	$8,023	$7,760	$5,244
	Average Net Assets for the Period (in thousands)		$6,786	$8,987	$8,032	$6,321	$3,952
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.40%	1.39%	1.40%	1.42%	1.41%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.40%	1.39%	1.40%	1.42%	1.41%
		Ratio of Net Investment Income/(Loss)	0.38%	0.34%	1.00%	1.30%	1.18%
	Portfolio Turnover Rate		17%	11%	24%	13%	13%

*Total return includes adjustments in accordance 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	SEPTEMBER 30, 2022

Janus Henderson Growth and Income Fund

Financial Highlights

Class S Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$73.92	$59.74	$58.47	$59.17	$51.63
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.46	0.42	0.72	0.89	0.80
		Net realized and unrealized gain/(loss)	(10.31)	16.05	2.53	2.28	8.50
	Total from Investment Operations		(9.85)	16.47	3.25	3.17	9.30
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.48)	(0.43)	(0.76)	(0.90)	(0.81)
		Distributions (from capital gains)	(3.76)	(1.86)	(1.22)	(2.97)	(0.95)
	Total Dividends and Distributions		(4.24)	(2.29)	(1.98)	(3.87)	(1.76)
	Net Asset Value, End of Period		$59.83	$73.92	$59.74	$58.47	$59.17
	Total Return*		(14.49)%	28.15%	5.67%	6.34%	18.27%
	Net Assets, End of Period (in thousands)		$12,049	$23,935	$22,870	$24,559	$23,236
	Average Net Assets for the Period (in thousands)		$19,602	$23,621	$23,489	$22,203	$24,627
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.13%	1.13%	1.13%	1.13%	1.13%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.12%	1.12%	1.13%	1.12%	1.12%
		Ratio of Net Investment Income/(Loss)	0.63%	0.61%	1.28%	1.59%	1.43%
	Portfolio Turnover Rate		17%	11%	24%	13%	13%

*Total return includes adjustments in accordance 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	23

Janus Henderson Growth and Income Fund

Financial Highlights

Class T Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$74.01	$59.81	$58.53	$59.22	$51.68
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.67	0.60	0.88	1.04	0.95
		Net realized and unrealized gain/(loss)	(10.34)	16.08	2.52	2.28	8.49
	Total from Investment Operations		(9.67)	16.68	3.40	3.32	9.44
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.68)	(0.62)	(0.90)	(1.04)	(0.95)
		Distributions (from capital gains)	(3.76)	(1.86)	(1.22)	(2.97)	(0.95)
	Total Dividends and Distributions		(4.44)	(2.48)	(2.12)	(4.01)	(1.90)
	Net Asset Value, End of Period		$59.90	$74.01	$59.81	$58.53	$59.22
	Total Return*		(14.26)%	28.49%	5.95%	6.62%	18.56%
	Net Assets, End of Period (in thousands)		$1,683,707	$2,108,286	$1,805,935	$1,996,900	$1,842,777
	Average Net Assets for the Period (in thousands)		$2,048,237	$2,025,668	$1,863,456	$1,852,659	$1,735,754
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.87%	0.87%	0.87%	0.87%	0.87%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.85%	0.86%	0.86%	0.86%	0.86%
		Ratio of Net Investment Income/(Loss)	0.93%	0.87%	1.54%	1.86%	1.71%
	Portfolio Turnover Rate		17%	11%	24%	13%	13%

*Total return includes adjustments in accordance 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.
24	SEPTEMBER 30, 2022

Janus Henderson Growth and Income Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus Henderson Growth and Income Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 39 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term capital growth and current income. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC (formerly Janus Capital Management LLC) is the investment adviser (the “Adviser”) to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors, 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, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (formerly Janus Distributors LLC) (the “Distributor”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

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

Janus Investment Fund 25

Janus Henderson Growth and Income Fund

Notes to Financial Statements

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

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

Investment Valuation

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The 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 Adviser-approved pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a 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 valuation policies provide for the use of systematic fair valuation models provided by independent pricing services to value foreign 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.

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

26 SEPTEMBER 30, 2022

Janus Henderson Growth and Income Fund

Notes to Financial Statements

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

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

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

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of September 30, 2022 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.

Investment Transactions and Investment Income

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

Expenses

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Indemnifications

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

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

Janus Investment Fund 27

Janus Henderson Growth and Income Fund

Notes to Financial Statements

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

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

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

Dividends and Distributions

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

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

Federal Income Taxes

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

2. Other Investments and Strategies

Additional Investment Risk

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 in response to the COVID-19 pandemic. This and other government intervention into the economy and financial markets to address the COVID-19 pandemic may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Government actions to mitigate the economic impact of the pandemic have resulted in a large expansion of government deficits and debt, the long term consequences of which are not known. The COVID-19 pandemic could adversely affect the value and liquidity of a Fund’s investments, impair a Fund’s ability to satisfy redemption requests, and negatively impact a Fund’s performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

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 the Adviser or the subadviser (as

28 SEPTEMBER 30, 2022

Janus Henderson Growth and Income Fund

Notes to Financial Statements

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.

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. Among other things, these developments have adversely affected the value and exchange rate of the euro and pound sterling, and may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse effect on the Fund’s investments in such countries, other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.

3. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The Fund’s contractual investment advisory fee rate (expressed as an annual rate) is 0.60% of its average daily net assets.

The Adviser has contractually agreed to waive the investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, 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 payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.67% of the Fund’s average daily net assets. The Adviser has agreed to continue the waivers for at least a one-year period commencing on January 28, 2022. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (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 the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $502,935 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 2022. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

Janus Henderson Services US LLC (formerly Janus Services LLC) (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

Janus Investment Fund 29

Janus Henderson Growth and Income Fund

Notes to Financial Statements

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

Average Daily Net Assets of Class D Shares of the Janus Henderson funds	Administrative Services Fee
Under $40 billion	0.12%
$40 billion – $49.9 billion	0.10%
Over $49.9 billion	0.08%

During the reporting period, the administrative services fee rate was 0.11%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class R Shares, Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R Shares, Class S Shares and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Reordering IAA Comps to match JHI requestClass D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, of up to 0.50% of the Class R Shares’ average daily net assets, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the year ended September 30, 2022, the Distributor retained upfront sales charges of $12,836.

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

30 SEPTEMBER 30, 2022

Janus Henderson Growth and Income Fund

Notes to Financial Statements

no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the year ended September 30, 2022.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the year ended September 30, 2022, redeeming shareholders of Class C Shares paid CDSCs of $1,588.

The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of September 30, 2022 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended September 30, 2022 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $436,813 were paid by the Trust to the Trustees under the Deferred Plan during the year ended September 30, 2022.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests 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.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended September 30, 2022 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

The Fund is permitted to purchase or sell securities (“cross-trade”) between itself and other funds or accounts managed by the Adviser in accordance with Rule 17a-7 under the Investment Company Act of 1940 (“Rule 17a-7”), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust’s Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the year ended September 30, 2022, the Fund engaged in cross trades amounting to $9,523,334 in purchases.

Janus Investment Fund 31

Janus Henderson Growth and Income Fund

Notes to Financial Statements

As of September 30, 2022, shares of the Fund were owned by affiliates of the Adviser, and/or other funds advised by the Adviser, as indicated in the table below:

Class		% of Class Owned		% of Fund Owned
Class A Shares		-	%	-	%
Class C Shares		-		-
Class D Shares		-		-
Class I Shares		-		-
Class N Shares		24		-*
Class R Shares		-		-
Class S Shares		-		-
Class T Shares		-		-
*	Less than 0.50%

In addition, other shareholders, including other funds, 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

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.

Other book to tax differences primarily consist of deferred compensation. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ -	$ 319,941,397	$ -	$ -	$ -	$ (196,331)	$2,248,570,379

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 2022 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)
$ 3,490,742,906	$2,441,024,102	$(192,453,723)	$ 2,248,570,379

32 SEPTEMBER 30, 2022

Janus Henderson Growth and Income Fund

Notes to Financial Statements

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.

For the year ended September 30, 2022
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 70,745,031	$ 355,345,600	$ -	$ -

For the year ended September 30, 2021
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 67,093,208	$ 177,973,677	$ -	$ -

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. The following reclassifications have been made to the Fund:

Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ 22,669,257	$ (1,071,612)	$ (21,597,645)

Capital has been adjusted by $12,684,193, including $11,612,582 of long-term capital gain, for distributions in connection with Fund share redemptions (tax equalization).

Janus Investment Fund 33

Janus Henderson Growth and Income Fund

Notes to Financial Statements

5. Capital Share Transactions

	Year ended September 30, 2022		Year ended September 30, 2021
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	337,245	$ 24,516,166	317,074	$ 21,900,002
Reinvested dividends and distributions	57,277	4,326,800	38,554	2,496,983
Shares repurchased	(438,197)	(31,424,486)	(458,894)	(31,461,102)
Net Increase/(Decrease)	(43,675)	$ (2,581,520)	(103,266)	$ (7,064,117)
Class C Shares:
Shares sold	61,090	$ 4,343,205	65,045	$ 4,373,127
Reinvested dividends and distributions	33,118	2,489,705	22,908	1,440,854
Shares repurchased	(142,074)	(10,040,855)	(206,455)	(13,776,117)
Net Increase/(Decrease)	(47,866)	$ (3,207,945)	(118,502)	$ (7,962,136)
Class D Shares:
Shares sold	1,909,020	$139,542,930	2,072,425	$ 145,475,499
Reinvested dividends and distributions	3,338,269	251,383,633	2,190,254	142,830,614
Shares repurchased	(4,223,345)	(303,586,943)	(4,993,327)	(341,191,244)
Net Increase/(Decrease)	1,023,944	$ 87,339,620	(730,648)	$ (52,885,131)
Class I Shares:
Shares sold	1,279,575	$ 92,804,912	1,655,059	$ 115,739,516
Reinvested dividends and distributions	325,224	24,502,380	235,177	15,341,172
Shares repurchased	(2,046,739)	(147,461,755)	(2,878,102)	(194,361,844)
Net Increase/(Decrease)	(441,940)	$ (30,154,463)	(987,866)	$ (63,281,156)
Class N Shares:
Shares sold	399,722	$ 27,478,070	284,710	$ 20,263,050
Reinvested dividends and distributions	55,534	4,172,414	35,695	2,332,353
Shares repurchased	(644,155)	(43,036,598)	(259,866)	(18,106,762)
Net Increase/(Decrease)	(188,899)	$ (11,386,114)	60,539	$ 4,488,641
Class R Shares:
Shares sold	8,252	$ 588,018	19,220	$ 1,276,569
Reinvested dividends and distributions	5,174	391,000	4,494	285,834
Shares repurchased	(21,043)	(1,545,014)	(59,092)	(4,207,007)
Net Increase/(Decrease)	(7,617)	$ (565,996)	(35,378)	$ (2,644,604)
Class S Shares:
Shares sold	34,533	$ 2,494,027	30,316	$ 2,038,164
Reinvested dividends and distributions	16,974	1,290,405	12,366	797,994
Shares repurchased	(173,932)	(12,245,996)	(101,712)	(6,735,104)
Net Increase/(Decrease)	(122,425)	$ (8,461,564)	(59,030)	$ (3,898,946)
Class T Shares:
Shares sold	1,463,801	$105,819,866	1,893,177	$ 131,550,510
Reinvested dividends and distributions	1,617,397	121,911,409	1,088,846	70,761,595
Shares repurchased	(3,459,836)	(250,347,871)	(4,689,839)	(320,245,536)
Net Increase/(Decrease)	(378,638)	$ (22,616,596)	(1,707,816)	$(117,933,431)

6. Purchases and Sales of Investment Securities

For the year ended September 30, 2022, 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
$1,178,254,406	$1,524,189,814	$ -	$ -

34 SEPTEMBER 30, 2022

Janus Henderson Growth and Income Fund

Notes to Financial Statements

7. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to September 30, 2022 and through the date of issuance of the Fund’s financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.

Janus Investment Fund 35

Janus Henderson Growth and Income Fund

Report of Independent Registered Public Accounting Firm

TotheBoard of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Growth and Income Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Growth and Income Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2022, the related statement of operations for the year ended September 30, 2022, the statements of changes in net assets for each of the two years in the period ended September 30, 2022,including the related notes,and the financial highlightsfor each of the five years in the period ended September 30, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2022 and the financial highlights for each of the five years in the period ended September 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Denver, Colorado

November 28, 2022

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

36 SEPTEMBER 30, 2022

Janus Henderson Growth and Income 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 (each, a “Fund,” and collectively, the “Funds” and 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 agreement for each Janus Henderson Fund that utilizes a subadviser.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (formerly, Janus Capital Management LLC) (the “Adviser”) and the subadviser 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 meetings held on November 3-4, 2021 and December 7-8, 2021, the Trustees’ evaluated the information provided by the Adviser, the subadviser, and the independent fee consultant, as well as other information addressed during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser and each subadviser, as applicable, were fair and reasonable in light of the nature, extent and quality of the services provided by the Adviser, its affiliates and the subadviser, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund and the subadvisory agreement for each subadvised Janus Henderson Fund, for the period from February 1, 2022 through February 1, 2023, subject to earlier termination as provided for in each agreement.

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

Nature, Extent and Quality of Services

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

Janus Investment Fund 37

Janus Henderson Growth and Income Fund

Additional Information (unaudited)

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 the Adviser and the 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 the Adviser or the subadviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

The Trustees concluded that the nature, extent and quality of the services provided by the Adviser and 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 the Adviser and the subadviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and each 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, 2021, approximately 55% of the Janus Henderson Funds were in the top two quartiles of performance versus Broadridge peers, and for the 12 months ended September 30, 2021, approximately 45% 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 second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving

38 SEPTEMBER 30, 2022

Janus Henderson Growth and Income Fund

Additional Information (unaudited)

Fixed-Income Funds

·For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·For Janus Developed World Bond Fund, the Trustees noted the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

Global and International Equity Funds

·For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the

Janus Investment Fund 39

Janus Henderson Growth and Income Fund

Additional Information (unaudited)

Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

Money Market Funds

·For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was 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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

40 SEPTEMBER 30, 2022

Janus Henderson Growth and Income Fund

Additional Information (unaudited)

·For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser 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 bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser and subadviser had taken or were taking to improve performance.

·For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson International Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser and subadviser had taken or were taking to improve performance.

·For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser and subadviser had taken or were taking to improve performance.

U.S. Equity Funds

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

·For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

Janus Investment Fund 41

Janus Henderson Growth and Income Fund

Additional Information (unaudited)

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 the Adviser out of its management fees collected from such Janus Henderson Fund.

The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge Expense Group peers; and (3) and the management fees for the Janus Henderson Funds, on average, were 6% 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.

The Trustees considered the methodology used by the Adviser and 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 the Adviser and subadviser to comparable separate account clients and to comparable non-affiliated funds subadvised by the Adviser or subadviser (for which the Adviser 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 the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser 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; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged to Janus Henderson subadvised fund and separate account investors; and (4) as part of its 2020 review, 9 of 10 Janus Henderson Funds have lower management fees than similar funds subadvised by the Adviser.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2020, including the VIT Portfolios, and noted the following with regard to each VIT Portfolio’s total expenses, net of applicable fee waivers (the VIT Portfolio’s “total expenses”):

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Janus Henderson Growth and Income Fund

Additional Information (unaudited)

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 the Adviser 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.

·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 the Adviser 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 the Adviser 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 one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser 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 the Adviser 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 the Adviser has contractually agreed to limit the Fund’s expenses.

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

·For Janus Henderson Short Duration 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 the Adviser 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 the Adviser 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 certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser 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 the Adviser has contractually agreed to limit the Fund’s expenses.

·For Janus Henderson Global Equity Income 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 the Adviser 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.

Janus Investment Fund 43

Janus Henderson Growth and Income Fund

Additional Information (unaudited)

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

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

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

Money Market Funds

·For Janus Henderson Government 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 the Adviser has voluntarily agreed to limit the Fund’s expenses to assist the Fund in attempting to maintain a yield of at least 0.00%.

·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 the Adviser has agreed to limit the Fund’s expenses to assist the Fund in attempting to maintain a yield of at least 0.00%.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted 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 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 the Adviser 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 the Adviser 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

44 SEPTEMBER 30, 2022

Janus Henderson Growth and Income Fund

Additional Information (unaudited)

that the Adviser 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 the Adviser 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 the Adviser 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, 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 the Adviser 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 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 the Adviser 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.

·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 the Adviser 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 the Adviser 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 Mid Cap Value Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

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

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by

Janus Investment Fund 45

Janus Henderson Growth and Income Fund

Additional Information (unaudited)

numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser and 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 the Adviser 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 the Adviser 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 the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser and its affiliates, as well as the fees paid by the Adviser to the subadviser 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 the Adviser and the subadviser 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 the Adviser and subadviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

Economies of Scale

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 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 75% of these Janus Henderson Funds’ have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. The Trustees also noted the following: (1) that for those Janus Henderson Funds whose expenses are being reduced by the contractual expense limitations of the Adviser, the Adviser is subsidizing certain of these Janus Henderson Funds because they have not reached adequate scale; (2) 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 (3) 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 the Adviser 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 the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, the Adviser appeared to be investing to increase the likelihood that these Janus

46 SEPTEMBER 30, 2022

Janus Henderson Growth and Income Fund

Additional Information (unaudited)

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 the Adviser.

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

Other Benefits to the Adviser

The Trustees also considered benefits that accrue to the Adviser and its affiliates and subadviser to the Janus Henderson Funds from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by 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 the Adviser and/or the Adviser, and/or subadviser to a Janus Henderson Fund. The Trustees concluded that the Adviser’s and the subadviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates and subadviser pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser and the subadviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser and the subadviser 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 the Adviser’s and/or the subadviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser and/or other clients of the subadviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser, the subadviser or other Janus Henderson funds, and that the success of the Adviser and the subadviser could enhance the Adviser’s and the subadviser’s ability to serve the Janus Henderson Funds.

Janus Investment Fund 47

Janus Henderson Growth and Income Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

The Management Commentary in this report includes valuable insight as well as statistical information to help you understand how your Fund’s performance and characteristics stack up against those of comparable indices.

If the Fund invests in foreign securities, this report may include information about country exposure. Country exposure is based primarily on 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.

Please keep in mind that the opinions expressed in the Management Commentary are just that: opinions. They are a reflection based on best judgment at the time this report was compiled, which was September 30, 2022. As the investing environment changes, so could opinions. These views are unique and are not necessarily shared by fellow employees or by Janus Henderson in general.

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 the Adviser 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. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by Bloomberg 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.

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Janus Henderson Growth and Income Fund

Useful Information About Your Fund Report (unaudited)

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.

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.

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.

Janus Investment Fund 49

Janus Henderson Growth and Income Fund

Useful Information About Your Fund Report (unaudited)

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 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.

50 SEPTEMBER 30, 2022

Janus Henderson Growth and Income Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2022:

Capital Gain Distributions	$366,958,183
Dividends Received Deduction Percentage	100%
Qualified Dividend Income Percentage	100%

Janus Investment Fund 51

Janus Henderson Growth and Income Fund

Trustees and Officers (unaudited)

The following are the Trustees and officers of the Trust, together with a brief description of their principal occupations during the last five years (principal occupations for certain Trustees may include periods over five years). The Fund’s Statement of Additional Information includes additional information about the Trustees and officers and is available, without charge, by calling 1-877-335-2687.

Each Trustee has served in that capacity since he or she was originally elected or appointed. The Trustees do not serve a specified term of office. Each Trustee will hold office until the termination of the Trust or his or her earlier death, resignation, retirement, incapacity, or removal. Under the Fund’s Governance Procedures and Guidelines, the policy is for Trustees to retire no later than the end of the calendar year in which the Trustee turns 75. The Trustees review the Fund’s Governance Procedures and Guidelines from time to time and may make changes they deem appropriate. The Fund’s Nominating and Governance Committee will consider nominees for the position of Trustee recommended by shareholders. Shareholders may submit the name of a candidate for consideration by the Committee by submitting their recommendations to the Trust’s Secretary. Each Trustee is currently a Trustee of one other registered investment company advised by the Adviser: Janus Aspen Series. Collectively, these two registered investment companies consist of 50 series or funds referred to herein as the Fund Complex.

The Trust’s officers are elected annually by the Trustees for a one-year term. Certain officers also serve as officers of Janus Aspen Series. Certain officers of the Fund may also be officers and/or directors of the Adviser. Except as otherwise disclosed, Fund officers receive no compensation from the Fund, except for the Fund’s Chief Compliance Officer, as authorized by the Trustees.

52 SEPTEMBER 30, 2022

Janus Henderson Growth and Income Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Chairman Trustee	5/22-Present 1/13-Present	Principal, Curam Holdings LLC (since 2018). Formerly, Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm) (2012-2018), Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	50	Advisory Board Member of AEW Core Property Trust (open-end property fund) (since 2020), and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016), Director of Nuveen Global Investors LLC (2007-2011), Director of Communities in Schools (2004-2010), and Director of Mutual Fund Education Alliance (until 2010).
Cheryl D. Alston 151 Detroit Street Denver, CO 80206 DOB: 1966	Trustee	8/22-Present	Executive Director and Chief Investment Officer, Employees’ Retirement Fund of the City of Dallas (since 2004).	50	Director of Blue Cross Blue Shield of Kansas City (a not-for-profit health insurance provider) (since 2016) and Director of Global Life Insurance (life and supplemental health insurance provider) (since 2017). Formerly, Director of Federal Home Loan Bank of Dallas (2017-2021).

Janus Investment Fund 53

Janus Henderson Growth and Income Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000), and Chief Investment Officer (1987-1994) and Vice Chairman and Director (1990-1994) of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	50	Member, Limited Partner Advisory Committee, Karmel Capital Fund III (later stage growth fund) (since 2022), Member of the Investment Committee for the Orange County Community Foundation (a grantmaking foundation) (since 2020), Advisory Board Member, RevOZ Fund LP and related funds (real estate investments for opportunity zones) (since 2020), and Advisory Board Member, Innovate Partners Emerging Growth and Equity Fund I (early stage venture capital fund) (since 2014). Formerly, Managing Trustee of National Retirement Partners Liquidating Trust (2013-2016), Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (2005-2013), Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009), Director of RemedyTemp, Inc. (temporary help services company) (1996-2006), and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).

54 SEPTEMBER 30, 2022

Janus Henderson Growth and Income Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Founder, Daraja Capital (advisory and investment firm) (since 2016). Formerly, Senior Vice President and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (2011-2021), and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	50	Member of the Investment Committee for Cooper Union (private college) (since 2021), Board Member, Van Alen Institute (nonprofit architectural and design organization) (since 2019), and Director of Brightwood Capital Advisors, LLC (since 2014).

Janus Investment Fund 55

Janus Henderson Growth and Income Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Darrell B. Jackson 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	8/22-Present	President and Chief Executive Officer, The Efficace Group Inc. (since 2018). Formerly, President and Chief Executive Officer, Seaway Bank and Trust Company (community bank) (2014-2015), and Executive Vice President and Co-President, Wealth Management (2009-2014), and several senior positions, including Group Executive, Senior Vice President, and Vice President (1995-2009) of Northern Trust Company (financial services company) (1995-2014).	50	Director of Amalgamated Financial Corp (bank) (since August 2021), Director of YR Media (a not-for-profit production company) (since 2021), and Director of Gray-Bowen-Scott (transportation project consulting firm) (since April 2020). Formerly, Director of Delaware Place Bank (closely held commercial bank) (2016-2018) and Director of Seaway Bank and Trust Company (2014-2015).

56 SEPTEMBER 30, 2022

Janus Henderson Growth and Income Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Trustee	6/02-Present	Chief Executive Officer, muun chi LLC (organic food business) (since 2022) and Independent Consultant (since 2019). Formerly, Chief Operating Officer, muun chi LLC (2020-2022), Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (2016-2019), Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations) (2009-2016), Chief Executive Officer, Imprint Capital Advisors (impact investment firm) (2013-2015), and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	50	Chairman of the Board and Trustee of The Investment Fund for Foundations Investment Program (TIP) (consisting of 1 fund) (since 2008). Formerly, Director of the F.B. Heron Foundation (a private grantmaking foundation) (2006-2022), and Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds) (2016-2021).

Janus Investment Fund 57

Janus Henderson Growth and Income Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company.	50	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013). Formerly, Director, West Bend Mutual Insurance Company (property/casualty insurance) (2013-2021), Trustee of Northwestern Mutual Life Insurance Company (2010-2013), and Director of Frank Russell Company (global asset management firm) (2008-2013).
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired. Formerly, Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006) and Treasurer for Driehaus Mutual Funds (1996-2002).	50	Formerly, Director of Family Service of Lake County (2019-2021), Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017), Independent Trustee, State Farm Associates’ Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017).

58 SEPTEMBER 30, 2022

Janus Henderson Growth and Income Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	50	Director of Chicago Community Trust (Regional Community Foundation), Lurie Children’s Hospital (Chicago, IL), and Shirley Ryan Ability Lab. Formerly, Director of Wrapports, LLC (until 2022), Director of Chicago Council on Global Affairs (until 2019), InnerWorkings (until 2019) and Director of Walmart (until 2017).

Janus Investment Fund 59

Janus Henderson Growth and Income Fund

Trustees and Officers (unaudited)

OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Jeremiah Buckley 151 Detroit Street Denver, CO 80206 DOB: 1976	Executive Vice President and Portfolio Manager Janus Henderson Growth and Income Fund	7/14-Present	Portfolio Manager for other Janus Henderson accounts.
Michelle Rosenberg 151 Detroit Street Denver, CO 80206 DOB: 1973	President and Chief Executive Officer	9/22-Present	General Counsel and Corporate Secretary of Janus Henderson Investors (since 2018). Formerly, Interim President and Chief Executive Officer of the Trust and Janus Aspen Series (2022), Senior Vice President and Head of Legal, North America of Janus Henderson Investors (2017-2018) and Deputy General Counsel of Janus Henderson US (Holdings) Inc. (2015-2018).
Kristin Mariani 151 Detroit Street Denver, CO 80206 DOB: 1966	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	7/20-Present	Head of Compliance, North America for Janus Henderson Investors (since September 2020) and Chief Compliance Officer for Janus Henderson Investors US LLC (since September 2017). Formerly, Global Head of Investment Management Compliance for Janus Henderson Investors (February 2019 - August 2020), Vice President, Head of Global Distribution Compliance and Chief Compliance Officer of Janus Henderson Distributors US LLC (May 2017 – September 2017), Vice President, Compliance at Janus Henderson US (Holdings) Inc., Janus Henderson Investors US LLC, and Janus Henderson Distributors US LLC (2009-2017).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

60 SEPTEMBER 30, 2022

Janus Henderson Growth and Income Fund

Trustees and Officers (unaudited)

OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Head of U.S. Fund Administration, Janus Henderson Investors and Janus Henderson Services US LLC.
Abigail J. Murray 151 Detroit Street Denver, CO 80206 DOB: 1975	Vice President, Chief Legal Officer, and Secretary	12/20-Present	Managing Counsel (2020-present). Formerly, Senior Counsel for Invesco Ltd. (2017-2020), and Vice President and Senior Counsel, ALPS Fund Services, Inc. and Assistant General Counsel, ALPS Advisors, Inc. (2015-2017).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

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 is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Janus Henderson Distributors US LLC
	125-02-93048 11-22

	ANNUAL REPORT September 30, 2022
Janus Henderson International Opportunities Fund
Janus Investment Fund
		HIGHLIGHTS ·Portfolio management perspective ·Investment strategy behind your fund ·Fund performance, characteristics and holdings

Table of Contents

Janus Henderson International Opportunities Fund

Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	13
Statement of Assets and Liabilities	14
Statement of Operations	16
Statements of Changes in Net Assets	18
Financial Highlights	19
Notes to Financial Statements	27
Report of Independent Registered Public Accounting Firm	39
Additional Information	40
Useful Information About Your Fund Report	51
Designation Requirements	54
Trustees and Officers	55

Janus Henderson International Opportunities Fund (unaudited)

FUND SNAPSHOT Janus Henderson International Opportunities Fund is an international equity fund that seeks capital appreciation primarily through investment in equities of non-U.S. companies. The Fund employs a multi-sleeve approach where underlying managers can focus on their highest-conviction ideas. Paul O’Connor co-portfolio manager Dean Cheeseman co-portfolio manager

PERFORMANCE

The Janus Henderson International Opportunities Fund lagged its benchmark, the MSCI All Country World ex USA Index^SM, for the 12-month period ended September 30, 2022. The Fund’s Class I Shares returned -27.83% versus the benchmark’s return of -25.17%.

INVESTMENT ENVIRONMENT

Global equity markets declined over the 12-month period as high levels of inflation in many of the world’s key developed economies prompted aggressive monetary and fiscal tightening, triggering fears of global recession. Equities began the period with positive, if volatile, performance in the fourth quarter of 2021, as investors focused on strong corporate earnings. However, global stock markets sold off in February following Russia’s invasion of Ukraine. Geopolitical turmoil and ongoing supply chain issues drove prices higher, with particularly sharp increases in commodities. Steep inflation prompted several central banks to raise interest rates, causing a rotation from long-duration growth stocks to more cyclical companies. Higher interest rates also fueled fears of a potential recession in the U.S. and other markets, with implications for global growth. As a result, we saw a sharp sell-off in risk-related assets, particularly in countries, industries, and companies that would be sensitive to a slowing global demand. Against this backdrop, emerging market stocks underperformed developed market equities, as measured by the MSCI World Index^SM. Circumstances in China weighed upon markets as the country reinstituted COVID-19 restrictions, suffered continued property market declines, and faced a sharp slowdown in gross domestic product (GDP) growth. In Europe, a looming energy crisis added to investors’ concerns as Russia substantially reduced gas supplies to several European countries.

International developed market indices declined overall during the period. International equity sectors also contracted across the board, with information technology, consumer discretionary, and communications services bearing the brunt of investors’ lowered sentiment, while the best-performing sectors were energy, utilities, and consumer staples.

PERFORMANCE DISCUSSION

Among the Fund’s five regional sub-portfolios, the Emerging Markets sub-portfolio was the top detractor, returning -33.45%, while the Europe 1 sub-portfolio was the top performer, returning -23.43%, followed by Global Growth (-24.28%), Japan (-27.18%), and Europe 2 (-32.36%). The Europe 1 and Japan sub-portfolios declined with broader equity markets but managed to outperform their respective regional benchmarks. In February 2022, we reduced our number of sub-portfolios from six to five with the closure of the Asia Pacific ex Japan sub-portfolio, whose assets were rotated into an enlarged Emerging Markets sub-portfolio. Our rationale was the commonality between the constructs of the Asia Pacific and Emerging Markets universes and our belief that this would enable the Fund to better reflect the highest-conviction ideas from the regions to drive longer-term performance.

On a sector basis, stock selection in communications services, industrials, and consumer staples drove relative underperformance for the period. Stock selection in utilities contributed positively, as did an overweight and stock selection in consumer discretionary. While stock selection in information technology led to a positive relative contribution overall, our overweight in the sector dampened performance.

Among the largest individual detractors to relative performance over the period was The KION Group, a German producer of forklift trucks and warehouse automation hardware and software. While the forklift business tends to be steady, the warehouse automation portion has come under pressure due to rising costs for various inputs due to scarcity and supply chain issues, and concerns on consumer demand across Europe in light of

Janus Investment Fund 1

Janus Henderson International Opportunities Fund (unaudited)

the economic impacts from the Russo-Ukrainian war. Wingtech Technology, a leading domestic semiconductor distributor for the Chinese market, also weighed on relative returns due to economic uncertainty and worries over COVID factory lockdowns.

Top individual contributors to relative results included ICICI Bank, a leading private sector bank in India. The company has produced solid results on fundamental improvement of its broad banking business over the period. Increased retail business poised to benefit from the rising middle class in India has been favorably received by investors. Ming Yang Smart Energy Group, a Chinese renewable energy generation manufacturer and operator, also contributed. The company was boosted by the easing of lockdown restrictions across China. In addition, the company won several offshore wind farm contracts around the world during the period, as the global emphasis on renewable energy generation accelerates.

During the period, our slight overweight to Europe was moved to neutral via reductions to both European sub-portfolios. The proceeds were evenly split between Global Growth and an increase in our cash allocation. At period end, our regional allocations were slightly overweight in Emerging Markets and Japan, neutral to Europe, and underweight North America.

OUTLOOK

Although the year is far from over, it is already clear that 2022 will be a memorable year in global financial markets. Many investors are now experiencing economic and market phenomena that they have never encountered before, such as double-digit inflation and aggressive interest rate hikes in major economies, and simultaneous bear markets in equities and fixed income.

From an equity investor’s perspective, the global economic and political challenges of 2022 have ultimately taken their toll on market sentiment through their adverse impact on interest rate and growth expectations. From here, the outlook remains murky. We are less concerned about interest rate risk than we have been for most of the year now that market estimates of peak rates in many

major economies are at levels that do not seem sustainable for very long. However, we still see analysts’ earnings estimates as being too high, and expect earnings downgrades to remain a persistent headwind for stocks in the months ahead. Stock markets are likely to remain choppy until investors can be confident that the peak in the interest rate cycle has been priced-in, or markets have factored in more realistic growth expectations.

Thank you for your continued investment in the Janus Henderson International Opportunities Fund.

2 SEPTEMBER 30, 2022

Janus Henderson International Opportunities Fund (unaudited)

Fund At A Glance

September 30, 2022

5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
RWE AG	2.42%	0.60%	KION Group AG	1.14%	-1.19%
Bank Negara Indonesia Persero Tbk PT	1.28%	0.54%	Allfunds Group PLC	1.17%	-0.62%
ICICI Bank Ltd	1.57%	0.53%	Yandex NV	0.21%	-0.57%
Novo Nordisk A/S	2.72%	0.51%	Wingtech Technology Co Ltd - Class A	0.83%	-0.48%
Ming Yang Smart Energy Group Ltd - Class A	0.65%	0.44%	Grifols SA (ADR)	1.41%	-0.47%

	5 Top Contributors - Sectors*
		Relative	Fund	MSCI All Country World ex-USA Index
		Contribution	Average Weight	Average Weight
	Utilities	0.59%	4.41%	3.23%
	Consumer Discretionary	0.38%	11.64%	11.75%
	Information Technology	0.18%	14.69%	12.14%
	Real Estate	0.14%	0.51%	2.45%
	Health Care	0.04%	11.88%	9.38%
	5 Top Detractors - Sectors*
		Relative	Fund	MSCI All Country World ex-USA Index
		Contribution	Average Weight	Average Weight
	Communication Services	-1.29%	7.43%	6.26%
	Industrials	-0.78%	13.37%	12.16%
	Consumer Staples	-0.73%	8.72%	8.69%
	Energy	-0.61%	2.02%	5.54%
	Other**	-0.56%	0.23%	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 3

Janus Henderson International Opportunities Fund (unaudited)

Fund At A Glance

September 30, 2022

5 Largest Equity Holdings -(% of Net Assets)
Taiwan Semiconductor Manufacturing Co Ltd
Semiconductor & Semiconductor Equipment	3.3%
JD.Com Inc - Class A
Internet & Direct Marketing Retail	3.3%
Saudi Telecom Co
Diversified Telecommunication Services	3.2%
ICICI Bank Ltd
Banks	3.1%
Bank Negara Indonesia Persero Tbk PT
Banks	2.9%
	15.8%

Asset Allocation - (% of Net Assets)
Common Stocks	96.8%
Investment Companies	2.9%
Other		0.3%
		100.0%

Emerging markets comprised 34.7% of total net assets.

Top Country Allocations - Long Positions -(% of Investment Securities)
As of September 30, 2022	As of September 30, 2021

4 SEPTEMBER 30, 2022

Janus Henderson International Opportunities Fund (unaudited)

Performance

See important disclosures on the next page.

Average Annual Total Return - for the periods ended September 30, 2022					Prospectus Expense Ratios
	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses‡	Net Annual Fund Operating Expenses‡
Class A Shares at NAV	-28.04%	-2.85%	2.93%	5.98%	1.49%	1.19%
Class A Shares at MOP	-32.17%	-4.00%	2.33%	5.69%
Class C Shares at NAV	-28.51%	-3.50%	2.19%	5.21%	2.22%	1.93%
Class C Shares at CDSC	-29.09%	-3.50%	2.19%	5.21%
Class D Shares	-27.88%	-2.65%	3.04%	6.04%	1.44%	0.98%
Class I Shares	-27.83%	-2.56%	3.23%	6.18%	1.21%	0.90%
Class N Shares	-27.79%	-2.51%	3.16%	6.10%	1.10%	0.83%
Class R Shares	-28.11%	-3.08%	2.65%	5.75%	1.90%	1.54%
Class S Shares	-27.81%	-2.81%	2.91%	5.97%	5.99%	1.34%
Class T Shares	-27.95%	-2.73%	3.00%	6.02%	1.40%	1.08%
MSCI All Country World ex-USA Index	-25.17%	-0.81%	3.01%	4.76%
Morningstar Quartile - Class A Shares	4th	4th	3rd	1st
Morningstar Ranking - based on total returns for Foreign Large Blend Funds	603/758	599/668	375/544	19/308

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.

For certain periods, the Fund’s performance may reflect the effect of expense waivers.

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 5

Janus Henderson International Opportunities Fund (unaudited)

Performance

securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), Environmental, Social and Governance (ESG) factors, 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.

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.

Returns of the Fund shown prior to June 5, 2017, are those for Henderson International Opportunities 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 R Shares, Class I Shares, Class IF Shares, and Class R6 Shares of the Predecessor Fund were reorganized into Class A Shares, Class C Shares, Class R Shares, Class I Shares (Class I Shares and Class IF Shares of the Predecessor Fund were reorganized into Class I Shares of the Fund), 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 R 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 R Shares, Class I Shares, Class R6 Shares, and Class IF Shares of the Predecessor Fund commenced operations on September 30, 2005, March 31, 2009, November 30, 2015, and March 31, 2016, respectively. 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 R Shares shown for periods prior to June 5, 2017, reflects the performance of Class R Shares of the Predecessor Fund, calculated using the fees and expenses of Class R 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 September 30, 2005, performance for Class R 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 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.

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.

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.

© 2022 Morningstar, Inc. All Rights Reserved.

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

See important disclosures on the next page.

6 SEPTEMBER 30, 2022

Janus Henderson International Opportunities Fund (unaudited)

Performance

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 November 1, 2022, George Maris and Paul O’Connor are Portfolio Managers of the Fund, with George Maris serving as Lead Portfolio Manager.

*The Predecessor Fund’s inception date – August 31, 2001.

‡ As stated in the prospectus. Net expense ratios reflect the expense waivers, if any, contractually agreed to for at least a one-year period commencing on January 28, 2022. See Financial Highlights for actual expense ratios during the reporting period.

Janus Investment Fund 7

Janus Henderson International Opportunities 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 (4/1/22)	Ending Account Value (9/30/22)	Expenses Paid During Period (4/1/22 - 9/30/22)†	Beginning Account Value (4/1/22)	Ending Account Value (9/30/22)	Expenses Paid During Period (4/1/22 - 9/30/22)†	Net Annualized Expense Ratio (4/1/22 - 9/30/22)
Class A Shares		$1,000.00	$797.00	$5.45	$1,000.00	$1,019.00	$6.12	1.21%
Class C Shares		$1,000.00	$794.80	$7.83	$1,000.00	$1,016.34	$8.80	1.74%
Class D Shares		$1,000.00	$797.50	$4.51	$1,000.00	$1,020.05	$5.06	1.00%
Class I Shares		$1,000.00	$798.00	$4.15	$1,000.00	$1,020.46	$4.66	0.92%
Class N Shares		$1,000.00	$798.00	$3.79	$1,000.00	$1,020.86	$4.26	0.84%
Class R Shares		$1,000.00	$796.20	$6.26	$1,000.00	$1,018.10	$7.03	1.39%
Class S Shares		$1,000.00	$797.70	$4.24	$1,000.00	$1,020.36	$4.76	0.94%
Class T Shares		$1,000.00	$797.30	$4.82	$1,000.00	$1,019.70	$5.42	1.07%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/365 (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.

8 SEPTEMBER 30, 2022

Janus Henderson International Opportunities Fund

Schedule of Investments

September 30, 2022

Shares			Value
Common Stocks– 96.8%
Aerospace & Defense – 1.7%
	Airbus SE	127,119	$10,980,443
Automobiles – 3.1%
	Daimler AG	163,292	8,349,109
	Toyota Motor Corp	900,000	11,716,768
			20,065,877
Banks – 8.0%
	Bank Negara Indonesia Persero Tbk PT	32,050,700	18,741,316
	ICICI Bank Ltd	1,915,002	20,061,193
	UniCredit SpA	1,269,411	12,834,532
			51,637,041
Beverages – 3.1%
	Asahi Group Holdings Ltd	230,000	7,135,892
	Carlsberg A/S	69,943	8,162,422
	Pernod Ricard SA	26,815	4,900,586
			20,198,900
Building Products – 1.5%
	Cie de Saint-Gobain	194,333	6,929,614
	LIXIL Group Corp	200,000	2,898,472
			9,828,086
Capital Markets – 3.6%
	Allfunds Group PLC	1,309,175	9,595,530
	CITIC Securities Co Ltd	8,013,500	13,583,055
			23,178,585
Chemicals – 4.5%
	Fertiglobe PLC	6,968,151	10,825,229
	Koninklijke DSM NV	97,750	11,085,120
	Shin-Etsu Chemical Co Ltd	75,000	7,448,803
			29,359,152
Commercial Services & Supplies – 1.8%
	SPIE SA	564,670	11,798,748
Diversified Financial Services – 0.6%
	Linklogis Inc - Class B (144A)*	9,307,000	3,851,799
Diversified Telecommunication Services – 3.2%
	Saudi Telecom Co	1,956,045	20,435,572
Electric Utilities – 1.2%
	EDP - Energias de Portugal SA	1,822,452	7,888,449
Electronic Equipment, Instruments & Components – 1.8%
	TDK Corp	210,000	6,373,564
	Wingtech Technology Co Ltd - Class A	776,439	5,179,507
			11,553,071
Food & Staples Retailing – 4.0%
	Seven & i Holdings Co Ltd	208,000	8,356,297
	Wal-Mart de Mexico SAB de CV	5,038,095	17,722,609
			26,078,906
Food Products – 1.4%
	Masan Group Corp	2,257,980	9,289,332
Health Care Equipment & Supplies – 1.3%
	Siemens Healthineers AG (144A)	196,174	8,496,333
Health Care Providers & Services – 1.0%
	New Horizon Health Ltd (144A)*	3,613,000	6,662,745
Hotels, Restaurants & Leisure – 2.8%
	Compass Group PLC	275,164	5,499,059
	Yum China Holdings Inc	271,050	12,790,647
			18,289,706
Household Durables – 1.4%
	Sony Corp	140,000	9,011,970
Household Products – 2.0%
	Reckitt Benckiser Group PLC	193,926	12,813,923

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	9

Janus Henderson International Opportunities Fund

Schedule of Investments

September 30, 2022

Shares			Value
Common Stocks– (continued)
Industrial Conglomerates – 0.9%
	Hitachi Ltd	138,000	$5,844,041
Information Technology Services – 0.8%
	Mastercard Inc	18,380	5,226,169
Insurance – 3.4%
	ASR Nederland NV	296,172	11,384,377
	Dai-ichi Life Holdings Inc	300,000	4,769,324
	Tokio Marine Holdings Inc	330,000	5,866,101
			22,019,802
Interactive Media & Services – 0.4%
	Alphabet Inc - Class C*	28,700	2,759,505
Internet & Direct Marketing Retail – 3.3%
	JD.Com Inc - Class A	834,028	21,060,968
Life Sciences Tools & Services – 1.5%
	ICON PLC*	20,431	3,754,809
	Thermo Fisher Scientific Inc	10,954	5,555,759
			9,310,568
Machinery – 4.1%
	Daimler Truck Holding AG*	221,811	5,075,580
	KION Group AG	212,485	4,116,789
	Outotec Oyj	926,710	6,140,084
	Shenzhen Inovance Technology Co Ltd - Class A	776,739	6,232,361
	SMC Corp/Japan	12,500	5,043,482
			26,608,296
Media – 1.3%
	Informa PLC	1,495,721	8,615,007
Metals & Mining – 3.5%
	Allkem Ltd*	572,576	5,089,276
	Anglo American PLC	332,825	10,051,814
	Ivanhoe Mines Ltd*	1,194,608	7,689,013
			22,830,103
Multi-Utilities – 2.0%
	RWE AG	352,037	12,951,164
Oil, Gas & Consumable Fuels – 2.0%
	Total SE	267,500	12,589,303
Paper & Forest Products – 1.1%
	UPM-Kymmene Oyj	228,256	7,252,282
Personal Products – 1.7%
	Estee Lauder Cos Inc	22,475	4,852,353
	Unilever PLC	131,799	5,811,938
			10,664,291
Pharmaceuticals – 6.2%
	Bayer AG	116,333	5,367,717
	Daiichi Sankyo Co Ltd	330,000	9,180,839
	Novo Nordisk A/S	117,135	11,677,469
	Sanofi	184,634	14,089,192
			40,315,217
Professional Services – 1.9%
	Recruit Holdings Co Ltd	111,000	3,204,260
	RELX PLC	366,487	8,889,320
			12,093,580
Road & Rail – 1.4%
	Full Truck Alliance Co (ADR)*	1,367,344	8,956,103
Semiconductor & Semiconductor Equipment – 5.2%
	ASM International NV	33,151	7,416,087
	Renesas Electronics Corp*	600,000	5,001,164
	Taiwan Semiconductor Manufacturing Co Ltd	1,618,000	21,268,793
			33,686,044

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
10	SEPTEMBER 30, 2022

Janus Henderson International Opportunities Fund

Schedule of Investments

September 30, 2022

Shares			Value
Common Stocks– (continued)
Software – 0.9%
	Microsoft Corp	23,853	$5,555,364
Technology Hardware, Storage & Peripherals – 2.2%
	FUJIFILM Holdings Corp	84,000	3,844,433
	Samsung Electronics Co Ltd	272,263	10,004,548
			13,848,981
Textiles, Apparel & Luxury Goods – 1.1%
	Hugo Boss AG	154,685	7,277,452
Thrifts & Mortgage Finance – 2.8%
	Housing Development Finance Corp Ltd	637,784	17,761,304
Trading Companies & Distributors – 1.1%
	Mitsubishi Corp	260,000	7,141,563
Total Common Stocks (cost $706,160,616)			625,785,745
Investment Companies– 2.9%
Money Markets – 2.9%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº,£((cost $18,775,651)	18,773,810	18,775,687
Total Investments (total cost $724,936,267) – 99.7%			644,561,432
Cash, Receivables and Other Assets, net of Liabilities – 0.3%			2,195,235
Net Assets – 100%			$646,756,667

Summary of Investments by Country - (Long Positions) (unaudited)
		% of
		Investment
Country	Value	Securities
Japan	$102,836,973	16.0	%
China	78,317,185	12.1
France	61,287,886	9.5
Germany	51,634,144	8.0
Netherlands	44,586,842	6.9
United States	42,724,837	6.6
India	37,822,497	5.9
United Kingdom	36,979,803	5.7
Taiwan	21,268,793	3.3
Saudi Arabia	20,435,572	3.2
Denmark	19,839,891	3.1
Indonesia	18,741,316	2.9
Mexico	17,722,609	2.7
Finland	13,392,366	2.1
Italy	12,834,532	2.0
United Arab Emirates	10,825,229	1.7
South Korea	10,004,548	1.6
Spain	9,595,530	1.5
Vietnam	9,289,332	1.4
Portugal	7,888,449	1.2
Canada	7,689,013	1.2
Australia	5,089,276	0.8
Ireland	3,754,809	0.6

Total $644,561,432 100.0 %

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	11

Janus Henderson International Opportunities Fund

Schedule of Investments

September 30, 2022

Schedules of Affiliated Investments – (% of Net Assets)

		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 9/30/22
Investment Companies - 2.9%
Money Markets - 2.9%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº	$	129,352	$	(133)	$	36	$	18,775,687

		Value at 9/30/21		Purchases		Sales Proceeds		Value at 9/30/22
Investment Companies - 2.9%
Money Markets - 2.9%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº		88,574,437		478,099,827		(547,898,480)		18,775,687

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
12	SEPTEMBER 30, 2022

Janus Henderson International Opportunities Fund

Notes to Schedule of Investments and Other Information

MSCI All Country World ex-USA Index^SM MSCI All Country World ex-USA Index^SM reflects the equity market performance of global developed and emerging markets, excluding the U.S.

ADR	American Depositary Receipt
LLC	Limited Liability Company
PLC	Public Limited 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 year ended September 30, 2022 is $19,010,877, which represents 2.9% of net assets.

* Non-income producing security.

ºº Rate shown is the 7-day yield as of September 30, 2022.

£ 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 September 30, 2022. 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
Food & Staples Retailing	$	17,722,609	$	8,356,297	$	-
Information Technology Services		5,226,169		-		-
Interactive Media & Services		2,759,505		-		-
Life Sciences Tools & Services		9,310,568		-		-
Metals & Mining		7,689,013		15,141,090		-
Personal Products		4,852,353		5,811,938		-
Road & Rail		8,956,103		-		-
Software		5,555,364		-		-
All Other		-		534,404,736		-
Investment Companies		-		18,775,687		-
Total Assets	$	62,071,684	$	582,489,748	$	-

Janus Investment Fund 13

Janus Henderson International Opportunities Fund

Statement of Assets and Liabilities

September 30, 2022

See footnotes at the end of the Statement.

Assets:
	Unaffiliated investments, at value (cost $706,160,616)		$	625,785,745
	Affiliated investments, at value (cost $18,775,651)			18,775,687
	Cash denominated in foreign currency (cost $91,928)			89,549
	Trustees' deferred compensation			19,481
	Receivables:
		Fund shares sold		30,849,895
		Investments sold		23,359,455
		Foreign tax reclaims		4,624,271
		Dividends		1,180,442
		Dividends from affiliates		34,793
	Other assets			3,277
Total Assets				704,722,595
Liabilities:
	Due to custodian			710,173
	Payables:			—
		Fund shares repurchased		31,573,057
		Investments purchased		19,630,732
		Foreign withholding tax reclaim fee (Note 1)		4,216,505
		Advisory fees		482,253
		Foreign tax liability		363,701
		Transfer agent fees and expenses		117,078
		Professional fees		65,709
		12b-1 Distribution and shareholder servicing fees		64,684
		Custodian fees		31,760
		Trustees' deferred compensation fees		19,481
		Trustees' fees and expenses		3,795
		Affiliated fund administration fees payable		1,547
		Accrued expenses and other payables		685,453
Total Liabilities				57,965,928
Net Assets			$	646,756,667

See Notes to Financial Statements.
14	SEPTEMBER 30, 2022

Janus Henderson International Opportunities Fund

Statement of Assets and Liabilities

September 30, 2022

Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	731,795,330
	Total distributable earnings (loss) (includes $363,701 of foreign capital gains tax)		(85,038,663)
Total Net Assets		$	646,756,667
Net Assets - Class A Shares		$	194,188,654
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		11,585,958
Net Asset Value Per Share(1)		$	16.76
Maximum Offering Price Per Share(2)		$	17.78
Net Assets - Class C Shares		$	18,218,503
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,176,018
Net Asset Value Per Share(1)		$	15.49
Net Assets - Class D Shares		$	2,346,854
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		140,861
Net Asset Value Per Share		$	16.66
Net Assets - Class I Shares		$	371,967,850
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		22,315,505
Net Asset Value Per Share		$	16.67
Net Assets - Class N Shares		$	57,297,762
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,444,854
Net Asset Value Per Share		$	16.63
Net Assets - Class R Shares		$	1,654,029
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		100,788
Net Asset Value Per Share		$	16.41
Net Assets - Class S Shares		$	54,440
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,256
Net Asset Value Per Share		$	16.72
Net Assets - Class T Shares		$	1,028,575
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		61,368
Net Asset Value Per Share		$	16.76

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

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

See Notes to Financial Statements.
Janus Investment Fund	15

Janus Henderson International Opportunities Fund

Statement of Operations

For the year ended September 30, 2022

Investment Income:
	Dividends		$	19,584,051
	Non-cash dividends			4,254,690
	Dividends from affiliates			129,352
	Other income			28,673
	Foreign tax withheld (net of foreign withholding tax reclaim fee of $4,216,505 (Note 1))			(1,088,673)
Total Investment Income				22,908,093
Expenses:
	Advisory fees			9,769,587
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		692,266
		Class C Shares		279,801
		Class R Shares		5,568
		Class S Shares		—
	Transfer agent administrative fees and expenses:
		Class D Shares		3,468
		Class R Shares		5,815
		Class S Shares		163
		Class T Shares		4,901
	Transfer agent networking and omnibus fees:
		Class A Shares		283,514
		Class C Shares		32,777
		Class I Shares		408,167
	Other transfer agent fees and expenses:
		Class A Shares		19,010
		Class C Shares		1,725
		Class D Shares		1,273
		Class I Shares		27,420
		Class N Shares		4,215
		Class R Shares		111
		Class S Shares		7
		Class T Shares		41
	Professional fees			443,717
	Custodian fees			210,598
	Registration fees			148,578
	Shareholder reports expense			58,538
	Affiliated fund administration fees			23,497
	Trustees’ fees and expenses			17,039
	Other expenses			145,478
Total Expenses				12,587,274
Less: Excess Expense Reimbursement and Waivers				(2,503,440)
Net Expenses				10,083,834
Net Investment Income/(Loss)				12,824,259

See Notes to Financial Statements.
16	SEPTEMBER 30, 2022

Janus Henderson International Opportunities Fund

Statement of Operations

For the year ended September 30, 2022

Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions (net of foreign taxes of $1,162,409)	$	31,955,903
	Investments in affiliates		(133)
Total Net Realized Gain/(Loss) on Investments			31,955,770
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and Trustees’ deferred compensation (net of increase in deferred foreign taxes of $363,701)		(327,049,355)
	Investments in affiliates		36
Total Change in Unrealized Net Appreciation/Depreciation			(327,049,319)
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	(282,269,290)

See Notes to Financial Statements.
Janus Investment Fund	17

Janus Henderson International Opportunities Fund

Statements of Changes in Net Assets

			Year ended September 30, 2022		Year ended September 30, 2021
Operations:
	Net investment income/(loss)		$	12,824,259	$	24,473,737
	Net realized gain/(loss) on investments			31,955,770		248,283,288
	Change in unrealized net appreciation/depreciation			(327,049,319)		(13,483,959)
Net Increase/(Decrease) in Net Assets Resulting from Operations				(282,269,290)		259,273,066
Dividends and Distributions to Shareholders:
		Class A Shares		(60,588,628)		(2,070,127)
		Class C Shares		(7,396,079)		—
		Class D Shares		(638,077)		(22,785)
		Class I Shares		(127,459,428)		(7,683,079)
		Class N Shares		(35,877,873)		(4,419,924)
		Class R Shares		(510,576)		(7,534)
		Class S Shares		(13,129)		(518)
		Class T Shares		(513,349)		(21,323)
Net Decrease from Dividends and Distributions to Shareholders				(232,997,139)		(14,225,290)
Capital Share Transactions:
		Class A Shares		8,971,208		(14,395,046)
		Class C Shares		(9,250,117)		(27,820,112)
		Class D Shares		530,673		836,898
		Class I Shares		(42,479,246)		(133,210,365)
		Class N Shares		(77,590,063)		(238,333,529)
		Class R Shares		(53,220)		(1,958,297)
		Class S Shares		18,202		1,216
		Class T Shares		(974,315)		(1,351,819)
Net Increase/(Decrease) from Capital Share Transactions				(120,826,878)		(416,231,054)
Net Increase/(Decrease) in Net Assets				(636,093,307)		(171,183,278)
Net Assets:
	Beginning of period			1,282,849,974		1,454,033,252
	End of period		$	646,756,667	$	1,282,849,974

See Notes to Financial Statements.
18	SEPTEMBER 30, 2022

Janus Henderson International Opportunities Fund

Financial Highlights

Class A Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$28.82	$24.77	$24.08	$29.10	$29.50
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.27(2)	0.44(3)	0.11	0.23	0.28
		Net realized and unrealized gain/(loss)	(6.99)	3.79	1.49	(1.64)	(0.39)
	Total from Investment Operations		(6.72)	4.23	1.60	(1.41)	(0.11)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(1.33)	(0.18)	(0.22)	(0.44)	(0.29)
		Distributions (from capital gains)	(4.01)	—	(0.69)	(3.17)	—
	Total Dividends and Distributions		(5.34)	(0.18)	(0.91)	(3.61)	(0.29)
	Net Asset Value, End of Period		$16.76	$28.82	$24.77	$24.08	$29.10
	Total Return*		(28.19)%	17.08%	6.61%	(3.07)%(4)	(0.40)%
	Net Assets, End of Period (in thousands)		$194,189	$328,759	$295,282	$357,079	$485,243
	Average Net Assets for the Period (in thousands)		$275,837	$337,873	$316,482	$419,053	$577,151
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.47%(5)	1.49%(6)	1.42%	1.45%	1.29%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.21%	1.23%	1.28%	1.32%	1.29%
		Ratio of Net Investment Income/(Loss)	1.20%(2)	1.53%(3)	0.46%	0.96%	0.94%
	Portfolio Turnover Rate		88%	63%	57%	45%	56%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

(2)Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.01 and 0.06%, respectively.

(3)Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in September 2021. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.15 and 0.52%, respectively.

(4)Total return without the effect of affiliated payments would have been (3.11)%.

(5)Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the additional professional fees to Ratio of Gross Expenses is 0.03%.

(6)Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in September 2021. The impact of the additional professional fees to Ratio of Gross Expenses is 0.08%.

See Notes to Financial Statements.
Janus Investment Fund	19

Janus Henderson International Opportunities Fund

Financial Highlights

Class C Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$26.95	$23.17	$22.53	$27.13	$27.46
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.09(2)	0.16(3)	(0.05)	0.02	0.06
		Net realized and unrealized gain/(loss)	(6.47)	3.62	1.38	(1.45)	(0.36)
	Total from Investment Operations		(6.38)	3.78	1.33	(1.43)	(0.30)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(1.07)	—	—	—	(0.03)
		Distributions (from capital gains)	(4.01)	—	(0.69)	(3.17)	—
	Total Dividends and Distributions		(5.08)	—	(0.69)	(3.17)	(0.03)
	Net Asset Value, End of Period		$15.49	$26.95	$23.17	$22.53	$27.13
	Total Return*		(28.70)%	16.31%	5.86%	(3.64)%(4)	(1.09)%
	Net Assets, End of Period (in thousands)		$18,219	$43,690	$61,292	$106,863	$336,880
	Average Net Assets for the Period (in thousands)		$30,662	$55,342	$82,679	$161,985	$397,796
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.14%(5)	2.19%(6)	2.06%	2.09%	2.00%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.88%	1.95%	1.92%	1.97%	2.00%
		Ratio of Net Investment Income/(Loss)	0.42%(2)	0.60%(3)	(0.24)%	0.10%	0.22%
	Portfolio Turnover Rate		88%	63%	57%	45%	56%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

(2)Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.01 and 0.06%, respectively.

(3)Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in September 2021. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.14 and 0.52%, respectively.

(4)Total return without the effect of affiliated payments would have been (3.68)%.

(5)Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the additional professional fees to Ratio of Gross Expenses is 0.03%.

(6)Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in September 2021. The impact of the additional professional fees to Ratio of Gross Expenses is 0.08%.

See Notes to Financial Statements.
20	SEPTEMBER 30, 2022

Janus Henderson International Opportunities Fund

Financial Highlights

Class D Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$28.69	$24.68	$24.00	$29.06	$29.51
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.32(2)	0.56(3)	0.17	0.29	0.37
		Net realized and unrealized gain/(loss)	(6.95)	3.70	1.48	(1.67)	(0.40)
	Total from Investment Operations		(6.63)	4.26	1.65	(1.38)	(0.03)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(1.39)	(0.25)	(0.28)	(0.51)	(0.42)
		Distributions (from capital gains)	(4.01)	—	(0.69)	(3.17)	—
	Total Dividends and Distributions		(5.40)	(0.25)	(0.97)	(3.68)	(0.42)
	Net Asset Value, End of Period		$16.66	$28.69	$24.68	$24.00	$29.06
	Total Return*		(28.04)%	17.29%	6.84%	(2.90)%(4)	(0.15)%
	Net Assets, End of Period (in thousands)		$2,347	$3,379	$2,210	$2,257	$3,002
	Average Net Assets for the Period (in thousands)		$3,028	$3,047	$2,132	$2,483	$3,163
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.47%(5)	1.44%(6)	1.41%	1.59%	1.16%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.01%	1.03%	1.06%	1.13%	1.10%
		Ratio of Net Investment Income/(Loss)	1.45%(2)	1.93%(3)	0.73%	1.20%	1.25%
	Portfolio Turnover Rate		88%	63%	57%	45%	56%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

(2)Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.01 and 0.06%, respectively.

(3)Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in September 2021. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.15 and 0.52%, respectively.

(4)Total return without the effect of affiliated payments would have been (2.94)%.

(5)Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the additional professional fees to Ratio of Gross Expenses is 0.03%.

(6)Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in September 2021. The impact of the additional professional fees to Ratio of Gross Expenses is 0.08%.

See Notes to Financial Statements.
Janus Investment Fund	21

Janus Henderson International Opportunities Fund

Financial Highlights

Class I Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$28.72	$24.69	$24.03	$29.06	$29.47
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.32(2)	0.50(3)	0.17	0.24	0.38
		Net realized and unrealized gain/(loss)	(6.95)	3.81	1.49	(1.58)	(0.39)
	Total from Investment Operations		(6.63)	4.31	1.66	(1.34)	(0.01)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(1.41)	(0.28)	(0.31)	(0.52)	(0.40)
		Distributions (from capital gains)	(4.01)	—	(0.69)	(3.17)	—
	Total Dividends and Distributions		(5.42)	(0.28)	(1.00)	(3.69)	(0.40)
	Net Asset Value, End of Period		$16.67	$28.72	$24.69	$24.03	$29.06
	Total Return*		(28.00)%	17.47%	6.87%	(2.75)%(4)	(0.07)%
	Net Assets, End of Period (in thousands)		$371,968	$703,785	$720,915	$1,050,061	$3,021,157
	Average Net Assets for the Period (in thousands)		$551,653	$770,690	$860,681	$1,621,134	$3,542,904
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.19%(5)	1.20%(6)	1.12%	1.12%	0.99%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.93%	0.95%	0.98%	1.01%	0.99%
		Ratio of Net Investment Income/(Loss)	1.45%(2)	1.75%(3)	0.71%	0.99%	1.27%
	Portfolio Turnover Rate		88%	63%	57%	45%	56%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

(2)Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.01 and 0.06%, respectively.

(3)Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in September 2021. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.15 and 0.52%, respectively.

(4)Total return without the effect of affiliated payments would have been (2.79)%.

(5)Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the additional professional fees to Ratio of Gross Expenses is 0.03%.

(6)Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in September 2021. The impact of the additional professional fees to Ratio of Gross Expenses is 0.08%.

See Notes to Financial Statements.
22	SEPTEMBER 30, 2022

Janus Henderson International Opportunities Fund

Financial Highlights

Class N Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$28.73	$24.67	$23.99	$29.08	$29.47
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.28(2)	0.44(3)	0.22	0.48	0.41
		Net realized and unrealized gain/(loss)	(6.92)	3.91	1.46	(1.85)	(0.38)
	Total from Investment Operations		(6.64)	4.35	1.68	(1.37)	0.03
	Less Dividends and Distributions:
		Dividends (from net investment income)	(1.45)	(0.29)	(0.31)	(0.55)	(0.42)
		Distributions (from capital gains)	(4.01)	—	(0.69)	(3.17)	—
	Total Dividends and Distributions		(5.46)	(0.29)	(1.00)	(3.72)	(0.42)
	Net Asset Value, End of Period		$16.63	$28.73	$24.67	$23.99	$29.08
	Total Return*		(28.07)%	17.67%	6.99%	(2.82)%(4)	0.07%
	Net Assets, End of Period (in thousands)		$57,298	$197,222	$366,371	$280,749	$43,305
	Average Net Assets for the Period (in thousands)		$107,875	$337,046	$315,851	$128,934	$12,868
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.12%(5)	1.10%(6)	1.05%	1.07%	0.96%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.86%	0.88%	0.90%	0.91%	0.94%
		Ratio of Net Investment Income/(Loss)	1.21%(2)	1.54%(3)	0.95%	2.02%	1.41%
	Portfolio Turnover Rate		88%	63%	57%	45%	56%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

(2)Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.01 and 0.06%, respectively.

(3)Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in September 2021. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.15 and 0.52%, respectively.

(4)Total return without the effect of affiliated payments would have been (2.86)%.

(5)Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the additional professional fees to Ratio of Gross Expenses is 0.03%.

(6)Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in September 2021. The impact of the additional professional fees to Ratio of Gross Expenses is 0.08%.

See Notes to Financial Statements.
Janus Investment Fund	23

Janus Henderson International Opportunities Fund

Financial Highlights

Class R Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$28.28	$24.21	$23.51	$28.42	$28.81
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.21(2)	0.33(3)	0.01	0.15	0.16
		Net realized and unrealized gain/(loss)	(6.85)	3.79	1.47	(1.59)	(0.36)
	Total from Investment Operations		(6.64)	4.12	1.48	(1.44)	(0.20)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(1.22)	(0.05)	(0.09)	(0.30)	(0.19)
		Distributions (from capital gains)	(4.01)	—	(0.69)	(3.17)	—
	Total Dividends and Distributions		(5.23)	(0.05)	(0.78)	(3.47)	(0.19)
	Net Asset Value, End of Period		$16.41	$28.28	$24.21	$23.51	$28.42
	Total Return*		(28.34)%	17.01%	6.27%	(3.35)%(4)	(0.71)%
	Net Assets, End of Period (in thousands)		$1,654	$2,905	$4,147	$9,168	$16,214
	Average Net Assets for the Period (in thousands)		$2,318	$4,093	$6,096	$11,867	$19,820
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.69%(5)	1.70%(6)	1.79%	1.81%	1.66%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.31%	1.39%	1.57%	1.62%	1.62%
		Ratio of Net Investment Income/(Loss)	0.97%(2)	1.15%(3)	0.03%	0.63%	0.54%
	Portfolio Turnover Rate		88%	63%	57%	45%	56%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

(2)Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.01 and 0.06%, respectively.

(3)Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in September 2021. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.15 and 0.52%, respectively.

(4)Total return without the effect of affiliated payments would have been (3.39)%.

(5)Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the additional professional fees to Ratio of Gross Expenses is 0.03%.

(6)Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in September 2021. The impact of the additional professional fees to Ratio of Gross Expenses is 0.08%.

See Notes to Financial Statements.
24	SEPTEMBER 30, 2022

Janus Henderson International Opportunities Fund

Financial Highlights

Class S Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$28.71	$24.66	$23.80	$29.00	$29.48
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.34(2)	0.52(3)	0.09	0.23	0.44
		Net realized and unrealized gain/(loss)	(6.97)	3.75	1.46	(1.72)	(0.53)
	Total from Investment Operations		(6.63)	4.27	1.55	(1.49)	(0.09)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(1.35)	(0.22)	—	(0.54)	(0.39)
		Distributions (from capital gains)	(4.01)	—	(0.69)	(3.17)	—
	Total Dividends and Distributions		(5.36)	(0.22)	(0.69)	(3.71)	(0.39)
	Net Asset Value, End of Period		$16.72	$28.71	$24.66	$23.80	$29.00
	Total Return*		(27.96)%	17.33%	6.49%	(3.32)%(4)	(0.36)%
	Net Assets, End of Period (in thousands)		$54	$70	$59	$110	$2,674
	Average Net Assets for the Period (in thousands)		$65	$69	$95	$1,736	$591
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	5.93%(5)	5.70%(6)	4.69%	1.76%	1.75%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.89%	0.99%	1.41%	1.46%	1.43%
		Ratio of Net Investment Income/(Loss)	1.53%(2)	1.80%(3)	0.40%	0.97%	1.57%
	Portfolio Turnover Rate		88%	63%	57%	45%	56%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

(2)Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.01 and 0.06%, respectively.

(3)Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in September 2021. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.15 and 0.52%, respectively.

(4)Total return without the effect of affiliated payments would have been (3.36)%.

(5)Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the additional professional fees to Ratio of Gross Expenses is 0.03%.

(6)Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in September 2021. The impact of the additional professional fees to Ratio of Gross Expenses is 0.08%.

See Notes to Financial Statements.
Janus Investment Fund	25

Janus Henderson International Opportunities Fund

Financial Highlights

Class T Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$28.87	$24.69	$24.00	$29.02	$29.50
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.22(2)	0.62(3)	(0.01)	0.57	0.30
		Net realized and unrealized gain/(loss)	(6.98)	3.70	1.63	(1.95)	(0.37)
	Total from Investment Operations		(6.76)	4.32	1.62	(1.38)	(0.07)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(1.34)	(0.14)	(0.24)	(0.47)	(0.41)
		Distributions (from capital gains)	(4.01)	—	(0.69)	(3.17)	—
	Total Dividends and Distributions		(5.35)	(0.14)	(0.93)	(3.64)	(0.41)
	Net Asset Value, End of Period		$16.76	$28.87	$24.69	$24.00	$29.02
	Total Return*		(28.28)%	17.49%	6.73%	(2.92)%(4)	(0.26)%
	Net Assets, End of Period (in thousands)		$1,029	$3,040	$3,758	$32,333	$8,614
	Average Net Assets for the Period (in thousands)		$1,955	$6,040	$14,280	$37,969	$9,802
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.52%(5)	1.40%(6)	1.31%	1.48%	1.19%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.11%	1.10%	1.16%	1.33%	1.17%
		Ratio of Net Investment Income/(Loss)	0.95%(2)	2.14%(3)	(0.03)%	2.38%	1.01%
	Portfolio Turnover Rate		88%	63%	57%	45%	56%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

(2)Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.01 and 0.06%, respectively.

(3)Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in September 2021. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.15 and 0.52%, respectively.

(4)Total return without the effect of affiliated payments would have been (2.96)%.

(5)Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the additional professional fees to Ratio of Gross Expenses is 0.03%.

(6)Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in September 2021. The impact of the additional professional fees to Ratio of Gross Expenses is 0.08%.

See Notes to Financial Statements.
26	SEPTEMBER 30, 2022

Janus Henderson International Opportunities Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus Henderson International Opportunities 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 39 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 non-U.S. companies. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC (formerly Janus Capital Management LLC) is the investment adviser (the “Adviser”) to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors, 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, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (formerly Janus Distributors LLC) (the “Distributor”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

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

Janus Investment Fund 27

Janus Henderson International Opportunities Fund

Notes to Financial Statements

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The 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

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The 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 Adviser-approved pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a 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 valuation policies provide for the use of systematic fair valuation models provided by independent pricing services to value foreign 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.

28 SEPTEMBER 30, 2022

Janus Henderson International Opportunities Fund

Notes to Financial Statements

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

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

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

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of September 30, 2022 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.

Investment Transactions and Investment Income

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

Expenses

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Indemnifications

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

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

Janus Investment Fund 29

Janus Henderson International Opportunities Fund

Notes to Financial Statements

translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

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

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

Dividends and Distributions

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

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

Federal Income Taxes

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

Foreign Taxes

The Fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the Fund filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.  The Statement of Operations reflects $4,757,427 of tax reclaims received as well as $334,972 of professional fees and $4,216,505 of certain fees assessed by the Internal Revenue Service due to the recovery of foreign withholding taxes after such amounts were previously passed through to Fund shareholders as foreign tax credits.

2. Other Investments and Strategies

Additional Investment Risk

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 in response to the COVID-19 pandemic. This and other government intervention into the economy and financial markets to address the COVID-19 pandemic may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Government actions to mitigate the economic impact of the pandemic have resulted in a large expansion of government deficits and debt, the long term consequences of which are not known. The COVID-19 pandemic could adversely affect the value and liquidity of a Fund’s investments, impair a Fund’s ability to satisfy redemption requests, and negatively impact a Fund’s performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

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-

30 SEPTEMBER 30, 2022

Janus Henderson International Opportunities Fund

Notes to Financial Statements

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 the Adviser 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.

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. Among other things, these developments have adversely affected the value and exchange rate of the euro and pound sterling, and may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse effect on the Fund’s investments in such countries, other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.

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. Emerging market countries in which the Fund may invest include frontier market countries, the economies of which are less developed than other emerging market countries. To the extent that the Fund invests a significant amount of its assets in one or more of these countries, its returns and net asset value may be affected to a large degree by events and economic conditions in such countries. The risks of foreign investing are heightened when investing in emerging markets, which may result in the price of investments in emerging markets experiencing sudden and sharp price swings. In many developing markets, there is less government supervision and regulation of stock exchanges, brokers, and listed companies, making these investments potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. Similarly, issuers in such markets may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which U.S. companies are subject. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the Fund’s investments may be denominated in foreign currencies and therefore, changes in the value of a country’s currency compared to the U.S. dollar may affect the value of the Fund’s investments. To the extent that the Fund invests a significant portion of its assets in the securities of issuers in or companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund’s performance. Developing countries may also experience a higher level of exposure and vulnerability to the adverse effects of climate change. This can be attributed to both the geographic location of emerging market countries and/or a country’s lack of access to technology or resources to adjust and adapt to its effects. An increased occurrence and severity of natural disasters and extreme weather events such as droughts and decreased crop yields, heat waves, flooding and rising sea levels, and increased spread of disease, could cause harmful

Janus Investment Fund 31

Janus Henderson International Opportunities Fund

Notes to Financial Statements

effects to the performance of affected economies. Additionally, foreign and emerging market risks, including, but not limited to, price controls, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, nationalization, and restrictions on repatriation of assets may be heightened to the extent the Fund invests in Chinese local market securities.

3. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The following table reflects the Fund’s contractual investment advisory fee rate (expressed as an annual rate).

Average Daily Net Assets of the Fund	Contractual Investment Advisory Fee (%)
First $2 Billion	1.00
Next $1 Billion	0.90
Next $1 Billion	0.80
Next $1 Billion	0.70
Next $5 Billion	0.60
Over $10 Billion	0.50

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

The Adviser has entered into a personnel-sharing arrangement with its foreign (non-U.S.) affiliates, Henderson Global Investors Limited, Henderson Global Investors (Japan) Ltd., and Henderson Global Investors (Singapore) Ltd. (collectively, “HGIL”), pursuant to which HGIL and certain employees of HGIL serve as “associated persons” of the Adviser. In this capacity, such employees of HGIL are subject to the oversight and supervision of the Adviser and may provide portfolio management, research, and related services to the Fund on behalf of the Adviser.

The Adviser has contractually agreed to waive the 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 payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.83% of the Fund’s average daily net assets. The Adviser has agreed to continue the waivers for at least a one-year period commencing on January 28, 2022. The previous expense limit (for the one-year period commencing January 28, 2021) was 0.88%. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations. In addition, for Class R Shares of the Fund, for at least a one-year period commencing on January 28, 2022, the Adviser has agreed to reduce the administrative service fee payable by the Fund’s Class R shares pursuant to the Fund’s Transfer Agency Agreement so that such fees do not exceed 0.21% of Class R Shares’ average daily net assets.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (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 the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $502,935 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 2022. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

Janus Henderson Services US LLC (formerly Janus Services LLC) (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder

32 SEPTEMBER 30, 2022

Janus Henderson International Opportunities Fund

Notes to Financial Statements

services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

Average Daily Net Assets of Class D Shares of the Janus Henderson funds	Administrative Services Fee
Under $40 billion	0.12%
$40 billion – $49.9 billion	0.10%
Over $49.9 billion	0.08%

During the reporting period, the administrative services fee rate was 0.11%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class R Shares, Class S Shares, and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares, and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R Shares, Class S Shares, and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the Shares 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 Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.

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Janus Henderson International Opportunities Fund

Notes to Financial Statements

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the year ended September 30, 2022, the Distributor retained upfront sales charges of $2,984.

A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the year ended September 30, 2022.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the year ended September 30, 2022, redeeming shareholders of Class C Shares paid CDSCs of $955.

The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of September 30, 2022 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended September 30, 2022 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $436,813 were paid by the Trust to the Trustees under the Deferred Plan during the year ended September 30, 2022.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests 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.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended September 30, 2022 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

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Janus Henderson International Opportunities Fund

Notes to Financial Statements

As of September 30, 2022, shares of the Fund were owned by affiliates of the Adviser, and/or other funds advised by the Adviser, as indicated in the table below:

Class		% of Class Owned		% of Fund Owned
Class A Shares		-	%	-	%
Class C Shares		-		-
Class D Shares		-		-
Class I Shares		-		-
Class N Shares		-		-
Class R Shares		-		-
Class S Shares		82		-*
Class T Shares		-		-
*	Less than 0.50%

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

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes (reduced by foreign tax liability).

Other book to tax differences primarily consist of deferred compensation and foreign currency contract adjustments. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ -	$ 29,488,234	$ -	$ (2,216,018)	$ -	$(4,839,257)	$(107,471,622)

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 2022 are noted below. The primary difference 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)
$751,669,353	$34,291,803	$(141,399,724)	$(107,107,921)

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Janus Henderson International Opportunities Fund

Notes to Financial Statements

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.

For the year ended September 30, 2022
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 116,322,818	$ 116,674,321	$ -	$ -

For the year ended September 30, 2021
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 14,225,290	$ -	$ -	$ -

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. The following reclassifications have been made to the Fund:

Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ (33,919,715)	$ 2,522,455	$ 31,397,260

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Janus Henderson International Opportunities Fund

Notes to Financial Statements

5. Capital Share Transactions

	Year ended September 30, 2022		Year ended September 30, 2021
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	1,398,369	$ 32,971,313	1,270,599	$ 36,749,490
Reinvested dividends and distributions	2,277,920	51,777,126	61,958	1,758,986
Shares repurchased	(3,496,152)	(75,777,231)	(1,847,497)	(52,903,522)
Net Increase/(Decrease)	180,137	$ 8,971,208	(514,940)	$ (14,395,046)
Class C Shares:
Shares sold	63,225	$ 1,345,788	60,556	$ 1,614,870
Reinvested dividends and distributions	336,931	7,112,622	-	-
Shares repurchased	(845,139)	(17,708,527)	(1,084,698)	(29,434,982)
Net Increase/(Decrease)	(444,983)	$ (9,250,117)	(1,024,142)	$ (27,820,112)
Class D Shares:
Shares sold	39,793	$ 893,672	49,919	$ 1,457,595
Reinvested dividends and distributions	28,284	638,077	807	22,785
Shares repurchased	(45,009)	(1,001,076)	(22,515)	(643,482)
Net Increase/(Decrease)	23,068	$ 530,673	28,211	$ 836,898
Class I Shares:
Shares sold	4,533,828	$101,375,429	3,827,292	$ 111,716,963
Reinvested dividends and distributions	5,203,944	117,400,967	250,868	7,079,499
Shares repurchased	(11,929,039)	(261,255,642)	(8,765,123)	(252,006,827)
Net Increase/(Decrease)	(2,191,267)	$ (42,479,246)	(4,686,963)	$(133,210,365)
Class N Shares:
Shares sold	1,264,325	$ 28,401,439	1,633,062	$ 46,194,658
Reinvested dividends and distributions	1,099,629	24,741,657	132,300	3,728,216
Shares repurchased	(5,784,157)	(130,733,159)	(9,752,003)	(288,256,403)
Net Increase/(Decrease)	(3,420,203)	$ (77,590,063)	(7,986,641)	$(238,333,529)
Class R Shares:
Shares sold	24,171	$ 543,711	21,973	$ 615,383
Reinvested dividends and distributions	15,868	353,708	168	4,692
Shares repurchased	(41,972)	(950,639)	(90,672)	(2,578,372)
Net Increase/(Decrease)	(1,933)	$ (53,220)	(68,531)	$ (1,958,297)
Class S Shares:
Shares sold	248	$ 5,085	59	$ 1,689
Reinvested dividends and distributions	580	13,129	18	518
Shares repurchased	(1)	(12)	(36)	(991)
Net Increase/(Decrease)	827	$ 18,202	41	$ 1,216
Class T Shares:
Shares sold	4,780	$ 104,701	443,166	$ 13,160,079
Reinvested dividends and distributions	22,516	511,333	749	21,234
Shares repurchased	(71,241)	(1,590,349)	(490,825)	(14,533,132)
Net Increase/(Decrease)	(43,945)	$ (974,315)	(46,910)	$ (1,351,819)

6. Purchases and Sales of Investment Securities

For the year ended September 30, 2022, 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
$ 817,746,461	$ 1,073,597,280	$ -	$ -

Janus Investment Fund 37

Janus Henderson International Opportunities Fund

Notes to Financial Statements

7. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to September 30, 2022 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.

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Janus Henderson International Opportunities Fund

Report of Independent Registered Public Accounting Firm

TotheBoard of Trustees of Janus Investment Fund and Shareholders of Janus Henderson International Opportunities Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson International Opportunities Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2022, the related statement of operations for the year ended September 30, 2022, the statements of changes in net assets for each of the two years in the period ended September 30, 2022,including the related notes,and the financial highlightsfor each of the five years in the period ended September 30, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2022 and the financial highlights for each of the five years in the period ended September 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Denver, Colorado

November 28, 2022

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

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Janus Henderson International Opportunities 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 (each, a “Fund,” and collectively, the “Funds” and 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 agreement for each Janus Henderson Fund that utilizes a subadviser.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (formerly, Janus Capital Management LLC) (the “Adviser”) and the subadviser 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 meetings held on November 3-4, 2021 and December 7-8, 2021, the Trustees’ evaluated the information provided by the Adviser, the subadviser, and the independent fee consultant, as well as other information addressed during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser and each subadviser, as applicable, were fair and reasonable in light of the nature, extent and quality of the services provided by the Adviser, its affiliates and the subadviser, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund and the subadvisory agreement for each subadvised Janus Henderson Fund, for the period from February 1, 2022 through February 1, 2023, subject to earlier termination as provided for in each agreement.

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

Nature, Extent and Quality of Services

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

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Janus Henderson International Opportunities Fund

Additional Information (unaudited)

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 the Adviser and the 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 the Adviser or the subadviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

The Trustees concluded that the nature, extent and quality of the services provided by the Adviser and 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 the Adviser and the subadviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and each 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, 2021, approximately 55% of the Janus Henderson Funds were in the top two quartiles of performance versus Broadridge peers, and for the 12 months ended September 30, 2021, approximately 45% 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 second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving

Janus Investment Fund 41

Janus Henderson International Opportunities Fund

Additional Information (unaudited)

Fixed-Income Funds

·For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·For Janus Developed World Bond Fund, the Trustees noted the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

Global and International Equity Funds

·For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the

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Janus Henderson International Opportunities Fund

Additional Information (unaudited)

Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

Money Market Funds

·For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was 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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

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Janus Henderson International Opportunities Fund

Additional Information (unaudited)

·For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser 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 bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser and subadviser had taken or were taking to improve performance.

·For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson International Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser and subadviser had taken or were taking to improve performance.

·For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser and subadviser had taken or were taking to improve performance.

U.S. Equity Funds

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

·For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

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Additional Information (unaudited)

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 the Adviser out of its management fees collected from such Janus Henderson Fund.

The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge Expense Group peers; and (3) and the management fees for the Janus Henderson Funds, on average, were 6% 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.

The Trustees considered the methodology used by the Adviser and 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 the Adviser and subadviser to comparable separate account clients and to comparable non-affiliated funds subadvised by the Adviser or subadviser (for which the Adviser 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 the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser 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; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged to Janus Henderson subadvised fund and separate account investors; and (4) as part of its 2020 review, 9 of 10 Janus Henderson Funds have lower management fees than similar funds subadvised by the Adviser.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2020, including the VIT Portfolios, and noted the following with regard to each VIT Portfolio’s total expenses, net of applicable fee waivers (the VIT Portfolio’s “total expenses”):

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Janus Henderson International Opportunities Fund

Additional Information (unaudited)

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 the Adviser 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.

·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 the Adviser 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 the Adviser 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 one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser 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 the Adviser 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 the Adviser has contractually agreed to limit the Fund’s expenses.

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

·For Janus Henderson Short Duration 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 the Adviser 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 the Adviser 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 certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser 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 the Adviser has contractually agreed to limit the Fund’s expenses.

·For Janus Henderson Global Equity Income 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 the Adviser 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.

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Janus Henderson International Opportunities Fund

Additional Information (unaudited)

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

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

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

Money Market Funds

·For Janus Henderson Government 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 the Adviser has voluntarily agreed to limit the Fund’s expenses to assist the Fund in attempting to maintain a yield of at least 0.00%.

·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 the Adviser has agreed to limit the Fund’s expenses to assist the Fund in attempting to maintain a yield of at least 0.00%.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted 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 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 the Adviser 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 the Adviser 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

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Janus Henderson International Opportunities Fund

Additional Information (unaudited)

that the Adviser 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 the Adviser 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 the Adviser 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, 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 the Adviser 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 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 the Adviser 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.

·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 the Adviser 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 the Adviser 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 Mid Cap Value Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

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

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by

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Additional Information (unaudited)

numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser and 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 the Adviser 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 the Adviser 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 the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser and its affiliates, as well as the fees paid by the Adviser to the subadviser 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 the Adviser and the subadviser 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 the Adviser and subadviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

Economies of Scale

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 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 75% of these Janus Henderson Funds’ have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. The Trustees also noted the following: (1) that for those Janus Henderson Funds whose expenses are being reduced by the contractual expense limitations of the Adviser, the Adviser is subsidizing certain of these Janus Henderson Funds because they have not reached adequate scale; (2) 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 (3) 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 the Adviser 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 the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, the Adviser appeared to be investing to increase the likelihood that these Janus

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Janus Henderson International Opportunities Fund

Additional Information (unaudited)

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 the Adviser.

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

Other Benefits to the Adviser

The Trustees also considered benefits that accrue to the Adviser and its affiliates and subadviser to the Janus Henderson Funds from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by 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 the Adviser and/or the Adviser, and/or subadviser to a Janus Henderson Fund. The Trustees concluded that the Adviser’s and the subadviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates and subadviser pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser and the subadviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser and the subadviser 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 the Adviser’s and/or the subadviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser and/or other clients of the subadviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser, the subadviser or other Janus Henderson funds, and that the success of the Adviser and the subadviser could enhance the Adviser’s and the subadviser’s ability to serve the Janus Henderson Funds.

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Janus Henderson International Opportunities Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

The Management Commentary in this report includes valuable insight as well as statistical information to help you understand how your Fund’s performance and characteristics stack up against those of comparable indices.

If the Fund invests in foreign securities, this report may include information about country exposure. Country exposure is based primarily on 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.

Please keep in mind that the opinions expressed in the Management Commentary are just that: opinions. They are a reflection based on best judgment at the time this report was compiled, which was September 30, 2022. As the investing environment changes, so could opinions. These views are unique and are not necessarily shared by fellow employees or by Janus Henderson in general.

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 the Adviser 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. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by Bloomberg 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.

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Janus Henderson International Opportunities Fund

Useful Information About Your Fund Report (unaudited)

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.

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.

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.

52 SEPTEMBER 30, 2022

Janus Henderson International Opportunities Fund

Useful Information About Your Fund Report (unaudited)

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 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.

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Janus Henderson International Opportunities Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2022:

Capital Gain Distributions	$116,674,321
Dividends Received Deduction Percentage	4%
Qualified Dividend Income Percentage	100%

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Janus Henderson International Opportunities Fund

Trustees and Officers (unaudited)

The following are the Trustees and officers of the Trust, together with a brief description of their principal occupations during the last five years (principal occupations for certain Trustees may include periods over five years). The Fund’s Statement of Additional Information includes additional information about the Trustees and officers and is available, without charge, by calling 1-877-335-2687.

Each Trustee has served in that capacity since he or she was originally elected or appointed. The Trustees do not serve a specified term of office. Each Trustee will hold office until the termination of the Trust or his or her earlier death, resignation, retirement, incapacity, or removal. Under the Fund’s Governance Procedures and Guidelines, the policy is for Trustees to retire no later than the end of the calendar year in which the Trustee turns 75. The Trustees review the Fund’s Governance Procedures and Guidelines from time to time and may make changes they deem appropriate. The Fund’s Nominating and Governance Committee will consider nominees for the position of Trustee recommended by shareholders. Shareholders may submit the name of a candidate for consideration by the Committee by submitting their recommendations to the Trust’s Secretary. Each Trustee is currently a Trustee of one other registered investment company advised by the Adviser: Janus Aspen Series. Collectively, these two registered investment companies consist of 50 series or funds referred to herein as the Fund Complex.

The Trust’s officers are elected annually by the Trustees for a one-year term. Certain officers also serve as officers of Janus Aspen Series. Certain officers of the Fund may also be officers and/or directors of the Adviser. Except as otherwise disclosed, Fund officers receive no compensation from the Fund, except for the Fund’s Chief Compliance Officer, as authorized by the Trustees.

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Janus Henderson International Opportunities Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Chairman Trustee	5/22-Present 1/13-Present	Principal, Curam Holdings LLC (since 2018). Formerly, Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm) (2012-2018), Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	50	Advisory Board Member of AEW Core Property Trust (open-end property fund) (since 2020), and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016), Director of Nuveen Global Investors LLC (2007-2011), Director of Communities in Schools (2004-2010), and Director of Mutual Fund Education Alliance (until 2010).
Cheryl D. Alston 151 Detroit Street Denver, CO 80206 DOB: 1966	Trustee	8/22-Present	Executive Director and Chief Investment Officer, Employees’ Retirement Fund of the City of Dallas (since 2004).	50	Director of Blue Cross Blue Shield of Kansas City (a not-for-profit health insurance provider) (since 2016) and Director of Global Life Insurance (life and supplemental health insurance provider) (since 2017). Formerly, Director of Federal Home Loan Bank of Dallas (2017-2021).

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Janus Henderson International Opportunities Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000), and Chief Investment Officer (1987-1994) and Vice Chairman and Director (1990-1994) of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	50	Member, Limited Partner Advisory Committee, Karmel Capital Fund III (later stage growth fund) (since 2022), Member of the Investment Committee for the Orange County Community Foundation (a grantmaking foundation) (since 2020), Advisory Board Member, RevOZ Fund LP and related funds (real estate investments for opportunity zones) (since 2020), and Advisory Board Member, Innovate Partners Emerging Growth and Equity Fund I (early stage venture capital fund) (since 2014). Formerly, Managing Trustee of National Retirement Partners Liquidating Trust (2013-2016), Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (2005-2013), Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009), Director of RemedyTemp, Inc. (temporary help services company) (1996-2006), and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).

Janus Investment Fund 57

Janus Henderson International Opportunities Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Founder, Daraja Capital (advisory and investment firm) (since 2016). Formerly, Senior Vice President and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (2011-2021), and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	50	Member of the Investment Committee for Cooper Union (private college) (since 2021), Board Member, Van Alen Institute (nonprofit architectural and design organization) (since 2019), and Director of Brightwood Capital Advisors, LLC (since 2014).

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Janus Henderson International Opportunities Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Darrell B. Jackson 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	8/22-Present	President and Chief Executive Officer, The Efficace Group Inc. (since 2018). Formerly, President and Chief Executive Officer, Seaway Bank and Trust Company (community bank) (2014-2015), and Executive Vice President and Co-President, Wealth Management (2009-2014), and several senior positions, including Group Executive, Senior Vice President, and Vice President (1995-2009) of Northern Trust Company (financial services company) (1995-2014).	50	Director of Amalgamated Financial Corp (bank) (since August 2021), Director of YR Media (a not-for-profit production company) (since 2021), and Director of Gray-Bowen-Scott (transportation project consulting firm) (since April 2020). Formerly, Director of Delaware Place Bank (closely held commercial bank) (2016-2018) and Director of Seaway Bank and Trust Company (2014-2015).

Janus Investment Fund 59

Janus Henderson International Opportunities Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Trustee	6/02-Present	Chief Executive Officer, muun chi LLC (organic food business) (since 2022) and Independent Consultant (since 2019). Formerly, Chief Operating Officer, muun chi LLC (2020-2022), Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (2016-2019), Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations) (2009-2016), Chief Executive Officer, Imprint Capital Advisors (impact investment firm) (2013-2015), and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	50	Chairman of the Board and Trustee of The Investment Fund for Foundations Investment Program (TIP) (consisting of 1 fund) (since 2008). Formerly, Director of the F.B. Heron Foundation (a private grantmaking foundation) (2006-2022), and Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds) (2016-2021).

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Janus Henderson International Opportunities Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company.	50	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013). Formerly, Director, West Bend Mutual Insurance Company (property/casualty insurance) (2013-2021), Trustee of Northwestern Mutual Life Insurance Company (2010-2013), and Director of Frank Russell Company (global asset management firm) (2008-2013).
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired. Formerly, Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006) and Treasurer for Driehaus Mutual Funds (1996-2002).	50	Formerly, Director of Family Service of Lake County (2019-2021), Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017), Independent Trustee, State Farm Associates’ Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017).

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Janus Henderson International Opportunities Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	50	Director of Chicago Community Trust (Regional Community Foundation), Lurie Children’s Hospital (Chicago, IL), and Shirley Ryan Ability Lab. Formerly, Director of Wrapports, LLC (until 2022), Director of Chicago Council on Global Affairs (until 2019), InnerWorkings (until 2019) and Director of Walmart (until 2017).

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Janus Henderson International Opportunities Fund

Trustees and Officers (unaudited)

OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Paul O'Connor 151 Detroit Street Denver, CO 80206 DOB: 1964	Executive Vice President and Co-Portfolio Manager Janus Henderson International Opportunities Fund	6/17-Present (predecessor fund since inception 4/16)	Head of Multi-Asset of Janus Henderson Investors and Portfolio Manager for other Janus Henderson accounts.
Michelle Rosenberg 151 Detroit Street Denver, CO 80206 DOB: 1973	President and Chief Executive Officer	9/22-Present	General Counsel and Corporate Secretary of Janus Henderson Investors (since 2018). Formerly, Interim President and Chief Executive Officer of the Trust and Janus Aspen Series (2022), Senior Vice President and Head of Legal, North America of Janus Henderson Investors (2017-2018) and Deputy General Counsel of Janus Henderson US (Holdings) Inc. (2015-2018).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

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Janus Henderson International Opportunities Fund

Trustees and Officers (unaudited)

OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Kristin Mariani 151 Detroit Street Denver, CO 80206 DOB: 1966	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	7/20-Present	Head of Compliance, North America for Janus Henderson Investors (since September 2020) and Chief Compliance Officer for Janus Henderson Investors US LLC (since September 2017). Formerly, Global Head of Investment Management Compliance for Janus Henderson Investors (February 2019 - August 2020), Vice President, Head of Global Distribution Compliance and Chief Compliance Officer of Janus Henderson Distributors US LLC (May 2017 – September 2017), Vice President, Compliance at Janus Henderson US (Holdings) Inc., Janus Henderson Investors US LLC, and Janus Henderson Distributors US LLC (2009-2017).
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Head of U.S. Fund Administration, Janus Henderson Investors and Janus Henderson Services US LLC.
Abigail J. Murray 151 Detroit Street Denver, CO 80206 DOB: 1975	Vice President, Chief Legal Officer, and Secretary	12/20-Present	Managing Counsel (2020-present). Formerly, Senior Counsel for Invesco Ltd. (2017-2020), and Vice President and Senior Counsel, ALPS Fund Services, Inc. and Assistant General Counsel, ALPS Advisors, Inc. (2015-2017).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

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Janus Henderson International Opportunities Fund

Notes

NotesPage1

Janus Investment Fund 65

This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Janus Henderson Distributors US LLC
	125-02-93082 11-22

	ANNUAL REPORT September 30, 2022
Janus Henderson Overseas Fund
Janus Investment Fund
		HIGHLIGHTS ·Portfolio management perspective ·Investment strategy behind your fund ·Fund performance, characteristics and holdings

Table of Contents

Janus Henderson Overseas Fund

Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	11
Statement of Assets and Liabilities	12
Statement of Operations	14
Statements of Changes in Net Assets	16
Financial Highlights	17
Notes to Financial Statements	25
Report of Independent Registered Public Accounting Firm	38
Additional Information	39
Useful Information About Your Fund Report	50
Designation Requirements	53
Trustees and Officers	54

Janus Henderson Overseas Fund (unaudited)

FUND SNAPSHOT Janus Henderson Overseas Fund is an international equity fund seeking to grow capital by investing with conviction in companies outside the U.S. where the portfolio managers think the market underestimates free-cash-flow growth. The Fund considers both growth and value criteria as it seeks to deliver strong, risk-adjusted returns over the long term, irrespective of prevailing market conditions. Julian McManus co-portfolio manager George Maris co-portfolio manager

PERFORMANCE

The Janus Henderson Overseas Fund Class I Shares returned -21.46% for the 12-month period ended September 30, 2022. The Fund’s primary benchmark, the MSCI All Country World ex USA Index^SM, returned -25.17%.

INVESTMENT ENVIRONMENT

Non-U.S. equity markets declined over the 12-month period as high levels of inflation in many of the world’s key economies prompted aggressive monetary and fiscal tightening, triggering fears of global recession. Equities began the period with positive, if volatile performance, in the fourth quarter of 2021, as investors focused on strong corporate earnings. However, global stock markets sold off in February following Russia’s invasion of Ukraine. Geopolitical turmoil and ongoing supply chain issues drove prices higher, with particularly sharp increases in commodities. Adding to investors’ concerns was a looming energy crisis as Russia substantially reduced gas supplies to several European countries. Meanwhile circumstances in China weighed upon markets as the country reinstituted COVID-19 restrictions, suffered continued property market declines, and faced a sharp slowdown in gross domestic product (GDP) growth. Steep inflation prompted several central banks to raise interest rates, causing a rotation from long-duration growth stocks to more cyclical companies. To head off inflationary pressures, the European Central Bank flipped rates from -0.50% to +0.75%. The Bank of England and the central banks of Canada, Australia, and Brazil, among others, likewise embarked on a rate hiking cycle. Unlike most central banks, the Bank of Japan continued its yield curve control policy, suppressing both short- and long-term interest rates. This resulted in the Yen weakening significantly versus the U.S. dollar due to widening interest rate differentials. China witnessed a similar weakening of its currency relative to the U.S. dollar.

PERFORMANCE DISCUSSION

We employ a high-conviction investment approach, seeking strong risk-adjusted performance over the long term. Over time, we think we can generate excess returns in a risk-efficient manner by identifying companies whose free-cash-flow growth is underestimated by the market. Our approach enabled us to outperform our benchmark for the period.

Individual contributors to the Fund’s relative performance included energy holdings, which gained amid a recovery in oil prices as a result of improved demand from a recovery in travel and economic activity, and tighter supplies of crude and natural gas driven by geopolitical strife and regulatory policies. Standout performers included oil and natural gas producer Canadian Natural Resources, which also benefited from strong execution across its operations, increased production of natural gas, and substantial free cash flow. Its commitment to maximizing value for shareholders through thoughtful capital allocation also supported strength in its shares. During the period, management continued to allocate excess cash to stock buybacks and debt reduction.

Another notable contributor was Teck Resources, a Canada-based miner of steelmaking coal, copper, and zinc. The company benefited from rising commodity prices and Teck’s progress in building out Quebrada Blanca Phase 2 (QB2), a low-cost, long-life copper project in northern Chile. QB2 is expected to allow Teck to double its copper production in 2023. Teck is also exploring portfolio optimization, particularly within its oil sands business. A sale of this business would bolster the company’s environmental, social, and governance (ESG) position. We think asset sales, along with the tapering of capital expenditures associated with QB2, should allow Teck to return significant capital to shareholders.

Luggage company Samsonite International also bolstered relative results. Our thesis for the Hong Kong-based firm

Janus Investment Fund 1

Janus Henderson Overseas Fund (unaudited)

remained on track as its stock advanced due to margin expansion combined with a strong sales recovery in the Americas and Europe. Cost reductions planned before COVID-19 are benefiting the company at the same time as travel and luggage sales return to previous levels in many parts of the world. During the pandemic-related slowdown in travel, we were confident Samsonite’s strong brand and share of voice would enable it to emerge in an even stronger competitive position. We are optimistic that when China relaxes its zero-tolerance COVID-19 policy, travel in China will also recover, further benefiting Samsonite.

Conversely, select holdings weighed on results. Concerns about a downturn in the global economy and perceptions that many internet gaming stocks were overvalued pressured gaming stocks. Despite continued strong fundamentals, UK-based online gaming company Entain declined with the broader sector. Further pressuring its stock were political delays around the UK government white paper expected to shape future gambling regulation. We are confident strong fundamentals will enable Entain to overcome these headwinds. During the period, the company continued to demonstrate an ability to consistently drive strong cash flows and grow market share.

Austria-based Erste Group Bank also detracted. While Erste does not have exposure in Ukraine or Russia, its stock declined with the sector on windfall taxes and concerns an economic slowdown and deteriorating demand backdrop could impair loan growth for European banks and increase credit losses. We maintained our position in Erste, which we think possesses a healthy balance sheet and good credit exposures.

Relative performance also was hindered by Alstom, a leading maker of rail equipment in Europe. Alstom struggled with problematic contracts it inherited when it acquired Bombardier’s rail business. Further pressuring the stock was speculation that Alstom’s balance sheet could force the company to raise capital through a stock offering. We think it may take the company some time to work through these issues and liquidated our position in the company.

OUTLOOK

We think the backdrop for equity markets will remain challenging in the near term as persistent inflation, rising interest rates, and a weakening global economy threaten corporate profit growth. Although we witnessed a remarkable shift in global monetary policy during the period, we believe central banks were slow to tackle inflation and will likely continue to aggressively raise interest rates. Adding to economic challenges in Europe is a deepening energy crisis caused by Russia’s dramatic reduction in natural gas supplies to the region. In China, the government’s zero-COVID policy represents a continued drag on its economy, and we think U.S. restrictions on semiconductor technology exports to Chinese entities could further hamper the country’s attempts to move up the value-add curve.

In response to these macroeconomic challenges, the Fund increased its focus on businesses that our analysis suggests have the potential for superior free-cash-flow visibility and are trading at attractive valuations. More of these opportunities became evident recently in the pharmaceutical and consumer staples sectors. The Fund also increased exposure to European banks, which are over-provisioned for credit losses stemming from a recession and yet do not price in the benefits of higher interest rates. As a result of these modifications, we think the Fund is positioned to weather continued market and economic volatility, which we will be using to look for future opportunities.

Thank you for your continued investment in Janus Henderson Overseas Fund.

2 SEPTEMBER 30, 2022

Janus Henderson Overseas Fund (unaudited)

Fund At A Glance

September 30, 2022

5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
Canadian Natural Resources Ltd	3.92%	1.91%	Entain PLC	2.98%	-1.33%
Teck Resources Ltd	4.10%	1.80%	Sea Ltd (ADR)	0.58%	-0.58%
Samsonite International SA	2.28%	0.75%	Erste Group Bank AG	2.38%	-0.54%
AstraZeneca PLC	4.41%	0.74%	Alstom SA	1.33%	-0.39%
Beazley PLC	1.78%	0.73%	Prudential PLC	1.41%	-0.39%

	5 Top Contributors - Sectors*
		Relative	Fund	MSCI All Country World ex-USA Index
		Contribution	Average Weight	Average Weight
	Materials	2.05%	7.75%	8.29%
	Energy	1.50%	6.01%	5.54%
	Other**	1.01%	3.93%	0.00%
	Health Care	0.92%	10.82%	9.38%
	Information Technology	0.46%	12.08%	12.14%
	5 Top Detractors - Sectors*
		Relative	Fund	MSCI All Country World ex-USA Index
		Contribution	Average Weight	Average Weight
	Financials	-1.19%	20.36%	20.11%
	Industrials	-0.49%	12.01%	12.16%
	Utilities	-0.28%	0.00%	3.23%
	Consumer Discretionary	-0.01%	11.38%	11.75%
	Real Estate	0.12%	0.00%	2.45%
	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 3

Janus Henderson Overseas Fund (unaudited)

Fund At A Glance

September 30, 2022

5 Largest Equity Holdings -(% of Net Assets)
Yum China Holdings Inc
Hotels, Restaurants & Leisure	3.8%
Diageo PLC
Beverages	3.7%
Teck Resources Ltd
Metals & Mining	3.7%
JD.Com Inc - Class A
Internet & Direct Marketing Retail	3.6%
AstraZeneca PLC
Pharmaceuticals	3.6%
	18.4%

Asset Allocation - (% of Net Assets)
Common Stocks	95.2%
Investment Companies	4.5%
Investments Purchased with Cash Collateral from Securities Lending	3.1%
Preferred Stocks	0.8%
Other		(3.6)%
		100.0%

Emerging markets comprised 17.2% of total net assets.

Top Country Allocations - Long Positions -(% of Investment Securities)
As of September 30, 2022	As of September 30, 2021

4 SEPTEMBER 30, 2022

Janus Henderson Overseas Fund (unaudited)

Performance

See important disclosures on the next page.

Average Annual Total Return - for the periods ended September 30, 2022					Prospectus Expense Ratios
	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses‡	Net Annual Fund Operating Expenses‡
Class A Shares at NAV	-21.71%	2.26%	2.26%	6.89%	1.23%	1.23%
Class A Shares at MOP	-26.21%	1.05%	1.66%	6.67%
Class C Shares at NAV	-22.39%	1.42%	1.45%	6.14%	2.14%	2.12%
Class C Shares at CDSC	-23.17%	1.42%	1.45%	6.14%
Class D Shares	-21.50%	2.55%	2.56%	7.08%	0.95%	0.95%
Class I Shares	-21.46%	2.60%	2.60%	7.11%	0.90%	0.90%
Class N Shares	-21.37%	2.71%	2.71%	7.13%	0.82%	0.82%
Class R Shares	-21.97%	1.94%	1.95%	6.53%	1.57%	1.57%
Class S Shares	-21.77%	2.21%	2.21%	6.77%	1.31%	1.31%
Class T Shares	-21.56%	2.46%	2.48%	7.04%	1.06%	1.06%
MSCI All Country World ex-USA Index	-25.17%	-0.81%	3.01%	N/A**
Morningstar Quartile - Class T Shares	1st	1st	4th	1st
Morningstar Ranking - based on total returns for Foreign Large Blend Funds	82/758	25/668	446/544	13/119

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.

For certain periods, the Fund’s performance may reflect the effect of expense waivers.

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

Janus Investment Fund 5

Janus Henderson Overseas 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), Environmental, Social and Governance (ESG) factors, 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.

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 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.

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.

© 2022 Morningstar, Inc. All Rights Reserved.

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 – May 2, 1994

**Since inception index return is not available for indices created subsequent to fund inception.

‡ As stated in the prospectus. Net expense ratios reflect the expense waivers, if any, contractually agreed to for at least a one-year period commencing on January 28, 2022. See Financial Highlights for actual expense ratios during the reporting period.

6 SEPTEMBER 30, 2022

Janus Henderson Overseas 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 (4/1/22)	Ending Account Value (9/30/22)	Expenses Paid During Period (4/1/22 - 9/30/22)†	Beginning Account Value (4/1/22)	Ending Account Value (9/30/22)	Expenses Paid During Period (4/1/22 - 9/30/22)†	Net Annualized Expense Ratio (4/1/22 - 9/30/22)
Class A Shares		$1,000.00	$795.60	$5.58	$1,000.00	$1,018.85	$6.28	1.24%
Class C Shares		$1,000.00	$792.20	$9.35	$1,000.00	$1,014.64	$10.50	2.08%
Class D Shares		$1,000.00	$796.50	$4.32	$1,000.00	$1,020.26	$4.86	0.96%
Class I Shares		$1,000.00	$796.80	$4.19	$1,000.00	$1,020.41	$4.71	0.93%
Class N Shares		$1,000.00	$797.20	$3.69	$1,000.00	$1,020.96	$4.15	0.82%
Class R Shares		$1,000.00	$794.30	$7.11	$1,000.00	$1,017.15	$7.99	1.58%
Class S Shares		$1,000.00	$795.10	$5.94	$1,000.00	$1,018.45	$6.68	1.32%
Class T Shares		$1,000.00	$796.30	$4.77	$1,000.00	$1,019.75	$5.37	1.06%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/365 (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 7

Janus Henderson Overseas Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Common Stocks– 95.2%
Aerospace & Defense – 2.0%
	Airbus SE	394,916	$34,112,545
Banks – 10.9%
	BNP Paribas SA	1,409,403	59,492,279
	China Construction Bank Corp	63,406,000	36,489,033
	Erste Group Bank AG	1,425,108	31,203,918
	Natwest Group PLC	16,896,232	42,157,325
	Permanent TSB Group Holdings PLC*	7,893,218	12,137,902
			181,480,457
Beverages – 7.3%
	Diageo PLC	1,489,758	62,430,100
	Heineken NV	677,308	59,368,267
			121,798,367
Biotechnology – 0.9%
	Ascendis Pharma A/S (ADR)*,#	150,891	15,581,005
Diversified Telecommunication Services – 2.9%
	Deutsche Telekom AG	2,879,937	49,360,650
Electronic Equipment, Instruments & Components – 4.5%
	E Ink Holdings Inc	2,154,000	14,232,438
	Hexagon AB - Class B	1,793,134	16,633,249
	Keyence Corp	131,400	43,631,219
			74,496,906
Entertainment – 5.3%
	Liberty Media Corp-Liberty Formula One*	695,298	40,674,933
	Nintendo Co Ltd	1,166,000	47,220,976
			87,895,909
Hotels, Restaurants & Leisure – 6.3%
	Entain PLC	3,463,481	41,582,457
	Yum China Holdings Inc#	1,333,800	62,941,027
			104,523,484
Insurance – 8.4%
	AIA Group Ltd	6,517,600	54,114,467
	Beazley PLC	5,873,100	36,426,174
	NN Group NV	1,286,247	50,054,310
			140,594,951
Internet & Direct Marketing Retail – 3.6%
	JD.Com Inc - Class A	2,391,361	60,386,914
Metals & Mining – 6.4%
	Freeport-McMoRan Inc	684,761	18,714,518
	Hindustan Zinc Ltd	8,149,485	26,556,765
	Teck Resources Ltd	2,051,334	62,392,515
			107,663,798
Oil, Gas & Consumable Fuels – 5.6%
	Canadian Natural Resources Ltd	1,131,593	52,698,286
	Total SE	856,314	40,300,547
			92,998,833
Personal Products – 3.2%
	Unilever PLC	1,207,670	53,125,199
Pharmaceuticals – 11.4%
	AstraZeneca PLC	548,569	60,312,428
	Bayer AG	342,977	15,825,289
	Novartis AG	666,238	50,799,783
	Sanofi	679,407	51,844,709
	Takeda Pharmaceutical Co Ltd#	459,576	11,937,829
			190,720,038
Road & Rail – 3.1%
	Central Japan Railway Co	282,400	33,087,764
	Full Truck Alliance Co (ADR)*,#	2,862,326	18,748,235
			51,835,999

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
8	SEPTEMBER 30, 2022

Janus Henderson Overseas Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Common Stocks– (continued)
Semiconductor & Semiconductor Equipment – 6.6%
	ASML Holding NV	103,234	$42,814,103
	SK Hynix Inc	306,849	17,607,658
	Taiwan Semiconductor Manufacturing Co Ltd	3,854,000	50,661,266
			111,083,027
Textiles, Apparel & Luxury Goods – 4.8%
	LVMH Moet Hennessy Louis Vuitton SE	56,312	33,097,172
	Samsonite International SA (144A)*	19,325,100	46,386,067
			79,483,239
Trading Companies & Distributors – 2.0%
	Ferguson PLC	324,348	33,765,920
Total Common Stocks (cost $1,659,839,000)			1,590,907,241
Preferred Stocks– 0.8%
Automobiles – 0.8%
	Dr Ing hc F Porsche AG((cost $13,890,844)	172,957	13,982,178
Investment Companies– 4.5%
Money Markets – 4.5%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº,£((cost $75,214,148)	75,209,108	75,216,629
Investments Purchased with Cash Collateral from Securities Lending– 3.1%
Investment Companies – 2.5%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº,£	41,118,585	41,118,585
Time Deposits – 0.6%
	Royal Bank of Canada, 3.0600%, 10/3/22	$10,279,646	10,279,646
Total Investments Purchased with Cash Collateral from Securities Lending (cost $51,398,231)			51,398,231
Total Investments (total cost $1,800,342,223) – 103.6%			1,731,504,279
Liabilities, net of Cash, Receivables and Other Assets – (3.6)%			(60,216,545)
Net Assets – 100%			$1,671,287,734

Summary of Investments by Country - (Long Positions) (unaudited)
		% of
		Investment
Country	Value	Securities
United Kingdom	$296,033,683	17.1	%
United States	219,770,231	12.7
France	218,847,252	12.6
China	178,565,209	10.3
Netherlands	152,236,680	8.8
Japan	135,877,788	7.9
Canada	115,090,801	6.6
Hong Kong	100,500,534	5.8
Germany	79,168,117	4.6
Taiwan	64,893,704	3.8
Switzerland	50,799,783	2.9
Austria	31,203,918	1.8
India	26,556,765	1.5
South Korea	17,607,658	1.0
Sweden	16,633,249	1.0
Denmark	15,581,005	0.9
Ireland	12,137,902	0.7

Total $1,731,504,279 100.0 %

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	9

Janus Henderson Overseas Fund

Schedule of Investments

September 30, 2022

Schedules of Affiliated Investments – (% of Net Assets)

		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 9/30/22
Investment Companies - 4.5%
Money Markets - 4.5%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº	$	614,717	$	(9,319)	$	2,216	$	75,216,629
Investments Purchased with Cash Collateral from Securities Lending - 2.5%
Investment Companies - 2.5%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº		621,490∆		-		-		41,118,585
Total Affiliated Investments - 7.0%		$	1,236,207	$	(9,319)	$	2,216	$	116,335,214

		Value at 9/30/21		Purchases		Sales Proceeds		Value at 9/30/22
Investment Companies - 4.5%
Money Markets - 4.5%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº		74,344,941		485,797,049		(484,918,258)		75,216,629
Investments Purchased with Cash Collateral from Securities Lending - 2.5%
Investment Companies - 2.5%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº		-		384,804,690		(343,686,105)		41,118,585

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		$	50,062,790	$	—	$	(50,062,790)	$	—
(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.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
10	SEPTEMBER 30, 2022

Janus Henderson Overseas Fund

Notes to Schedule of Investments and Other Information

MSCI All Country World ex-USA Index^SM MSCI All Country World ex-USA Index^SM reflects the equity market performance of global developed and emerging markets, excluding the U.S.

ADR	American Depositary Receipt
LLC	Limited Liability Company
PLC	Public Limited 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 year ended September 30, 2022 is $46,386,067, which represents 2.8% of net assets.

* Non-income producing security.

ºº Rate shown is the 7-day yield as of September 30, 2022.

# Loaned security; a portion of the security is on loan at September 30, 2022.

£ 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 September 30, 2022. 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	$	15,581,005	$	-	$	-
Entertainment		40,674,933		47,220,976		-
Metals & Mining		81,107,033		26,556,765		-
Oil, Gas & Consumable Fuels		52,698,286		40,300,547		-
Road & Rail		18,748,235		33,087,764		-
All Other		-		1,234,931,697		-
Preferred Stocks		13,982,178		-		-
Investment Companies		-		75,216,629		-
Investments Purchased with Cash Collateral from Securities Lending		-		51,398,231		-
Total Assets	$	222,791,670	$	1,508,712,609	$	-

Janus Investment Fund 11

Janus Henderson Overseas Fund

Statement of Assets and Liabilities

September 30, 2022

See footnotes at the end of the Statement.

Assets:
	Unaffiliated investments, at value (cost $1,684,009,490)(1)		$	1,615,169,065
	Affiliated investments, at value (cost $116,332,733)			116,335,214
	Cash denominated in foreign currency (cost $51,811)			48,690
	Trustees' deferred compensation			50,219
	Receivables:
		Fund shares sold		10,094,401
		Dividends		3,014,436
		Foreign tax reclaims		1,581,344
		Dividends from affiliates		152,040
	Other assets			140,734
Total Assets				1,746,586,143
Liabilities:
	Due to custodian			1,849
	Collateral for securities loaned (Note 2)			51,398,231
	Payables:			—
		Investments purchased		13,890,844
		Fund shares repurchased		7,925,075
		Advisory fees		1,189,279
		Transfer agent fees and expenses		281,157
		Professional fees		67,706
		Trustees' deferred compensation fees		50,219
		12b-1 Distribution and shareholder servicing fees		37,736
		Custodian fees		13,812
		Trustees' fees and expenses		8,176
		Affiliated fund administration fees payable		3,910
		Accrued expenses and other payables		430,415
Total Liabilities				75,298,409
Net Assets			$	1,671,287,734

See Notes to Financial Statements.
12	SEPTEMBER 30, 2022

Janus Henderson Overseas Fund

Statement of Assets and Liabilities

September 30, 2022

Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	3,233,489,689
	Total distributable earnings (loss)		(1,562,201,955)
Total Net Assets		$	1,671,287,734
Net Assets - Class A Shares		$	19,007,934
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		557,420
Net Asset Value Per Share(2)		$	34.10
Maximum Offering Price Per Share(3)		$	36.18
Net Assets - Class C Shares		$	1,941,461
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		57,984
Net Asset Value Per Share(2)		$	33.48
Net Assets - Class D Shares		$	528,220,640
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		15,639,135
Net Asset Value Per Share		$	33.78
Net Assets - Class I Shares		$	532,808,141
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		15,721,119
Net Asset Value Per Share		$	33.89
Net Assets - Class N Shares		$	70,341,847
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,085,628
Net Asset Value Per Share		$	33.73
Net Assets - Class R Shares		$	18,007,525
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		537,913
Net Asset Value Per Share		$	33.48
Net Assets - Class S Shares		$	101,257,001
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,998,424
Net Asset Value Per Share		$	33.77
Net Assets - Class T Shares		$	399,703,185
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		11,822,769
Net Asset Value Per Share		$	33.81

(1)Includes $50,062,790 of securities on loan. See Note 2 in Notes to Financial Statements.

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

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

See Notes to Financial Statements.
Janus Investment Fund	13

Janus Henderson Overseas Fund

Statement of Operations

For the year ended September 30, 2022

Investment Income:
	Dividends		$	55,886,107
	Affiliated securities lending income, net			621,490
	Dividends from affiliates			614,717
	Unaffiliated securities lending income, net			37,180
	Other income			28,012
	Foreign tax withheld			(5,896,273)
Total Investment Income				51,291,233
Expenses:
	Advisory fees			13,995,252
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		50,019
		Class C Shares		16,631
		Class R Shares		111,464
		Class S Shares		307,461
	Transfer agent administrative fees and expenses:
		Class D Shares		765,440
		Class R Shares		56,370
		Class S Shares		308,058
		Class T Shares		1,253,534
	Transfer agent networking and omnibus fees:
		Class A Shares		28,878
		Class C Shares		1,791
		Class I Shares		447,354
	Other transfer agent fees and expenses:
		Class A Shares		1,503
		Class C Shares		108
		Class D Shares		129,874
		Class I Shares		21,460
		Class N Shares		2,908
		Class R Shares		466
		Class S Shares		2,009
		Class T Shares		7,579
	Registration fees			204,201
	Shareholder reports expense			172,026
	Custodian fees			141,134
	Professional fees			84,550
	Affiliated fund administration fees			46,251
	Trustees’ fees and expenses			40,138
	Other expenses			184,872
Total Expenses				18,381,331
Less: Excess Expense Reimbursement and Waivers				(59,782)
Net Expenses				18,321,549
Net Investment Income/(Loss)				32,969,684

See Notes to Financial Statements.
14	SEPTEMBER 30, 2022

Janus Henderson Overseas Fund

Statement of Operations

For the year ended September 30, 2022

Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	(4,553,122)
	Investments in affiliates		(9,319)
Total Net Realized Gain/(Loss) on Investments			(4,562,441)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and Trustees’ deferred compensation		(468,599,482)
	Investments in affiliates		2,216
Total Change in Unrealized Net Appreciation/Depreciation			(468,597,266)
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	(440,190,023)

See Notes to Financial Statements.
Janus Investment Fund	15

Janus Henderson Overseas Fund

Statements of Changes in Net Assets

			Year ended September 30, 2022		Year ended September 30, 2021
Operations:
	Net investment income/(loss)		$	32,969,684	$	18,837,707
	Net realized gain/(loss) on investments			(4,562,441)		186,233,897
	Change in unrealized net appreciation/depreciation			(468,597,266)		193,777,063
Net Increase/(Decrease) in Net Assets Resulting from Operations				(440,190,023)		398,848,667
Dividends and Distributions to Shareholders:
		Class A Shares		(163,941)		(107,051)
		Class D Shares		(7,514,426)		(5,967,635)
		Class I Shares		(4,194,570)		(517,002)
		Class N Shares		(764,172)		(284,437)
		Class R Shares		(103,612)		(79,393)
		Class S Shares		(907,459)		(691,150)
		Class T Shares		(5,080,049)		(3,930,037)
Net Decrease from Dividends and Distributions to Shareholders				(18,728,229)		(11,576,705)
Capital Share Transactions:
		Class A Shares		2,623,775		922,662
		Class C Shares		1,110,931		(2,078,020)
		Class D Shares		(43,685,697)		(31,046,777)
		Class I Shares		348,539,981		254,653,679
		Class N Shares		28,719,088		28,902,097
		Class R Shares		(931,155)		(3,865,001)
		Class S Shares		3,222		(11,238,460)
		Class T Shares		(17,862,031)		(11,754,047)
Net Increase/(Decrease) from Capital Share Transactions				318,518,114		224,496,133
Net Increase/(Decrease) in Net Assets				(140,400,138)		611,768,095
Net Assets:
	Beginning of period			1,811,687,872		1,199,919,777
	End of period		$	1,671,287,734	$	1,811,687,872

See Notes to Financial Statements.
16	SEPTEMBER 30, 2022

Janus Henderson Overseas Fund

Financial Highlights

Class A Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$43.91	$33.08	$30.94	$32.42	$32.21
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.63	0.43	0.21	0.53	0.37
		Net realized and unrealized gain/(loss)	(10.09)	10.64	2.51	(1.77)	0.34
	Total from Investment Operations		(9.46)	11.07	2.72	(1.24)	0.71
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.35)	(0.24)	(0.58)	(0.24)	(0.50)
	Total Dividends and Distributions		(0.35)	(0.24)	(0.58)	(0.24)	(0.50)
	Net Asset Value, End of Period		$34.10	$43.91	$33.08	$30.94	$32.42
	Total Return*		(21.71)%	33.54%	8.74%	(3.74)%	2.18%
	Net Assets, End of Period (in thousands)		$19,008	$21,130	$15,231	$17,470	$16,739
	Average Net Assets for the Period (in thousands)		$19,976	$19,864	$15,904	$17,537	$18,900
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.22%	1.22%	1.17%	1.11%	1.01%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.22%	1.22%	1.17%	1.10%	0.99%
		Ratio of Net Investment Income/(Loss)	1.53%	1.03%	0.66%	1.78%	1.12%
	Portfolio Turnover Rate		32%	27%	18%	22%	23%

*Total return includes adjustments in accordance 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 Overseas Fund

Financial Highlights

Class C Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$43.14	$32.58	$30.34	$31.76	$31.52
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.36	(0.02)	(0.06)	0.28	0.10
		Net realized and unrealized gain/(loss)	(10.02)	10.58	2.43	(1.70)	0.35
	Total from Investment Operations		(9.66)	10.56	2.37	(1.42)	0.45
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	(0.13)	—	(0.21)
	Total Dividends and Distributions		—	—	(0.13)	—	(0.21)
	Net Asset Value, End of Period		$33.48	$43.14	$32.58	$30.34	$31.76
	Total Return*		(22.39)%	32.41%	7.79%	(4.47)%	1.42%
	Net Assets, End of Period (in thousands)		$1,941	$1,295	$2,665	$3,693	$10,244
	Average Net Assets for the Period (in thousands)		$1,631	$1,910	$3,305	$5,809	$13,589
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.13%	2.06%	2.02%	1.90%	1.72%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.09%	2.06%	1.99%	1.87%	1.71%
		Ratio of Net Investment Income/(Loss)	0.90%	(0.04)%	(0.19)%	0.95%	0.31%
	Portfolio Turnover Rate		32%	27%	18%	22%	23%

*Total return includes adjustments in accordance 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	SEPTEMBER 30, 2022

Janus Henderson Overseas Fund

Financial Highlights

Class D Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$43.49	$32.77	$30.66	$32.12	$31.92
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.73	0.53	0.30	0.63	0.47
		Net realized and unrealized gain/(loss)	(9.98)	10.54	2.50	(1.78)	0.34
	Total from Investment Operations		(9.25)	11.07	2.80	(1.15)	0.81
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.46)	(0.35)	(0.69)	(0.31)	(0.61)
	Total Dividends and Distributions		(0.46)	(0.35)	(0.69)	(0.31)	(0.61)
	Net Asset Value, End of Period		$33.78	$43.49	$32.77	$30.66	$32.12
	Total Return*		(21.48)%	33.89%	9.06%	(3.46)%	2.52%
	Net Assets, End of Period (in thousands)		$528,221	$726,916	$572,590	$587,147	$687,846
	Average Net Assets for the Period (in thousands)		$668,081	$704,107	$570,593	$605,377	$738,059
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.95%	0.95%	0.89%	0.79%	0.68%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.95%	0.95%	0.89%	0.79%	0.68%
		Ratio of Net Investment Income/(Loss)	1.77%	1.28%	0.98%	2.11%	1.42%
	Portfolio Turnover Rate		32%	27%	18%	22%	23%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.
Janus Investment Fund	19

Janus Henderson Overseas Fund

Financial Highlights

Class I Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$43.68	$32.91	$30.79	$32.25	$32.05
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.83	0.72	0.32	0.64	0.48
		Net realized and unrealized gain/(loss)	(10.11)	10.41	2.50	(1.77)	0.34
	Total from Investment Operations		(9.28)	11.13	2.82	(1.13)	0.82
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.51)	(0.36)	(0.70)	(0.33)	(0.62)
	Total Dividends and Distributions		(0.51)	(0.36)	(0.70)	(0.33)	(0.62)
	Net Asset Value, End of Period		$33.89	$43.68	$32.91	$30.79	$32.25
	Total Return*		(21.46)%	33.96%	9.10%	(3.40)%	2.54%
	Net Assets, End of Period (in thousands)		$532,808	$312,685	$44,806	$42,606	$52,204
	Average Net Assets for the Period (in thousands)		$434,124	$90,200	$43,005	$45,239	$58,918
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.92%	0.90%	0.84%	0.74%	0.64%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.92%	0.90%	0.84%	0.74%	0.64%
		Ratio of Net Investment Income/(Loss)	2.05%	1.72%	1.04%	2.14%	1.44%
	Portfolio Turnover Rate		32%	27%	18%	22%	23%

*Total return includes adjustments in accordance 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	SEPTEMBER 30, 2022

Janus Henderson Overseas Fund

Financial Highlights

Class N Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$43.43	$32.72	$30.62	$32.08	$31.89
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.84	0.64	0.32	0.68	0.52
		Net realized and unrealized gain/(loss)	(10.02)	10.46	2.52	(1.77)	0.33
	Total from Investment Operations		(9.18)	11.10	2.84	(1.09)	0.85
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.52)	(0.39)	(0.74)	(0.37)	(0.66)
	Total Dividends and Distributions		(0.52)	(0.39)	(0.74)	(0.37)	(0.66)
	Net Asset Value, End of Period		$33.73	$43.43	$32.72	$30.62	$32.08
	Total Return*		(21.37)%	34.06%	9.20%	(3.27)%	2.65%
	Net Assets, End of Period (in thousands)		$70,342	$61,263	$23,810	$51,945	$69,995
	Average Net Assets for the Period (in thousands)		$72,777	$42,249	$45,317	$59,886	$74,170
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.81%	0.81%	0.74%	0.63%	0.53%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.81%	0.81%	0.74%	0.63%	0.53%
		Ratio of Net Investment Income/(Loss)	2.07%	1.54%	1.02%	2.27%	1.58%
	Portfolio Turnover Rate		32%	27%	18%	22%	23%

*Total return includes adjustments in accordance 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 Overseas Fund

Financial Highlights

Class R Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$43.10	$32.48	$30.41	$31.78	$31.60
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.47	0.27	0.11	0.44	0.26
		Net realized and unrealized gain/(loss)	(9.90)	10.48	2.45	(1.72)	0.34
	Total from Investment Operations		(9.43)	10.75	2.56	(1.28)	0.60
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.19)	(0.13)	(0.49)	(0.09)	(0.42)
	Total Dividends and Distributions		(0.19)	(0.13)	(0.49)	(0.09)	(0.42)
	Net Asset Value, End of Period		$33.48	$43.10	$32.48	$30.41	$31.78
	Total Return*		(21.97)%	33.12%	8.37%	(4.00)%	1.88%
	Net Assets, End of Period (in thousands)		$18,008	$24,155	$21,288	$24,381	$30,258
	Average Net Assets for the Period (in thousands)		$22,449	$24,617	$22,679	$25,588	$34,353
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.56%	1.56%	1.49%	1.39%	1.27%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.56%	1.56%	1.49%	1.39%	1.27%
		Ratio of Net Investment Income/(Loss)	1.16%	0.66%	0.35%	1.50%	0.81%
	Portfolio Turnover Rate		32%	27%	18%	22%	23%

*Total return includes adjustments in accordance 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	SEPTEMBER 30, 2022

Janus Henderson Overseas Fund

Financial Highlights

Class S Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$43.48	$32.77	$30.67	$32.08	$31.89
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.59	0.38	0.19	0.53	0.35
		Net realized and unrealized gain/(loss)	(10.00)	10.55	2.48	(1.75)	0.34
	Total from Investment Operations		(9.41)	10.93	2.67	(1.22)	0.69
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.30)	(0.22)	(0.57)	(0.19)	(0.50)
	Total Dividends and Distributions		(0.30)	(0.22)	(0.57)	(0.19)	(0.50)
	Net Asset Value, End of Period		$33.77	$43.48	$32.77	$30.67	$32.08
	Total Return*		(21.77)%	33.43%	8.64%	(3.74)%	2.16%
	Net Assets, End of Period (in thousands)		$101,257	$130,076	$107,722	$118,308	$143,500
	Average Net Assets for the Period (in thousands)		$122,666	$127,073	$109,624	$125,646	$158,138
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.31%	1.31%	1.23%	1.13%	1.02%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.31%	1.31%	1.23%	1.13%	1.02%
		Ratio of Net Investment Income/(Loss)	1.43%	0.92%	0.62%	1.77%	1.06%
	Portfolio Turnover Rate		32%	27%	18%	22%	23%

*Total return includes adjustments in accordance 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	23

Janus Henderson Overseas Fund

Financial Highlights

Class T Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$43.53	$32.80	$30.70	$32.14	$31.95
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.69	0.49	0.27	0.60	0.43
		Net realized and unrealized gain/(loss)	(9.99)	10.56	2.49	(1.76)	0.34
	Total from Investment Operations		(9.30)	11.05	2.76	(1.16)	0.77
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.42)	(0.32)	(0.66)	(0.28)	(0.58)
	Total Dividends and Distributions		(0.42)	(0.32)	(0.66)	(0.28)	(0.58)
	Net Asset Value, End of Period		$33.81	$43.53	$32.80	$30.70	$32.14
	Total Return*		(21.56)%	33.78%	8.93%	(3.51)%	2.40%
	Net Assets, End of Period (in thousands)		$399,703	$534,168	$411,807	$444,252	$532,840
	Average Net Assets for the Period (in thousands)		$499,214	$511,140	$422,347	$462,499	$589,204
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.05%	1.05%	0.98%	0.88%	0.77%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.04%	1.05%	0.97%	0.87%	0.77%
		Ratio of Net Investment Income/(Loss)	1.68%	1.19%	0.88%	2.03%	1.32%
	Portfolio Turnover Rate		32%	27%	18%	22%	23%

*Total return includes adjustments in accordance 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.
24	SEPTEMBER 30, 2022

Janus Henderson Overseas Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus Henderson Overseas Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 39 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC (formerly Janus Capital Management LLC) is the investment adviser (the “Adviser”) to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors, 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, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (formerly Janus Distributors LLC) (the “Distributor”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

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

Janus Investment Fund 25

Janus Henderson Overseas Fund

Notes to Financial Statements

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The 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

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The 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 Adviser-approved pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a 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 valuation policies provide for the use of systematic fair valuation models provided by independent pricing services to value foreign 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.

26 SEPTEMBER 30, 2022

Janus Henderson Overseas Fund

Notes to Financial Statements

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

Investment Transactions and Investment Income

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

Expenses

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Indemnifications

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

Foreign Currency Translations

The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

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

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

Janus Investment Fund 27

Janus Henderson Overseas Fund

Notes to Financial Statements

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

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 in response to the COVID-19 pandemic. This and other government intervention into the economy and financial markets to address the COVID-19 pandemic may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Government actions to mitigate the economic impact of the pandemic have resulted in a large expansion of government deficits and debt, the long term consequences of which are not known. The COVID-19 pandemic could adversely affect the value and liquidity of a Fund’s investments, impair a Fund’s ability to satisfy redemption requests, and negatively impact a Fund’s performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

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 the Adviser 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.

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.

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Janus Henderson Overseas Fund

Notes to Financial Statements

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. Among other things, these developments have adversely affected the value and exchange rate of the euro and pound sterling, and may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse effect on the Fund’s investments in such countries, other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.

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. Emerging market countries in which the Fund may invest include frontier market countries, the economies of which are less developed than other emerging market countries. To the extent that the Fund invests a significant amount of its assets in one or more of these countries, its returns and net asset value may be affected to a large degree by events and economic conditions in such countries. The risks of foreign investing are heightened when investing in emerging markets, which may result in the price of investments in emerging markets experiencing sudden and sharp price swings. In many developing markets, there is less government supervision and regulation of stock exchanges, brokers, and listed companies, making these investments potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. Similarly, issuers in such markets may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which U.S. companies are subject. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the Fund’s investments may be denominated in foreign currencies and therefore, changes in the value of a country’s currency compared to the U.S. dollar may affect the value of the Fund’s investments. To the extent that the Fund invests a significant portion of its assets in the securities of issuers in or companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund’s performance. Developing countries may also experience a higher level of exposure and vulnerability to the adverse effects of climate change. This can be attributed to both the geographic location of emerging market countries and/or a country’s lack of access to technology or resources to adjust and adapt to its effects. An increased occurrence and severity of natural disasters and extreme weather events such as droughts and decreased crop yields, heat waves, flooding and rising sea levels, and increased spread of disease, could cause harmful effects to the performance of affected economies. Additionally, foreign and emerging market risks, including, but not limited to, price controls, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, nationalization, and restrictions on repatriation of assets may be heightened to the extent the Fund invests in Chinese local market securities.

Counterparties

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is

Janus Investment Fund 29

Janus Henderson Overseas Fund

Notes to Financial Statements

always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.

Securities Lending

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the SEC. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.

Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

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

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of September 30, 2022, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $50,062,790 for equity securities. Gross amounts of recognized liabilities for securities lending (collateral received) as of September 30, 2022 is $51,398,231, resulting in the net amount due to the counterparty of $1,335,441.

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.

30 SEPTEMBER 30, 2022

Janus Henderson Overseas Fund

Notes to Financial Statements

The Offsetting Assets and Liabilities table located in the Schedule of Investments presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the Fund's Schedule of Investments.

3. Investment Advisory Agreements and Other Transactions with Affiliates

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

The investment advisory fee rate paid to the Adviser by the Fund consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the Fund’s average daily net assets during the previous month (the “Base Fee Rate”), plus or minus (2) a performance-fee adjustment (the “Performance Adjustment”) calculated by applying a variable rate of up to 0.15% (positive or negative) to the Fund’s average daily net assets based on the Fund’s relative performance compared to the cumulative investment record of its benchmark index over a 36-month performance measurement period or shorter time period, as applicable. The investment advisory fee rate is calculated daily and paid monthly.

The investment performance of the Fund’s Class A Shares (waiving the upfront sales load) for the performance measurement period is used to calculate the Performance Adjustment. The Fund’s Base Fee Rate prior to any performance adjustment (expressed as an annual rate) is 0.64%, and the Fund’s benchmark index used in the calculation is the MSCI All Country World ex-USA Index^SM.

No Performance Adjustment is applied unless the difference between the Fund’s investment performance and the cumulative investment record of the Fund’s benchmark index is 0.50% or greater (positive or negative) during the applicable performance measurement period. The Base Fee Rate is subject to an upward or downward Performance Adjustment for every full 0.50% increment by which the Fund outperforms or underperforms its benchmark index, up to the Fund’s full performance rate of ±7.00%. Because the Performance Adjustment is tied to a Fund’s relative performance compared to its benchmark index (and not its absolute performance), the Performance Adjustment could increase the Adviser’s fee even if the Fund’s Shares lose value during the performance measurement period and could decrease the Adviser’s fee even if the Fund’s Shares increase in value during the performance measurement period. For purposes of computing the Base Fee Rate and the Performance Adjustment, net assets are averaged over different periods (average daily net assets during the previous month for the Base Fee Rate, versus average daily net assets during the performance measurement period for the Performance Adjustment). Performance of the Fund is calculated net of expenses whereas the Fund’s benchmark index does not have any fees or expenses. Reinvestment of dividends and distributions is included in calculating both the performance of a Fund and the Fund’s benchmark index.

The Fund’s prospectuses and statement(s) of additional information contain additional information about performance-based fees. The amount shown as advisory fees on the Statement of Operations reflects the Base Fee Rate plus/minus any Performance Adjustment. For the year ended September 30, 2022, the performance adjusted investment advisory fee rate before any waivers and/or reimbursements of expenses is 0.76%.

The Adviser has contractually agreed to waive the investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, excluding any performance adjustments to management 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 payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.82% of the Fund’s average daily net assets. The Adviser has agreed to continue the waivers for at least a one-year period commencing January 28, 2022. The previous expense limit (for at least a one-year period commencing on January 28, 2021) was 0.87%. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser

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Janus Henderson Overseas Fund

Notes to Financial Statements

employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (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 the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $502,935 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 2022. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

Janus Henderson Services US LLC (formerly Janus Services LLC) (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

Average Daily Net Assets of Class D Shares of the Janus Henderson funds	Administrative Services Fee
Under $40 billion	0.12%
$40 billion – $49.9 billion	0.10%
Over $49.9 billion	0.08%

During the reporting period, the administrative services fee rate was 0.11%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class R Shares, Class S Shares, and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares, and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R Shares, Class S Shares, and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

32 SEPTEMBER 30, 2022

Janus Henderson Overseas Fund

Notes to Financial Statements

Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, of up to 0.50% of the Class R Shares’ average daily net assets, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the year ended September 30, 2022, the Distributor retained upfront sales charges of $2,928.

A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the year ended September 30, 2022.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the year ended September 30, 2022, redeeming shareholders of Class C Shares paid CDSCs of $183.

The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of September 30, 2022 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended September 30, 2022 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $436,813 were paid by the Trust to the Trustees under the Deferred Plan during the year ended September 30, 2022.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests 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.

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Janus Henderson Overseas Fund

Notes to Financial Statements

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended September 30, 2022 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

As of September 30, 2022, shares of the Fund were owned by affiliates of the Adviser, and/or other funds advised by the Adviser, as indicated in the table below:

Class	% of Class Owned		% of Fund Owned
Class A Shares	-	%	-	%
Class C Shares	-		-
Class D Shares	-		-
Class I Shares	-		-
Class N Shares	32		1
Class R Shares	-		-
Class S Shares	-		-
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

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes (reduced by foreign tax liability).

Other book to tax differences primarily consist of deferred compensation. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ 32,301,283	$ -	$(1,521,244,826)	$ -	$ -	$ (345,045)	$(72,913,367)

Accumulated capital losses noted below represent net capital loss carryovers, as of September 30, 2022, 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, 2022
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$(174,056,974)	$(1,347,187,852)	$(1,521,244,826)

34 SEPTEMBER 30, 2022

Janus Henderson Overseas Fund

Notes to Financial Statements

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 2022 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)
$ 1,804,607,896	$ 152,155,172	$(225,258,789)	$ (73,103,617)

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.

For the year ended September 30, 2022
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 18,728,229	$ -	$ -	$ -

For the year ended September 30, 2021
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 11,576,705	$ -	$ -	$ -

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. The following reclassifications have been made to the Fund:

Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ -	$ (673,439)	$ 673,439

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Janus Henderson Overseas Fund

Notes to Financial Statements

5. Capital Share Transactions

	Year ended September 30, 2022		Year ended September 30, 2021
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	150,131	$ 5,617,275	102,005	$ 4,230,884
Reinvested dividends and distributions	3,517	148,824	2,396	94,728
Shares repurchased	(77,473)	(3,142,324)	(83,593)	(3,402,950)
Net Increase/(Decrease)	76,175	$ 2,623,775	20,808	$ 922,662
Class C Shares:
Shares sold	36,815	$ 1,473,830	8,149	$ 348,407
Reinvested dividends and distributions	-	-	-	-
Shares repurchased	(8,855)	(362,899)	(59,908)	(2,426,427)
Net Increase/(Decrease)	27,960	$ 1,110,931	(51,759)	$ (2,078,020)
Class D Shares:
Shares sold	295,417	$ 12,439,513	498,097	$ 20,658,885
Reinvested dividends and distributions	169,001	7,069,316	143,831	5,620,916
Shares repurchased	(1,540,034)	(63,194,526)	(1,401,589)	(57,326,578)
Net Increase/(Decrease)	(1,075,616)	$ (43,685,697)	(759,661)	$ (31,046,777)
Class I Shares:
Shares sold	11,619,053	$468,755,843	6,251,378	$273,610,269
Reinvested dividends and distributions	99,055	4,156,347	13,025	511,118
Shares repurchased	(3,155,471)	(124,372,209)	(467,402)	(19,467,708)
Net Increase/(Decrease)	8,562,637	$348,539,981	5,797,001	$254,653,679
Class N Shares:
Shares sold	979,538	$ 41,252,029	797,738	$ 33,711,854
Reinvested dividends and distributions	18,317	764,172	7,295	284,437
Shares repurchased	(322,727)	(13,297,113)	(122,302)	(5,094,194)
Net Increase/(Decrease)	675,128	$ 28,719,088	682,731	$ 28,902,097
Class R Shares:
Shares sold	99,343	$ 4,051,490	83,917	$ 3,412,821
Reinvested dividends and distributions	2,475	103,109	1,977	76,958
Shares repurchased	(124,408)	(5,085,754)	(180,713)	(7,354,780)
Net Increase/(Decrease)	(22,590)	$ (931,155)	(94,819)	$ (3,865,001)
Class S Shares:
Shares sold	481,312	$ 19,583,450	397,104	$ 16,471,575
Reinvested dividends and distributions	21,616	906,569	17,602	689,820
Shares repurchased	(496,046)	(20,486,797)	(710,004)	(28,399,855)
Net Increase/(Decrease)	6,882	$ 3,222	(295,298)	$ (11,238,460)
Class T Shares:
Shares sold	990,010	$ 41,112,070	1,432,727	$ 58,299,796
Reinvested dividends and distributions	118,113	4,948,931	97,849	3,830,788
Shares repurchased	(1,556,278)	(63,923,032)	(1,812,827)	(73,884,631)
Net Increase/(Decrease)	(448,155)	$ (17,862,031)	(282,251)	$ (11,754,047)

6. Purchases and Sales of Investment Securities

For the year ended September 30, 2022, 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
$908,543,378	$568,339,918	$ -	$ -

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Janus Henderson Overseas Fund

Notes to Financial Statements

7. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to September 30, 2022 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.

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Janus Henderson Overseas Fund

Report of Independent Registered Public Accounting Firm

TotheBoard of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Overseas Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Overseas Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2022, the related statement of operations for the year ended September 30, 2022, the statements of changes in net assets for each of the two years in the period ended September 30, 2022,including the related notes,and the financial highlightsfor each of the five years in the period ended September 30, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2022 and the financial highlights for each of the five years in the period ended September 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022 by correspondence with the custodian, transfer agent and broker; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Denver, Colorado

November 28, 2022

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

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Janus Henderson Overseas 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 (each, a “Fund,” and collectively, the “Funds” and 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 agreement for each Janus Henderson Fund that utilizes a subadviser.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (formerly, Janus Capital Management LLC) (the “Adviser”) and the subadviser 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 meetings held on November 3-4, 2021 and December 7-8, 2021, the Trustees’ evaluated the information provided by the Adviser, the subadviser, and the independent fee consultant, as well as other information addressed during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser and each subadviser, as applicable, were fair and reasonable in light of the nature, extent and quality of the services provided by the Adviser, its affiliates and the subadviser, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund and the subadvisory agreement for each subadvised Janus Henderson Fund, for the period from February 1, 2022 through February 1, 2023, subject to earlier termination as provided for in each agreement.

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

Nature, Extent and Quality of Services

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

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Additional Information (unaudited)

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 the Adviser and the 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 the Adviser or the subadviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

The Trustees concluded that the nature, extent and quality of the services provided by the Adviser and 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 the Adviser and the subadviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and each 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, 2021, approximately 55% of the Janus Henderson Funds were in the top two quartiles of performance versus Broadridge peers, and for the 12 months ended September 30, 2021, approximately 45% 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 second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving

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Additional Information (unaudited)

Fixed-Income Funds

·For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·For Janus Developed World Bond Fund, the Trustees noted the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

Global and International Equity Funds

·For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the

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Janus Henderson Overseas Fund

Additional Information (unaudited)

Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

Money Market Funds

·For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was 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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

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Additional Information (unaudited)

·For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser 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 bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser and subadviser had taken or were taking to improve performance.

·For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson International Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser and subadviser had taken or were taking to improve performance.

·For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser and subadviser had taken or were taking to improve performance.

U.S. Equity Funds

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

·For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

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Janus Henderson Overseas Fund

Additional Information (unaudited)

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 the Adviser out of its management fees collected from such Janus Henderson Fund.

The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge Expense Group peers; and (3) and the management fees for the Janus Henderson Funds, on average, were 6% 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.

The Trustees considered the methodology used by the Adviser and 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 the Adviser and subadviser to comparable separate account clients and to comparable non-affiliated funds subadvised by the Adviser or subadviser (for which the Adviser 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 the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser 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; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged to Janus Henderson subadvised fund and separate account investors; and (4) as part of its 2020 review, 9 of 10 Janus Henderson Funds have lower management fees than similar funds subadvised by the Adviser.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2020, including the VIT Portfolios, and noted the following with regard to each VIT Portfolio’s total expenses, net of applicable fee waivers (the VIT Portfolio’s “total expenses”):

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Additional Information (unaudited)

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 the Adviser 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.

·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 the Adviser 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 the Adviser 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 one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser 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 the Adviser 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 the Adviser has contractually agreed to limit the Fund’s expenses.

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

·For Janus Henderson Short Duration 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 the Adviser 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 the Adviser 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 certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser 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 the Adviser has contractually agreed to limit the Fund’s expenses.

·For Janus Henderson Global Equity Income 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 the Adviser 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.

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Additional Information (unaudited)

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

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

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

Money Market Funds

·For Janus Henderson Government 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 the Adviser has voluntarily agreed to limit the Fund’s expenses to assist the Fund in attempting to maintain a yield of at least 0.00%.

·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 the Adviser has agreed to limit the Fund’s expenses to assist the Fund in attempting to maintain a yield of at least 0.00%.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted 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 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 the Adviser 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 the Adviser 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

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Additional Information (unaudited)

that the Adviser 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 the Adviser 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 the Adviser 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, 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 the Adviser 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 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 the Adviser 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.

·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 the Adviser 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 the Adviser 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 Mid Cap Value Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

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

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by

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Additional Information (unaudited)

numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser and 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 the Adviser 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 the Adviser 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 the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser and its affiliates, as well as the fees paid by the Adviser to the subadviser 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 the Adviser and the subadviser 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 the Adviser and subadviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

Economies of Scale

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 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 75% of these Janus Henderson Funds’ have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. The Trustees also noted the following: (1) that for those Janus Henderson Funds whose expenses are being reduced by the contractual expense limitations of the Adviser, the Adviser is subsidizing certain of these Janus Henderson Funds because they have not reached adequate scale; (2) 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 (3) 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 the Adviser 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 the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, the Adviser appeared to be investing to increase the likelihood that these Janus

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Additional Information (unaudited)

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 the Adviser.

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

Other Benefits to the Adviser

The Trustees also considered benefits that accrue to the Adviser and its affiliates and subadviser to the Janus Henderson Funds from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by 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 the Adviser and/or the Adviser, and/or subadviser to a Janus Henderson Fund. The Trustees concluded that the Adviser’s and the subadviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates and subadviser pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser and the subadviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser and the subadviser 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 the Adviser’s and/or the subadviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser and/or other clients of the subadviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser, the subadviser or other Janus Henderson funds, and that the success of the Adviser and the subadviser could enhance the Adviser’s and the subadviser’s ability to serve the Janus Henderson Funds.

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Useful Information About Your Fund Report (unaudited)

Management Commentary

The Management Commentary in this report includes valuable insight as well as statistical information to help you understand how your Fund’s performance and characteristics stack up against those of comparable indices.

If the Fund invests in foreign securities, this report may include information about country exposure. Country exposure is based primarily on 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.

Please keep in mind that the opinions expressed in the Management Commentary are just that: opinions. They are a reflection based on best judgment at the time this report was compiled, which was September 30, 2022. As the investing environment changes, so could opinions. These views are unique and are not necessarily shared by fellow employees or by Janus Henderson in general.

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 the Adviser 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. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by Bloomberg 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.

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Useful Information About Your Fund Report (unaudited)

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.

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.

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.

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Useful Information About Your Fund Report (unaudited)

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 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.

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Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2022:

Foreign Taxes Paid	$5,450,625
Foreign Source Income	$39,634,119
Dividends Received Deduction Percentage	1%
Qualified Dividend Income Percentage	100%

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Trustees and Officers (unaudited)

The following are the Trustees and officers of the Trust, together with a brief description of their principal occupations during the last five years (principal occupations for certain Trustees may include periods over five years). The Fund’s Statement of Additional Information includes additional information about the Trustees and officers and is available, without charge, by calling 1-877-335-2687.

Each Trustee has served in that capacity since he or she was originally elected or appointed. The Trustees do not serve a specified term of office. Each Trustee will hold office until the termination of the Trust or his or her earlier death, resignation, retirement, incapacity, or removal. Under the Fund’s Governance Procedures and Guidelines, the policy is for Trustees to retire no later than the end of the calendar year in which the Trustee turns 75. The Trustees review the Fund’s Governance Procedures and Guidelines from time to time and may make changes they deem appropriate. The Fund’s Nominating and Governance Committee will consider nominees for the position of Trustee recommended by shareholders. Shareholders may submit the name of a candidate for consideration by the Committee by submitting their recommendations to the Trust’s Secretary. Each Trustee is currently a Trustee of one other registered investment company advised by the Adviser: Janus Aspen Series. Collectively, these two registered investment companies consist of 50 series or funds referred to herein as the Fund Complex.

The Trust’s officers are elected annually by the Trustees for a one-year term. Certain officers also serve as officers of Janus Aspen Series. Certain officers of the Fund may also be officers and/or directors of the Adviser. Except as otherwise disclosed, Fund officers receive no compensation from the Fund, except for the Fund’s Chief Compliance Officer, as authorized by the Trustees.

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Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Chairman Trustee	5/22-Present 1/13-Present	Principal, Curam Holdings LLC (since 2018). Formerly, Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm) (2012-2018), Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	50	Advisory Board Member of AEW Core Property Trust (open-end property fund) (since 2020), and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016), Director of Nuveen Global Investors LLC (2007-2011), Director of Communities in Schools (2004-2010), and Director of Mutual Fund Education Alliance (until 2010).
Cheryl D. Alston 151 Detroit Street Denver, CO 80206 DOB: 1966	Trustee	8/22-Present	Executive Director and Chief Investment Officer, Employees’ Retirement Fund of the City of Dallas (since 2004).	50	Director of Blue Cross Blue Shield of Kansas City (a not-for-profit health insurance provider) (since 2016) and Director of Global Life Insurance (life and supplemental health insurance provider) (since 2017). Formerly, Director of Federal Home Loan Bank of Dallas (2017-2021).

Janus Investment Fund 55

Janus Henderson Overseas Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000), and Chief Investment Officer (1987-1994) and Vice Chairman and Director (1990-1994) of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	50	Member, Limited Partner Advisory Committee, Karmel Capital Fund III (later stage growth fund) (since 2022), Member of the Investment Committee for the Orange County Community Foundation (a grantmaking foundation) (since 2020), Advisory Board Member, RevOZ Fund LP and related funds (real estate investments for opportunity zones) (since 2020), and Advisory Board Member, Innovate Partners Emerging Growth and Equity Fund I (early stage venture capital fund) (since 2014). Formerly, Managing Trustee of National Retirement Partners Liquidating Trust (2013-2016), Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (2005-2013), Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009), Director of RemedyTemp, Inc. (temporary help services company) (1996-2006), and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).

56 SEPTEMBER 30, 2022

Janus Henderson Overseas Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Founder, Daraja Capital (advisory and investment firm) (since 2016). Formerly, Senior Vice President and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (2011-2021), and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	50	Member of the Investment Committee for Cooper Union (private college) (since 2021), Board Member, Van Alen Institute (nonprofit architectural and design organization) (since 2019), and Director of Brightwood Capital Advisors, LLC (since 2014).

Janus Investment Fund 57

Janus Henderson Overseas Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Darrell B. Jackson 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	8/22-Present	President and Chief Executive Officer, The Efficace Group Inc. (since 2018). Formerly, President and Chief Executive Officer, Seaway Bank and Trust Company (community bank) (2014-2015), and Executive Vice President and Co-President, Wealth Management (2009-2014), and several senior positions, including Group Executive, Senior Vice President, and Vice President (1995-2009) of Northern Trust Company (financial services company) (1995-2014).	50	Director of Amalgamated Financial Corp (bank) (since August 2021), Director of YR Media (a not-for-profit production company) (since 2021), and Director of Gray-Bowen-Scott (transportation project consulting firm) (since April 2020). Formerly, Director of Delaware Place Bank (closely held commercial bank) (2016-2018) and Director of Seaway Bank and Trust Company (2014-2015).

58 SEPTEMBER 30, 2022

Janus Henderson Overseas Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Trustee	6/02-Present	Chief Executive Officer, muun chi LLC (organic food business) (since 2022) and Independent Consultant (since 2019). Formerly, Chief Operating Officer, muun chi LLC (2020-2022), Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (2016-2019), Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations) (2009-2016), Chief Executive Officer, Imprint Capital Advisors (impact investment firm) (2013-2015), and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	50	Chairman of the Board and Trustee of The Investment Fund for Foundations Investment Program (TIP) (consisting of 1 fund) (since 2008). Formerly, Director of the F.B. Heron Foundation (a private grantmaking foundation) (2006-2022), and Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds) (2016-2021).

Janus Investment Fund 59

Janus Henderson Overseas Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company.	50	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013). Formerly, Director, West Bend Mutual Insurance Company (property/casualty insurance) (2013-2021), Trustee of Northwestern Mutual Life Insurance Company (2010-2013), and Director of Frank Russell Company (global asset management firm) (2008-2013).
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired. Formerly, Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006) and Treasurer for Driehaus Mutual Funds (1996-2002).	50	Formerly, Director of Family Service of Lake County (2019-2021), Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017), Independent Trustee, State Farm Associates’ Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017).

60 SEPTEMBER 30, 2022

Janus Henderson Overseas Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	50	Director of Chicago Community Trust (Regional Community Foundation), Lurie Children’s Hospital (Chicago, IL), and Shirley Ryan Ability Lab. Formerly, Director of Wrapports, LLC (until 2022), Director of Chicago Council on Global Affairs (until 2019), InnerWorkings (until 2019) and Director of Walmart (until 2017).

Janus Investment Fund 61

Janus Henderson Overseas Fund

Trustees and Officers (unaudited)

OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
George P. Maris 151 Detroit Street Denver, CO 80206 DOB: 1968	Executive Vice President and Co-Portfolio Manager Janus Henderson Overseas Fund	1/16-Present	Co-Head of Equities - Americas of Janus Henderson Investors and Portfolio Manager for other Janus Henderson accounts.
Julian McManus 151 Detroit Street Denver, CO 80206 DOB: 1970	Executive Vice President and Co-Portfolio Manager Janus Henderson Overseas Fund	1/18-Present	Portfolio Manager for other Janus Henderson accounts and Analyst for the Adviser.
Michelle Rosenberg 151 Detroit Street Denver, CO 80206 DOB: 1973	President and Chief Executive Officer	9/22-Present	General Counsel and Corporate Secretary of Janus Henderson Investors (since 2018). Formerly, Interim President and Chief Executive Officer of the Trust and Janus Aspen Series (2022), Senior Vice President and Head of Legal, North America of Janus Henderson Investors (2017-2018) and Deputy General Counsel of Janus Henderson US (Holdings) Inc. (2015-2018).
Kristin Mariani 151 Detroit Street Denver, CO 80206 DOB: 1966	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	7/20-Present	Head of Compliance, North America for Janus Henderson Investors (since September 2020) and Chief Compliance Officer for Janus Henderson Investors US LLC (since September 2017). Formerly, Global Head of Investment Management Compliance for Janus Henderson Investors (February 2019 - August 2020), Vice President, Head of Global Distribution Compliance and Chief Compliance Officer of Janus Henderson Distributors US LLC (May 2017 – September 2017), Vice President, Compliance at Janus Henderson US (Holdings) Inc., Janus Henderson Investors US LLC, and Janus Henderson Distributors US LLC (2009-2017).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

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Janus Henderson Overseas Fund

Trustees and Officers (unaudited)

OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Head of U.S. Fund Administration, Janus Henderson Investors and Janus Henderson Services US LLC.
Abigail J. Murray 151 Detroit Street Denver, CO 80206 DOB: 1975	Vice President, Chief Legal Officer, and Secretary	12/20-Present	Managing Counsel (2020-present). Formerly, Senior Counsel for Invesco Ltd. (2017-2020), and Vice President and Senior Counsel, ALPS Fund Services, Inc. and Assistant General Counsel, ALPS Advisors, Inc. (2015-2017).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

Janus Investment Fund 63

Janus Henderson Overseas Fund

Notes

NotesPage1

64 SEPTEMBER 30, 2022

Janus Henderson Overseas Fund

Notes

NotesPage2

Janus Investment Fund 65

This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Janus Henderson Distributors US LLC
	125-02-93050 11-22

	ANNUAL REPORT September 30, 2022
Janus Henderson Research Fund
Janus Investment Fund
		HIGHLIGHTS ·Portfolio management perspective ·Investment strategy behind your fund ·Fund performance, characteristics and holdings

Table of Contents

Janus Henderson Research Fund

Management Commentary 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	27
Report of Independent Registered Public Accounting Firm	39
Additional Information	40
Useful Information About Your Fund Report	51
Designation Requirements	54
Trustees and Officers	55

Janus Henderson Research Fund (unaudited)

FUND SNAPSHOT By investing in the best ideas from each global research sector team, this U.S. large-cap growth fund seeks long-term growth of capital. Our analysts identify industry-leading companies with brand power, enduring business models and strong competitive positioning. Team-Based Approach Led by Matthew Peron, Director of Research

PERFORMANCE

The Janus Henderson Research Fund Class I Shares returned -27.90% for the 12-month period ended September 30, 2022, while its primary benchmark, the Russell 1000^® Growth Index, returned -22.59%, and its secondary benchmark, the S&P 500^® Index, returned -15.47%.

INVESTMENT ENVIRONMENT

U.S. stock markets posted negative returns for the 12-month period, falling amid soaring inflation, rising interest rates, and concerns that the economy may slide into a recession. While positive corporate earnings reports supported gains among equities early in the period, market volatility increased in early 2022 as persistent supply chain disruptions, Russia’s invasion of Ukraine, and surging commodities prices led to a challenging backdrop for equities. Expectations for more restrictive Federal Reserve (Fed) policy triggered a sell-off in higher-valuation growth stocks. The Fed raised interest rates by 0.25% in March, but then moved more aggressively with a 0.50% increase in May and consecutive 0.75% hikes in June, July, and September and signaled that additional rate hikes were likely into 2023. The Fed’s aggressive campaign against inflation as well as economic data that showed signs of weakness in the economy fueled fears about a recession. Corporate earnings growth also slowed as companies faced weaker demand, higher input and financing costs, and currency pressures.

PERFORMANCE DISCUSSION

While we aim to outperform over shorter periods, our goal is to provide consistent outperformance long term by focusing on what we consider our strengths: picking stocks and avoiding macroeconomic risks. Stocks are selected by our seven global sector teams, which employ a bottom-up, fundamental approach to identify what we consider the best global opportunities. Despite this approach, the Fund underperformed both benchmarks for the reporting period.

Areas of relative weakness in the Fund included the technology sector, where technology hardware and services company Apple weighed on performance. Compared to our benchmark, we held a much smaller position in Apple, which delivered solid relative results during the period. As such, we did not benefit from the stock’s gains to the same degree as the benchmark. Apple continued to execute well despite the supply-constrained environment. Momentum for products and services across the business remained robust.

Our underweight position in electric vehicle (EV) manufacturer Tesla also hindered the Fund’s relative results. Tesla’s stock gained on optimism that its margins and volumes could improve as a result of new tax credits to EV consumers and U.S. battery manufacturers that produce batteries with locally sourced materials. The vast majority of Tesla vehicles sold in the U.S. are supplied with batteries produced in Tesla manufacturing facilities in Nevada and Texas. Signs of improvement at the company’s Shanghai manufacturing facility, which resumed production following a COVID-related suspension, also supported share strength.

Gaming and hospitality company Caesars Entertainment also weighed on the Fund’s relative performance. Concerns about a downturn in the global economy and perceptions that many gaming stocks had become overvalued caused the sector to fall out of favor. Despite continued strong fundamentals, Caesars declined with the broad sector. Concerns about lower occupancy rates at Caesars’ hotels also weighed on the stock, although higher revenue per room helped to offset this weakness. Another overhang for the stock was stalled progress on the sale of one of its properties.

Conversely, top relative contributors to Fund performance were a downtrodden technology company we did not invest in and three stocks within the consumer sector that

Janus Investment Fund 1

Janus Henderson Research Fund (unaudited)

we did own. That latter included U.S.-focused beverage and alcohol company Constellation Brands, which saw an improvement in beer sales and operating profit following a COVID-related slowdown. During the period, management announced a planned share repurchase of up to $500 million, which further boosted sentiment for the stock.

Consumer holding Deckers Outdoor Corp. also delivered solid relative results. Deckers makes casual lifestyle and high-performance footwear and apparel under the brands UGG, HOKA, and Teva. Better-than-expected revenue growth supported strength in Deckers’ stock during the period. Adding to investors’ confidence was management’s decision to slightly raise its earnings outlook for the remainder of the year and its announcement of a $100 million repurchase of existing shares.

Another notable contributor within the consumer sector was Liberty Media Corporation, the parent company of Formula One Group. Formula One benefited from strong viewership and new sponsorship agreements. We believe the market’s increasing appreciation for potential free-cash-flow growth under Liberty Media’s stewardship also drove performance.

OUTLOOK

Despite a synchronized shift in monetary and fiscal tightening, inflation remains stubbornly high. As a result, we have adopted a more cautious outlook for the global economy. Meanwhile, on a relative basis, the U.S. economy has remained somewhat resilient, with a strong labor market giving investors hope that a downturn in the U.S. may not be as severe as in other parts of the world and that the U.S. may therefore bolster the global economy. The loosening of China’s zero-tolerance COVID-19 policy could also have positive implications for the global economy.

Turning to the Fund, our strategy is to invest in quality businesses able to demonstrate future earnings growth by providing innovative products and services, while also focusing on the price we pay for that growth. Our investment universe has expanded with the market sell-off as we continue to find good companies supporting our investment themes in e-commerce, cloud computing, digital payments, and healthcare innovation. Nonetheless, macroeconomic headwinds have prompted us to take additional measures to manage the Fund’s risk. To that end, we are being vigilant in our evaluation of stock-specific risk, including stress-testing each company’s free cash flow to assess any potential impact from the current economic environment. We’ve also shortened the Fund’s equity duration with the goal of further reducing its sensitivity to rising interest rates. We believe these measures, in combination with our focus on companies participating in secular growth trends, will enable us to pursue our goal of long-term growth of capital.

Thank you for investing in the Janus Henderson Research Fund.

2 SEPTEMBER 30, 2022

Janus Henderson Research Fund (unaudited)

Fund At A Glance

September 30, 2022

5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
Constellation Brands Inc	1.52%	0.40%	Apple Inc	6.02%	-1.07%
Deckers Outdoor Corp	0.59%	0.32%	Tesla Inc	0.47%	-0.65%
Liberty Media Corp-Liberty Formula One	1.14%	0.31%	Caesars Entertainment Inc	0.82%	-0.57%
EOG Resources Inc	0.71%	0.28%	Align Technology Inc	0.72%	-0.40%
Procter & Gamble Co	1.62%	0.24%	NVIDIA Corp	4.78%	-0.36%

	4 Top Contributors - Sectors*
		Relative	Fund	Russell 1000 Growth Index
		Contribution	Average Weight	Average Weight
	Financials	0.93%	8.43%	8.13%
	Healthcare	0.54%	9.92%	9.61%
	Other**	0.04%	0.16%	0.00%
	Energy	0.01%	0.74%	0.73%
	4 Top Detractors - Sectors*
		Relative	Fund	Russell 1000 Growth Index
		Contribution	Average Weight	Average Weight
	Technology	-3.43%	39.33%	39.98%
	Consumer	-1.69%	18.75%	18.75%
	Industrials	-0.92%	10.23%	10.60%
	Communications	-0.40%	12.44%	12.20%
	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.

Janus Investment Fund 3

Janus Henderson Research Fund (unaudited)

Fund At A Glance

September 30, 2022

5 Largest Equity Holdings -(% of Net Assets)
Microsoft Corp
Software	11.1%
Apple Inc
Technology Hardware, Storage & Peripherals	6.7%
Alphabet Inc - Class C
Interactive Media & Services	6.3%
Amazon.com Inc
Internet & Direct Marketing Retail	6.2%
NVIDIA Corp
Semiconductor & Semiconductor Equipment	3.0%
	33.3%

Asset Allocation - (% of Net Assets)
Common Stocks	100.1%
Investment Companies	0.1%
Investments Purchased with Cash Collateral from Securities Lending	0.0%
Private Placements	0.0%
Other		(0.2)%
		100.0%

Top Country Allocations - Long Positions -(% of Investment Securities)
As of September 30, 2022	As of September 30, 2021

4 SEPTEMBER 30, 2022

Janus Henderson Research Fund (unaudited)

Performance

See important disclosures on the next page.

Average Annual Total Return - for the periods ended September 30, 2022					Prospectus Expense Ratios
	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses‡	Net Annual Fund Operating Expenses‡
Class A Shares at NAV	-28.10%	8.20%	11.29%	10.38%	0.86%	0.86%
Class A Shares at MOP	-32.23%	6.92%	10.63%	10.16%
Class C Shares at NAV	-28.58%	7.45%	10.50%	9.61%	1.63%	1.63%
Class C Shares at CDSC	-29.20%	7.45%	10.50%	9.61%
Class D Shares	-27.94%	8.42%	11.51%	10.61%	0.66%	0.66%
Class I Shares	-27.90%	8.48%	11.59%	10.65%	0.61%	0.61%
Class N Shares	-27.85%	8.56%	11.68%	10.66%	0.54%	0.54%
Class R Shares	-28.40%	7.72%	10.87%	10.08%	1.36%	1.31%
Class S Shares	-28.23%	8.01%	11.12%	10.22%	1.05%	1.05%
Class T Shares	-28.03%	8.31%	11.41%	10.57%	0.79%	0.79%
Russell 1000 Growth Index	-22.59%	12.17%	13.70%	9.66%
S&P 500 Index	-15.47%	9.24%	11.70%	9.49%
Morningstar Quartile - Class T Shares	3rd	3rd	3rd	1st
Morningstar Ranking - based on total returns for Large Growth Funds	727/1,269	737/1,146	590/1,050	36/367

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.

For certain periods, the Fund’s performance may reflect the effect of expense waivers.

Janus Investment Fund 5

Janus Henderson Research Fund (unaudited)

Performance

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 securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), Environmental, Social and Governance (ESG) factors, 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.

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 A Shares, Class C 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.

Class R Shares commenced operations on January 27, 2017. Performance shown for periods prior to January 27, 2017, reflects the historical performance of the Fund’s Class T Shares, calculated using the fees and expenses of Class R Shares, without the effect of any 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.

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.

© 2022 Morningstar, Inc. All Rights Reserved.

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 – May 3, 1993

‡ As stated in the prospectus. Net expense ratios reflect the expense waivers, if any, contractually agreed to for at least a one-year period commencing on January 28, 2022. See Financial Highlights for actual expense ratios during the reporting period.

6 SEPTEMBER 30, 2022

Janus Henderson Research 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 (4/1/22)	Ending Account Value (9/30/22)	Expenses Paid During Period (4/1/22 - 9/30/22)†	Beginning Account Value (4/1/22)	Ending Account Value (9/30/22)	Expenses Paid During Period (4/1/22 - 9/30/22)†	Net Annualized Expense Ratio (4/1/22 - 9/30/22)
Class A Shares		$1,000.00	$742.30	$3.58	$1,000.00	$1,020.96	$4.15	0.82%
Class C Shares		$1,000.00	$739.70	$6.45	$1,000.00	$1,017.65	$7.49	1.48%
Class D Shares		$1,000.00	$743.10	$2.75	$1,000.00	$1,021.91	$3.19	0.63%
Class I Shares		$1,000.00	$743.30	$2.49	$1,000.00	$1,022.21	$2.89	0.57%
Class N Shares		$1,000.00	$743.60	$2.19	$1,000.00	$1,022.56	$2.54	0.50%
Class R Shares		$1,000.00	$740.70	$5.50	$1,000.00	$1,018.75	$6.38	1.26%
Class S Shares		$1,000.00	$741.60	$4.41	$1,000.00	$1,020.00	$5.11	1.01%
Class T Shares		$1,000.00	$742.70	$3.19	$1,000.00	$1,021.41	$3.70	0.73%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/365 (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 7

Janus Henderson Research Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Common Stocks– 100.1%
Aerospace & Defense – 2.0%
	General Dynamics Corp	715,937	$151,900,353
	Howmet Aerospace Inc	4,002,915	123,810,161
			275,710,514
Air Freight & Logistics – 2.6%
	United Parcel Service Inc	2,202,902	355,856,789
Automobiles – 1.8%
	Rivian Automotive Inc - Class A*,#	1,992,994	65,589,433
	Tesla Inc*	674,565	178,928,366
			244,517,799
Beverages – 1.7%
	Constellation Brands Inc	1,045,698	240,175,917
Biotechnology – 3.9%
	AbbVie Inc	1,984,425	266,329,679
	Regeneron Pharmaceuticals Inc*	76,113	52,431,962
	Sarepta Therapeutics Inc*	636,070	70,311,178
	United Therapeutics Corp*	272,271	57,008,102
	Vertex Pharmaceuticals Inc*	305,812	88,544,806
			534,625,727
Capital Markets – 1.3%
	Blackstone Group Inc	919,583	76,969,097
	Charles Schwab Corp	706,881	50,803,537
	LPL Financial Holdings Inc	242,319	52,941,855
			180,714,489
Diversified Financial Services – 0.4%
	Apollo Global Management Inc	1,248,699	58,064,504
Entertainment – 1.3%
	Liberty Media Corp-Liberty Formula One*	2,966,131	173,518,663
Equity Real Estate Investment Trusts (REITs) – 1.4%
	American Tower Corp	887,740	190,597,778
Health Care Equipment & Supplies – 1.9%
	Align Technology Inc*	159,894	33,115,646
	Danaher Corp	336,350	86,875,841
	Edwards Lifesciences Corp*	1,190,234	98,349,035
	Intuitive Surgical Inc*	261,440	49,004,314
			267,344,836
Health Care Providers & Services – 3.2%
	Centene Corp*	495,657	38,567,071
	UnitedHealth Group Inc	790,836	399,403,813
			437,970,884
Hotels, Restaurants & Leisure – 0.5%
	Caesars Entertainment Inc*	2,000,561	64,538,098
Household Products – 1.6%
	Procter & Gamble Co	1,736,539	219,238,049
Industrial Conglomerates – 0.8%
	Honeywell International Inc	629,361	105,084,406
Information Technology Services – 6.1%
	Fidelity National Information Services Inc	713,621	53,928,339
	Global Payments Inc	458,964	49,591,060
	Mastercard Inc	1,229,685	349,648,633
	Snowflake Inc - Class A*	293,557	49,892,948
	Visa Inc	1,874,675	333,036,014
			836,096,994
Insurance – 0.6%
	Aon PLC - Class A	283,675	75,988,022
Interactive Media & Services – 6.3%
	Alphabet Inc - Class C*	8,980,093	863,435,942
Internet & Direct Marketing Retail – 8.3%
	Amazon.com Inc*	7,518,034	849,537,842

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
8	SEPTEMBER 30, 2022

Janus Henderson Research Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Common Stocks– (continued)
Internet & Direct Marketing Retail– (continued)
	Booking Holdings Inc*	172,186	$282,937,757
			1,132,475,599
Life Sciences Tools & Services – 0.6%
	Illumina Inc*	204,794	39,072,647
	Thermo Fisher Scientific Inc	95,746	48,561,414
			87,634,061
Machinery – 2.2%
	Deere & Co	615,712	205,580,080
	Ingersoll Rand Inc	2,321,290	100,419,005
			305,999,085
Oil, Gas & Consumable Fuels – 1.4%
	EOG Resources Inc	1,751,268	195,669,174
Pharmaceuticals – 3.2%
	AstraZeneca PLC (ADR)	2,309,026	126,626,986
	Eli Lilly & Co	513,879	166,162,775
	Horizon Therapeutics PLC*	596,783	36,934,900
	Merck & Co Inc	1,218,328	104,922,407
			434,647,068
Professional Services – 1.4%
	CoStar Group Inc*	2,729,132	190,084,044
Road & Rail – 1.5%
	JB Hunt Transport Services Inc	776,218	121,416,020
	Uber Technologies Inc*	3,364,591	89,161,661
			210,577,681
Semiconductor & Semiconductor Equipment – 9.6%
	Advanced Micro Devices Inc*	2,958,917	187,476,981
	ASML Holding NV	434,817	180,601,241
	KLA Corp	336,012	101,687,312
	Lam Research Corp	499,949	182,981,334
	Marvell Technology Inc	930,418	39,924,236
	NVIDIA Corp	3,396,062	412,247,966
	ON Semiconductor Corp*	647,611	40,365,594
	Teradyne Inc	939,667	70,615,975
	Texas Instruments Inc	610,179	94,443,506
			1,310,344,145
Software – 19.5%
	Adobe Inc*	270,239	74,369,773
	Atlassian Corp PLC - Class A*	1,396,010	293,985,746
	Autodesk Inc*	354,366	66,195,569
	Avalara Inc*	531,696	48,809,693
	Cadence Design Systems Inc*	975,308	159,394,586
	Microsoft Corp	6,559,298	1,527,660,504
	ServiceNow Inc*	293,152	110,697,127
	Synopsys Inc*	484,034	147,877,227
	Tyler Technologies Inc*	199,695	69,394,013
	Workday Inc - Class A*	1,169,163	177,969,992
			2,676,354,230
Specialty Retail – 3.1%
	Olaplex Holdings Inc*	3,475,713	33,193,059
	O'Reilly Automotive Inc*	271,129	190,698,582
	TJX Cos Inc	3,144,768	195,352,988
			419,244,629
Technology Hardware, Storage & Peripherals – 6.7%
	Apple Inc	6,681,593	923,396,153
Textiles, Apparel & Luxury Goods – 2.4%
	Deckers Outdoor Corp*	597,870	186,900,141
	NIKE Inc - Class B	1,753,361	145,739,366
			332,639,507

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	9

Janus Henderson Research Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Common Stocks– (continued)
Trading Companies & Distributors – 1.3%
	Ferguson PLC	1,722,060	$179,273,312
Wireless Telecommunication Services – 1.5%
	T-Mobile US Inc*	1,530,513	205,348,929
Total Common Stocks (cost $10,096,986,270)			13,727,167,028
Private Placements– 0%
Health Care Equipment & Supplies – 0%
	MedicaMetrix Inc*,¢,£,§((cost $3,000,000)	2,727,273	3
Investment Companies– 0.1%
Money Markets – 0.1%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº,£((cost $13,038,186)	13,036,882	13,038,186
Investments Purchased with Cash Collateral from Securities Lending– 0%
Investment Companies – 0%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº,£	1,275,965	1,275,965
Time Deposits – 0%
	Royal Bank of Canada, 3.0600%, 10/3/22	$318,991	318,991
Total Investments Purchased with Cash Collateral from Securities Lending (cost $1,594,956)			1,594,956
Total Investments (total cost $10,114,619,412) – 100.2%			13,741,800,173
Liabilities, net of Cash, Receivables and Other Assets – (0.2)%			(22,064,291)
Net Assets – 100%			$13,719,735,882

Summary of Investments by Country - (Long Positions) (unaudited)
		% of
		Investment
Country	Value	Securities
United States	$13,140,586,200	95.6	%
Australia	293,985,746	2.2
Netherlands	180,601,241	1.3
United Kingdom	126,626,986	0.9

Total $13,741,800,173 100.0 %

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
10	SEPTEMBER 30, 2022

Janus Henderson Research Fund

Schedule of Investments

September 30, 2022

Schedules of Affiliated Investments – (% of Net Assets)

		Dividend Income(1)		Realized Gain/(Loss)(1)		Change in Unrealized Appreciation/ Depreciation(1)		Value at 9/30/22
Private Placements - 0.0%
Health Care Equipment & Supplies - 0.0%
	MedicaMetrix Inc*,¢,§	$	-	$	-	$	(2,999,997)	$	3
Investment Companies - 0.1%
Money Markets - 0.1%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº		105,092		2,460		-		13,038,186
Investments Purchased with Cash Collateral from Securities Lending - 0.0%
Investment Companies - 0.0%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº		531,646∆		-		-		1,275,965
Total Affiliated Investments - 0.1%		$	636,738	$	2,460	$	(2,999,997)	$	14,314,154

(1) For securities that were affiliated for a portion of the year ended September 30, 2022, this column reflects amounts for the entire year ended September 30, 2022 and not just the period in which the security was affiliated.

		Value at 9/30/21		Purchases		Sales Proceeds		Value at 9/30/22
Private Placements - 0.0%
Health Care Equipment & Supplies - 0.0%
	MedicaMetrix Inc*,¢,§		3,000,000		-		-		3
Investment Companies - 0.1%
Money Markets - 0.1%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº		-		1,265,019,219		(1,251,983,493)		13,038,186
Investments Purchased with Cash Collateral from Securities Lending - 0.0%
Investment Companies - 0.0%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº		1,570,800		673,880,843		(674,175,678)		1,275,965

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		$	1,590,606	$	—	$	(1,590,606)	$	—
(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.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	11

Janus Henderson Research Fund

Notes to Schedule of Investments and Other Information

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
PLC	Public Limited Company

*	Non-income producing security.
ºº	Rate shown is the 7-day yield as of September 30, 2022.
#	Loaned security; a portion of the security is on loan at September 30, 2022.
¢	Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the year ended September 30, 2022 is $3, which represents 0.0% of net assets.
£	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.

§	Schedule of Restricted Securities (as of September 30, 2022)
							Value as a
		Acquisition					% of Net
		Date		Cost		Value	Assets
MedicaMetrix Inc		1/26/21	$	3,000,000	$	3	0.0	%
The Fund has registration rights for certain restricted securities held as of September 30, 2022. The issuer incurs all registration costs.

12 SEPTEMBER 30, 2022

Janus Henderson Research Fund

Notes to Schedule of Investments and Other Information

The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of September 30, 2022. 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
Trading Companies & Distributors	$	-	$	179,273,312	$	-
All Other		13,547,893,716		-		-
Private Placements		-		-		3
Investment Companies		-		13,038,186		-
Investments Purchased with Cash Collateral from Securities Lending		-		1,594,956		-
Total Assets	$	13,547,893,716	$	193,906,454	$	3

Janus Investment Fund 13

Janus Henderson Research Fund

Statement of Assets and Liabilities

September 30, 2022

Assets:
	Unaffiliated investments, at value (cost $10,097,305,261)(1)		$	13,727,486,019
	Affiliated investments, at value (cost $17,314,151)			14,314,154
	Trustees' deferred compensation			412,892
	Receivables:
		Investments sold		14,824,873
		Fund shares sold		7,919,322
		Dividends		2,973,356
		Foreign tax reclaims		24,545
		Dividends from affiliates		12,804
	Other assets			136,457
Total Assets				13,768,104,422
Liabilities:
	Due to custodian			3,298
	Collateral for securities loaned (Note 2)			1,594,956
	Payables:			—
		Investments purchased		26,710,104
		Fund shares repurchased		10,528,662
		Advisory fees		6,166,063
		Transfer agent fees and expenses		2,106,129
		Trustees' deferred compensation fees		412,892
		Trustees' fees and expenses		73,729
		Professional fees		59,588
		Affiliated fund administration fees payable		32,629
		Custodian fees		23,669
		12b-1 Distribution and shareholder servicing fees		23,199
		Accrued expenses and other payables		633,622
Total Liabilities				48,368,540
Net Assets			$	13,719,735,882

See Notes to Financial Statements.
14	SEPTEMBER 30, 2022

Janus Henderson Research Fund

Statement of Assets and Liabilities

September 30, 2022

Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	10,094,226,929
	Total distributable earnings (loss)		3,625,508,953
Total Net Assets		$	13,719,735,882
Net Assets - Class A Shares		$	36,486,137
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		816,555
Net Asset Value Per Share(2)		$	44.68
Maximum Offering Price Per Share(3)		$	47.41
Net Assets - Class C Shares		$	8,523,456
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		214,185
Net Asset Value Per Share(2)		$	39.79
Net Assets - Class D Shares		$	10,017,030,393
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		221,141,259
Net Asset Value Per Share		$	45.30
Net Assets - Class I Shares		$	298,319,389
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		6,596,320
Net Asset Value Per Share		$	45.23
Net Assets - Class N Shares		$	286,346,269
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		6,322,961
Net Asset Value Per Share		$	45.29
Net Assets - Class R Shares		$	2,903,124
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		65,949
Net Asset Value Per Share		$	44.02
Net Assets - Class S Shares		$	19,124,107
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		438,930
Net Asset Value Per Share		$	43.57
Net Assets - Class T Shares		$	3,051,003,007
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		67,453,723
Net Asset Value Per Share		$	45.23

(1)Includes $1,590,606 of securities on loan. See Note 2 in Notes to Financial Statements.

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

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

See Notes to Financial Statements.
Janus Investment Fund	15

Janus Henderson Research Fund

Statement of Operations

For the year ended September 30, 2022

Investment Income:
	Dividends		$	121,471,144
	Affiliated securities lending income, net			531,646
	Dividends from affiliates			105,092
	Unaffiliated securities lending income, net			19,257
	Other income			99,779
	Foreign tax withheld			(508,339)
Total Investment Income				121,718,579
Expenses:
	Advisory fees			90,597,873
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		122,320
		Class C Shares		116,531
		Class R Shares		18,580
		Class S Shares		66,808
	Transfer agent administrative fees and expenses:
		Class D Shares		15,049,528
		Class R Shares		9,595
		Class S Shares		66,978
		Class T Shares		10,184,675
	Transfer agent networking and omnibus fees:
		Class A Shares		29,288
		Class C Shares		10,121
		Class I Shares		298,761
	Other transfer agent fees and expenses:
		Class A Shares		3,004
		Class C Shares		644
		Class D Shares		1,165,987
		Class I Shares		16,901
		Class N Shares		12,616
		Class R Shares		58
		Class S Shares		3,227
		Class T Shares		32,392
	Shareholder reports expense			786,178
	Affiliated fund administration fees			453,942
	Trustees’ fees and expenses			379,462
	Registration fees			174,089
	Professional fees			135,742
	Custodian fees			103,352
	Other expenses			998,587
Total Expenses				120,837,239
Less: Excess Expense Reimbursement and Waivers				(940,095)
Net Expenses				119,897,144
Net Investment Income/(Loss)				1,821,435

See Notes to Financial Statements.
16	SEPTEMBER 30, 2022

Janus Henderson Research Fund

Statement of Operations

For the year ended September 30, 2022

Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	156,761,753
	Investments in affiliates		2,460
Total Net Realized Gain/(Loss) on Investments			156,764,213
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and Trustees’ deferred compensation		(5,569,729,772)
	Investments in affiliates		(2,999,997)
Total Change in Unrealized Net Appreciation/Depreciation			(5,572,729,769)
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	(5,414,144,121)

See Notes to Financial Statements.
Janus Investment Fund	17

Janus Henderson Research Fund

Statements of Changes in Net Assets

			Year ended September 30, 2022		Year ended September 30, 2021
Operations:
	Net investment income/(loss)		$	1,821,435	$	(7,549,955)
	Net realized gain/(loss) on investments			156,764,213		2,429,556,331
	Change in unrealized net appreciation/depreciation			(5,572,729,769)		1,480,355,402
Net Increase/(Decrease) in Net Assets Resulting from Operations				(5,414,144,121)		3,902,361,778
Dividends and Distributions to Shareholders:
		Class A Shares		(6,911,925)		(1,133,031)
		Class C Shares		(2,088,374)		(562,873)
		Class D Shares		(1,802,485,719)		(398,705,851)
		Class I Shares		(55,752,162)		(12,258,273)
		Class N Shares		(53,166,280)		(12,695,033)
		Class R Shares		(537,126)		(132,542)
		Class S Shares		(3,541,069)		(840,310)
		Class T Shares		(562,781,567)		(121,681,672)
Net Decrease from Dividends and Distributions to Shareholders				(2,487,264,222)		(548,009,585)
Capital Share Transactions:
		Class A Shares		4,554,902		9,926,159
		Class C Shares		(1,479,412)		(5,488,086)
		Class D Shares		1,046,592,561		(355,951,384)
		Class I Shares		24,195,712		(8,686,429)
		Class N Shares		18,448,765		(36,562,362)
		Class R Shares		382,838		(772,746)
		Class S Shares		(453,903)		(650,692)
		Class T Shares		250,068,736		(117,902,220)
Net Increase/(Decrease) from Capital Share Transactions				1,342,310,199		(516,087,760)
Net Increase/(Decrease) in Net Assets				(6,559,098,144)		2,838,264,433
Net Assets:
	Beginning of period			20,278,834,026		17,440,569,593
	End of period		$	13,719,735,882	$	20,278,834,026

See Notes to Financial Statements.
18	SEPTEMBER 30, 2022

Janus Henderson Research Fund

Financial Highlights

Class A Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$70.69	$59.31	$49.56	$53.33	$45.29
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.10)	(0.15)	0.06	0.14	0.08
		Net realized and unrealized gain/(loss)	(17.06)	13.37	14.75	0.50	10.25
	Total from Investment Operations		(17.16)	13.22	14.81	0.64	10.33
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	(0.13)	(0.06)	(0.03)
		Distributions (from capital gains)	(8.85)	(1.84)	(4.93)	(4.35)	(2.26)
	Total Dividends and Distributions		(8.85)	(1.84)	(5.06)	(4.41)	(2.29)
	Net Asset Value, End of Period		$44.68	$70.69	$59.31	$49.56	$53.33
	Total Return*		(28.11)%	22.66%	32.14%	2.98%	23.56%
	Net Assets, End of Period (in thousands)		$36,486	$53,589	$36,300	$29,853	$28,474
	Average Net Assets for the Period (in thousands)		$48,724	$45,054	$31,223	$28,823	$26,135
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.84%	0.86%	0.86%	0.89%	0.93%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.84%	0.86%	0.86%	0.89%	0.91%
		Ratio of Net Investment Income/(Loss)	(0.16)%	(0.22)%	0.12%	0.30%	0.17%
	Portfolio Turnover Rate		32%	31%	38%	41%	43%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.
Janus Investment Fund	19

Janus Henderson Research Fund

Financial Highlights

Class C Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$64.28	$54.45	$46.06	$50.18	$42.99
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.45)	(0.53)	(0.27)	(0.18)	(0.23)
		Net realized and unrealized gain/(loss)	(15.19)	12.20	13.59	0.41	9.68
	Total from Investment Operations		(15.64)	11.67	13.32	0.23	9.45
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(8.85)	(1.84)	(4.93)	(4.35)	(2.26)
	Total Dividends and Distributions		(8.85)	(1.84)	(4.93)	(4.35)	(2.26)
	Net Asset Value, End of Period		$39.79	$64.28	$54.45	$46.06	$50.18
	Total Return*		(28.60)%	21.81%	31.20%	2.27%	22.73%
	Net Assets, End of Period (in thousands)		$8,523	$15,910	$18,502	$19,109	$27,515
	Average Net Assets for the Period (in thousands)		$12,989	$17,155	$18,763	$21,832	$26,463
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.52%	1.54%	1.55%	1.58%	1.61%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.52%	1.54%	1.55%	1.57%	1.58%
		Ratio of Net Investment Income/(Loss)	(0.85)%	(0.88)%	(0.57)%	(0.39)%	(0.50)%
	Portfolio Turnover Rate		32%	31%	38%	41%	43%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.
20	SEPTEMBER 30, 2022

Janus Henderson Research Fund

Financial Highlights

Class D Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$71.42	$59.86	$49.98	$53.74	$45.60
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.02	(0.01)	0.17	0.24	0.19
		Net realized and unrealized gain/(loss)	(17.29)	13.48	14.87	0.50	10.33
	Total from Investment Operations		(17.27)	13.47	15.04	0.74	10.52
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.07)	(0.23)	(0.15)	(0.12)
		Distributions (from capital gains)	(8.85)	(1.84)	(4.93)	(4.35)	(2.26)
	Total Dividends and Distributions		(8.85)	(1.91)	(5.16)	(4.50)	(2.38)
	Net Asset Value, End of Period		$45.30	$71.42	$59.86	$49.98	$53.74
	Total Return*		(27.96)%	22.89%	32.40%	3.20%	23.85%
	Net Assets, End of Period (in thousands)		$10,017,030	$14,715,777	$12,635,778	$10,221,640	$10,550,222
	Average Net Assets for the Period (in thousands)		$13,156,776	$14,113,628	$11,047,912	$9,901,606	$9,778,967
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.64%	0.66%	0.66%	0.69%	0.72%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.64%	0.66%	0.66%	0.68%	0.69%
		Ratio of Net Investment Income/(Loss)	0.03%	(0.02)%	0.32%	0.50%	0.39%
	Portfolio Turnover Rate		32%	31%	38%	41%	43%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.
Janus Investment Fund	21

Janus Henderson Research Fund

Financial Highlights

Class I Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$71.28	$59.74	$49.89	$53.67	$45.53
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.05	0.02	0.20	0.27	0.22
		Net realized and unrealized gain/(loss)	(17.25)	13.46	14.84	0.48	10.32
	Total from Investment Operations		(17.20)	13.48	15.04	0.75	10.54
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.10)	(0.26)	(0.18)	(0.14)
		Distributions (from capital gains)	(8.85)	(1.84)	(4.93)	(4.35)	(2.26)
	Total Dividends and Distributions		(8.85)	(1.94)	(5.19)	(4.53)	(2.40)
	Net Asset Value, End of Period		$45.23	$71.28	$59.74	$49.89	$53.67
	Total Return*		(27.91)%	22.95%	32.47%	3.23%	23.94%
	Net Assets, End of Period (in thousands)		$298,319	$448,508	$383,533	$340,425	$387,130
	Average Net Assets for the Period (in thousands)		$396,836	$428,367	$349,367	$339,641	$382,642
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.59%	0.61%	0.60%	0.63%	0.65%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.59%	0.61%	0.60%	0.62%	0.63%
		Ratio of Net Investment Income/(Loss)	0.08%	0.03%	0.38%	0.56%	0.45%
	Portfolio Turnover Rate		32%	31%	38%	41%	43%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.
22	SEPTEMBER 30, 2022

Janus Henderson Research Fund

Financial Highlights

Class N Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$71.32	$59.75	$49.90	$53.69	$45.54
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.09	0.07	0.23	0.31	0.26
		Net realized and unrealized gain/(loss)	(17.27)	13.47	14.85	0.47	10.31
	Total from Investment Operations		(17.18)	13.54	15.08	0.78	10.57
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.13)	(0.30)	(0.22)	(0.16)
		Distributions (from capital gains)	(8.85)	(1.84)	(4.93)	(4.35)	(2.26)
	Total Dividends and Distributions		(8.85)	(1.97)	(5.23)	(4.57)	(2.42)
	Net Asset Value, End of Period		$45.29	$71.32	$59.75	$49.90	$53.69
	Total Return*		(27.86)%	23.05%	32.57%	3.31%	24.02%
	Net Assets, End of Period (in thousands)		$286,346	$432,553	$394,953	$308,922	$311,140
	Average Net Assets for the Period (in thousands)		$378,504	$426,650	$350,927	$296,644	$278,339
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.52%	0.54%	0.53%	0.55%	0.58%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.52%	0.54%	0.53%	0.54%	0.56%
		Ratio of Net Investment Income/(Loss)	0.15%	0.11%	0.45%	0.64%	0.53%
	Portfolio Turnover Rate		32%	31%	38%	41%	43%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.
Janus Investment Fund	23

Janus Henderson Research Fund

Financial Highlights

Class R Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$70.04	$59.04	$49.46	$53.37	$45.47
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.35)	(0.42)	(0.18)	(0.05)	(0.12)
		Net realized and unrealized gain/(loss)	(16.82)	13.26	14.69	0.49	10.28
	Total from Investment Operations		(17.17)	12.84	14.51	0.44	10.16
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(8.85)	(1.84)	(4.93)	(4.35)	(2.26)
	Total Dividends and Distributions		(8.85)	(1.84)	(4.93)	(4.35)	(2.26)
	Net Asset Value, End of Period		$44.02	$70.04	$59.04	$49.46	$53.37
	Total Return*		(28.41)%	22.10%	31.48%	2.55%	23.06%
	Net Assets, End of Period (in thousands)		$2,903	$4,226	$4,269	$4,476	$5,021
	Average Net Assets for the Period (in thousands)		$3,822	$4,354	$4,322	$4,550	$4,931
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.33%	1.34%	1.34%	1.30%	1.35%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.27%	1.30%	1.34%	1.30%	1.33%
		Ratio of Net Investment Income/(Loss)	(0.60)%	(0.64)%	(0.36)%	(0.11)%	(0.25)%
	Portfolio Turnover Rate		32%	31%	38%	41%	43%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.
24	SEPTEMBER 30, 2022

Janus Henderson Research Fund

Financial Highlights

Class S Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$69.26	$58.25	$48.72	$52.52	$44.68
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.20)	(0.26)	(0.03)	0.07	0.01
		Net realized and unrealized gain/(loss)	(16.64)	13.11	14.49	0.48	10.10
	Total from Investment Operations		(16.84)	12.85	14.46	0.55	10.11
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	(0.01)
		Distributions (from capital gains)	(8.85)	(1.84)	(4.93)	(4.35)	(2.26)
	Total Dividends and Distributions		(8.85)	(1.84)	(4.93)	(4.35)	(2.27)
	Net Asset Value, End of Period		$43.57	$69.26	$58.25	$48.72	$52.52
	Total Return*		(28.24)%	22.43%	31.89%	2.82%	23.38%
	Net Assets, End of Period (in thousands)		$19,124	$30,909	$26,600	$33,835	$27,788
	Average Net Assets for the Period (in thousands)		$26,683	$29,786	$25,562	$28,972	$27,937
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.04%	1.05%	1.03%	1.06%	1.08%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.03%	1.04%	1.03%	1.05%	1.06%
		Ratio of Net Investment Income/(Loss)	(0.35)%	(0.39)%	(0.06)%	0.14%	0.03%
	Portfolio Turnover Rate		32%	31%	38%	41%	43%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.
Janus Investment Fund	25

Janus Henderson Research Fund

Financial Highlights

Class T Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$71.39	$59.86	$49.98	$53.74	$45.61
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.04)	(0.08)	0.11	0.20	0.14
		Net realized and unrealized gain/(loss)	(17.27)	13.48	14.89	0.49	10.33
	Total from Investment Operations		(17.31)	13.40	15.00	0.69	10.47
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.03)	(0.19)	(0.10)	(0.08)
		Distributions (from capital gains)	(8.85)	(1.84)	(4.93)	(4.35)	(2.26)
	Total Dividends and Distributions		(8.85)	(1.87)	(5.12)	(4.45)	(2.34)
	Net Asset Value, End of Period		$45.23	$71.39	$59.86	$49.98	$53.74
	Total Return*		(28.04)%	22.76%	32.27%	3.07%	23.74%
	Net Assets, End of Period (in thousands)		$3,051,003	$4,577,362	$3,940,635	$3,319,149	$3,481,882
	Average Net Assets for the Period (in thousands)		$4,056,851	$4,384,575	$3,505,134	$3,219,617	$3,264,878
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.77%	0.79%	0.78%	0.80%	0.83%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.74%	0.77%	0.76%	0.77%	0.79%
		Ratio of Net Investment Income/(Loss)	(0.07)%	(0.13)%	0.22%	0.41%	0.29%
	Portfolio Turnover Rate		32%	31%	38%	41%	43%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.
26	SEPTEMBER 30, 2022

Janus Henderson Research Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus Henderson Research Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 39 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC (formerly Janus Capital Management LLC) is the investment adviser (the “Adviser”) to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Shareholders, including other funds, individuals, accounts, as well as the Fund’s portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s Shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors, 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, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (formerly Janus Distributors LLC) (the

Janus Investment Fund 27

Janus Henderson Research Fund

Notes to Financial Statements

“Distributor”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

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

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

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

Investment Valuation

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The 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 Adviser-approved pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a 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 valuation policies provide for the use of systematic fair valuation models provided by independent pricing services to value foreign 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

28 SEPTEMBER 30, 2022

Janus Henderson Research Fund

Notes to Financial Statements

an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

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

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

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

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of September 30, 2022 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.

The Fund did not hold a significant amount of Level 3 securities as of September 30, 2022.

Investment Transactions and Investment Income

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

Expenses

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Indemnifications

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

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Notes to Financial Statements

Foreign Currency Translations

The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

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

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

Dividends and Distributions

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

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

Federal Income Taxes

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

2. Other Investments and Strategies

Additional Investment Risk

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 in response to the COVID-19 pandemic. This and other government intervention into the economy and financial markets to address the COVID-19 pandemic may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Government actions to mitigate the economic impact of the pandemic have resulted in a large expansion of government deficits and debt, the long term consequences of which are not known. The COVID-19 pandemic could adversely affect the value and liquidity of a Fund’s investments, impair a Fund’s ability to satisfy redemption requests, and negatively impact a Fund’s performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

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

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Notes to Financial Statements

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 the Adviser 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.

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. Among other things, these developments have adversely affected the value and exchange rate of the euro and pound sterling, and may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse effect on the Fund’s investments in such countries, other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.

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.

Restricted Security Transactions

Restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of the Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist.

Counterparties

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market

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Notes to Financial Statements

conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.

Securities Lending

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the SEC. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.

Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

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

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of September 30, 2022, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $1,590,606. Gross amounts of recognized liabilities for securities lending (collateral received) as of September 30, 2022 is $1,594,956, resulting in the net amount due to the counterparty of $4,350.

Offsetting Assets and Liabilities

The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

The Offsetting Assets and Liabilities table located in the Schedule of Investments present gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has

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Notes to Financial Statements

been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the Fund's Schedule of Investments.

3. Investment Advisory Agreements and Other Transactions with Affiliates

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

The investment advisory fee rate paid to the Adviser by the Fund consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the Fund’s average daily net assets during the previous month (the “Base Fee Rate”), plus or minus (2) a performance-fee adjustment (the “Performance Adjustment”) calculated by applying a variable rate of up to 0.15% (positive or negative) to the Fund’s average daily net assets based on the Fund’s relative performance compared to the cumulative investment record of its benchmark index over a 36-month performance measurement period or shorter time period, as applicable. The investment advisory fee rate is calculated daily and paid monthly.

The investment performance of the Fund’s Class A Shares (waiving the upfront sales load) for the performance measurement period is used to calculate the Performance Adjustment. The Fund’s Base Fee Rate prior to any performance adjustment (expressed as an annual rate) is 0.64%, and the Fund’s benchmark index used in the calculation is the Russell 1000^® Growth Index.

No Performance Adjustment is applied unless the difference between the Fund’s investment performance and the cumulative investment record of the Fund’s benchmark index is 0.50% or greater (positive or negative) during the applicable performance measurement period. The Base Fee Rate is subject to an upward or downward Performance Adjustment for every full 0.50% increment by which the Fund outperforms or underperforms its benchmark index, up to the Fund’s full performance rate of ±5.00%. Because the Performance Adjustment is tied to a Fund’s relative performance compared to its benchmark index (and not its absolute performance), the Performance Adjustment could increase the Adviser’s fee even if the Fund’s Shares lose value during the performance measurement period and could decrease the Adviser’s fee even if the Fund’s Shares increase in value during the performance measurement period. For purposes of computing the Base Fee Rate and the Performance Adjustment, net assets are averaged over different periods (average daily net assets during the previous month for the Base Fee Rate, versus average daily net assets during the performance measurement period for the Performance Adjustment). Performance of the Fund is calculated net of expenses whereas the Fund’s benchmark index does not have any fees or expenses. Reinvestment of dividends and distributions is included in calculating both the performance of a Fund and the Fund’s benchmark index.

The Fund’s prospectuses and statement(s) of additional information contain additional information about performance-based fees. The amount shown as advisory fees on the Statement of Operations reflects the Base Fee Rate plus/minus any Performance Adjustment. For the year ended September 30, 2022, the performance adjusted investment advisory fee rate before any waivers and/or reimbursements of expenses is 0.50%.

The Adviser has contractually agreed to waive the investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, excluding any performance adjustments to management 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 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. The Adviser has agreed to continue the waivers for at least a one-year period ending January 28, 2022. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the

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Janus Henderson Research Fund

Notes to Financial Statements

Adviser (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 the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $502,935 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 2022. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

Janus Henderson Services US LLC (formerly Janus Services LLC) (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

Average Daily Net Assets of Class D Shares of the Janus Henderson funds	Administrative Services Fee
Under $40 billion	0.12%
$40 billion – $49.9 billion	0.10%
Over $49.9 billion	0.08%

During the reporting period, the administrative services fee rate was 0.11%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class R Shares, Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R Shares, Class S Shares and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, of up to 0.50% of the Class

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Notes to Financial Statements

R Shares’ average daily net assets, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the year ended September 30, 2022, the Distributor retained upfront sales charges of $3,477.

A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the year ended September 30, 2022.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the year ended September 30, 2022, redeeming shareholders of Class C Shares paid CDSCs of $196.

The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of September 30, 2022 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended September 30, 2022 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $436,813 were paid by the Trust to the Trustees under the Deferred Plan during the year ended September 30, 2022.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests 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.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended September 30, 2022 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

The Fund is permitted to purchase or sell securities (“cross-trade”) between itself and other funds or accounts managed by the Adviser in accordance with Rule 17a-7 under the Investment Company Act of 1940 (“Rule 17a-7”), when the

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Notes to Financial Statements

transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust’s Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the year ended September 30, 2022, the Fund engaged in cross trades amounting to $33,704,804 in purchases and $79,722,361 in sales, resulting in a net realized gain of $7,918,243. The net realized gain is included within the “Net Realized Gain/(Loss) on Investments” section of the Fund’s Statement of Operations.

4. Federal Income Tax

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.

Other book to tax differences primarily consist of deferred compensation. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ 1,609,786	$ 34,113,366	$ -	$ -	$ -	$ (287,839)	$3,590,073,640

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 2022 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals, investments in partnerships, and straddle loss deferrals.

Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$10,151,726,533	$4,720,596,443	$(1,130,522,803)	$3,590,073,640

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.

For the year ended September 30, 2022
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 136,128,222	$ 2,351,136,000	$ -	$ -

For the year ended September 30, 2021
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 18,658,006	$ 529,351,579	$ -	$ -

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Notes to Financial Statements

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. The following reclassifications have been made to the Fund:

Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ 91,501,608	$ (118,791)	$ (91,382,817)

Capital has been adjusted by $555,199, all of which is long-term capital gain, for distributions in connection with Fund share redemptions (tax equalization).

5. Capital Share Transactions

	Year ended September 30, 2022		Year ended September 30, 2021
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	175,606	$ 10,649,895	266,614	$ 17,903,311
Reinvested dividends and distributions	95,791	6,169,874	15,644	988,359
Shares repurchased	(212,938)	(12,264,867)	(136,203)	(8,965,511)
Net Increase/(Decrease)	58,459	$ 4,554,902	146,055	$ 9,926,159
Class C Shares:
Shares sold	9,627	$ 570,670	22,144	$ 1,342,818
Reinvested dividends and distributions	35,103	2,024,369	9,336	539,413
Shares repurchased	(78,041)	(4,074,451)	(123,771)	(7,370,317)
Net Increase/(Decrease)	(33,311)	$ (1,479,412)	(92,291)	$ (5,488,086)
Class D Shares:
Shares sold	2,832,009	$ 171,231,316	3,326,107	$ 220,997,171
Reinvested dividends and distributions	26,529,687	1,729,735,563	6,022,078	383,787,030
Shares repurchased	(14,276,695)	(854,374,318)	(14,398,341)	(960,735,585)
Net Increase/(Decrease)	15,085,001	$1,046,592,561	(5,050,156)	$(355,951,384)
Class I Shares:
Shares sold	1,299,315	$ 76,937,896	1,377,299	$ 92,389,122
Reinvested dividends and distributions	795,671	51,774,306	176,530	11,225,532
Shares repurchased	(1,790,464)	(104,516,490)	(1,682,084)	(112,301,083)
Net Increase/(Decrease)	304,522	$ 24,195,712	(128,255)	$ (8,686,429)
Class N Shares:
Shares sold	544,068	$ 32,790,860	761,708	$ 51,177,439
Reinvested dividends and distributions	815,570	53,109,893	199,163	12,664,782
Shares repurchased	(1,101,554)	(67,451,988)	(1,505,622)	(100,404,583)
Net Increase/(Decrease)	258,084	$ 18,448,765	(544,751)	$ (36,562,362)
Class R Shares:
Shares sold	9,779	$ 536,087	9,957	$ 654,373
Reinvested dividends and distributions	8,356	532,028	2,094	131,597
Shares repurchased	(12,520)	(685,277)	(24,025)	(1,558,716)
Net Increase/(Decrease)	5,615	$ 382,838	(11,974)	$ (772,746)
Class S Shares:
Shares sold	95,521	$ 5,406,583	78,526	$ 5,126,028
Reinvested dividends and distributions	56,135	3,531,423	13,532	838,966
Shares repurchased	(158,984)	(9,391,909)	(102,443)	(6,615,686)
Net Increase/(Decrease)	(7,328)	$ (453,903)	(10,385)	$ (650,692)
Class T Shares:
Shares sold	4,935,340	$ 301,385,804	4,517,826	$ 303,568,991
Reinvested dividends and distributions	8,407,226	547,814,842	1,861,188	118,687,931
Shares repurchased	(10,007,466)	(599,131,910)	(8,091,628)	(540,159,142)
Net Increase/(Decrease)	3,335,100	$ 250,068,736	(1,712,614)	$(117,902,220)

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Janus Henderson Research Fund

Notes to Financial Statements

6. Purchases and Sales of Investment Securities

For the year ended September 30, 2022, 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
$5,688,122,082	$6,846,418,238	$ -	$ -

7. Recent Accounting Pronouncements

The FASB issued Accounting Standards Update 2022-03: Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”) in June 2022. The new guidance in the ASU clarifies existing guidance in ASC 820 related to the fair value measurement of an equity security subject to contractual sale restrictions with the intent to reduce diversity in interpretation. Under the guidance, a contractual restriction on the sale of an equity security would not be considered when measuring fair value as such restriction is not treated as part of the equity security’s unit of account. The amendments would be applied prospectively on or after adoption date to equity securities with a contract containing a sale restriction that is executed or modified after such date. The effective date set by the FASB is December 15, 2023, with early adoption permitted. The Adviser is currently evaluating whether to early adopt and does not anticipate it to have a material impact on the Fund.

8. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to September 30, 2022 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.

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Janus Henderson Research Fund

Report of Independent Registered Public Accounting Firm

TotheBoard of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Research Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Research Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2022, the related statement of operations for the year ended September 30, 2022, the statements of changes in net assets for each of the two years in the period ended September 30, 2022,including the related notes,and the financial highlightsfor each of the five years in the period ended September 30, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2022 and the financial highlights for each of the five years in the period ended September 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Denver, Colorado

November 28, 2022

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

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Janus Henderson Research 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 (each, a “Fund,” and collectively, the “Funds” and 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 agreement for each Janus Henderson Fund that utilizes a subadviser.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (formerly, Janus Capital Management LLC) (the “Adviser”) and the subadviser 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 meetings held on November 3-4, 2021 and December 7-8, 2021, the Trustees’ evaluated the information provided by the Adviser, the subadviser, and the independent fee consultant, as well as other information addressed during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser and each subadviser, as applicable, were fair and reasonable in light of the nature, extent and quality of the services provided by the Adviser, its affiliates and the subadviser, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund and the subadvisory agreement for each subadvised Janus Henderson Fund, for the period from February 1, 2022 through February 1, 2023, subject to earlier termination as provided for in each agreement.

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

Nature, Extent and Quality of Services

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

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Janus Henderson Research Fund

Additional Information (unaudited)

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 the Adviser and the 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 the Adviser or the subadviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

The Trustees concluded that the nature, extent and quality of the services provided by the Adviser and 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 the Adviser and the subadviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and each 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, 2021, approximately 55% of the Janus Henderson Funds were in the top two quartiles of performance versus Broadridge peers, and for the 12 months ended September 30, 2021, approximately 45% 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 second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving

Janus Investment Fund 41

Janus Henderson Research Fund

Additional Information (unaudited)

Fixed-Income Funds

·For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·For Janus Developed World Bond Fund, the Trustees noted the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

Global and International Equity Funds

·For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the

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Janus Henderson Research Fund

Additional Information (unaudited)

Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

Money Market Funds

·For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was 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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

Janus Investment Fund 43

Janus Henderson Research Fund

Additional Information (unaudited)

·For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser 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 bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser and subadviser had taken or were taking to improve performance.

·For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson International Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser and subadviser had taken or were taking to improve performance.

·For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser and subadviser had taken or were taking to improve performance.

U.S. Equity Funds

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

·For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

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Janus Henderson Research Fund

Additional Information (unaudited)

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 the Adviser out of its management fees collected from such Janus Henderson Fund.

The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge Expense Group peers; and (3) and the management fees for the Janus Henderson Funds, on average, were 6% 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.

The Trustees considered the methodology used by the Adviser and 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 the Adviser and subadviser to comparable separate account clients and to comparable non-affiliated funds subadvised by the Adviser or subadviser (for which the Adviser 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 the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser 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; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged to Janus Henderson subadvised fund and separate account investors; and (4) as part of its 2020 review, 9 of 10 Janus Henderson Funds have lower management fees than similar funds subadvised by the Adviser.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2020, including the VIT Portfolios, and noted the following with regard to each VIT Portfolio’s total expenses, net of applicable fee waivers (the VIT Portfolio’s “total expenses”):

Janus Investment Fund 45

Janus Henderson Research Fund

Additional Information (unaudited)

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 the Adviser 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.

·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 the Adviser 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 the Adviser 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 one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser 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 the Adviser 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 the Adviser has contractually agreed to limit the Fund’s expenses.

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

·For Janus Henderson Short Duration 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 the Adviser 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 the Adviser 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 certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser 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 the Adviser has contractually agreed to limit the Fund’s expenses.

·For Janus Henderson Global Equity Income 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 the Adviser 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.

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Janus Henderson Research Fund

Additional Information (unaudited)

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

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

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

Money Market Funds

·For Janus Henderson Government 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 the Adviser has voluntarily agreed to limit the Fund’s expenses to assist the Fund in attempting to maintain a yield of at least 0.00%.

·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 the Adviser has agreed to limit the Fund’s expenses to assist the Fund in attempting to maintain a yield of at least 0.00%.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted 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 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 the Adviser 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 the Adviser 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

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Janus Henderson Research Fund

Additional Information (unaudited)

that the Adviser 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 the Adviser 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 the Adviser 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, 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 the Adviser 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 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 the Adviser 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.

·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 the Adviser 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 the Adviser 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 Mid Cap Value Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

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

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by

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Janus Henderson Research Fund

Additional Information (unaudited)

numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser and 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 the Adviser 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 the Adviser 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 the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser and its affiliates, as well as the fees paid by the Adviser to the subadviser 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 the Adviser and the subadviser 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 the Adviser and subadviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

Economies of Scale

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 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 75% of these Janus Henderson Funds’ have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. The Trustees also noted the following: (1) that for those Janus Henderson Funds whose expenses are being reduced by the contractual expense limitations of the Adviser, the Adviser is subsidizing certain of these Janus Henderson Funds because they have not reached adequate scale; (2) 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 (3) 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 the Adviser 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 the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, the Adviser appeared to be investing to increase the likelihood that these Janus

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Additional Information (unaudited)

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 the Adviser.

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

Other Benefits to the Adviser

The Trustees also considered benefits that accrue to the Adviser and its affiliates and subadviser to the Janus Henderson Funds from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by 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 the Adviser and/or the Adviser, and/or subadviser to a Janus Henderson Fund. The Trustees concluded that the Adviser’s and the subadviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates and subadviser pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser and the subadviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser and the subadviser 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 the Adviser’s and/or the subadviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser and/or other clients of the subadviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser, the subadviser or other Janus Henderson funds, and that the success of the Adviser and the subadviser could enhance the Adviser’s and the subadviser’s ability to serve the Janus Henderson Funds.

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Janus Henderson Research Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

The Management Commentary in this report includes valuable insight as well as statistical information to help you understand how your Fund’s performance and characteristics stack up against those of comparable indices.

If the Fund invests in foreign securities, this report may include information about country exposure. Country exposure is based primarily on 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.

Please keep in mind that the opinions expressed in the Management Commentary are just that: opinions. They are a reflection based on best judgment at the time this report was compiled, which was September 30, 2022. As the investing environment changes, so could opinions. These views are unique and are not necessarily shared by fellow employees or by Janus Henderson in general.

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 the Adviser 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. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by Bloomberg 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.

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Useful Information About Your Fund Report (unaudited)

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.

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.

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.

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Useful Information About Your Fund Report (unaudited)

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 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.

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Janus Henderson Research Fund

Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2022:

Capital Gain Distributions	$2,442,637,608
Dividends Received Deduction Percentage	100%
Qualified Dividend Income Percentage	100%

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Janus Henderson Research Fund

Trustees and Officers (unaudited)

The following are the Trustees and officers of the Trust, together with a brief description of their principal occupations during the last five years (principal occupations for certain Trustees may include periods over five years). The Fund’s Statement of Additional Information includes additional information about the Trustees and officers and is available, without charge, by calling 1-877-335-2687.

Each Trustee has served in that capacity since he or she was originally elected or appointed. The Trustees do not serve a specified term of office. Each Trustee will hold office until the termination of the Trust or his or her earlier death, resignation, retirement, incapacity, or removal. Under the Fund’s Governance Procedures and Guidelines, the policy is for Trustees to retire no later than the end of the calendar year in which the Trustee turns 75. The Trustees review the Fund’s Governance Procedures and Guidelines from time to time and may make changes they deem appropriate. The Fund’s Nominating and Governance Committee will consider nominees for the position of Trustee recommended by shareholders. Shareholders may submit the name of a candidate for consideration by the Committee by submitting their recommendations to the Trust’s Secretary. Each Trustee is currently a Trustee of one other registered investment company advised by the Adviser: Janus Aspen Series. Collectively, these two registered investment companies consist of 50 series or funds referred to herein as the Fund Complex.

The Trust’s officers are elected annually by the Trustees for a one-year term. Certain officers also serve as officers of Janus Aspen Series. Certain officers of the Fund may also be officers and/or directors of the Adviser. Except as otherwise disclosed, Fund officers receive no compensation from the Fund, except for the Fund’s Chief Compliance Officer, as authorized by the Trustees.

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Janus Henderson Research Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Chairman Trustee	5/22-Present 1/13-Present	Principal, Curam Holdings LLC (since 2018). Formerly, Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm) (2012-2018), Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	50	Advisory Board Member of AEW Core Property Trust (open-end property fund) (since 2020), and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016), Director of Nuveen Global Investors LLC (2007-2011), Director of Communities in Schools (2004-2010), and Director of Mutual Fund Education Alliance (until 2010).
Cheryl D. Alston 151 Detroit Street Denver, CO 80206 DOB: 1966	Trustee	8/22-Present	Executive Director and Chief Investment Officer, Employees’ Retirement Fund of the City of Dallas (since 2004).	50	Director of Blue Cross Blue Shield of Kansas City (a not-for-profit health insurance provider) (since 2016) and Director of Global Life Insurance (life and supplemental health insurance provider) (since 2017). Formerly, Director of Federal Home Loan Bank of Dallas (2017-2021).

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Janus Henderson Research Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000), and Chief Investment Officer (1987-1994) and Vice Chairman and Director (1990-1994) of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	50	Member, Limited Partner Advisory Committee, Karmel Capital Fund III (later stage growth fund) (since 2022), Member of the Investment Committee for the Orange County Community Foundation (a grantmaking foundation) (since 2020), Advisory Board Member, RevOZ Fund LP and related funds (real estate investments for opportunity zones) (since 2020), and Advisory Board Member, Innovate Partners Emerging Growth and Equity Fund I (early stage venture capital fund) (since 2014). Formerly, Managing Trustee of National Retirement Partners Liquidating Trust (2013-2016), Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (2005-2013), Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009), Director of RemedyTemp, Inc. (temporary help services company) (1996-2006), and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).

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Janus Henderson Research Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Founder, Daraja Capital (advisory and investment firm) (since 2016). Formerly, Senior Vice President and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (2011-2021), and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	50	Member of the Investment Committee for Cooper Union (private college) (since 2021), Board Member, Van Alen Institute (nonprofit architectural and design organization) (since 2019), and Director of Brightwood Capital Advisors, LLC (since 2014).

58 SEPTEMBER 30, 2022

Janus Henderson Research Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Darrell B. Jackson 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	8/22-Present	President and Chief Executive Officer, The Efficace Group Inc. (since 2018). Formerly, President and Chief Executive Officer, Seaway Bank and Trust Company (community bank) (2014-2015), and Executive Vice President and Co-President, Wealth Management (2009-2014), and several senior positions, including Group Executive, Senior Vice President, and Vice President (1995-2009) of Northern Trust Company (financial services company) (1995-2014).	50	Director of Amalgamated Financial Corp (bank) (since August 2021), Director of YR Media (a not-for-profit production company) (since 2021), and Director of Gray-Bowen-Scott (transportation project consulting firm) (since April 2020). Formerly, Director of Delaware Place Bank (closely held commercial bank) (2016-2018) and Director of Seaway Bank and Trust Company (2014-2015).

Janus Investment Fund 59

Janus Henderson Research Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Trustee	6/02-Present	Chief Executive Officer, muun chi LLC (organic food business) (since 2022) and Independent Consultant (since 2019). Formerly, Chief Operating Officer, muun chi LLC (2020-2022), Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (2016-2019), Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations) (2009-2016), Chief Executive Officer, Imprint Capital Advisors (impact investment firm) (2013-2015), and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	50	Chairman of the Board and Trustee of The Investment Fund for Foundations Investment Program (TIP) (consisting of 1 fund) (since 2008). Formerly, Director of the F.B. Heron Foundation (a private grantmaking foundation) (2006-2022), and Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds) (2016-2021).

60 SEPTEMBER 30, 2022

Janus Henderson Research Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company.	50	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013). Formerly, Director, West Bend Mutual Insurance Company (property/casualty insurance) (2013-2021), Trustee of Northwestern Mutual Life Insurance Company (2010-2013), and Director of Frank Russell Company (global asset management firm) (2008-2013).
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired. Formerly, Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006) and Treasurer for Driehaus Mutual Funds (1996-2002).	50	Formerly, Director of Family Service of Lake County (2019-2021), Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017), Independent Trustee, State Farm Associates’ Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017).

Janus Investment Fund 61

Janus Henderson Research Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	50	Director of Chicago Community Trust (Regional Community Foundation), Lurie Children’s Hospital (Chicago, IL), and Shirley Ryan Ability Lab. Formerly, Director of Wrapports, LLC (until 2022), Director of Chicago Council on Global Affairs (until 2019), InnerWorkings (until 2019) and Director of Walmart (until 2017).

62 SEPTEMBER 30, 2022

Janus Henderson Research Fund

Trustees and Officers (unaudited)

OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Matthew Peron 151 Detroit Street Denver, CO 80206 DOB: 1968	Executive Vice President Janus Henderson Research Fund	4/20-Present	Director of Research of the Adviser and Portfolio Manager for other Janus Henderson accounts. Formerly, Chief Investment Officer for City National Rochdale (2018-2020), Executive Vice President and Managing Director of Global Equity at Northern Trust (2005-2018).
Michelle Rosenberg 151 Detroit Street Denver, CO 80206 DOB: 1973	President and Chief Executive Officer	9/22-Present	General Counsel and Corporate Secretary of Janus Henderson Investors (since 2018). Formerly, Interim President and Chief Executive Officer of the Trust and Janus Aspen Series (2022), Senior Vice President and Head of Legal, North America of Janus Henderson Investors (2017-2018) and Deputy General Counsel of Janus Henderson US (Holdings) Inc. (2015-2018).
Kristin Mariani 151 Detroit Street Denver, CO 80206 DOB: 1966	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	7/20-Present	Head of Compliance, North America for Janus Henderson Investors (since September 2020) and Chief Compliance Officer for Janus Henderson Investors US LLC (since September 2017). Formerly, Global Head of Investment Management Compliance for Janus Henderson Investors (February 2019 - August 2020), Vice President, Head of Global Distribution Compliance and Chief Compliance Officer of Janus Henderson Distributors US LLC (May 2017 – September 2017), Vice President, Compliance at Janus Henderson US (Holdings) Inc., Janus Henderson Investors US LLC, and Janus Henderson Distributors US LLC (2009-2017).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

Janus Investment Fund 63

Janus Henderson Research Fund

Trustees and Officers (unaudited)

OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Head of U.S. Fund Administration, Janus Henderson Investors and Janus Henderson Services US LLC.
Abigail J. Murray 151 Detroit Street Denver, CO 80206 DOB: 1975	Vice President, Chief Legal Officer, and Secretary	12/20-Present	Managing Counsel (2020-present). Formerly, Senior Counsel for Invesco Ltd. (2017-2020), and Vice President and Senior Counsel, ALPS Fund Services, Inc. and Assistant General Counsel, ALPS Advisors, Inc. (2015-2017).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

64 SEPTEMBER 30, 2022

Janus Henderson Research Fund

Notes

NotesPage1

Janus Investment Fund 65

This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Janus Henderson Distributors US LLC
	125-02-93053 11-22

	ANNUAL REPORT September 30, 2022
Janus Henderson Triton Fund
Janus Investment Fund
		HIGHLIGHTS ·Portfolio management perspective ·Investment strategy behind your fund ·Fund performance, characteristics and holdings

Table of Contents

Janus Henderson Triton Fund

Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	17
Statement of Assets and Liabilities	19
Statement of Operations	21
Statements of Changes in Net Assets	23
Financial Highlights	24
Notes to Financial Statements	32
Report of Independent Registered Public Accounting Firm	46
Additional Information	47
Useful Information About Your Fund Report	58
Designation Requirements	61
Trustees and Officers	62

Janus Henderson Triton Fund (unaudited)

FUND SNAPSHOT A moderately positioned, small-mid-cap growth fund seeking long-term growth of capital. The Fund invests in small- and mid-cap companies with differentiated business models and sustainable competitive advantages that are positioned to grow market share regardless of economic conditions. Jonathan Coleman co-portfolio manager Scott Stutzman co-portfolio manager

PERFORMANCE

The Janus Henderson Triton Fund Class I Shares returned -26.38% for the 12-month period ended September 30, 2022. The Fund’s primary benchmark, the Russell 2500^™ Growth Index, returned -29.39%. The Fund’s secondary benchmark, the Russell 2000^® Growth Index, returned -29.27%.

INVESTMENT ENVIRONMENT

Stocks declined over the 12-month period as soaring inflation, rising interest rates, and fears of recession led to market turbulence. Equities started out the period with positive yet volatile performance in the fourth quarter of 2021, as investors focused on strong corporate earnings news. This volatility increased in the first quarter of 2022 as inflation, rising rates, and geopolitical uncertainty weighed on investor sentiment. Expectations for a more restrictive Federal Reserve (Fed) policy also triggered a sell-off in higher-valuation growth stocks. The Fed raised interest rates by 25 basis points (bps) in March, but then moved more aggressively with a 50-bps increase in May and consecutive 75-bps rate hikes in June, July, and September. The Fed also signaled that additional rate hikes were likely into 2023, which kept upward pressure on bond yields. As this aggressive pace of tightening fueled recession fears, we began to witness signs of economic slowing and pressure on earnings as companies faced weaker demand, higher input and financing costs, and currency pressures.

PERFORMANCE DISCUSSION

The past 12 months have been especially challenging for higher-multiple, longer-duration growth stocks, many of which had outperformed during the pandemic. Investors also had little patience for unprofitable or highly indebted companies, and those stocks were among the market’s largest detractors. We have always viewed such companies with skepticism, given our focus on companies with proven earnings performance, high returns on invested capital, and reasonable valuations. Our preference towards investing in these higher quality business models aided our relative outperformance during the last year.

We were also pleased that some of our disciplined growth stocks were rewarded by investors despite this challenging backdrop. Long-time holding ON Semiconductor was a notable contributor. This chip manufacturer delivered strong earnings performance, as shortages in the semiconductor supply chain supported favorable pricing trends. ON Semiconductor also saw widening profit margins as its new management team streamlined operations and focused on fast-growing end markets such as electric vehicles. LPL Financial was another a top contributor. This financial services firm provides a full-service, technology-enabled platform that helps independent financial advisors serve their customers. LPL Financial has continued to add new advisors to its network, which supported its revenue and earnings growth. Higher interest rates were an additional tailwind for its earnings growth due to the interest income it earned on client cash balances.

Catalent, a prominent detractor, is a leading provider of contract drug development and manufacturing services. It has become a trusted manufacturer for biotech companies and some of the largest pharmaceutical companies in the world. This diversified business has been a source of steady earnings growth, but Catalent earned additional revenues over the past few years from its production of COVID vaccines. The COVID-related business slowed more quickly than expected in 2022, leading Catalent to reduce its near-term revenue guidance. This news led to a sell-off in the stock even

Janus Investment Fund 1

Janus Henderson Triton Fund (unaudited)

though the company’s non-COVID-related businesses continued to grow at a healthy pace. We held onto the stock because of the company’s diverse customer base, strong earnings track record, healthy free cash flow, and exposure to some of the highest growth areas within therapeutics.

Purple Innovation, another notable detractor, sells patented polymer mattresses. In late 2021, the company lost sales due to inventory shortfalls and manufacturing setbacks. It subsequently reduced its marketing efforts as it tried to reduce costs, and this retrenchment led to slowing sales growth. News of a management change and a potential capital raise added to pressure on the stock. We opted to exit the position given the headwinds for the business, especially in a less-certain consumer spending environment.

DERIVATIVES USAGE

Please see the Derivative Instruments section in the “Notes to Financial Statements” for a discussion of derivatives used by the Fund.

OUTLOOK

We caution that markets may remain volatile in the near term as investors await more clarity on the extent and impact of Fed interest rate hikes. Despite this uncertainty, we have been encouraged by signs that inflation pressures may be starting to ease along with supply chain bottlenecks, commodity prices, and labor market tightness. The shift away from global supply chains in favor of more regional production may also put upward pressure on prices. These dynamics have made the Fed’s task more challenging, while adding to headwinds for economic growth. We have already seen signs that higher rates are slowing economic growth and corporate earnings, and we recognize that this slowdown may become more pronounced later in the year. At the same time, we have felt reassured about the relative health of the underlying economy and of corporate balance sheets, which may help to mitigate the severity of an economic downturn. We also believe our portfolio is well positioned for this environment due to our focus on disciplined growth companies with strong balance sheets, healthy free cash flow, and high returns on investment. We believe these kinds of companies may be better able to navigate near-term market uncertainty while they capitalize on long-term trends.

Thank you for investing in Janus Henderson Triton Fund.

2 SEPTEMBER 30, 2022

Janus Henderson Triton Fund (unaudited)

Fund At A Glance

September 30, 2022

5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
LPL Financial Holdings Inc	2.73%	1.11%	LivePerson Inc	0.53%	-0.53%
Hostess Brands Inc	1.40%	0.66%	Catalent Inc	2.68%	-0.49%
ON Semiconductor Corp	1.67%	0.66%	Purple Innovation Inc	0.24%	-0.37%
Carlisle Cos Inc	1.19%	0.45%	LiveRamp Holdings Inc	0.89%	-0.36%
Crown Holdings Inc	2.80%	0.40%	NeoGenomics Inc	0.25%	-0.28%

	5 Top Contributors - Sectors*
		Relative	Fund	Russell 2500 Growth Index
		Contribution	Average Weight	Average Weight
	Health Care	1.65%	23.85%	21.02%
	Financials	1.14%	7.88%	6.10%
	Consumer Staples	1.00%	4.39%	3.10%
	Information Technology	0.61%	26.92%	26.57%
	Materials	0.37%	6.83%	3.84%
	5 Top Detractors - Sectors*
		Relative	Fund	Russell 2500 Growth Index
		Contribution	Average Weight	Average Weight
	Energy	-1.43%	0.52%	3.35%
	Industrials	-0.21%	14.41%	15.87%
	Consumer Discretionary	-0.10%	10.50%	14.44%
	Communication Services	0.02%	2.31%	2.18%
	Real Estate	0.05%	0.71%	2.86%
	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 3

Janus Henderson Triton Fund (unaudited)

Fund At A Glance

September 30, 2022

5 Largest Equity Holdings -(% of Net Assets)
LPL Financial Holdings Inc
Capital Markets	3.5%
Crown Holdings Inc
Containers & Packaging	2.5%
Terminix Global Holdings Inc
Diversified Consumer Services	2.4%
Catalent Inc
Pharmaceuticals	2.2%
ON Semiconductor Corp
Semiconductor & Semiconductor Equipment	2.1%
	12.7%

Asset Allocation - (% of Net Assets)
Common Stocks	97.7%
Private Investment in Public Equity (PIPES)	1.5%
Investments Purchased with Cash Collateral from Securities Lending	1.0%
Private Placements	0.6%
Investment Companies	0.3%
Warrants	0.0%
Other		(1.1)%
		100.0%

Top Country Allocations - Long Positions -(% of Investment Securities)
As of September 30, 2022	As of September 30, 2021

4 SEPTEMBER 30, 2022

Janus Henderson Triton Fund (unaudited)

Performance

See important disclosures on the next page.

Average Annual Total Return - for the periods ended September 30, 2022					Prospectus Expense Ratios
	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses‡
Class A Shares at NAV	-26.63%	4.37%	9.89%	10.31%	1.29%
Class A Shares at MOP	-30.85%	3.14%	9.24%	9.94%
Class C Shares at NAV	-26.99%	3.79%	9.22%	9.58%	1.73%
Class C Shares at CDSC	-27.57%	3.79%	9.22%	9.58%
Class D Shares	-26.39%	4.70%	10.23%	10.59%	0.78%
Class I Shares	-26.38%	4.74%	10.28%	10.65%	0.75%
Class N Shares	-26.32%	4.84%	10.39%	10.67%	0.66%
Class R Shares	-26.87%	4.06%	9.56%	9.95%	1.41%
Class S Shares	-26.66%	4.32%	9.84%	10.21%	1.16%
Class T Shares	-26.50%	4.58%	10.12%	10.51%	0.91%
Russell 2500 Growth Index	-29.39%	6.30%	10.30%	8.65%
Russell 2000 Growth Index	-29.27%	3.60%	8.81%	7.49%
Morningstar Quartile - Class T Shares	2nd	3rd	2nd	1st
Morningstar Ranking - based on total returns for Small Growth Funds	186/626	411/586	211/540	16/445

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.

For certain periods, the Fund’s performance may reflect the effect of expense waivers.

Janus Investment Fund 5

Janus Henderson Triton 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), Environmental, Social and Governance (ESG) factors, 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.

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 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.

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.

© 2022 Morningstar, Inc. All Rights Reserved.

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 25, 2005

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

6 SEPTEMBER 30, 2022

Janus Henderson Triton 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 (4/1/22)	Ending Account Value (9/30/22)	Expenses Paid During Period (4/1/22 - 9/30/22)†	Beginning Account Value (4/1/22)	Ending Account Value (9/30/22)	Expenses Paid During Period (4/1/22 - 9/30/22)†	Net Annualized Expense Ratio (4/1/22 - 9/30/22)
Class A Shares		$1,000.00	$784.50	$5.01	$1,000.00	$1,019.45	$5.67	1.12%
Class C Shares		$1,000.00	$782.90	$6.70	$1,000.00	$1,017.55	$7.59	1.50%
Class D Shares		$1,000.00	$785.90	$3.58	$1,000.00	$1,021.06	$4.05	0.80%
Class I Shares		$1,000.00	$785.90	$3.45	$1,000.00	$1,021.21	$3.90	0.77%
Class N Shares		$1,000.00	$786.40	$3.00	$1,000.00	$1,021.71	$3.40	0.67%
Class R Shares		$1,000.00	$783.40	$6.35	$1,000.00	$1,017.95	$7.18	1.42%
Class S Shares		$1,000.00	$784.70	$5.23	$1,000.00	$1,019.20	$5.92	1.17%
Class T Shares		$1,000.00	$785.20	$4.07	$1,000.00	$1,020.51	$4.61	0.91%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 183/365 (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 7

Janus Henderson Triton Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Common Stocks– 97.7%
Aerospace & Defense – 2.5%
	Axon Enterprise Inc*	631,332	$73,076,679
	Kensington Capital Acquisition Corp*	943,535	8,703,356
	Teledyne Technologies Inc*	259,420	87,546,467
			169,326,502
Auto Components – 1.2%
	Fox Factory Holding Corp*	183,548	14,514,976
	Quantumscape Corp*,#	1,293,635	10,879,470
	Visteon Corp*	541,128	57,392,036
			82,786,482
Automobiles – 0.6%
	Thor Industries Inc	583,347	40,822,623
Banks – 0.5%
	MSD Acquisition Corp*,£	3,778,417	37,406,328
Biotechnology – 7.8%
	Abcam PLC*	2,325,256	34,679,362
	Akero Therapeutics Inc*	327,062	11,136,461
	Altimmune Inc*	495,733	6,330,510
	Arrowhead Pharmaceuticals Inc*	503,310	16,634,396
	Ascendis Pharma A/S (ADR)*,#	429,046	44,303,290
	Eagle Pharmaceuticals Inc/DE*,£	793,212	20,956,661
	Fate Therapeutics Inc*	736,438	16,503,576
	Global Blood Therapeutics Inc*	322,121	21,936,440
	Legend Biotech Corp (ADR)*	320,301	13,068,281
	Ligand Pharmaceuticals Inc*,£	897,906	77,318,686
	Mirati Therapeutics Inc*	138,675	9,685,062
	Neurocrine Biosciences Inc*	1,084,299	115,163,397
	Sarepta Therapeutics Inc*	950,626	105,082,198
	Vaxcyte Inc*	1,570,995	37,703,880
			530,502,200
Building Products – 1.0%
	Zurn Water Solutions Corp	2,800,311	68,607,620
Capital Markets – 4.8%
	Cboe Global Markets Inc	742,604	87,159,431
	LPL Financial Holdings Inc	1,101,625	240,683,030
			327,842,461
Chemicals – 1.7%
	Sensient Technologies Corp£	1,638,321	113,601,178
Commercial Services & Supplies – 1.9%
	Brady Corp	1,810,739	75,562,138
	Driven Brands Holdings Inc*	1,943,156	54,369,505
			129,931,643
Construction Materials – 1.0%
	Summit Materials Inc*	2,911,583	69,761,529
Containers & Packaging – 3.7%
	Crown Holdings Inc	2,087,954	169,186,913
	Sealed Air Corp	1,886,558	83,970,697
			253,157,610
Diversified Consumer Services – 2.9%
	Frontdoor Inc*	484,467	9,878,282
	Mister Car Wash Inc*,#	2,931,672	25,153,746
	Terminix Global Holdings Inc*	4,266,728	163,373,015
			198,405,043
Diversified Financial Services – 0.6%
	Clarivate Analytics PLC*	4,213,106	39,561,065
Diversified Telecommunication Services – 0.2%
	AST SpaceMobile Inc*,#	1,670,199	12,058,837
Electrical Equipment – 2.8%
	EnerSys	1,001,940	58,282,850
	Regal Beloit Corp	629,458	88,350,725

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
8	SEPTEMBER 30, 2022

Janus Henderson Triton Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Common Stocks– (continued)
Electrical Equipment– (continued)
	Stem Inc*	1,100,279	$14,677,722
	Wallbox NV*	3,607,555	28,427,533
			189,738,830
Electronic Equipment, Instruments & Components – 3.3%
	Flex Ltd*	3,970,616	66,150,463
	Itron Inc*	460,116	19,375,485
	Mirion Technologies Inc*	1,385,807	10,351,978
	National Instruments Corp	959,578	36,214,474
	OSI Systems Inc*,£	1,280,610	92,280,757
			224,373,157
Energy Equipment & Services – 0.5%
	Helmerich & Payne Inc	931,529	34,438,627
Equity Real Estate Investment Trusts (REITs) – 0.7%
	Lamar Advertising Co	576,730	47,574,458
Food & Staples Retailing – 1.4%
	Casey's General Stores Inc	285,239	57,766,602
	Grocery Outlet Holding Corp*	1,232,726	41,037,449
			98,804,051
Food Products – 3.7%
	Hostess Brands Inc*,£	5,823,832	135,345,856
	Premium Brands Holdings Corp#	791,107	48,685,270
	Simply Good Foods Co*	2,239,066	71,627,721
			255,658,847
Health Care Equipment & Supplies – 7.2%
	Glaukos Corp*	1,040,179	55,379,130
	Globus Medical Inc*	1,800,248	107,240,773
	ICU Medical Inc*	458,201	69,005,071
	Integra LifeSciences Holdings Corp*	2,196,320	93,036,115
	iRhythm Technologies Inc*	433,241	54,276,432
	Neogen Corp*	1,323,406	18,487,982
	QuidelOrtho Corp*	339,522	24,269,033
	STERIS PLC	402,789	66,975,755
			488,670,291
Health Care Providers & Services – 2.4%
	Agiliti Inc*,#	5,258,127	75,243,797
	Chemed Corp	68,819	30,043,623
	HealthEquity Inc*	907,611	60,964,231
			166,251,651
Hotels, Restaurants & Leisure – 1.5%
	Churchill Downs Inc	238,400	43,901,360
	Wendy's Co	3,223,186	60,241,346
			104,142,706
Household Durables – 0.3%
	Helen of Troy Ltd*	212,962	20,538,055
Independent Power and Renewable Electricity Producers – 0.8%
	NRG Energy Inc	1,474,565	56,431,603
Industrial Conglomerates – 1.4%
	Carlisle Cos Inc	345,283	96,820,806
Information Technology Services – 5.1%
	Broadridge Financial Solutions Inc	651,399	94,009,904
	Euronet Worldwide Inc*	959,852	72,718,388
	LiveRamp Holdings Inc*	2,165,441	39,324,409
	MAXIMUS Inc	1,277,117	73,906,761
	WEX Inc*	539,247	68,452,014
			348,411,476
Insurance – 1.0%
	Selective Insurance Group Inc	804,270	65,467,578

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	9

Janus Henderson Triton Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Common Stocks– (continued)
Internet & Direct Marketing Retail – 0.5%
	Etsy Inc*	349,344	$34,979,815
Life Sciences Tools & Services – 2.2%
	Bio-Techne Corp	150,908	42,857,872
	Bruker Corp	1,030,721	54,690,056
	PerkinElmer Inc	361,928	43,550,796
	SomaLogic Inc*	2,296,045	6,658,531
			147,757,255
Machinery – 3.5%
	Desktop Metal Inc - Class A*,#	6,227,980	16,130,468
	Donaldson Co Inc	1,009,213	49,461,529
	Gates Industrial Corp PLC*	5,145,314	50,218,265
	ITT Inc	834,656	54,536,423
	Nordson Corp	293,953	62,397,403
	Xos Inc*	2,131,405	2,557,686
			235,301,774
Media – 0.5%
	Cable One Inc	38,984	33,255,301
Oil, Gas & Consumable Fuels – 1.3%
	Magnolia Oil & Gas Corp	3,041,158	60,245,340
	PDC Energy Inc	494,733	28,590,620
			88,835,960
Pharmaceuticals – 2.8%
	Catalent Inc*	2,103,325	152,196,597
	Horizon Therapeutics PLC*	660,290	40,865,348
			193,061,945
Professional Services – 2.4%
	Alight Inc - Class A*	9,817,346	71,961,146
	TriNet Group Inc*	1,245,601	88,711,703
			160,672,849
Road & Rail – 1.0%
	Saia Inc*,#	347,673	66,057,870
Semiconductor & Semiconductor Equipment – 4.4%
	Brooks Automation Inc	790,150	33,865,829
	Entegris Inc	695,716	57,758,342
	ON Semiconductor Corp*	2,287,552	142,583,116
	SMART Global Holdings Inc*	1,330,139	21,109,306
	Wolfspeed Inc*	404,748	41,834,753
			297,151,346
Software – 12.6%
	Altair Engineering Inc*	1,002,619	44,335,812
	Aspen Technology Inc*	203,626	48,503,713
	Avalara Inc*	595,080	54,628,344
	Blackbaud Inc*	1,924,576	84,796,819
	Ceridian HCM Holding Inc*	531,481	29,699,158
	Clearwater Analytics Holdings Inc - Class A*,#	1,460,677	24,524,767
	Consensus Cloud Solutions Inc*	691,027	32,685,577
	Dynatrace Inc*	1,901,578	66,193,930
	Envestnet Inc*	959,377	42,596,339
	j2 Global Inc*	1,495,334	102,400,472
	LivePerson Inc*	1,675,668	15,784,793
	Nice Ltd (ADR)*	254,734	47,951,128
	Pagerduty Inc*	2,716,736	62,675,100
	SS&C Technologies Holdings Inc	2,687,634	128,334,523
	Zendesk Inc*	929,099	70,704,434
			855,814,909
Specialty Retail – 2.4%
	Leslie's Inc*,#	4,294,551	63,172,845
	National Vision Holdings Inc*	1,962,464	64,074,450

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
10	SEPTEMBER 30, 2022

Janus Henderson Triton Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Common Stocks– (continued)
Specialty Retail– (continued)
	Williams-Sonoma Inc	323,909	$38,172,676
			165,419,971
Technology Hardware, Storage & Peripherals – 0.4%
	NCR Corp*	1,330,737	25,297,310
Thrifts & Mortgage Finance – 1.2%
	Walker & Dunlop Inc	1,002,843	83,968,044
Total Common Stocks (cost $4,977,214,059)			6,658,667,606
Private Investment in Public Equity (PIPES)– 1.5%
Capital Markets – 0.4%
	P3 Health Partners Inc*,§	6,240,748	28,832,256
Diversified Financial Services – 1.1%
	Mirion Technologies Inc*,§	9,458,407	70,654,300
Total Private Investment in Public Equity (PIPES) (cost $154,104,774)			99,486,556
Private Placements– 0.6%
Professional Services – 0.2%
	IntelyCare Inc*,¢,§	1,023,958	16,240,076
Software – 0.4%
	Loadsmart Inc - Series A*,¢,§	377,303	7,043,832
	Loadsmart Inc - Series D*,¢,§	1,075,313	20,074,911
			27,118,743
Total Private Placements (cost $53,756,971)			43,358,819
Warrants– 0%
Aerospace & Defense – 0%
	Amprius Technologies Inc, expires 3/2/27*	1,887,070	603,862
Electrical Equipment – 0%
	Wallbox NV - Class A, expires 12/31/26*	665,780	925,434
Total Warrants (cost $1,754,802)			1,529,296
Investment Companies– 0.3%
Money Markets – 0.3%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº,£((cost $22,505,545)	22,504,410	22,506,660
Investments Purchased with Cash Collateral from Securities Lending– 1.0%
Investment Companies – 0.8%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº,£	54,754,734	54,754,734
Time Deposits – 0.2%
	Royal Bank of Canada, 3.0600%, 10/3/22	$14,503,294	14,503,294
Total Investments Purchased with Cash Collateral from Securities Lending (cost $69,258,028)			69,258,028
Total Investments (total cost $5,278,594,179) – 101.1%			6,894,806,965
Liabilities, net of Cash, Receivables and Other Assets – (1.1)%			(76,391,287)
Net Assets – 100%			$6,818,415,678

Summary of Investments by Country - (Long Positions) (unaudited)
		% of
		Investment
Country	Value	Securities
United States	$6,689,834,948	97.0	%
Canada	48,685,270	0.7
Israel	47,951,128	0.7
Denmark	44,303,290	0.7
United Kingdom	34,679,362	0.5
Spain	29,352,967	0.4

Total $6,894,806,965 100.0 %

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	11

Janus Henderson Triton Fund

Schedule of Investments

September 30, 2022

Schedules of Affiliated Investments – (% of Net Assets)

		Dividend Income(1)		Realized Gain/(Loss)(1)		Change in Unrealized Appreciation/ Depreciation(1)		Value at 9/30/22
Common Stocks - 3.3%
Banks - 0.5%
	MSD Acquisition Corp*	$	-	$	(45,770)	$	(418,575)	$	37,406,328
Biotechnology - 1.4%
	Eagle Pharmaceuticals Inc/DE*		-		(6,515,414)		(19,542,531)		20,956,661
	Ligand Pharmaceuticals Inc*		-		(3,118,987)		(49,761,316)		77,318,686
Total Biotechnology		$	-	$	(9,634,401)	$	(69,303,847)	$	98,275,347
Chemicals - N/A
	Sensient Technologies Corpš		3,119,540		22,813,017		(58,141,099)		N/A
Diversified Financial Services - N/A
	Kensington Capital Acquisition Corp		-		-		3,821,581		-
Electronic Equipment, Instruments & Components - 1.4%
	OSI Systems Inc*		-		-		(29,121,071)		92,280,757
Food Products - N/A
	Hostess Brands Inc*,š		-		2,776,918		33,352,451		N/A
Household Durables - N/A
	Purple Innovation Inc		-		(97,067,983)		30,348,168		-
Total Common Stocks		$	3,119,540	$	(81,158,219)	$	(89,462,392)	$	227,962,432
Private Investment in Public Equity (PIPES) - N/A
Diversified Financial Services - N/A
	Wallbox BV		-		-		2,332,010		-
Investment Companies - 0.3%
Money Markets - 0.3%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº		210,779		(3,427)		678		22,506,660
Investments Purchased with Cash Collateral from Securities Lending - 0.8%
Investment Companies - 0.8%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº		1,134,698∆		-		-		54,754,734
Total Affiliated Investments - 4.4%		$	4,465,017	$	(81,161,646)	$	(87,129,704)	$	305,223,826

(1) For securities that were affiliated for a portion of the year ended September 30, 2022, this column reflects amounts for the entire year ended September 30, 2022 and not just the period in which the security was affiliated.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
12	SEPTEMBER 30, 2022

Janus Henderson Triton Fund

Schedule of Investments

September 30, 2022

		Value at 9/30/21		Purchases		Sales Proceeds		Value at 9/30/22
Common Stocks - 3.3%
Banks - 0.5%
	MSD Acquisition Corp*		40,773,523		-		(2,902,850)		37,406,328
Biotechnology - 1.4%
	Eagle Pharmaceuticals Inc/DE*		53,871,543		-		(6,856,937)		20,956,661
	Ligand Pharmaceuticals Inc*		145,600,685		-		(15,401,696)		77,318,686
Chemicals - N/A
	Sensient Technologies Corpš		231,045,095		-		(82,115,835)		113,601,178
Diversified Financial Services - N/A
	Kensington Capital Acquisition Corp		22,809,649		-		(26,631,230)Ð		-
Electronic Equipment, Instruments & Components - 1.4%
	OSI Systems Inc*		121,401,828		-		-		92,280,757
Food Products - N/A
	Hostess Brands Inc*,š		114,429,165		-		(15,212,678)		135,345,856
Household Durables - N/A
	Purple Innovation Inc		64,992,516		20,461,023		(18,733,724)		-
Private Investment in Public Equity (PIPES) - N/A
Diversified Financial Services - N/A
	Wallbox BV		11,226,190		-		(13,558,200)Ð		-
Investment Companies - 0.3%
Money Markets - 0.3%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº		188,325,249		1,461,693,077		(1,627,508,917)		22,506,660
Investments Purchased with Cash Collateral from Securities Lending - 0.8%
Investment Companies - 0.8%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº		39,470,021		629,386,452		(614,101,739)		54,754,734

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	13

Janus Henderson Triton Fund

Schedule of Investments

September 30, 2022

Schedule of Forward Foreign Currency Exchange Contracts

Counterparty/ Foreign Currency	Settlement Date	Foreign Currency Amount (Sold)/ Purchased		USD Currency Amount (Sold)/ Purchased		Market Value and Unrealized Appreciation/ (Depreciation)
Barclays Capital, Inc.:
British Pound	12/22/22	(5,868,000)	$	6,800,132	$	242,271
Canadian Dollar	12/22/22	(11,299,000)		8,590,860		406,106
Euro	12/22/22	(5,156,000)		5,187,220		101,193
						749,570
Citibank, National Association:
British Pound	12/22/22	993,000		(1,128,200)		(18,460)
British Pound	12/22/22	(6,087,000)		7,049,259		246,652
Canadian Dollar	12/22/22	1,935,000		(1,412,237)		(10,564)
Canadian Dollar	12/22/22	(11,299,000)		8,589,906		405,152
Euro	12/22/22	(4,337,000)		4,368,058		89,917
						712,697
HSBC Securities (USA), Inc.:
British Pound	12/22/22	2,184,000		(2,388,191)		52,567
British Pound	12/22/22	(6,829,000)		7,918,021		286,182
Canadian Dollar	12/22/22	(11,298,000)		8,592,444		408,415
Euro	12/22/22	2,226,000		(2,171,937)		23,854
Euro	12/22/22	(10,616,000)		10,686,172		214,245
						985,263
JPMorgan Chase Bank, National Association:
British Pound	12/22/22	(6,866,000)		7,945,757		272,568
British Pound	12/22/22	(925,000)		997,784		(35,962)
Canadian Dollar	12/22/22	(13,446,000)		10,220,315		480,320
Euro	12/22/22	957,000		(938,604)		5,408
Euro	12/22/22	639,000		(637,556)		(7,228)
Euro	12/22/22	(2,783,000)		2,800,742		55,511
						770,617
State Street Bank and Trust Company:
British Pound	12/22/22	420,000		(464,786)		4,591
British Pound	12/22/22	(5,916,000)		6,861,211		249,707
Canadian Dollar	12/22/22	4,202,000		(3,120,695)		(76,857)
Canadian Dollar	12/22/22	(11,299,000)		8,598,182		413,428
Euro	12/22/22	(2,857,000)		2,878,213		59,986
						650,855
Total					$	3,869,002

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
14	SEPTEMBER 30, 2022

Janus Henderson Triton Fund

Schedule of Investments

September 30, 2022

The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of September 30, 2022.

Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of September 30, 2022
	Currency Contracts
Asset Derivatives:
Forward foreign currency exchange contracts	$4,018,073
Liability Derivatives:
Forward foreign currency exchange contracts	$ 149,071

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the year ended September 30, 2022.

The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the year ended September 30, 2022
Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative	Currency Contracts
Forward foreign currency exchange contracts	$13,209,045
Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative	Currency Contracts
Forward foreign currency exchange contracts	$ 1,618,285

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

Average Ending Monthly Value of Derivative Instruments During the Year Ended September 30, 2022
Forward foreign currency exchange contracts:
Average amounts purchased - in USD	$27,211,327
Average amounts sold - in USD	142,096,912

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	15

Janus Henderson Triton Fund

Schedule of Investments

September 30, 2022

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.		$	749,570	$	—	$	—	$	749,570
Citibank, National Association			741,721		(29,024)		—		712,697
HSBC Securities (USA), Inc.			985,263		—		—		985,263
JPMorgan Chase Bank, National Association			67,827,513		(43,190)		(67,013,706)		770,617
State Street Bank and Trust Company			727,712		(76,857)		—		650,855
Total		$	71,031,779	$	(149,071)	$	(67,013,706)	$	3,869,002
Offsetting of Financial Liabilities and Derivative Liabilities
			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Liabilities		or Liability(a)		Pledged(b)		Net Amount
Citibank, National Association		$	29,024	$	(29,024)	$	—	$	—
JPMorgan Chase Bank, National Association			43,190		(43,190)		—		—
State Street Bank and Trust Company			76,857		(76,857)		—		—
Total		$	149,071	$	(149,071)	$	—	$	—
(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.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
16	SEPTEMBER 30, 2022

Janus Henderson Triton Fund

Notes to Schedule of Investments and Other Information

Russell 2000® Growth Index	Russell 2000® Growth Index reflects the performance of U.S. small-cap equities with higher price-to-book ratios and higher forecasted growth values.
Russell 2500TMGrowth Index	Russell 2500TM Growth Index reflects the performance of U.S. small to mid-cap equities with higher price-to-book ratios and higher forecasted growth values.

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

* Non-income producing security.

ºº Rate shown is the 7-day yield as of September 30, 2022.

# Loaned security; a portion of the security is on loan at September 30, 2022.

¢ Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the year ended September 30, 2022 is $43,358,819, which represents 0.6% of net assets.

£ 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 September 30, 2022.

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

Ð All or a portion is the result of a corporate action.

§	Schedule of Restricted Securities (as of September 30, 2022)
							Value as a
		Acquisition					% of Net
		Date		Cost		Value	Assets
IntelyCare Inc		3/29/22	$	25,081,954	$	16,240,076	0.2	%
Loadsmart Inc - Series A		1/4/22		7,168,757		7,043,832	0.1
Loadsmart Inc - Series D		1/4/22		21,506,260		20,074,911	0.3
Mirion Technologies Inc		6/16/21		94,584,070		70,654,300	1.1
P3 Health Partners Inc		5/25/21		59,520,704		28,832,256	0.4
Total			$	207,861,745	$	142,845,375	2.1	%
The Fund has registration rights for certain restricted securities held as of September 30, 2022. The issuer incurs all registration costs.

Janus Investment Fund 17

Janus Henderson Triton Fund

Notes to Schedule of Investments and Other Information

The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of September 30, 2022. 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		$	495,822,838	$	34,679,362	$	-
All Other			6,128,165,406		-		-
Private Investment in Public Equity (PIPES)			99,486,556		-		-
Private Placements			-		-		43,358,819
Warrants			1,529,296		-		-
Investment Companies			-		22,506,660		-
Investments Purchased with Cash Collateral from Securities Lending			-		69,258,028		-
Total Investments in Securities		$	6,725,004,096	$	126,444,050	$	43,358,819
Other Financial Instruments(a):
Forward Foreign Currency Exchange Contracts			-		4,018,073		-
Total Assets		$	6,725,004,096	$	130,462,123	$	43,358,819
Liabilities
Other Financial Instruments(a):
Forward Foreign Currency Exchange Contracts		$	-	$	149,071	$	-
(a)	Other financial instruments include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date.

18 SEPTEMBER 30, 2022

Janus Henderson Triton Fund

Statement of Assets and Liabilities

September 30, 2022

See footnotes at the end of the Statement.

Assets:
	Unaffiliated investments, at value (cost $4,929,505,196)(1)		$	6,589,583,139
	Affiliated investments, at value (cost $349,088,983)			305,223,826
	Forward foreign currency exchange contracts			4,018,073
	Trustees' deferred compensation			205,412
	Receivables:
		Fund shares sold		39,561,314
		Investments sold		1,725,327
		Dividends		1,273,785
		Foreign tax reclaims		201,263
		Dividends from affiliates		41,715
	Other assets			257,884
Total Assets				6,942,091,738
Liabilities:
	Due to custodian			70
	Collateral for securities loaned (Note 3)			69,258,028
	Forward foreign currency exchange contracts			149,071
	Payables:			—
		Fund shares repurchased		48,416,511
		Advisory fees		4,126,319
		Transfer agent fees and expenses		885,451
		12b-1 Distribution and shareholder servicing fees		228,927
		Trustees' deferred compensation fees		205,412
		Professional fees		59,564
		Trustees' fees and expenses		36,980
		Custodian fees		17,126
		Affiliated fund administration fees payable		16,118
		Accrued expenses and other payables		276,483
Total Liabilities				123,676,060
Net Assets			$	6,818,415,678

See Notes to Financial Statements.
Janus Investment Fund	19

Janus Henderson Triton Fund

Statement of Assets and Liabilities

September 30, 2022

Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	4,877,243,098
	Total distributable earnings (loss)		1,941,172,580
Total Net Assets		$	6,818,415,678
Net Assets - Class A Shares		$	277,727,161
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		12,069,530
Net Asset Value Per Share(2)		$	23.01
Maximum Offering Price Per Share(3)		$	24.41
Net Assets - Class C Shares		$	18,939,521
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		944,580
Net Asset Value Per Share(2)		$	20.05
Net Assets - Class D Shares		$	864,531,264
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		35,798,057
Net Asset Value Per Share		$	24.15
Net Assets - Class I Shares		$	1,154,792,096
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		47,301,784
Net Asset Value Per Share		$	24.41
Net Assets - Class N Shares		$	2,485,743,305
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		100,783,138
Net Asset Value Per Share		$	24.66
Net Assets - Class R Shares		$	188,832,370
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		8,684,762
Net Asset Value Per Share		$	21.74
Net Assets - Class S Shares		$	234,960,913
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		10,366,094
Net Asset Value Per Share		$	22.67
Net Assets - Class T Shares		$	1,592,889,048
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		67,027,227
Net Asset Value Per Share		$	23.76

(1)Includes $67,013,706 of securities on loan. See Note 3 in Notes to Financial Statements.

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

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

See Notes to Financial Statements.
20	SEPTEMBER 30, 2022

Janus Henderson Triton Fund

Statement of Operations

For the year ended September 30, 2022

Investment Income:
	Dividends		$	39,410,903
	Dividends from affiliates			3,330,319
	Affiliated securities lending income, net			1,134,698
	Unaffiliated securities lending income, net			60,883
	Other income			11,062
	Foreign tax withheld			(255,653)
Total Investment Income				43,692,212
Expenses:
	Advisory fees			60,013,309
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		938,224
		Class C Shares		286,039
		Class R Shares		1,230,759
		Class S Shares		843,885
	Transfer agent administrative fees and expenses:
		Class D Shares		1,271,337
		Class R Shares		624,822
		Class S Shares		848,926
		Class T Shares		5,373,016
	Transfer agent networking and omnibus fees:
		Class A Shares		1,464,086
		Class C Shares		24,010
		Class I Shares		1,553,351
	Other transfer agent fees and expenses:
		Class A Shares		24,043
		Class C Shares		1,688
		Class D Shares		122,332
		Class I Shares		115,716
		Class N Shares		128,141
		Class R Shares		5,892
		Class S Shares		4,474
		Class T Shares		19,672
	Shareholder reports expense			261,021
	Affiliated fund administration fees			234,426
	Trustees’ fees and expenses			184,291
	Registration fees			175,112
	Custodian fees			112,130
	Professional fees			93,432
	Other expenses			564,845
Total Expenses				76,518,979
Less: Excess Expense Reimbursement and Waivers				(835,215)
Net Expenses				75,683,764
Net Investment Income/(Loss)				(31,991,552)

See Notes to Financial Statements.
Janus Investment Fund	21

Janus Henderson Triton Fund

Statement of Operations

For the year ended September 30, 2022

Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	538,322,741
	Investments in affiliates		(81,161,646)
	Forward foreign currency exchange contracts		13,209,045
Total Net Realized Gain/(Loss) on Investments			470,370,140
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and Trustees’ deferred compensation		(2,961,931,201)
	Investments in affiliates		(87,129,704)
	Forward foreign currency exchange contracts		1,618,285
Total Change in Unrealized Net Appreciation/Depreciation			(3,047,442,620)
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	(2,609,064,032)

See Notes to Financial Statements.
22	SEPTEMBER 30, 2022

Janus Henderson Triton Fund

Statements of Changes in Net Assets

			Year ended September 30, 2022		Year ended September 30, 2021
Operations:
	Net investment income/(loss)		$	(31,991,552)	$	(49,031,496)
	Net realized gain/(loss) on investments			470,370,140		2,261,924,577
	Change in unrealized net appreciation/depreciation			(3,047,442,620)		1,229,246,038
Net Increase/(Decrease) in Net Assets Resulting from Operations				(2,609,064,032)		3,442,139,119
Dividends and Distributions to Shareholders:
		Class A Shares		(79,886,294)		(20,918,705)
		Class C Shares		(8,666,725)		(5,224,115)
		Class D Shares		(220,219,254)		(52,614,084)
		Class I Shares		(331,363,921)		(94,827,813)
		Class N Shares		(711,413,843)		(187,894,503)
		Class R Shares		(53,978,801)		(14,319,168)
		Class S Shares		(72,364,312)		(22,371,704)
		Class T Shares		(450,188,562)		(118,585,208)
Net Decrease from Dividends and Distributions to Shareholders				(1,928,081,712)		(516,755,300)
Capital Share Transactions:
		Class A Shares		(3,460,663)		(61,612,927)
		Class C Shares		(13,329,427)		(72,525,699)
		Class D Shares		113,336,445		(64,762,842)
		Class I Shares		(150,968,605)		(416,233,465)
		Class N Shares		(248,827,543)		(499,325,933)
		Class R Shares		21,508,574		(62,146,403)
		Class S Shares		(52,512,981)		(118,034,473)
		Class T Shares		(28,513,973)		(372,317,004)
Net Increase/(Decrease) from Capital Share Transactions				(362,768,173)		(1,666,958,746)
Net Increase/(Decrease) in Net Assets				(4,899,913,917)		1,258,425,073
Net Assets:
	Beginning of period			11,718,329,595		10,459,904,522
	End of period		$	6,818,415,678	$	11,718,329,595

See Notes to Financial Statements.
Janus Investment Fund	23

Janus Henderson Triton Fund

Financial Highlights

Class A Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$38.38	$30.01	$29.95	$33.12	$28.03
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.19)	(0.26)	(0.16)	(0.08)	(0.07)
		Net realized and unrealized gain/(loss)	(8.25)	10.22	1.55	(1.19)	6.62
	Total from Investment Operations		(8.44)	9.96	1.39	(1.27)	6.55
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(6.93)	(1.59)	(1.33)	(1.90)	(1.46)
	Total Dividends and Distributions		(6.93)	(1.59)	(1.33)	(1.90)	(1.46)
	Net Asset Value, End of Period		$23.01	$38.38	$30.01	$29.95	$33.12
	Total Return*		(26.63)%	33.41%	4.64%	(2.69)%	24.26%
	Net Assets, End of Period (in thousands)		$277,727	$467,269	$416,036	$491,045	$586,644
	Average Net Assets for the Period (in thousands)		$376,354	$494,458	$430,974	$501,143	$544,457
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.30%	1.29%	1.35%	1.33%	1.30%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.12%	1.10%	1.12%	1.12%	1.12%
		Ratio of Net Investment Income/(Loss)	(0.65)%	(0.69)%	(0.57)%	(0.28)%	(0.25)%
	Portfolio Turnover Rate		8%	24%	32%	26%	21%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.
24	SEPTEMBER 30, 2022

Janus Henderson Triton Fund

Financial Highlights

Class C Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$34.49	$27.23	$27.45	$30.72	$26.25
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.31)	(0.42)	(0.30)	(0.23)	(0.25)
		Net realized and unrealized gain/(loss)	(7.20)	9.27	1.41	(1.14)	6.18
	Total from Investment Operations		(7.51)	8.85	1.11	(1.37)	5.93
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(6.93)	(1.59)	(1.33)	(1.90)	(1.46)
	Total Dividends and Distributions		(6.93)	(1.59)	(1.33)	(1.90)	(1.46)
	Net Asset Value, End of Period		$20.05	$34.49	$27.23	$27.45	$30.72
	Total Return*		(26.99)%	32.72%	4.02%	(3.26)%	23.51%
	Net Assets, End of Period (in thousands)		$18,940	$49,738	$97,105	$150,431	$206,617
	Average Net Assets for the Period (in thousands)		$33,240	$75,187	$124,872	$168,909	$219,336
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.60%	1.65%	1.70%	1.68%	1.74%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.60%	1.65%	1.70%	1.68%	1.74%
		Ratio of Net Investment Income/(Loss)	(1.15)%	(1.25)%	(1.14)%	(0.84)%	(0.88)%
	Portfolio Turnover Rate		8%	24%	32%	26%	21%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.
Janus Investment Fund	25

Janus Henderson Triton Fund

Financial Highlights

Class D Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$39.82	$30.99	$30.79	$33.89	$28.56
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.10)	(0.14)	(0.07)	0.01	0.02
		Net realized and unrealized gain/(loss)	(8.64)	10.56	1.60	(1.21)	6.77
	Total from Investment Operations		(8.74)	10.42	1.53	(1.20)	6.79
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(6.93)	(1.59)	(1.33)	(1.90)	(1.46)
	Total Dividends and Distributions		(6.93)	(1.59)	(1.33)	(1.90)	(1.46)
	Net Asset Value, End of Period		$24.15	$39.82	$30.99	$30.79	$33.89
	Total Return*		(26.39)%	33.85%	4.98%	(2.41)%	24.67%
	Net Assets, End of Period (in thousands)		$864,531	$1,289,904	$1,057,332	$1,191,950	$1,302,196
	Average Net Assets for the Period (in thousands)		$1,111,102	$1,297,945	$1,088,543	$1,183,056	$1,190,715
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.79%	0.78%	0.80%	0.80%	0.80%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.79%	0.78%	0.80%	0.80%	0.80%
		Ratio of Net Investment Income/(Loss)	(0.32)%	(0.37)%	(0.25)%	0.04%	0.07%
	Portfolio Turnover Rate		8%	24%	32%	26%	21%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.
26	SEPTEMBER 30, 2022

Janus Henderson Triton Fund

Financial Highlights

Class I Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$40.17	$31.24	$31.02	$34.11	$28.72
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.09)	(0.13)	(0.06)	0.02	0.04
		Net realized and unrealized gain/(loss)	(8.74)	10.65	1.61	(1.21)	6.81
	Total from Investment Operations		(8.83)	10.52	1.55	(1.19)	6.85
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(6.93)	(1.59)	(1.33)	(1.90)	(1.46)
	Total Dividends and Distributions		(6.93)	(1.59)	(1.33)	(1.90)	(1.46)
	Net Asset Value, End of Period		$24.41	$40.17	$31.24	$31.02	$34.11
	Total Return*		(26.38)%	33.90%	5.00%	(2.36)%	24.74%
	Net Assets, End of Period (in thousands)		$1,154,792	$2,082,427	$1,953,114	$2,235,807	$2,451,517
	Average Net Assets for the Period (in thousands)		$1,607,957	$2,243,961	$2,022,112	$2,206,658	$2,158,823
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.76%	0.75%	0.76%	0.76%	0.75%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.76%	0.75%	0.76%	0.76%	0.75%
		Ratio of Net Investment Income/(Loss)	(0.30)%	(0.34)%	(0.21)%	0.08%	0.12%
	Portfolio Turnover Rate		8%	24%	32%	26%	21%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.
Janus Investment Fund	27

Janus Henderson Triton Fund

Financial Highlights

Class N Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$40.48	$31.44	$31.18	$34.24	$28.80
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.06)	(0.10)	(0.03)	0.05	0.07
		Net realized and unrealized gain/(loss)	(8.83)	10.73	1.62	(1.21)	6.83
	Total from Investment Operations		(8.89)	10.63	1.59	(1.16)	6.90
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(6.93)	(1.59)	(1.33)	(1.90)	(1.46)
	Total Dividends and Distributions		(6.93)	(1.59)	(1.33)	(1.90)	(1.46)
	Net Asset Value, End of Period		$24.66	$40.48	$31.44	$31.18	$34.24
	Total Return*		(26.32)%	34.04%	5.11%	(2.26)%	24.85%
	Net Assets, End of Period (in thousands)		$2,485,743	$4,412,467	$3,824,419	$3,848,034	$3,218,359
	Average Net Assets for the Period (in thousands)		$3,483,140	$4,658,162	$3,817,816	$3,452,214	$2,381,425
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.66%	0.66%	0.66%	0.66%	0.66%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.66%	0.66%	0.66%	0.66%	0.66%
		Ratio of Net Investment Income/(Loss)	(0.20)%	(0.25)%	(0.12)%	0.17%	0.23%
	Portfolio Turnover Rate		8%	24%	32%	26%	21%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.
28	SEPTEMBER 30, 2022

Janus Henderson Triton Fund

Financial Highlights

Class R Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$36.75	$28.86	$28.94	$32.17	$27.34
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.26)	(0.35)	(0.24)	(0.16)	(0.16)
		Net realized and unrealized gain/(loss)	(7.82)	9.83	1.49	(1.17)	6.45
	Total from Investment Operations		(8.08)	9.48	1.25	(1.33)	6.29
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(6.93)	(1.59)	(1.33)	(1.90)	(1.46)
	Total Dividends and Distributions		(6.93)	(1.59)	(1.33)	(1.90)	(1.46)
	Net Asset Value, End of Period		$21.74	$36.75	$28.86	$28.94	$32.17
	Total Return*		(26.87)%	33.06%	4.30%	(2.97)%	23.91%
	Net Assets, End of Period (in thousands)		$188,832	$293,567	$281,907	$325,507	$386,643
	Average Net Assets for the Period (in thousands)		$248,880	$316,824	$295,035	$341,001	$352,329
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.41%	1.40%	1.41%	1.41%	1.41%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.41%	1.40%	1.41%	1.41%	1.41%
		Ratio of Net Investment Income/(Loss)	(0.94)%	(0.99)%	(0.86)%	(0.57)%	(0.54)%
	Portfolio Turnover Rate		8%	24%	32%	26%	21%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.
Janus Investment Fund	29

Janus Henderson Triton Fund

Financial Highlights

Class S Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$37.93	$29.68	$29.65	$32.83	$27.81
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.21)	(0.28)	(0.17)	(0.09)	(0.09)
		Net realized and unrealized gain/(loss)	(8.12)	10.12	1.53	(1.19)	6.57
	Total from Investment Operations		(8.33)	9.84	1.36	(1.28)	6.48
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(6.93)	(1.59)	(1.33)	(1.90)	(1.46)
	Total Dividends and Distributions		(6.93)	(1.59)	(1.33)	(1.90)	(1.46)
	Net Asset Value, End of Period		$22.67	$37.93	$29.68	$29.65	$32.83
	Total Return*		(26.66)%	33.37%	4.58%	(2.75)%	24.20%
	Net Assets, End of Period (in thousands)		$234,961	$452,832	$450,947	$520,950	$619,660
	Average Net Assets for the Period (in thousands)		$338,266	$498,603	$471,543	$541,037	$553,006
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.16%	1.16%	1.16%	1.16%	1.16%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.16%	1.16%	1.16%	1.16%	1.16%
		Ratio of Net Investment Income/(Loss)	(0.69)%	(0.75)%	(0.61)%	(0.32)%	(0.29)%
	Portfolio Turnover Rate		8%	24%	32%	26%	21%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.
30	SEPTEMBER 30, 2022

Janus Henderson Triton Fund

Financial Highlights

Class T Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$39.34	$30.67	$30.51	$33.64	$28.39
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.13)	(0.19)	(0.10)	(0.02)	(0.01)
		Net realized and unrealized gain/(loss)	(8.52)	10.45	1.59	(1.21)	6.72
	Total from Investment Operations		(8.65)	10.26	1.49	(1.23)	6.71
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(6.93)	(1.59)	(1.33)	(1.90)	(1.46)
	Total Dividends and Distributions		(6.93)	(1.59)	(1.33)	(1.90)	(1.46)
	Net Asset Value, End of Period		$23.76	$39.34	$30.67	$30.51	$33.64
	Total Return*		(26.50)%	33.67%	4.89%	(2.52)%	24.53%
	Net Assets, End of Period (in thousands)		$1,592,889	$2,670,126	$2,379,045	$2,881,377	$3,317,058
	Average Net Assets for the Period (in thousands)		$2,140,397	$2,809,155	$2,557,135	$2,940,071	$3,031,535
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.91%	0.91%	0.91%	0.91%	0.91%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.90%	0.90%	0.90%	0.90%	0.91%
		Ratio of Net Investment Income/(Loss)	(0.44)%	(0.49)%	(0.35)%	(0.07)%	(0.04)%
	Portfolio Turnover Rate		8%	24%	32%	26%	21%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.
Janus Investment Fund	31

Janus Henderson Triton Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus Henderson Triton Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 39 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC (formerly Janus Capital Management LLC) is the investment adviser (the “Adviser”) to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares. Effective July 18, 2022, the Fund reopened to all new investors.

Shareholders, including other funds, individuals, accounts, as well as the Fund’s portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s Shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, employer-sponsored retirement plans, and bank trust platforms.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors, 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, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (formerly Janus Distributors LLC) (the “Distributor”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

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Janus Henderson Triton Fund

Notes to Financial Statements

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

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

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

Investment Valuation

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The 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 Adviser-approved pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a 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 valuation policies provide for the use of systematic fair valuation models provided by independent pricing services to value foreign 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 33

Janus Henderson Triton Fund

Notes to Financial Statements

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

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

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

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of September 30, 2022 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.

The Fund did not hold a significant amount of Level 3 securities as of September 30, 2022.

Investment Transactions and Investment Income

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

Expenses

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Indemnifications

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

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

34 SEPTEMBER 30, 2022

Janus Henderson Triton Fund

Notes to Financial Statements

date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

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

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

Dividends and Distributions

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

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

Federal Income Taxes

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

2. Derivative Instruments

The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the year ended September 30, 2022 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 35

Janus Henderson Triton Fund

Notes to Financial Statements

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 the Adviser’s ability to establish and maintain appropriate systems and trading.

Forward Foreign Currency Exchange Contracts

A forward foreign currency exchange contract (“forward currency contract”) is an obligation to buy or sell a specified currency at a future date at a negotiated rate (which may be U.S. dollars or a foreign currency). The Fund may enter into forward currency contracts for hedging purposes, including, but not limited to, reducing exposure to changes in foreign currency exchange rates on foreign portfolio holdings and locking in the U.S. dollar cost of firm purchase and sale commitments for securities denominated in or exposed to foreign currencies. The Fund may also invest in forward currency contracts for non-hedging purposes such as seeking to enhance returns. The Fund is subject to currency risk

36 SEPTEMBER 30, 2022

Janus Henderson Triton Fund

Notes to Financial Statements

and counterparty risk in the normal course of pursuing its investment objective through its investments in forward currency contracts.

Forward currency contracts are valued by converting the foreign value to U.S. dollars by using the current spot U.S. dollar exchange rate and/or forward rate for that currency. Exchange and forward rates as of the close of the NYSE are used to value the forward currency contracts. The unrealized appreciation/(depreciation) for forward currency contracts is reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations for the change in unrealized net appreciation/depreciation (if applicable). The realized gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing a forward currency contract is reported on the Statement of Operations (if applicable).

During the year, the Fund entered into forward currency contracts with the obligation to purchase foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.

During the year, the Fund entered into forward currency contracts with the obligation to sell foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.

3. Other Investments and Strategies

Additional Investment Risk

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 in response to the COVID-19 pandemic. This and other government intervention into the economy and financial markets to address the COVID-19 pandemic may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Government actions to mitigate the economic impact of the pandemic have resulted in a large expansion of government deficits and debt, the long term consequences of which are not known. The COVID-19 pandemic could adversely affect the value and liquidity of a Fund’s investments, impair a Fund’s ability to satisfy redemption requests, and negatively impact a Fund’s performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

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 the Adviser 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.

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

Janus Investment Fund 37

Janus Henderson Triton Fund

Notes to Financial Statements

recovery or have other unintended consequences. Among other things, these developments have adversely affected the value and exchange rate of the euro and pound sterling, and may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse effect on the Fund’s investments in such countries, other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.

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.

Restricted Security Transactions

Restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of the Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist.

Private Investment in Public Equity

Private investments in public equity (“PIPEs”) are equity securities privately purchased from public companies (including special purpose acquisition companies) at a specified price. PIPEs generally are not registered with the SEC until after a certain time period from the date the private sale is completed. Until the public registration process is completed, PIPEs are restricted as to resale and the Fund cannot freely trade the securities. Generally, such restrictions cause the PIPEs to be illiquid during this time. PIPEs may contain provisions that the issuer will pay specified financial penalties to the holder if the issuer does not publicly register the restricted equity securities within a specified period of time, but there is no assurance that the restricted equity securities will be publicly registered, or that the registration will remain in effect. To the extent that they increase the supply of a company’s stock in the market, PIPEs can potentially dilute the value of existing shares.

Special Purpose Acquisition Companies (SPAC)

The Fund may invest in stock, warrants, and other securities of special purpose acquisition companies (“SPACs”) or similar entities that pool funds to seek potential acquisition opportunities. Unless and until an acquisition is completed, a SPAC typically invests its assets (less a portion retained to cover expenses) in U.S. Government securities, money market fund securities, and cash. If an acquisition that meets the requirements for the SPAC is not completed within a pre-established period of time (typically two years), the invested funds are returned to the SPAC’s shareholders. Because SPACs and similar entities are in essence blank check companies without an operating history or ongoing business other than seeking acquisitions, the value of a SPAC’s securities is particularly dependent on the ability of the SPAC’s management to timely identify and complete a profitable acquisition. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices. To the extent the SPAC is invested in cash or similar securities while awaiting an acquisition opportunity, a Fund’s ability to meet its investment objective may be negatively impacted. In addition, some SPACs may be traded in the over-the-counter market and may be considered illiquid and/or be subject to restrictions on resale.

Counterparties

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

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Janus Henderson Triton Fund

Notes to Financial Statements

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.

Securities Lending

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the SEC. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.

Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

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

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of September 30, 2022, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $67,013,706. Gross amounts of recognized liabilities for securities lending (collateral received) as of September 30, 2022 is $69,258,028, resulting in the net amount due to the counterparty of $2,244,322.

Janus Investment Fund 39

Janus Henderson Triton Fund

Notes to Financial Statements

Offsetting Assets and Liabilities

The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, in the event of a default and/or termination event, the Fund may offset with each counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment.

The Offsetting Assets and Liabilities tables located in the Schedule of Investments present gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the “Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of September 30, 2022” table located in the Fund’s Schedule of Investments.The Fund generally does not exchange collateral on its forward foreign currency contracts with its counterparties; however, all liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund’s commitment with respect to these contracts. Certain securities may be segregated at the Fund’s custodian. These segregated securities are denoted on the accompanying Schedule of Investments and are evaluated daily to ensure their cover and/or market value equals or exceeds the Fund’s corresponding forward foreign currency exchange contract's obligation value.

4. Investment Advisory Agreements and Other Transactions with Affiliates

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

The Adviser has contractually agreed to waive the investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, 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 payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.92% of the Fund’s average daily net assets. The Adviser has agreed to continue the waivers for at least a one-year period commencing on January 28, 2022. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (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 the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $502,935 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 2022. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

Janus Henderson Services US LLC (formerly Janus Services LLC) (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order

40 SEPTEMBER 30, 2022

Janus Henderson Triton Fund

Notes to Financial Statements

processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

Average Daily Net Assets of Class D Shares of the Janus Henderson funds	Administrative Services Fee
Under $40 billion	0.12%
$40 billion – $49.9 billion	0.10%
Over $49.9 billion	0.08%

During the reporting period, the administrative services fee rate was 0.11%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class R Shares, Class S Shares, and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares, and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R Shares, Class S Shares, and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, of up to 0.50% of the Class R Shares' average daily net assets, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the year ended September 30, 2022, the Distributor retained upfront sales charges of $2,143.

Janus Investment Fund 41

Janus Henderson Triton Fund

Notes to Financial Statements

A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the year ended September 30, 2022.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the year ended September 30, 2022, redeeming shareholders of Class C Shares paid CDSCs of $624.

The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of September 30, 2022 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended September 30, 2022 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $436,813 were paid by the Trust to the Trustees under the Deferred Plan during the year ended September 30, 2022.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests 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.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended September 30, 2022 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

The Fund is permitted to purchase or sell securities (“cross-trade”) between itself and other funds or accounts managed by the Adviser in accordance with Rule 17a-7 under the Investment Company Act of 1940 (“Rule 17a-7”), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust’s Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the year ended September 30, 2022, the Fund engaged in cross trades amounting to $16,543,654 in sales, resulting in a net realized gain of $6,927,050. The net realized gain is included within the “Net Realized Gain/(Loss) on Investments” section of the Fund’s Statement of Operations.

42 SEPTEMBER 30, 2022

Janus Henderson Triton Fund

Notes to Financial Statements

5. Federal Income Tax

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.

Other book to tax differences primarily consist of deferred compensation, derivatives, and foreign currency contract adjustments. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ -	$ 354,490,468	$ -	$(20,904,581)	$ -	$ (213,260)	$1,607,799,953

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 2022 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)
$ 5,287,007,012	$2,209,608,140	$(601,808,187)	$ 1,607,799,953

Information on the tax components of derivatives as of September 30, 2022 is as follows:

Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 3,869,002	$ -	$ -	$ -

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

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.

For the year ended September 30, 2022
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 230,707,045	$ 1,697,374,667	$ -	$ -

For the year ended September 30, 2021
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 25,700,932	$ 491,054,368	$ -	$ -

Janus Investment Fund 43

Janus Henderson Triton Fund

Notes to Financial Statements

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. The following reclassifications have been made to the Fund:

Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ 23,882,068	$ 11,215,095	$ (35,097,163)

Capital has been adjusted by $35,088,909, all of which is long-term capital gain, for distributions in connection with Fund share redemptions (tax equalization).

6. Capital Share Transactions

	Year ended September 30, 2022		Year ended September 30, 2021
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	2,937,275	$ 88,643,047	3,853,025	$ 144,902,447
Reinvested dividends and distributions	1,630,945	50,477,762	346,342	12,748,838
Shares repurchased	(4,672,637)	(142,581,472)	(5,889,451)	(219,264,212)
Net Increase/(Decrease)	(104,417)	$ (3,460,663)	(1,690,084)	$ (61,612,927)
Class C Shares:
Shares sold	41,904	$ 1,116,254	41,662	$ 1,410,929
Reinvested dividends and distributions	315,522	8,538,022	155,451	5,162,542
Shares repurchased	(855,073)	(22,983,703)	(2,320,663)	(79,099,170)
Net Increase/(Decrease)	(497,647)	$ (13,329,427)	(2,123,550)	$ (72,525,699)
Class D Shares:
Shares sold	1,135,387	$ 34,665,655	1,527,088	$ 59,085,722
Reinvested dividends and distributions	6,559,596	212,530,907	1,342,054	51,118,827
Shares repurchased	(4,287,428)	(133,860,117)	(4,593,066)	(174,967,391)
Net Increase/(Decrease)	3,407,555	$ 113,336,445	(1,723,924)	$ (64,762,842)
Class I Shares:
Shares sold	5,914,164	$ 184,023,211	7,377,365	$ 287,287,212
Reinvested dividends and distributions	9,090,129	297,610,830	2,237,820	85,954,671
Shares repurchased	(19,540,591)	(632,602,646)	(20,291,149)	(789,475,348)
Net Increase/(Decrease)	(4,536,298)	$ (150,968,605)	(10,675,964)	$ (416,233,465)
Class N Shares:
Shares sold	16,856,775	$ 530,171,185	23,123,566	$ 908,840,328
Reinvested dividends and distributions	20,501,639	677,579,161	4,627,982	179,010,359
Shares repurchased	(45,586,136)	(1,456,577,889)	(40,368,606)	(1,587,176,620)
Net Increase/(Decrease)	(8,227,722)	$ (248,827,543)	(12,617,058)	$ (499,325,933)
Class R Shares:
Shares sold	1,063,048	$ 29,759,479	1,089,601	$ 38,896,368
Reinvested dividends and distributions	1,823,751	53,454,135	398,972	14,091,687
Shares repurchased	(2,191,161)	(61,705,040)	(3,265,891)	(115,134,458)
Net Increase/(Decrease)	695,638	$ 21,508,574	(1,777,318)	$ (62,146,403)
Class S Shares:
Shares sold	1,423,695	$ 42,111,779	2,184,486	$ 80,368,356
Reinvested dividends and distributions	2,334,571	71,181,074	605,674	22,034,418
Shares repurchased	(5,331,144)	(165,805,834)	(6,042,323)	(220,437,247)
Net Increase/(Decrease)	(1,572,878)	$ (52,512,981)	(3,252,163)	$ (118,034,473)
Class T Shares:
Shares sold	4,993,809	$ 146,578,935	6,341,829	$ 243,373,921
Reinvested dividends and distributions	13,871,334	442,634,268	3,101,260	116,793,438
Shares repurchased	(19,713,824)	(617,727,176)	(19,145,899)	(732,484,363)
Net Increase/(Decrease)	(848,681)	$ (28,513,973)	(9,702,810)	$ (372,317,004)

44 SEPTEMBER 30, 2022

Janus Henderson Triton Fund

Notes to Financial Statements

7. Purchases and Sales of Investment Securities

For the year ended September 30, 2022, 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
$ 787,929,315	$ 3,090,167,956	$ -	$ -

8. Recent Accounting Pronouncements

The FASB issued Accounting Standards Update 2022-03: Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”) in June 2022. The new guidance in the ASU clarifies existing guidance in ASC 820 related to the fair value measurement of an equity security subject to contractual sale restrictions with the intent to reduce diversity in interpretation. Under the guidance, a contractual restriction on the sale of an equity security would not be considered when measuring fair value as such restriction is not treated as part of the equity security’s unit of account. The amendments would be applied prospectively on or after adoption date to equity securities with a contract containing a sale restriction that is executed or modified after such date. The effective date set by the FASB is December 15, 2023, with early adoption permitted. The Adviser is currently evaluating whether to early adopt and does not anticipate it to have a material impact on the Fund.

9. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to September 30, 2022 and through the date of issuance of the Fund’s financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.

Janus Investment Fund 45

Janus Henderson Triton Fund

Report of Independent Registered Public Accounting Firm

TotheBoard of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Triton Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Triton Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2022, the related statement of operations for the year ended September 30, 2022, the statements of changes in net assets for each of the two years in the period ended September 30, 2022,including the related notes,and the financial highlightsfor each of the five years in the period ended September 30, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2022 and the financial highlights for each of the five years in the period ended September 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022 by correspondence with the custodian, transfer agent, investee companies and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Denver, Colorado

November 28, 2022

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

46 SEPTEMBER 30, 2022

Janus Henderson Triton 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 (each, a “Fund,” and collectively, the “Funds” and 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 agreement for each Janus Henderson Fund that utilizes a subadviser.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (formerly, Janus Capital Management LLC) (the “Adviser”) and the subadviser 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 meetings held on November 3-4, 2021 and December 7-8, 2021, the Trustees’ evaluated the information provided by the Adviser, the subadviser, and the independent fee consultant, as well as other information addressed during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser and each subadviser, as applicable, were fair and reasonable in light of the nature, extent and quality of the services provided by the Adviser, its affiliates and the subadviser, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund and the subadvisory agreement for each subadvised Janus Henderson Fund, for the period from February 1, 2022 through February 1, 2023, subject to earlier termination as provided for in each agreement.

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

Nature, Extent and Quality of Services

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

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Additional Information (unaudited)

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 the Adviser and the 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 the Adviser or the subadviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

The Trustees concluded that the nature, extent and quality of the services provided by the Adviser and 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 the Adviser and the subadviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and each 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, 2021, approximately 55% of the Janus Henderson Funds were in the top two quartiles of performance versus Broadridge peers, and for the 12 months ended September 30, 2021, approximately 45% 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 second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving

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Additional Information (unaudited)

Fixed-Income Funds

·For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·For Janus Developed World Bond Fund, the Trustees noted the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

Global and International Equity Funds

·For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the

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Janus Henderson Triton Fund

Additional Information (unaudited)

Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

Money Market Funds

·For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was 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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

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Additional Information (unaudited)

·For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser 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 bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser and subadviser had taken or were taking to improve performance.

·For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson International Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser and subadviser had taken or were taking to improve performance.

·For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser and subadviser had taken or were taking to improve performance.

U.S. Equity Funds

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

·For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

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Janus Henderson Triton Fund

Additional Information (unaudited)

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 the Adviser out of its management fees collected from such Janus Henderson Fund.

The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge Expense Group peers; and (3) and the management fees for the Janus Henderson Funds, on average, were 6% 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.

The Trustees considered the methodology used by the Adviser and 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 the Adviser and subadviser to comparable separate account clients and to comparable non-affiliated funds subadvised by the Adviser or subadviser (for which the Adviser 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 the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser 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; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged to Janus Henderson subadvised fund and separate account investors; and (4) as part of its 2020 review, 9 of 10 Janus Henderson Funds have lower management fees than similar funds subadvised by the Adviser.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2020, including the VIT Portfolios, and noted the following with regard to each VIT Portfolio’s total expenses, net of applicable fee waivers (the VIT Portfolio’s “total expenses”):

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Additional Information (unaudited)

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 the Adviser 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.

·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 the Adviser 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 the Adviser 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 one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser 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 the Adviser 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 the Adviser has contractually agreed to limit the Fund’s expenses.

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

·For Janus Henderson Short Duration 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 the Adviser 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 the Adviser 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 certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser 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 the Adviser has contractually agreed to limit the Fund’s expenses.

·For Janus Henderson Global Equity Income 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 the Adviser 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.

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Janus Henderson Triton Fund

Additional Information (unaudited)

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

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

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

Money Market Funds

·For Janus Henderson Government 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 the Adviser has voluntarily agreed to limit the Fund’s expenses to assist the Fund in attempting to maintain a yield of at least 0.00%.

·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 the Adviser has agreed to limit the Fund’s expenses to assist the Fund in attempting to maintain a yield of at least 0.00%.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted 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 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 the Adviser 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 the Adviser 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

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Janus Henderson Triton Fund

Additional Information (unaudited)

that the Adviser 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 the Adviser 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 the Adviser 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, 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 the Adviser 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 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 the Adviser 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.

·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 the Adviser 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 the Adviser 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 Mid Cap Value Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

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

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by

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Additional Information (unaudited)

numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser and 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 the Adviser 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 the Adviser 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 the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser and its affiliates, as well as the fees paid by the Adviser to the subadviser 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 the Adviser and the subadviser 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 the Adviser and subadviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

Economies of Scale

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 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 75% of these Janus Henderson Funds’ have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. The Trustees also noted the following: (1) that for those Janus Henderson Funds whose expenses are being reduced by the contractual expense limitations of the Adviser, the Adviser is subsidizing certain of these Janus Henderson Funds because they have not reached adequate scale; (2) 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 (3) 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 the Adviser 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 the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, the Adviser appeared to be investing to increase the likelihood that these Janus

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Additional Information (unaudited)

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 the Adviser.

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

Other Benefits to the Adviser

The Trustees also considered benefits that accrue to the Adviser and its affiliates and subadviser to the Janus Henderson Funds from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by 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 the Adviser and/or the Adviser, and/or subadviser to a Janus Henderson Fund. The Trustees concluded that the Adviser’s and the subadviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates and subadviser pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser and the subadviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser and the subadviser 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 the Adviser’s and/or the subadviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser and/or other clients of the subadviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser, the subadviser or other Janus Henderson funds, and that the success of the Adviser and the subadviser could enhance the Adviser’s and the subadviser’s ability to serve the Janus Henderson Funds.

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Useful Information About Your Fund Report (unaudited)

Management Commentary

The Management Commentary in this report includes valuable insight as well as statistical information to help you understand how your Fund’s performance and characteristics stack up against those of comparable indices.

If the Fund invests in foreign securities, this report may include information about country exposure. Country exposure is based primarily on 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.

Please keep in mind that the opinions expressed in the Management Commentary are just that: opinions. They are a reflection based on best judgment at the time this report was compiled, which was September 30, 2022. As the investing environment changes, so could opinions. These views are unique and are not necessarily shared by fellow employees or by Janus Henderson in general.

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 the Adviser 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. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by Bloomberg 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.

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Useful Information About Your Fund Report (unaudited)

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.

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.

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.

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Useful Information About Your Fund Report (unaudited)

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 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.

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Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2022:

Capital Gain Distributions $1,732,463,576

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Trustees and Officers (unaudited)

The following are the Trustees and officers of the Trust, together with a brief description of their principal occupations during the last five years (principal occupations for certain Trustees may include periods over five years). The Fund’s Statement of Additional Information includes additional information about the Trustees and officers and is available, without charge, by calling 1-877-335-2687.

Each Trustee has served in that capacity since he or she was originally elected or appointed. The Trustees do not serve a specified term of office. Each Trustee will hold office until the termination of the Trust or his or her earlier death, resignation, retirement, incapacity, or removal. Under the Fund’s Governance Procedures and Guidelines, the policy is for Trustees to retire no later than the end of the calendar year in which the Trustee turns 75. The Trustees review the Fund’s Governance Procedures and Guidelines from time to time and may make changes they deem appropriate. The Fund’s Nominating and Governance Committee will consider nominees for the position of Trustee recommended by shareholders. Shareholders may submit the name of a candidate for consideration by the Committee by submitting their recommendations to the Trust’s Secretary. Each Trustee is currently a Trustee of one other registered investment company advised by the Adviser: Janus Aspen Series. Collectively, these two registered investment companies consist of 50 series or funds referred to herein as the Fund Complex.

The Trust’s officers are elected annually by the Trustees for a one-year term. Certain officers also serve as officers of Janus Aspen Series. Certain officers of the Fund may also be officers and/or directors of the Adviser. Except as otherwise disclosed, Fund officers receive no compensation from the Fund, except for the Fund’s Chief Compliance Officer, as authorized by the Trustees.

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Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Chairman Trustee	5/22-Present 1/13-Present	Principal, Curam Holdings LLC (since 2018). Formerly, Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm) (2012-2018), Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	50	Advisory Board Member of AEW Core Property Trust (open-end property fund) (since 2020), and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016), Director of Nuveen Global Investors LLC (2007-2011), Director of Communities in Schools (2004-2010), and Director of Mutual Fund Education Alliance (until 2010).
Cheryl D. Alston 151 Detroit Street Denver, CO 80206 DOB: 1966	Trustee	8/22-Present	Executive Director and Chief Investment Officer, Employees’ Retirement Fund of the City of Dallas (since 2004).	50	Director of Blue Cross Blue Shield of Kansas City (a not-for-profit health insurance provider) (since 2016) and Director of Global Life Insurance (life and supplemental health insurance provider) (since 2017). Formerly, Director of Federal Home Loan Bank of Dallas (2017-2021).

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Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000), and Chief Investment Officer (1987-1994) and Vice Chairman and Director (1990-1994) of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	50	Member, Limited Partner Advisory Committee, Karmel Capital Fund III (later stage growth fund) (since 2022), Member of the Investment Committee for the Orange County Community Foundation (a grantmaking foundation) (since 2020), Advisory Board Member, RevOZ Fund LP and related funds (real estate investments for opportunity zones) (since 2020), and Advisory Board Member, Innovate Partners Emerging Growth and Equity Fund I (early stage venture capital fund) (since 2014). Formerly, Managing Trustee of National Retirement Partners Liquidating Trust (2013-2016), Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (2005-2013), Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009), Director of RemedyTemp, Inc. (temporary help services company) (1996-2006), and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).

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Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Founder, Daraja Capital (advisory and investment firm) (since 2016). Formerly, Senior Vice President and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (2011-2021), and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	50	Member of the Investment Committee for Cooper Union (private college) (since 2021), Board Member, Van Alen Institute (nonprofit architectural and design organization) (since 2019), and Director of Brightwood Capital Advisors, LLC (since 2014).

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Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Darrell B. Jackson 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	8/22-Present	President and Chief Executive Officer, The Efficace Group Inc. (since 2018). Formerly, President and Chief Executive Officer, Seaway Bank and Trust Company (community bank) (2014-2015), and Executive Vice President and Co-President, Wealth Management (2009-2014), and several senior positions, including Group Executive, Senior Vice President, and Vice President (1995-2009) of Northern Trust Company (financial services company) (1995-2014).	50	Director of Amalgamated Financial Corp (bank) (since August 2021), Director of YR Media (a not-for-profit production company) (since 2021), and Director of Gray-Bowen-Scott (transportation project consulting firm) (since April 2020). Formerly, Director of Delaware Place Bank (closely held commercial bank) (2016-2018) and Director of Seaway Bank and Trust Company (2014-2015).

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Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Trustee	6/02-Present	Chief Executive Officer, muun chi LLC (organic food business) (since 2022) and Independent Consultant (since 2019). Formerly, Chief Operating Officer, muun chi LLC (2020-2022), Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (2016-2019), Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations) (2009-2016), Chief Executive Officer, Imprint Capital Advisors (impact investment firm) (2013-2015), and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	50	Chairman of the Board and Trustee of The Investment Fund for Foundations Investment Program (TIP) (consisting of 1 fund) (since 2008). Formerly, Director of the F.B. Heron Foundation (a private grantmaking foundation) (2006-2022), and Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds) (2016-2021).

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Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company.	50	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013). Formerly, Director, West Bend Mutual Insurance Company (property/casualty insurance) (2013-2021), Trustee of Northwestern Mutual Life Insurance Company (2010-2013), and Director of Frank Russell Company (global asset management firm) (2008-2013).
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired. Formerly, Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006) and Treasurer for Driehaus Mutual Funds (1996-2002).	50	Formerly, Director of Family Service of Lake County (2019-2021), Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017), Independent Trustee, State Farm Associates’ Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017).

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Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	50	Director of Chicago Community Trust (Regional Community Foundation), Lurie Children’s Hospital (Chicago, IL), and Shirley Ryan Ability Lab. Formerly, Director of Wrapports, LLC (until 2022), Director of Chicago Council on Global Affairs (until 2019), InnerWorkings (until 2019) and Director of Walmart (until 2017).

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Trustees and Officers (unaudited)

OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Jonathan D. Coleman 151 Detroit Street Denver, CO 80206 DOB: 1971	Executive Vice President and Co-Portfolio Manager Janus Henderson Triton Fund	5/13-Present	Portfolio Manager for other Janus Henderson accounts.
Scott Stutzman 151 Detroit Street Denver, CO 80206 DOB: 1971	Executive Vice President and Co-Portfolio Manager Janus Henderson Triton Fund	7/16-Present	Portfolio Manager for other Janus Henderson accounts and Analyst for the Adviser.
Michelle Rosenberg 151 Detroit Street Denver, CO 80206 DOB: 1973	President and Chief Executive Officer	9/22-Present	General Counsel and Corporate Secretary of Janus Henderson Investors (since 2018). Formerly, Interim President and Chief Executive Officer of the Trust and Janus Aspen Series (2022), Senior Vice President and Head of Legal, North America of Janus Henderson Investors (2017-2018) and Deputy General Counsel of Janus Henderson US (Holdings) Inc. (2015-2018).
Kristin Mariani 151 Detroit Street Denver, CO 80206 DOB: 1966	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	7/20-Present	Head of Compliance, North America for Janus Henderson Investors (since September 2020) and Chief Compliance Officer for Janus Henderson Investors US LLC (since September 2017). Formerly, Global Head of Investment Management Compliance for Janus Henderson Investors (February 2019 - August 2020), Vice President, Head of Global Distribution Compliance and Chief Compliance Officer of Janus Henderson Distributors US LLC (May 2017 – September 2017), Vice President, Compliance at Janus Henderson US (Holdings) Inc., Janus Henderson Investors US LLC, and Janus Henderson Distributors US LLC (2009-2017).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

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Trustees and Officers (unaudited)

OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Head of U.S. Fund Administration, Janus Henderson Investors and Janus Henderson Services US LLC.
Abigail J. Murray 151 Detroit Street Denver, CO 80206 DOB: 1975	Vice President, Chief Legal Officer, and Secretary	12/20-Present	Managing Counsel (2020-present). Formerly, Senior Counsel for Invesco Ltd. (2017-2020), and Vice President and Senior Counsel, ALPS Fund Services, Inc. and Assistant General Counsel, ALPS Advisors, Inc. (2015-2017).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

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Notes

NotesPage1

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Notes

NotesPage2

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This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Janus Henderson Distributors US LLC
	125-02-93054 11-22

	ANNUAL REPORT September 30, 2022
Janus Henderson Venture Fund
Janus Investment Fund
		HIGHLIGHTS ·Portfolio management perspective ·Investment strategy behind your fund ·Fund performance, characteristics and holdings

Table of Contents

Janus Henderson Venture Fund

Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	17
Statement of Assets and Liabilities	19
Statement of Operations	21
Statements of Changes in Net Assets	23
Financial Highlights	24
Notes to Financial Statements	31
Report of Independent Registered Public Accounting Firm	45
Additional Information	46
Useful Information About Your Fund Report	57
Designation Requirements	60
Trustees and Officers	61

Janus Henderson Venture Fund (unaudited)

FUND SNAPSHOT A moderately positioned U.S. small-cap growth fund seeking capital appreciation. Invests in small-cap companies with differentiated business models and sustainable competitive advantages that we believe are positioned to grow market share regardless of economic conditions. Jonathan Coleman co-portfolio manager Scott Stutzman co-portfolio manager

PERFORMANCE

The Janus Henderson Venture Fund Class I Shares returned -28.40% for the 12-month period ended September 30, 2022. The Fund’s primary benchmark, the Russell 2000^® Growth Index, returned -29.27%, while its secondary benchmark, the Russell 2000^® Index, returned -23.50%.

INVESTMENT ENVIRONMENT

Stocks declined over the 12-month period as soaring inflation, rising interest rates, and fears of recession led to market turbulence. Equities started out the period with positive yet volatile performance in the fourth quarter of 2021, as investors focused on strong corporate earnings news. This volatility increased in the first quarter of 2022 as inflation, rising rates, and geopolitical uncertainty weighed on investor sentiment. Expectations for a more restrictive Federal Reserve (Fed) policy also triggered a sell-off in higher-valuation growth stocks. The Fed raised interest rates by 25 basis points (bps) in March, but then moved more aggressively with a 50-bps increase in May and consecutive 75-bps rate hikes in June, July, and September. The Fed also signaled that additional rate hikes were likely into 2023, which kept upward pressure on bond yields. As this aggressive pace of tightening fueled recession fears, we began to witness signs of economic slowing and pressure on earnings as companies faced weaker demand, higher input and financing costs, and currency pressures.

PERFORMANCE DISCUSSION

The past 12 months have been especially challenging for higher-multiple, longer-duration growth stocks, many of which had outperformed during the pandemic. Investors also had little patience for unprofitable or highly indebted companies, and those stocks were among the market’s largest detractors. We have always viewed such companies with skepticism, given our focus on companies with proven earnings performance, high returns on invested capital, and reasonable valuations. Our preference towards investing in these higher quality business models aided our relative outperformance during the last year.

We were also pleased that some of our disciplined growth stocks were rewarded by investors despite this challenging backdrop. Long-time holding ON Semiconductor was a notable contributor. This chip manufacturer delivered strong earnings performance, as shortages in the semiconductor supply chain supported favorable pricing trends. ON Semiconductor also saw widening profit margins as its new management team streamlined operations and focused on fast-growing end markets such as electric vehicles. LPL Financial was another a top contributor. This financial services firm provides a full-service, technology-enabled platform that helps independent financial advisors serve their customers. LPL Financial has continued to add new advisors to its network, which supported its revenue and earnings growth. Higher interest rates were an additional tailwind for its earnings growth due to the interest income it earned on client cash balances.

Catalent, a prominent detractor, is a leading provider of contract drug development and manufacturing services. It has become a trusted manufacturer for biotech companies and some of the largest pharmaceutical companies in the world. This diversified business has been a source of steady earnings growth, but Catalent earned additional revenues over the past few years from its production of COVID vaccines. The COVID-related business slowed more quickly than expected in 2022, leading Catalent to reduce its near-term revenue guidance. This news led to a sell-off in the stock even though the company’s non-COVID-related businesses continued to grow at a healthy pace. We held onto the stock because of the company’s diverse customer base, strong earnings track record, healthy free cash flow, and exposure to some of the highest growth areas within therapeutics.

Janus Investment Fund 1

Janus Henderson Venture Fund (unaudited)

Higher living costs were also headwinds for consumer spending. These headwinds negatively impacted our investment in Lovesac, an omnichannel retailer of modular furniture. The stock was a notable detractor even though the company’s earnings growth remained strong. Despite near-term economic uncertainty, we continue to believe in Lovesac's innovative sales model and long-term market opportunity.

DERIVATIVES USAGE

Please see the Derivative Instruments section in the “Notes to Financial Statements” for a discussion of derivatives used by the Fund.

OUTLOOK

We caution that markets may remain volatile in the near term as investors await more clarity on the extent and impact of Fed interest rate hikes. Despite this uncertainty, we have been encouraged by signs that inflation pressures may be starting to ease along with supply chain bottlenecks, commodity prices, and labor market tightness. The shift away from global supply chains in favor of more regional production may also put upward pressure on prices. These dynamics have made the Fed’s task more challenging, while adding to headwinds for economic growth. We have already seen signs that higher rates are slowing economic growth and corporate earnings, and we recognize that this slowdown may become more pronounced later in the year. At the same time, we have felt reassured about the relative health of the underlying economy and of corporate balance sheets, which may help to mitigate the severity of an economic downturn. We also believe our portfolio is well positioned for this environment due to our focus on disciplined growth companies with strong balance sheets, healthy free cash flow, and high returns on investment. We believe these kinds of companies may be better able to navigate near-term market uncertainty while they capitalize on long-term trends.

Thank you for investing in Janus Henderson Venture Fund.

2 SEPTEMBER 30, 2022

Janus Henderson Venture Fund (unaudited)

Fund At A Glance

September 30, 2022

5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
LPL Financial Holdings Inc	2.71%	1.36%	LivePerson Inc	0.60%	-0.52%
ON Semiconductor Corp	2.01%	0.97%	Catalent Inc	2.65%	-0.47%
NAPCO Security Technologies Inc	0.98%	0.51%	NeoGenomics Inc	0.54%	-0.41%
SailPoint Technologies Holdings Inc	1.05%	0.46%	Lovesac Co	0.80%	-0.37%
Stride Inc	1.10%	0.42%	Clarivate Analytics PLC	0.89%	-0.29%

	5 Top Contributors - Sectors*
		Relative	Fund	Russell 2000 Growth Index
		Contribution	Average Weight	Average Weight
	Information Technology	3.26%	29.47%	21.93%
	Financials	1.10%	7.38%	5.64%
	Consumer Discretionary	1.01%	9.37%	13.48%
	Other**	0.30%	1.35%	0.00%
	Communication Services	0.09%	2.82%	2.65%
	5 Top Detractors - Sectors*
		Relative	Fund	Russell 2000 Growth Index
		Contribution	Average Weight	Average Weight
	Energy	-1.34%	0.47%	3.87%
	Industrials	-1.19%	15.04%	16.05%
	Health Care	-1.15%	23.97%	24.88%
	Consumer Staples	-0.68%	1.86%	4.16%
	Materials	-0.21%	6.53%	3.63%
	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 3

Janus Henderson Venture Fund (unaudited)

Fund At A Glance

September 30, 2022

5 Largest Equity Holdings -(% of Net Assets)
LPL Financial Holdings Inc
Capital Markets	3.3%
Nice Ltd (ADR)
Software	2.4%
ON Semiconductor Corp
Semiconductor & Semiconductor Equipment	2.4%
Paylocity Holding Corp
Software	2.3%
Catalent Inc
Pharmaceuticals	2.1%
	12.5%

Asset Allocation - (% of Net Assets)
Common Stocks	98.6%
Investments Purchased with Cash Collateral from Securities Lending	2.0%
Private Placements	0.8%
Investment Companies	0.5%
Warrants	0.1%
Rights	0.0%
Other		(2.0)%
		100.0%

Top Country Allocations - Long Positions -(% of Investment Securities)
As of September 30, 2022	As of September 30, 2021

4 SEPTEMBER 30, 2022

Janus Henderson Venture Fund (unaudited)

Performance

See important disclosures on the next page.

Average Annual Total Return - for the periods ended September 30, 2022					Prospectus Expense Ratios
	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses‡
Class A Shares at NAV	-28.59%	4.90%	9.68%	11.10%	1.00%
Class A Shares at MOP	-32.70%	3.66%	9.04%	10.92%
Class C Shares at NAV	-29.11%	4.14%	8.91%	10.35%	1.80%
Class C Shares at CDSC	-29.72%	4.14%	8.91%	10.35%
Class D Shares	-28.43%	5.13%	9.95%	11.31%	0.78%
Class I Shares	-28.40%	5.17%	10.00%	11.32%	0.75%
Class N Shares	-28.34%	5.26%	10.10%	11.34%	0.66%
Class S Shares	-28.70%	4.74%	9.55%	10.97%	1.16%
Class T Shares	-28.51%	5.01%	9.83%	11.27%	0.91%
Russell 2000 Growth Index	-29.27%	3.60%	8.81%	7.69%
Russell 2000 Index	-23.50%	3.55%	8.55%	9.05%
Morningstar Quartile - Class T Shares	2nd	3rd	2nd	1st
Morningstar Ranking - based on total returns for Small Growth Funds	250/626	380/586	251/540	7/47

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.

For certain periods, the Fund’s performance may reflect the effect of expense waivers.

Janus Investment Fund 5

Janus Henderson Venture 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), Environmental, Social and Governance (ESG) factors, 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.

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 A Shares, Class C Shares, and Class S Shares commenced operations on May 6, 2011. Performance shown for each class for periods prior to May 6, 2011, 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 May 6, 2011. Performance shown for periods prior to May 6, 2011, 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 the Fund's 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.

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.

© 2022 Morningstar, Inc. All Rights Reserved.

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 – April 30, 1985

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

6 SEPTEMBER 30, 2022

Janus Henderson Venture 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 (4/1/22)	Ending Account Value (9/30/22)	Expenses Paid During Period (4/1/22 - 9/30/22)†	Beginning Account Value (4/1/22)	Ending Account Value (9/30/22)	Expenses Paid During Period (4/1/22 - 9/30/22)†	Net Annualized Expense Ratio (4/1/22 - 9/30/22)
Class A Shares		$1,000.00	$820.80	$4.61	$1,000.00	$1,020.00	$5.11	1.01%
Class C Shares		$1,000.00	$817.60	$8.06	$1,000.00	$1,016.19	$8.95	1.77%
Class D Shares		$1,000.00	$821.70	$3.65	$1,000.00	$1,021.06	$4.05	0.80%
Class I Shares		$1,000.00	$821.90	$3.43	$1,000.00	$1,021.31	$3.80	0.75%
Class N Shares		$1,000.00	$822.20	$3.06	$1,000.00	$1,021.71	$3.40	0.67%
Class S Shares		$1,000.00	$820.10	$5.34	$1,000.00	$1,019.20	$5.92	1.17%
Class T Shares		$1,000.00	$821.10	$4.11	$1,000.00	$1,020.56	$4.56	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 183/365 (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 7

Janus Henderson Venture Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Common Stocks– 98.6%
Auto Components – 1.0%
	Quantumscape Corp*,#	486,572	$4,092,071
	Visteon Corp*	223,534	23,708,016
			27,800,087
Automobiles – 0.5%
	Thor Industries Inc	202,891	14,198,312
Banks – 0.7%
	Bancorp Inc/The*	927,645	20,389,637
Biotechnology – 8.3%
	Akero Therapeutics Inc*	131,980	4,493,919
	Altimmune Inc*,#	197,698	2,524,603
	Ascendis Pharma A/S (ADR)*	170,315	17,586,727
	Eagle Pharmaceuticals Inc/DE*	360,214	9,516,854
	Global Blood Therapeutics Inc*	132,692	9,036,325
	Halozyme Therapeutics Inc*	572,470	22,635,464
	Insmed Inc*	545,448	11,748,950
	Ligand Pharmaceuticals Inc*	276,741	23,830,168
	Mirati Therapeutics Inc*	117,381	8,197,889
	Myovant Sciences Ltd*	911,369	16,368,187
	Neurocrine Biosciences Inc*	289,676	30,766,488
	PTC Therapeutics Inc*	287,254	14,420,151
	Sarepta Therapeutics Inc*	148,861	16,455,095
	Seres Therapeutics Inc*	1,406,930	9,032,491
	Travere Therapeutics Inc*	624,927	15,398,201
	Vaxcyte Inc*	603,547	14,485,128
	Zai Lab Ltd (ADR)*	132,147	4,519,427
			231,016,067
Building Products – 3.1%
	CSW Industrials Inc	285,103	34,155,339
	Janus International Group Inc*	2,317,505	20,672,145
	Zurn Water Solutions Corp	1,229,360	30,119,320
			84,946,804
Capital Markets – 4.5%
	Assetmark Financial Holdings Inc*	678,283	12,405,796
	Focus Financial Partners Inc*	666,879	21,013,357
	LPL Financial Holdings Inc	416,427	90,980,971
			124,400,124
Chemicals – 4.6%
	Perimeter Solutions SA*	2,557,669	20,486,929
	PureCycle Technologies Inc*,#	1,100,416	8,880,357
	Sensient Technologies Corp	683,817	47,415,871
	Valvoline Inc	2,008,914	50,905,881
			127,689,038
Commercial Services & Supplies – 1.5%
	Brady Corp	706,170	29,468,474
	Montrose Environmental Group Inc*	325,995	10,969,732
			40,438,206
Containers & Packaging – 1.2%
	Sealed Air Corp	733,823	32,662,462
Diversified Consumer Services – 3.6%
	Frontdoor Inc*	399,290	8,141,523
	Stride Inc*	1,041,878	43,790,132
	Terminix Global Holdings Inc*	1,237,411	47,380,467
			99,312,122
Diversified Financial Services – 0.6%
	Clarivate Analytics PLC*	1,882,322	17,675,004
Electrical Equipment – 2.0%
	EnerSys	350,777	20,404,698

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
8	SEPTEMBER 30, 2022

Janus Henderson Venture Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Common Stocks– (continued)
Electrical Equipment– (continued)
	Regal Beloit Corp	253,738	$35,614,666
			56,019,364
Electronic Equipment, Instruments & Components – 4.6%
	Napco Security Technologies Inc	1,578,454	45,901,442
	National Instruments Corp	229,880	8,675,671
	Novanta Inc*	164,859	19,065,943
	OSI Systems Inc*	409,632	29,518,082
	Xometry Inc - Class A*,#	446,365	25,349,068
			128,510,206
Energy Equipment & Services – 0.5%
	Helmerich & Payne Inc	362,629	13,406,394
Entertainment – 0.4%
	Manchester United PLC	854,323	11,336,866
Equity Real Estate Investment Trusts (REITs) – 0.6%
	Easterly Government Properties Inc	1,088,946	17,172,678
Food & Staples Retailing – 0.8%
	Casey's General Stores Inc	109,463	22,168,447
Food Products – 0.5%
	Hain Celestial Group Inc*	755,774	12,757,465
Health Care Equipment & Supplies – 8.9%
	Alphatec Holdings Inc*	1,776,696	15,528,323
	Axogen Inc*	1,324,915	15,792,987
	CryoPort Inc*	554,262	13,501,822
	Glaukos Corp*	403,170	21,464,771
	Globus Medical Inc*	475,488	28,324,820
	Heska Corp*	101,773	7,421,287
	ICU Medical Inc*	184,671	27,811,453
	Insulet Corp*	95,396	21,883,842
	Integra LifeSciences Holdings Corp*	712,962	30,201,070
	Paragon 28 Inc*,#	685,264	12,211,405
	Sight Sciences Inc*,#	761,852	4,837,760
	STERIS PLC	140,232	23,317,777
	Surmodics Inc*	342,018	10,397,347
	Treace Medical Concepts Inc*	607,482	13,407,128
			246,101,792
Health Care Providers & Services – 1.4%
	HealthEquity Inc*	273,743	18,387,317
	ModivCare Inc*	203,298	20,264,745
			38,652,062
Health Care Technology – 0.4%
	Phreesia Inc*	381,609	9,723,397
Hotels, Restaurants & Leisure – 1.2%
	Dutch Bros Inc - Class A*,#	212,083	6,606,385
	Inspirato Inc*	1,430,805	3,376,700
	Monarch Casino & Resort Inc*	405,737	22,778,075
			32,761,160
Household Durables – 0.4%
	Lovesac Co*	593,257	12,090,578
Information Technology Services – 6.6%
	Broadridge Financial Solutions Inc	263,614	38,044,773
	Euronet Worldwide Inc*	379,800	28,773,648
	Payfare Inc*,#,£	2,403,934	9,207,074
	Repay Holdings Corp*	1,108,768	7,827,902
	Shift4 Payments Inc - Class A*,#	403,622	18,005,577
	WEX Inc*	175,079	22,224,528
	WNS Holdings Ltd (ADR)*	700,151	57,300,358
			181,383,860
Insurance – 1.9%
	BRP Group Inc - Class A*	620,634	16,353,706

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	9

Janus Henderson Venture Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Common Stocks– (continued)
Insurance– (continued)
	RLI Corp	334,333	$34,229,013
	Trean Insurance Group Inc*	291,308	990,447
			51,573,166
Internet & Direct Marketing Retail – 1.2%
	CarParts.com Inc*	2,214,195	11,447,388
	Global-E Online Ltd*	277,773	7,433,205
	Vivid Seats Inc - Class A#	1,745,658	13,371,740
			32,252,333
Life Sciences Tools & Services – 2.4%
	Bio-Techne Corp	68,831	19,548,004
	ICON PLC*	145,539	26,747,157
	Inotiv Inc*,#	519,798	8,758,596
	NeoGenomics Inc*	1,327,705	11,431,540
			66,485,297
Machinery – 6.0%
	Alamo Group Inc	159,759	19,533,733
	ATS Automation Tooling Systems Inc*	1,420,645	37,501,243
	Gates Industrial Corp PLC*	1,655,485	16,157,534
	ITT Inc	349,395	22,829,469
	Kornit Digital Ltd*	431,474	11,481,523
	Nordson Corp	124,959	26,525,047
	SPX Technologies Inc*	581,456	32,108,000
			166,136,549
Media – 0.5%
	John Wiley & Sons Inc	394,558	14,819,599
Metals & Mining – 0.8%
	Constellium SE*	2,041,969	20,705,566
Oil, Gas & Consumable Fuels – 1.1%
	Magnolia Oil & Gas Corp	930,132	18,425,915
	PDC Energy Inc	218,324	12,616,944
			31,042,859
Personal Products – 0.5%
	BellRing Brands Inc*	700,625	14,439,881
Pharmaceuticals – 2.2%
	Catalent Inc*	802,936	58,100,449
	EyePoint Pharmaceuticals Inc*,#	356,978	2,823,696
			60,924,145
Real Estate Management & Development – 0.6%
	FirstService Corp#	135,649	16,143,588
Road & Rail – 0.7%
	AMERCO	39,881	20,308,203
Semiconductor & Semiconductor Equipment – 2.4%
	ON Semiconductor Corp*	1,048,703	65,365,658
Software – 18.0%
	Altair Engineering Inc*	483,323	21,372,543
	AvidXchange Holdings Inc*	1,538,106	12,950,853
	Blackbaud Inc*	669,004	29,476,316
	ChannelAdvisor Corp*,£	1,648,264	37,349,662
	Clear Secure Inc - Class A*	614,038	14,036,909
	Consensus Cloud Solutions Inc*	369,011	17,454,220
	Descartes Systems Group Inc*	707,114	44,903,684
	Enfusion Inc - Class A*,#	1,235,040	15,240,394
	EngageSmart Inc*	583,009	12,062,456
	Envestnet Inc*	437,897	19,442,627
	Expensify Inc - Class A*,#	648,455	9,649,010
	Intelligent Systems Corp*,#,£	477,352	10,391,953
	j2 Global Inc*	659,980	45,195,430
	LivePerson Inc*	768,367	7,238,017
	Nice Ltd (ADR)*	351,132	66,097,088

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
10	SEPTEMBER 30, 2022

Janus Henderson Venture Fund

Schedule of Investments

September 30, 2022

Shares or Principal Amounts			Value
Common Stocks– (continued)
Software– (continued)
	Paylocity Holding Corp*	260,869	$63,020,733
	SS&C Technologies Holdings Inc	951,434	45,430,974
	Tyler Technologies Inc*	80,974	28,138,465
			499,451,334
Specialty Retail – 0.6%
	Williams-Sonoma Inc	139,943	16,492,283
Thrifts & Mortgage Finance – 0.4%
	Walker & Dunlop Inc	133,001	11,136,174
Trading Companies & Distributors – 1.4%
	Core & Main Inc - Class A*	1,695,615	38,558,285
Total Common Stocks (cost $2,070,226,509)			2,728,447,052
Private Placements– 0.8%
Professional Services – 0.5%
	Apartment List Inc*,¢,§	2,431,401	6,905,179
	IntelyCare Inc*,¢,§	384,276	6,094,656
			12,999,835
Software – 0.3%
	Loadsmart Inc - Series A*,¢,§	140,312	2,619,471
	Loadsmart Inc - Series D*,¢,§	399,891	7,465,525
			10,084,996
Total Private Placements (cost $28,958,535)			23,084,831
Rights– 0%
Pharmaceuticals – 0%
	Zogenix Inc*,¢((cost $513,775)	755,552	951,996
Warrants– 0.1%
Chemicals – 0.1%
	Perimeter Solutions SA, expires 11/8/24*((cost $13,929)	1,392,883	1,671,460
Investment Companies– 0.5%
Money Markets – 0.5%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº,£((cost $13,005,820)	13,004,629	13,005,929
Investments Purchased with Cash Collateral from Securities Lending– 2.0%
Investment Companies – 1.5%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº,£	42,547,193	42,547,193
Time Deposits – 0.5%
	Royal Bank of Canada, 3.0600%, 10/3/22	$13,603,153	13,603,153
Total Investments Purchased with Cash Collateral from Securities Lending (cost $56,150,346)			56,150,346
Total Investments (total cost $2,168,868,914) – 102.0%			2,823,311,614
Liabilities, net of Cash, Receivables and Other Assets – (2.0)%			(55,415,989)
Net Assets – 100%			$2,767,895,625

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	11

Janus Henderson Venture Fund

Schedule of Investments

September 30, 2022

Summary of Investments by Country - (Long Positions) (unaudited)
		% of
		Investment
Country	Value	Securities
United States	$2,492,348,108	88.3	%
Canada	107,755,589	3.8
Israel	85,011,816	3.0
India	57,300,358	2.0
Ireland	26,747,157	1.0
Netherlands	20,705,566	0.7
Denmark	17,586,727	0.6
United Kingdom	11,336,866	0.4
China	4,519,427	0.2

Total $2,823,311,614 100.0 %

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
12	SEPTEMBER 30, 2022

Janus Henderson Venture Fund

Schedule of Investments

September 30, 2022

Schedules of Affiliated Investments – (% of Net Assets)

		Dividend Income(1)		Realized Gain/(Loss)(1)		Change in Unrealized Appreciation/ Depreciation(1)		Value at 9/30/22
Common Stocks - 2.0%
Information Technology Services - 0.3%
	Payfare Inc*,#	$	-	$	-	$	(10,685,193)	$	9,207,074
Software - 1.7%
	ChannelAdvisor Corp*		-		(686,346)		(4,969,821)		37,349,662
	Intelligent Systems Corp*,#		-		-		(8,993,312)		10,391,953
Total Software		$	-	$	(686,346)	$	(13,963,133)	$	47,741,615
Total Common Stocks		$	-	$	(686,346)	$	(24,648,326)	$	56,948,689
Investment Companies - 0.5%
Money Markets - 0.5%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº		230,412		15		(1,748)		13,005,929
Investments Purchased with Cash Collateral from Securities Lending - 1.5%
Investment Companies - 1.5%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº		3,008,692∆		-		-		42,547,193
Total Affiliated Investments - 4.0%		$	3,239,104	$	(686,331)	$	(24,650,074)	$	112,501,811

(1) For securities that were affiliated for a portion of the year ended September 30, 2022, this column reflects amounts for the entire year ended September 30, 2022 and not just the period in which the security was affiliated.

		Value at 9/30/21		Purchases		Sales Proceeds		Value at 9/30/22
Common Stocks - 2.0%
Information Technology Services - 0.3%
	Payfare Inc*,#		17,302,806		2,589,461		-		9,207,074
Software - 1.7%
	ChannelAdvisor Corp*		44,998,563		-		(1,992,734)		37,349,662
	Intelligent Systems Corp*,#		19,385,265		-		-		10,391,953
Investment Companies - 0.5%
Money Markets - 0.5%
	Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº		69,523,348		461,751,801		(518,267,487)		13,005,929
Investments Purchased with Cash Collateral from Securities Lending - 1.5%
Investment Companies - 1.5%
	Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº		23,642,180		532,846,073		(513,941,060)		42,547,193

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	13

Janus Henderson Venture Fund

Schedule of Investments

September 30, 2022

Schedule of Forward Foreign Currency Exchange Contracts

Counterparty/ Foreign Currency	Settlement Date	Foreign Currency Amount (Sold)/ Purchased		USD Currency Amount (Sold)/ Purchased		Market Value and Unrealized Appreciation/ (Depreciation)
Barclays Capital, Inc.:
British Pound	12/22/22	(1,861,900)	$	2,157,663	$	76,872
Canadian Dollar	12/22/22	(22,648,900)		17,220,421		814,042
						890,914
Citibank, National Association:
British Pound	12/22/22	406,000		(465,589)		(11,858)
British Pound	12/22/22	(1,670,800)		1,936,881		69,657
Canadian Dollar	12/22/22	838,000		(611,605)		(4,575)
Canadian Dollar	12/22/22	(22,648,900)		17,218,508		812,129
						865,353
HSBC Securities (USA), Inc.:
British Pound	12/22/22	(1,088,900)		1,262,547		45,632
Canadian Dollar	12/22/22	(22,649,700)		17,225,729		818,770
						864,402
JPMorgan Chase Bank, National Association:
British Pound	12/22/22	250,000		(269,671)		9,719
British Pound	12/22/22	285,000		(324,885)		(6,380)
British Pound	12/22/22	(3,943,800)		4,571,306		163,860
Canadian Dollar	12/22/22	(26,953,500)		20,487,376		962,838
						1,130,037
State Street Bank and Trust Company:
British Pound	12/22/22	258,000		(285,511)		2,820
British Pound	12/22/22	(2,081,000)		2,413,485		87,837
Canadian Dollar	12/22/22	6,718,000		(5,019,158)		(152,783)
Canadian Dollar	12/22/22	(22,648,500)		17,234,793		828,704
						766,578
Total					$	4,517,284

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
14	SEPTEMBER 30, 2022

Janus Henderson Venture Fund

Schedule of Investments

September 30, 2022

The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of September 30, 2022.

Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of September 30, 2022
	Currency Contracts
Asset Derivatives:
Forward foreign currency exchange contracts	$4,692,880
Liability Derivatives:
Forward foreign currency exchange contracts	$ 175,596

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the year ended September 30, 2022.

The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the year ended September 30, 2022
Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative	Currency Contracts
Forward foreign currency exchange contracts	$7,325,234
Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative	Currency Contracts
Forward foreign currency exchange contracts	$2,840,866

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

Average Ending Monthly Value of Derivative Instruments During the Year Ended September 30, 2022
Forward foreign currency exchange contracts:
Average amounts purchased - in USD	$ 19,977,721
Average amounts sold - in USD	132,842,588

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	15

Janus Henderson Venture Fund

Schedule of Investments

September 30, 2022

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.		$	890,914	$	—	$	—	$	890,914
Citibank, National Association			881,786		(16,433)		—		865,353
HSBC Securities (USA), Inc.			864,402		—		—		864,402
JPMorgan Chase Bank, National Association			55,535,917		(6,380)		(54,399,500)		1,130,037
State Street Bank and Trust Company			919,361		(152,783)		—		766,578
Total		$	59,092,380	$	(175,596)	$	(54,399,500)	$	4,517,284
Offsetting of Financial Liabilities and Derivative Liabilities
			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Liabilities		or Liability(a)		Pledged(b)		Net Amount
Citibank, National Association		$	16,433	$	(16,433)	$	—	$	—
JPMorgan Chase Bank, National Association			6,380		(6,380)		—		—
State Street Bank and Trust Company			152,783		(152,783)		—		—
Total		$	175,596	$	(175,596)	$	—	$	—
(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.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
16	SEPTEMBER 30, 2022

Janus Henderson Venture Fund

Notes to Schedule of Investments and Other Information

Russell 2000® Growth Index	Russell 2000® Growth Index reflects the performance of U.S. small-cap equities with higher price-to-book ratios and higher forecasted growth values.
Russell 2000® Index	Russell 2000® Index reflects the performance of U.S. small-cap equities.

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

* Non-income producing security.

ºº Rate shown is the 7-day yield as of September 30, 2022.

# Loaned security; a portion of the security is on loan at September 30, 2022.

¢ Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the year ended September 30, 2022 is $24,036,827, which represents 0.9% of net assets.

£ 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.

§	Schedule of Restricted Securities (as of September 30, 2022)
							Value as a
		Acquisition					% of Net
		Date		Cost		Value	Assets
Apartment List Inc		11/2/20	$	8,881,908	$	6,905,179	0.3	%
IntelyCare Inc		3/29/22		9,412,879		6,094,656	0.2
Loadsmart Inc - Series A		1/4/22		2,665,928		2,619,471	0.1
Loadsmart Inc - Series D		1/4/22		7,997,820		7,465,525	0.2
Total			$	28,958,535	$	23,084,831	0.8	%
The Fund has registration rights for certain restricted securities held as of September 30, 2022. The issuer incurs all registration costs.

Janus Investment Fund 17

Janus Henderson Venture Fund

Notes to Schedule of Investments and Other Information

The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of September 30, 2022. 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		$	2,728,447,052	$	-	$	-
Private Placements			-		-		23,084,831
Rights			-		-		951,996
Warrants			-		1,671,460		-
Investment Companies			-		13,005,929		-
Investments Purchased with Cash Collateral from Securities Lending			-		56,150,346		-
Total Investments in Securities		$	2,728,447,052	$	70,827,735	$	24,036,827
Other Financial Instruments(a):
Forward Foreign Currency Exchange Contracts			-		4,692,880		-
Total Assets		$	2,728,447,052	$	75,520,615	$	24,036,827
Liabilities
Other Financial Instruments(a):
Forward Foreign Currency Exchange Contracts		$	-	$	175,596	$	-
(a)	Other financial instruments include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date.

18 SEPTEMBER 30, 2022

Janus Henderson Venture Fund

Statement of Assets and Liabilities

September 30, 2022

See footnotes at the end of the Statement.

Assets:
	Unaffiliated investments, at value (cost $2,050,478,884)(1)		$	2,710,809,803
	Affiliated investments, at value (cost $118,390,030)			112,501,811
	Cash			19
	Forward foreign currency exchange contracts			4,692,880
	Trustees' deferred compensation			83,297
	Receivables:
		Fund shares sold		5,878,179
		Dividends		395,517
		Investments sold		213,211
		Foreign tax reclaims		71,362
		Dividends from affiliates		43,668
	Other assets			81,762
Total Assets				2,834,771,509
Liabilities:
	Collateral for securities loaned (Note 3)			56,150,346
	Forward foreign currency exchange contracts			175,596
	Payables:			—
		Fund shares repurchased		6,478,845
		Investments purchased		1,695,639
		Advisory fees		1,662,776
		Transfer agent fees and expenses		396,948
		Trustees' deferred compensation fees		83,297
		Professional fees		54,939
		Trustees' fees and expenses		14,248
		12b-1 Distribution and shareholder servicing fees		12,090
		Custodian fees		8,973
		Affiliated fund administration fees payable		6,496
		Accrued expenses and other payables		135,691
Total Liabilities				66,875,884
Net Assets			$	2,767,895,625

See Notes to Financial Statements.
Janus Investment Fund	19

Janus Henderson Venture Fund

Statement of Assets and Liabilities

September 30, 2022

Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	2,009,763,469
	Total distributable earnings (loss)		758,132,156
Total Net Assets		$	2,767,895,625
Net Assets - Class A Shares		$	15,149,395
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		227,309
Net Asset Value Per Share(2)		$	66.65
Maximum Offering Price Per Share(3)		$	70.72
Net Assets - Class C Shares		$	1,642,229
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		28,143
Net Asset Value Per Share(2)		$	58.35
Net Assets - Class D Shares		$	1,500,310,898
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		21,492,666
Net Asset Value Per Share		$	69.81
Net Assets - Class I Shares		$	220,157,320
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,130,726
Net Asset Value Per Share		$	70.32
Net Assets - Class N Shares		$	335,607,677
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,715,271
Net Asset Value Per Share		$	71.17
Net Assets - Class S Shares		$	29,212,647
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		447,191
Net Asset Value Per Share		$	65.32
Net Assets - Class T Shares		$	665,815,459
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		9,752,168
Net Asset Value Per Share		$	68.27

(1)Includes $54,399,500 of securities on loan. See Note 3 in Notes to Financial Statements.

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

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

See Notes to Financial Statements.
20	SEPTEMBER 30, 2022

Janus Henderson Venture Fund

Statement of Operations

For the year ended September 30, 2022

Investment Income:
	Dividends		$	11,747,816
	Affiliated securities lending income, net			3,008,692
	Dividends from affiliates			230,412
	Unaffiliated securities lending income, net			99,324
	Other income			13,265
	Foreign tax withheld			(16,498)
Total Investment Income				15,083,011
Expenses:
	Advisory fees			22,841,834
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		50,862
		Class C Shares		21,664
		Class S Shares		105,709
	Transfer agent administrative fees and expenses:
		Class D Shares		2,147,795
		Class S Shares		106,023
		Class T Shares		2,156,635
	Transfer agent networking and omnibus fees:
		Class A Shares		14,904
		Class C Shares		2,020
		Class I Shares		261,231
	Other transfer agent fees and expenses:
		Class A Shares		1,410
		Class C Shares		143
		Class D Shares		155,320
		Class I Shares		13,074
		Class N Shares		16,610
		Class S Shares		470
		Class T Shares		7,507
	Shareholder reports expense			144,807
	Custodian fees			133,048
	Registration fees			115,287
	Affiliated fund administration fees			89,226
	Trustees’ fees and expenses			72,369
	Professional fees			70,112
	Other expenses			253,895
Total Expenses				28,781,955
Less: Excess Expense Reimbursement and Waivers				(155,139)
Net Expenses				28,626,816
Net Investment Income/(Loss)				(13,543,805)

See Notes to Financial Statements.
Janus Investment Fund	21

Janus Henderson Venture Fund

Statement of Operations

For the year ended September 30, 2022

Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	161,346,572
	Investments in affiliates		(686,331)
	Forward foreign currency exchange contracts		7,325,234
Total Net Realized Gain/(Loss) on Investments			167,985,475
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and Trustees’ deferred compensation		(1,291,948,291)
	Investments in affiliates		(24,650,074)
	Forward foreign currency exchange contracts		2,840,866
Total Change in Unrealized Net Appreciation/Depreciation			(1,313,757,499)
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	(1,159,315,829)

See Notes to Financial Statements.
22	SEPTEMBER 30, 2022

Janus Henderson Venture Fund

Statements of Changes in Net Assets

			Year ended September 30, 2022		Year ended September 30, 2021
Operations:
	Net investment income/(loss)		$	(13,543,805)	$	(19,612,778)
	Net realized gain/(loss) on investments			167,985,475		499,250,189
	Change in unrealized net appreciation/depreciation			(1,313,757,499)		750,404,122
Net Increase/(Decrease) in Net Assets Resulting from Operations				(1,159,315,829)		1,230,041,533
Dividends and Distributions to Shareholders:
		Class A Shares		(2,765,688)		(1,268,484)
		Class C Shares		(429,596)		(367,739)
		Class D Shares		(245,929,527)		(112,793,742)
		Class I Shares		(39,332,133)		(18,385,450)
		Class N Shares		(60,480,498)		(29,110,615)
		Class S Shares		(6,073,592)		(3,515,025)
		Class T Shares		(117,792,659)		(54,714,762)
Net Decrease from Dividends and Distributions to Shareholders				(472,803,693)		(220,155,817)
Capital Share Transactions:
		Class A Shares		(121,465)		855,548
		Class C Shares		(837,470)		(3,257,033)
		Class D Shares		129,351,737		(22,405,392)
		Class I Shares		(6,508,752)		(10,338,530)
		Class N Shares		(19,282,673)		(27,207,120)
		Class S Shares		(5,473,577)		(24,627,306)
		Class T Shares		11,716,334		(8,874,501)
Net Increase/(Decrease) from Capital Share Transactions				108,844,134		(95,854,334)
Net Increase/(Decrease) in Net Assets				(1,523,275,388)		914,031,382
Net Assets:
	Beginning of period			4,291,171,013		3,377,139,631
	End of period		$	2,767,895,625	$	4,291,171,013

See Notes to Financial Statements.
Janus Investment Fund	23

Janus Henderson Venture Fund

Financial Highlights

Class A Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$106.21	$82.08	$76.74	$88.38	$76.48
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.49)	(0.67)	(0.37)	(0.24)	(0.25)
		Net realized and unrealized gain/(loss)	(26.74)	30.42	8.89	(4.67)	16.26
	Total from Investment Operations		(27.23)	29.75	8.52	(4.91)	16.01
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(12.33)	(5.62)	(3.18)	(6.73)	(4.11)
	Total Dividends and Distributions		(12.33)	(5.62)	(3.18)	(6.73)	(4.11)
	Net Asset Value, End of Period		$66.65	$106.21	$82.08	$76.74	$88.38
	Total Return*		(28.58)%	36.78%	11.26%	(4.08)%	21.83%
	Net Assets, End of Period (in thousands)		$15,149	$24,644	$18,447	$27,201	$31,373
	Average Net Assets for the Period (in thousands)		$20,355	$23,550	$22,978	$27,960	$24,358
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.01%	1.00%	1.02%	1.02%	1.01%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.01%	1.00%	1.02%	1.02%	1.01%
		Ratio of Net Investment Income/(Loss)	(0.59)%	(0.66)%	(0.49)%	(0.32)%	(0.31)%
	Portfolio Turnover Rate		14%	21%	25%	19%	28%

*Total return includes adjustments in accordance 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.
24	SEPTEMBER 30, 2022

Janus Henderson Venture Fund

Financial Highlights

Class C Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$95.22	$74.59	$70.48	$82.39	$72.06
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.99)	(1.29)	(0.82)	(0.72)	(0.78)
		Net realized and unrealized gain/(loss)	(23.55)	27.54	8.11	(4.46)	15.22
	Total from Investment Operations		(24.54)	26.25	7.29	(5.18)	14.44
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(12.33)	(5.62)	(3.18)	(6.73)	(4.11)
	Total Dividends and Distributions		(12.33)	(5.62)	(3.18)	(6.73)	(4.11)
	Net Asset Value, End of Period		$58.35	$95.22	$74.59	$70.48	$82.39
	Total Return*		(29.11)%	35.74%	10.49%	(4.76)%	20.95%
	Net Assets, End of Period (in thousands)		$1,642	$3,747	$5,562	$8,561	$12,223
	Average Net Assets for the Period (in thousands)		$2,525	$4,965	$6,913	$9,783	$12,894
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.73%	1.76%	1.71%	1.73%	1.74%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.73%	1.76%	1.71%	1.73%	1.74%
		Ratio of Net Investment Income/(Loss)	(1.31)%	(1.42)%	(1.18)%	(1.03)%	(1.03)%
	Portfolio Turnover Rate		14%	21%	25%	19%	28%

*Total return includes adjustments in accordance 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	25

Janus Henderson Venture Fund

Financial Highlights

Class D Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$110.41	$84.98	$79.17	$90.73	$78.25
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.32)	(0.47)	(0.22)	(0.08)	(0.08)
		Net realized and unrealized gain/(loss)	(27.95)	31.52	9.21	(4.75)	16.67
	Total from Investment Operations		(28.27)	31.05	8.99	(4.83)	16.59
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(12.33)	(5.62)	(3.18)	(6.73)	(4.11)
	Total Dividends and Distributions		(12.33)	(5.62)	(3.18)	(6.73)	(4.11)
	Net Asset Value, End of Period		$69.81	$110.41	$84.98	$79.17	$90.73
	Total Return*		(28.42)%	37.07%	11.52%	(3.87)%	22.09%
	Net Assets, End of Period (in thousands)		$1,500,311	$2,228,324	$1,731,098	$1,668,639	$1,843,494
	Average Net Assets for the Period (in thousands)		$1,877,171	$2,160,434	$1,645,324	$1,668,200	$1,712,398
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.79%	0.78%	0.80%	0.80%	0.80%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.79%	0.78%	0.80%	0.80%	0.80%
		Ratio of Net Investment Income/(Loss)	(0.37)%	(0.45)%	(0.28)%	(0.10)%	(0.09)%
	Portfolio Turnover Rate		14%	21%	25%	19%	28%

*Total return includes adjustments in accordance 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.
26	SEPTEMBER 30, 2022

Janus Henderson Venture Fund

Financial Highlights

Class I Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$111.10	$85.45	$79.57	$91.10	$78.51
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.30)	(0.44)	(0.19)	(0.04)	(0.03)
		Net realized and unrealized gain/(loss)	(28.15)	31.71	9.25	(4.76)	16.73
	Total from Investment Operations		(28.45)	31.27	9.06	(4.80)	16.70
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(12.33)	(5.62)	(3.18)	(6.73)	(4.11)
	Total Dividends and Distributions		(12.33)	(5.62)	(3.18)	(6.73)	(4.11)
	Net Asset Value, End of Period		$70.32	$111.10	$85.45	$79.57	$91.10
	Total Return*		(28.40)%	37.13%	11.55%	(3.82)%	22.16%
	Net Assets, End of Period (in thousands)		$220,157	$363,007	$287,582	$315,109	$362,757
	Average Net Assets for the Period (in thousands)		$294,435	$357,200	$292,611	$318,833	$317,820
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.76%	0.75%	0.75%	0.75%	0.75%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.76%	0.75%	0.75%	0.75%	0.75%
		Ratio of Net Investment Income/(Loss)	(0.34)%	(0.42)%	(0.23)%	(0.05)%	(0.04)%
	Portfolio Turnover Rate		14%	21%	25%	19%	28%

*Total return includes adjustments in accordance 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	27

Janus Henderson Venture Fund

Financial Highlights

Class N Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$112.20	$86.18	$80.15	$91.63	$78.88
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.22)	(0.35)	(0.12)	0.02	0.03
		Net realized and unrealized gain/(loss)	(28.48)	31.99	9.33	(4.77)	16.83
	Total from Investment Operations		(28.70)	31.64	9.21	(4.75)	16.86
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(12.33)	(5.62)	(3.18)	(6.73)	(4.11)
	Total Dividends and Distributions		(12.33)	(5.62)	(3.18)	(6.73)	(4.11)
	Net Asset Value, End of Period		$71.17	$112.20	$86.18	$80.15	$91.63
	Total Return*		(28.34)%	37.25%	11.65%	(3.74)%	22.26%
	Net Assets, End of Period (in thousands)		$335,608	$565,040	$454,982	$411,523	$346,638
	Average Net Assets for the Period (in thousands)		$458,042	$572,312	$430,317	$365,491	$248,072
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.67%	0.66%	0.66%	0.67%	0.67%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.67%	0.66%	0.66%	0.67%	0.67%
		Ratio of Net Investment Income/(Loss)	(0.25)%	(0.33)%	(0.15)%	0.03%	0.04%
	Portfolio Turnover Rate		14%	21%	25%	19%	28%

*Total return includes adjustments in accordance 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.
28	SEPTEMBER 30, 2022

Janus Henderson Venture Fund

Financial Highlights

Class S Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$104.51	$80.97	$75.85	$87.56	$75.92
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.62)	(0.83)	(0.49)	(0.35)	(0.37)
		Net realized and unrealized gain/(loss)	(26.24)	29.99	8.79	(4.63)	16.12
	Total from Investment Operations		(26.86)	29.16	8.30	(4.98)	15.75
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(12.33)	(5.62)	(3.18)	(6.73)	(4.11)
	Total Dividends and Distributions		(12.33)	(5.62)	(3.18)	(6.73)	(4.11)
	Net Asset Value, End of Period		$65.32	$104.51	$80.97	$75.85	$87.56
	Total Return*		(28.70)%	36.55%	11.10%	(4.21)%	21.64%
	Net Assets, End of Period (in thousands)		$29,213	$54,537	$64,120	$73,302	$82,776
	Average Net Assets for the Period (in thousands)		$42,248	$59,918	$66,822	$74,076	$69,664
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.17%	1.16%	1.17%	1.17%	1.17%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.17%	1.16%	1.17%	1.17%	1.17%
		Ratio of Net Investment Income/(Loss)	(0.75)%	(0.83)%	(0.65)%	(0.47)%	(0.46)%
	Portfolio Turnover Rate		14%	21%	25%	19%	28%

*Total return includes adjustments in accordance 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	29

Janus Henderson Venture Fund

Financial Highlights

Class T Shares
For a share outstanding during the year ended September 30			2022	2021	2020	2019	2018
	Net Asset Value, Beginning of Period		$108.38	$83.59	$78.01	$89.60	$77.41
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	(0.41)	(0.58)	(0.30)	(0.16)	(0.16)
		Net realized and unrealized gain/(loss)	(27.37)	30.99	9.06	(4.70)	16.46
	Total from Investment Operations		(27.78)	30.41	8.76	(4.86)	16.30
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—
		Distributions (from capital gains)	(12.33)	(5.62)	(3.18)	(6.73)	(4.11)
	Total Dividends and Distributions		(12.33)	(5.62)	(3.18)	(6.73)	(4.11)
	Net Asset Value, End of Period		$68.27	$108.38	$83.59	$78.01	$89.60
	Total Return*		(28.51)%	36.91%	11.39%	(3.96)%	21.95%
	Net Assets, End of Period (in thousands)		$665,815	$1,051,872	$815,350	$896,264	$1,009,462
	Average Net Assets for the Period (in thousands)		$858,977	$1,026,384	$839,860	$899,106	$978,055
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.92%	0.91%	0.91%	0.91%	0.91%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.90%	0.90%	0.91%	0.91%	0.91%
		Ratio of Net Investment Income/(Loss)	(0.47)%	(0.57)%	(0.38)%	(0.20)%	(0.20)%
	Portfolio Turnover Rate		14%	21%	25%	19%	28%

*Total return includes adjustments in accordance 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.
30	SEPTEMBER 30, 2022

Janus Henderson Venture Fund

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Janus Henderson Venture Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 39 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks capital appreciation. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC (formerly Janus Capital Management LLC) is the investment adviser (the “Adviser”) to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares. Effective July 18, 2022, the Fund reopened to all new investors.

Shareholders, including other funds, individuals, accounts, as well as the Fund’s portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s Shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, employer-sponsored retirement plans, and bank trust platforms.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors, 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, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (formerly Janus Distributors LLC) (the “Distributor”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

Janus Investment Fund 31

Janus Henderson Venture Fund

Notes to Financial Statements

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

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

Investment Valuation

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The 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 Adviser-approved pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a 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 valuation policies provide for the use of systematic fair valuation models provided by independent pricing services to value foreign 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.

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

32 SEPTEMBER 30, 2022

Janus Henderson Venture Fund

Notes to Financial Statements

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

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

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

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of September 30, 2022 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.

The Fund did not hold a significant amount of Level 3 securities as of September 30, 2022.

Investment Transactions and Investment Income

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

Expenses

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Indemnifications

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

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

Janus Investment Fund 33

Janus Henderson Venture Fund

Notes to Financial Statements

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

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

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

Dividends and Distributions

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

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

Federal Income Taxes

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

2. Derivative Instruments

The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the year ended September 30, 2022 is discussed in further detail below. A summary of derivative activity by the Fund is reflected in the tables at the end of the Schedule of Investments.

The Fund may use derivative instruments for hedging purposes (to offset risks associated with an investment, currency exposure, or market conditions), to adjust currency exposure relative to a benchmark index, or for speculative purposes (to earn income and seek to enhance returns). When the Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative’s cost. The Fund may not use any derivative to gain exposure to an asset or class of assets that it would be prohibited by its investment restrictions from purchasing directly. The Fund’s ability to use derivative instruments may also be limited by tax considerations.

Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate over time. Investments in derivatives may not directly correlate with the price movements of the underlying instrument. As a result, the use of derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case. Derivatives can be volatile and may involve significant risks.

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

34 SEPTEMBER 30, 2022

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Notes to Financial Statements

·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 the Adviser’s ability to establish and maintain appropriate systems and trading.

Forward Foreign Currency Exchange Contracts

A forward foreign currency exchange contract (“forward currency contract”) is an obligation to buy or sell a specified currency at a future date at a negotiated rate (which may be U.S. dollars or a foreign currency). The Fund may enter into forward currency contracts for hedging purposes, including, but not limited to, reducing exposure to changes in foreign currency exchange rates on foreign portfolio holdings and locking in the U.S. dollar cost of firm purchase and sale commitments for securities denominated in or exposed to foreign currencies. The Fund may also invest in forward currency contracts for non-hedging purposes such as seeking to enhance returns. The Fund is subject to currency risk and counterparty risk in the normal course of pursuing its investment objective through its investments in forward currency contracts.

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Notes to Financial Statements

Forward currency contracts are valued by converting the foreign value to U.S. dollars by using the current spot U.S. dollar exchange rate and/or forward rate for that currency. Exchange and forward rates as of the close of the NYSE are used to value the forward currency contracts. The unrealized appreciation/(depreciation) for forward currency contracts is reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations for the change in unrealized net appreciation/depreciation (if applicable). The realized gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing a forward currency contract is reported on the Statement of Operations (if applicable).

During the year, the Fund entered into forward currency contracts with the obligation to purchase foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.

During the year, the Fund entered into forward currency contracts with the obligation to sell foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.

3. Other Investments and Strategies

Additional Investment Risk

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 in response to the COVID-19 pandemic. This and other government intervention into the economy and financial markets to address the COVID-19 pandemic may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Government actions to mitigate the economic impact of the pandemic have resulted in a large expansion of government deficits and debt, the long term consequences of which are not known. The COVID-19 pandemic could adversely affect the value and liquidity of a Fund’s investments, impair a Fund’s ability to satisfy redemption requests, and negatively impact a Fund’s performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

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 the Adviser 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.

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. Among other things, these developments have adversely affected the value and exchange rate of the euro and pound sterling, and may continue to significantly affect the economies of all

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Janus Henderson Venture Fund

Notes to Financial Statements

EU countries, which in turn may have a material adverse effect on the Fund’s investments in such countries, other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.

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.

Restricted Security Transactions

Restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of the Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist.

Counterparties

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.

Securities Lending

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the SEC. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.

Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The

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Notes to Financial Statements

Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

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

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of September 30, 2022, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $54,399,500. Gross amounts of recognized liabilities for securities lending (collateral received) as of September 30, 2022 is $56,150,346, resulting in the net amount due to the counterparty of $1,750,846.

Offsetting Assets and Liabilities

The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, in the event of a default and/or termination event, the Fund may offset with each counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment.

The Offsetting Assets and Liabilities tables located in the Schedule of Investments present gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the “Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of September 30, 2022” table located in the Fund’s Schedule of Investments.

The Fund generally does not exchange collateral on its forward foreign currency contracts with its counterparties; however, all liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund’s commitment with respect to these contracts. Certain securities may be segregated at the Fund’s custodian. These segregated securities are denoted on the accompanying Schedule of Investments and are evaluated daily to ensure their cover and/or market value equals or exceeds the Fund’s corresponding forward foreign currency exchange contract's obligation value.

38 SEPTEMBER 30, 2022

Janus Henderson Venture Fund

Notes to Financial Statements

4. Investment Advisory Agreements and Other Transactions with Affiliates

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

The Adviser has contractually agreed to waive the investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, 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 payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.92% of the Fund’s average daily net assets. The Adviser has agreed to continue the waivers for at least a one-year period commencing on January 28, 2022. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (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 the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $502,935 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 2022. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

Janus Henderson Services US LLC (formerly Janus Services LLC) (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

Average Daily Net Assets of Class D Shares of the Janus Henderson funds	Administrative Services Fee
Under $40 billion	0.12%
$40 billion – $49.9 billion	0.10%
Over $49.9 billion	0.08%

During the reporting period, the administrative services fee rate was 0.11%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities

Janus Investment Fund 39

Janus Henderson Venture Fund

Notes to Financial Statements

Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the year ended September 30, 2022, the Distributor retained upfront sales charges of $240.

A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the year ended September 30, 2022.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the year ended September 30, 2022, redeeming shareholders of Class C Shares paid CDSCs of $20.

The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of September 30, 2022 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended September 30, 2022 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $436,813 were paid by the Trust to the Trustees under the Deferred Plan during the year ended September 30, 2022.

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Janus Henderson Venture Fund

Notes to Financial Statements

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests 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.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended September 30, 2022 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

The Fund is permitted to purchase or sell securities (“cross-trade”) between itself and other funds or accounts managed by the Adviser in accordance with Rule 17a-7 under the Investment Company Act of 1940 (“Rule 17a-7”), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust’s Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the year ended September 30, 2022, the Fund engaged in cross trades amounting to $571,767 in purchases in purchases.

5. Federal Income Tax

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.

Other book to tax differences primarily consist of deferred compensation, derivatives, and foreign currency contract adjustments. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

			Loss Deferrals		Other Book	Net Tax
Undistributed Ordinary Income	Undistributed Long-Term Gains	Accumulated Capital Losses	Late-Year Ordinary Loss	Post-October Capital Loss	to Tax Differences	Appreciation/ (Depreciation)
$ -	$ 122,593,482	$ -	$(16,114,945)	$ -	$ (83,578)	$651,737,197

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 2022 are noted below. The primary difference 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)
$ 2,171,574,417	$923,329,971	$(271,592,774)	$ 651,737,197

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Janus Henderson Venture Fund

Notes to Financial Statements

Information on the tax components of derivatives as of September 30, 2022 is as follows:

Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 4,517,284	$ -	$ -	$ -

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

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.

For the year ended September 30, 2022
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 101,234,609	$ 371,569,084	$ -	$ 6,860,408

For the year ended September 30, 2021
Distributions
From Ordinary Income	From Long-Term Capital Gains	Tax Return of Capital	Net Investment Loss
$ 6,471,185	$ 213,684,632	$ -	$ -

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. The following reclassifications have been made to the Fund:

Increase/(Decrease) to Capital	Increase/(Decrease) to Undistributed Net Investment Income/Loss	Increase/(Decrease) to Undistributed Net Realized Gain/Loss
$ (1,662,531)	$ 6,873,844	$ (5,211,313)

Capital has been adjusted by $5,197,877, all of which is long-term capital gain, for distributions in connection with Fund share redemptions (tax equalization).

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Janus Henderson Venture Fund

Notes to Financial Statements

6. Capital Share Transactions

	Year ended September 30, 2022		Year ended September 30, 2021
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	64,744	$ 5,895,760	92,399	$ 9,558,652
Reinvested dividends and distributions	30,916	2,759,573	12,869	1,266,434
Shares repurchased	(100,381)	(8,776,798)	(97,981)	(9,969,538)
Net Increase/(Decrease)	(4,721)	$ (121,465)	7,287	$ 855,548
Class C Shares:
Shares sold	1,236	$ 83,173	893	$ 77,721
Reinvested dividends and distributions	5,446	428,187	4,135	367,054
Shares repurchased	(17,892)	(1,348,830)	(40,250)	(3,701,808)
Net Increase/(Decrease)	(11,210)	$ (837,470)	(35,222)	$ (3,257,033)
Class D Shares:
Shares sold	305,542	$ 26,256,961	335,968	$ 35,366,781
Reinvested dividends and distributions	2,468,740	230,407,525	1,035,846	105,790,991
Shares repurchased	(1,463,023)	(127,312,749)	(1,560,909)	(163,563,164)
Net Increase/(Decrease)	1,311,259	$129,351,737	(189,095)	$ (22,405,392)
Class I Shares:
Shares sold	445,613	$ 39,292,085	498,000	$ 52,612,432
Reinvested dividends and distributions	418,219	39,308,399	178,842	18,374,262
Shares repurchased	(1,000,409)	(85,109,236)	(774,849)	(81,325,224)
Net Increase/(Decrease)	(136,577)	$ (6,508,752)	(98,007)	$ (10,338,530)
Class N Shares:
Shares sold	871,586	$ 77,195,805	1,225,072	$131,248,370
Reinvested dividends and distributions	633,783	60,253,745	279,594	28,991,082
Shares repurchased	(1,826,045)	(156,732,223)	(1,747,964)	(187,446,572)
Net Increase/(Decrease)	(320,676)	$ (19,282,673)	(243,298)	$ (27,207,120)
Class S Shares:
Shares sold	109,609	$ 9,081,991	203,860	$ 20,320,517
Reinvested dividends and distributions	69,333	6,073,592	36,249	3,515,025
Shares repurchased	(253,566)	(20,629,160)	(510,183)	(48,462,848)
Net Increase/(Decrease)	(74,624)	$ (5,473,577)	(270,074)	$ (24,627,306)
Class T Shares:
Shares sold	540,865	$ 46,473,854	821,377	$ 82,135,483
Reinvested dividends and distributions	1,248,594	114,071,542	530,319	53,217,526
Shares repurchased	(1,742,321)	(148,829,062)	(1,400,723)	(144,227,510)
Net Increase/(Decrease)	47,138	$ 11,716,334	(49,027)	$ (8,874,501)

7. Purchases and Sales of Investment Securities

For the year ended September 30, 2022, 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
$495,501,641	$ 851,401,060	$ -	$ -

8. Recent Accounting Pronouncements

The FASB issued Accounting Standards Update 2022-03: Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”) in June 2022. The new guidance in the ASU clarifies existing guidance

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Notes to Financial Statements

in ASC 820 related to the fair value measurement of an equity security subject to contractual sale restrictions with the intent to reduce diversity in interpretation. Under the guidance, a contractual restriction on the sale of an equity security would not be considered when measuring fair value as such restriction is not treated as part of the equity security’s unit of account. The amendments would be applied prospectively on or after adoption date to equity securities with a contract containing a sale restriction that is executed or modified after such date. The effective date set by the FASB is December 15, 2023, with early adoption permitted. The Adviser is currently evaluating whether to early adopt and does not anticipate it to have a material impact on the Fund.

9. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to September 30, 2022 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.

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Janus Henderson Venture Fund

Report of Independent Registered Public Accounting Firm

TotheBoard of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Venture Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Venture Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2022, the related statement of operations for the year ended September 30, 2022, the statements of changes in net assets for each of the two years in the period ended September 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2022 and the financial highlights for each of the five years in the period ended September 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Denver, Colorado

November 28, 2022

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

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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 (each, a “Fund,” and collectively, the “Funds” and 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 agreement for each Janus Henderson Fund that utilizes a subadviser.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (formerly, Janus Capital Management LLC) (the “Adviser”) and the subadviser 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 meetings held on November 3-4, 2021 and December 7-8, 2021, the Trustees’ evaluated the information provided by the Adviser, the subadviser, and the independent fee consultant, as well as other information addressed during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser and each subadviser, as applicable, were fair and reasonable in light of the nature, extent and quality of the services provided by the Adviser, its affiliates and the subadviser, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund and the subadvisory agreement for each subadvised Janus Henderson Fund, for the period from February 1, 2022 through February 1, 2023, subject to earlier termination as provided for in each agreement.

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

Nature, Extent and Quality of Services

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

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Additional Information (unaudited)

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 the Adviser and the 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 the Adviser or the subadviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

The Trustees concluded that the nature, extent and quality of the services provided by the Adviser and 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 the Adviser and the subadviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and each 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, 2021, approximately 55% of the Janus Henderson Funds were in the top two quartiles of performance versus Broadridge peers, and for the 12 months ended September 30, 2021, approximately 45% 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 second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving

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Additional Information (unaudited)

Fixed-Income Funds

·For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·For Janus Developed World Bond Fund, the Trustees noted the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

Global and International Equity Funds

·For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the second Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the

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Additional Information (unaudited)

Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

Money Market Funds

·For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was taking to improve performance.

·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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser 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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser had taken or was 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, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2021 and the first Broadridge quartile for the 12 months ended May 31, 2021.

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Janus Henderson Venture Fund

Additional Information (unaudited)

·For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2021 and the third Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, and the steps the Adviser 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 bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance and the steps the Adviser and subadviser had taken or were taking to improve performance.

·For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021.

·For Janus Henderson International Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser and subadviser had taken or were taking to improve performance.

·For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. The Trustees noted the reasons for the Fund’s underperformance, the steps the Adviser and subadviser had taken or were taking to improve performance.

U.S. Equity Funds

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

·For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was 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, 2021 and the bottom Broadridge quartile for the 12 months ended May 31, 2021. 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 the Adviser had taken or was taking to improve performance.

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Janus Henderson Venture Fund

Additional Information (unaudited)

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 the Adviser out of its management fees collected from such Janus Henderson Fund.

The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge Expense Group peers; and (3) and the management fees for the Janus Henderson Funds, on average, were 6% 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.

The Trustees considered the methodology used by the Adviser and 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 the Adviser and subadviser to comparable separate account clients and to comparable non-affiliated funds subadvised by the Adviser or subadviser (for which the Adviser 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 the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, trustee support, regulatory compliance and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser 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; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged to Janus Henderson subadvised fund and separate account investors; and (4) as part of its 2020 review, 9 of 10 Janus Henderson Funds have lower management fees than similar funds subadvised by the Adviser.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2020, including the VIT Portfolios, and noted the following with regard to each VIT Portfolio’s total expenses, net of applicable fee waivers (the VIT Portfolio’s “total expenses”):

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Janus Henderson Venture Fund

Additional Information (unaudited)

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 the Adviser 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.

·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 the Adviser 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 the Adviser 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 one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser 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 the Adviser 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 the Adviser has contractually agreed to limit the Fund’s expenses.

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

·For Janus Henderson Short Duration 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 the Adviser 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 the Adviser 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 certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser 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 the Adviser has contractually agreed to limit the Fund’s expenses.

·For Janus Henderson Global Equity Income 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 the Adviser 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.

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Additional Information (unaudited)

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

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

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

Money Market Funds

·For Janus Henderson Government 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 the Adviser has voluntarily agreed to limit the Fund’s expenses to assist the Fund in attempting to maintain a yield of at least 0.00%.

·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 the Adviser has agreed to limit the Fund’s expenses to assist the Fund in attempting to maintain a yield of at least 0.00%.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted 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 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 the Adviser 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 the Adviser 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

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Additional Information (unaudited)

that the Adviser 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 the Adviser 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 the Adviser 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, 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 the Adviser 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 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 the Adviser 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.

·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 the Adviser 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 the Adviser 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 Mid Cap Value Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

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

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by

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Additional Information (unaudited)

numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser and 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 the Adviser 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 the Adviser 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 the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser and its affiliates, as well as the fees paid by the Adviser to the subadviser 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 the Adviser and the subadviser 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 the Adviser and subadviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

Economies of Scale

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 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 75% of these Janus Henderson Funds’ have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. The Trustees also noted the following: (1) that for those Janus Henderson Funds whose expenses are being reduced by the contractual expense limitations of the Adviser, the Adviser is subsidizing certain of these Janus Henderson Funds because they have not reached adequate scale; (2) 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 (3) 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 the Adviser 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 the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds which have not yet achieved those economies and (2) by setting lower fixed fees from the start on these Janus Henderson Funds, the Adviser appeared to be investing to increase the likelihood that these Janus

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Additional Information (unaudited)

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 the Adviser.

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

Other Benefits to the Adviser

The Trustees also considered benefits that accrue to the Adviser and its affiliates and subadviser to the Janus Henderson Funds from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by 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 the Adviser and/or the Adviser, and/or subadviser to a Janus Henderson Fund. The Trustees concluded that the Adviser’s and the subadviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates and subadviser pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser and the subadviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser and the subadviser 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 the Adviser’s and/or the subadviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser and/or other clients of the subadviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser, the subadviser or other Janus Henderson funds, and that the success of the Adviser and the subadviser could enhance the Adviser’s and the subadviser’s ability to serve the Janus Henderson Funds.

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Janus Henderson Venture Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

The Management Commentary in this report includes valuable insight as well as statistical information to help you understand how your Fund’s performance and characteristics stack up against those of comparable indices.

If the Fund invests in foreign securities, this report may include information about country exposure. Country exposure is based primarily on 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.

Please keep in mind that the opinions expressed in the Management Commentary are just that: opinions. They are a reflection based on best judgment at the time this report was compiled, which was September 30, 2022. As the investing environment changes, so could opinions. These views are unique and are not necessarily shared by fellow employees or by Janus Henderson in general.

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 the Adviser 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. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by Bloomberg 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.

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Useful Information About Your Fund Report (unaudited)

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.

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.

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.

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Useful Information About Your Fund Report (unaudited)

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 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.

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Designation Requirements (unaudited)

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2022:

Capital Gain Distributions $376,766,960

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Trustees and Officers (unaudited)

The following are the Trustees and officers of the Trust, together with a brief description of their principal occupations during the last five years (principal occupations for certain Trustees may include periods over five years). The Fund’s Statement of Additional Information includes additional information about the Trustees and officers and is available, without charge, by calling 1-877-335-2687.

Each Trustee has served in that capacity since he or she was originally elected or appointed. The Trustees do not serve a specified term of office. Each Trustee will hold office until the termination of the Trust or his or her earlier death, resignation, retirement, incapacity, or removal. Under the Fund’s Governance Procedures and Guidelines, the policy is for Trustees to retire no later than the end of the calendar year in which the Trustee turns 75. The Trustees review the Fund’s Governance Procedures and Guidelines from time to time and may make changes they deem appropriate. The Fund’s Nominating and Governance Committee will consider nominees for the position of Trustee recommended by shareholders. Shareholders may submit the name of a candidate for consideration by the Committee by submitting their recommendations to the Trust’s Secretary. Each Trustee is currently a Trustee of one other registered investment company advised by the Adviser: Janus Aspen Series. Collectively, these two registered investment companies consist of 50 series or funds referred to herein as the Fund Complex.

The Trust’s officers are elected annually by the Trustees for a one-year term. Certain officers also serve as officers of Janus Aspen Series. Certain officers of the Fund may also be officers and/or directors of the Adviser. Except as otherwise disclosed, Fund officers receive no compensation from the Fund, except for the Fund’s Chief Compliance Officer, as authorized by the Trustees.

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Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Alan A. Brown 151 Detroit Street Denver, CO 80206 DOB: 1962	Chairman Trustee	5/22-Present 1/13-Present	Principal, Curam Holdings LLC (since 2018). Formerly, Executive Vice President, Institutional Markets, of Black Creek Group (private equity real estate investment management firm) (2012-2018), Executive Vice President and Co-Head, Global Private Client Group (2007-2010), Executive Vice President, Mutual Funds (2005-2007), and Chief Marketing Officer (2001-2005) of Nuveen Investments, Inc. (asset management).	50	Advisory Board Member of AEW Core Property Trust (open-end property fund) (since 2020), and Director of WTTW (PBS affiliate) (since 2003). Formerly, Director of MotiveQuest LLC (strategic social market research company) (2003-2016), Director of Nuveen Global Investors LLC (2007-2011), Director of Communities in Schools (2004-2010), and Director of Mutual Fund Education Alliance (until 2010).
Cheryl D. Alston 151 Detroit Street Denver, CO 80206 DOB: 1966	Trustee	8/22-Present	Executive Director and Chief Investment Officer, Employees’ Retirement Fund of the City of Dallas (since 2004).	50	Director of Blue Cross Blue Shield of Kansas City (a not-for-profit health insurance provider) (since 2016) and Director of Global Life Insurance (life and supplemental health insurance provider) (since 2017). Formerly, Director of Federal Home Loan Bank of Dallas (2017-2021).

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Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William D. Cvengros 151 Detroit Street Denver, CO 80206 DOB: 1948	Trustee	1/11-Present	Chief Executive Officer of SJC Capital, LLC (a personal investment company and consulting firm) (since 2002). Formerly, Chief Executive Officer and President of PIMCO Advisors Holdings L.P. (a publicly traded investment management firm) (1994-2000), and Chief Investment Officer (1987-1994) and Vice Chairman and Director (1990-1994) of Pacific Life Insurance Company (a mutual life insurance and annuity company) (1987-1994).	50	Member, Limited Partner Advisory Committee, Karmel Capital Fund III (later stage growth fund) (since 2022), Member of the Investment Committee for the Orange County Community Foundation (a grantmaking foundation) (since 2020), Advisory Board Member, RevOZ Fund LP and related funds (real estate investments for opportunity zones) (since 2020), and Advisory Board Member, Innovate Partners Emerging Growth and Equity Fund I (early stage venture capital fund) (since 2014). Formerly, Managing Trustee of National Retirement Partners Liquidating Trust (2013-2016), Chairman, National Retirement Partners, Inc. (formerly a network of advisors to 401(k) plans) (2005-2013), Director of Prospect Acquisition Corp. (a special purpose acquisition corporation) (2007-2009), Director of RemedyTemp, Inc. (temporary help services company) (1996-2006), and Trustee of PIMCO Funds Multi-Manager Series (1990-2000) and Pacific Life Variable Life & Annuity Trusts (1987-1994).

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Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Raudline Etienne 151 Detroit Street Denver, CO 80206 DOB: 1965	Trustee	6/16-Present	Founder, Daraja Capital (advisory and investment firm) (since 2016). Formerly, Senior Vice President and Senior Advisor, Albright Stonebridge Group LLC (global strategy firm) (2011-2021), and Deputy Comptroller and Chief Investment Officer, New York State Common Retirement Fund (public pension fund) (2008-2011).	50	Member of the Investment Committee for Cooper Union (private college) (since 2021), Board Member, Van Alen Institute (nonprofit architectural and design organization) (since 2019), and Director of Brightwood Capital Advisors, LLC (since 2014).

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Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Darrell B. Jackson 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	8/22-Present	President and Chief Executive Officer, The Efficace Group Inc. (since 2018). Formerly, President and Chief Executive Officer, Seaway Bank and Trust Company (community bank) (2014-2015), and Executive Vice President and Co-President, Wealth Management (2009-2014), and several senior positions, including Group Executive, Senior Vice President, and Vice President (1995-2009) of Northern Trust Company (financial services company) (1995-2014).	50	Director of Amalgamated Financial Corp (bank) (since August 2021), Director of YR Media (a not-for-profit production company) (since 2021), and Director of Gray-Bowen-Scott (transportation project consulting firm) (since April 2020). Formerly, Director of Delaware Place Bank (closely held commercial bank) (2016-2018) and Director of Seaway Bank and Trust Company (2014-2015).

Janus Investment Fund 65

Janus Henderson Venture Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
William F. McCalpin 151 Detroit Street Denver, CO 80206 DOB: 1957	Trustee	6/02-Present	Chief Executive Officer, muun chi LLC (organic food business) (since 2022) and Independent Consultant (since 2019). Formerly, Chief Operating Officer, muun chi LLC (2020-2022), Managing Partner, Impact Investments, Athena Capital Advisors LLC (independent registered investment advisor) (2016-2019), Managing Director, Holos Consulting LLC (provides consulting services to foundations and other nonprofit organizations) (2009-2016), Chief Executive Officer, Imprint Capital Advisors (impact investment firm) (2013-2015), and Executive Vice President and Chief Operating Officer of The Rockefeller Brothers Fund (a private family foundation) (1998-2006).	50	Chairman of the Board and Trustee of The Investment Fund for Foundations Investment Program (TIP) (consisting of 1 fund) (since 2008). Formerly, Director of the F.B. Heron Foundation (a private grantmaking foundation) (2006-2022), and Director of Mutual Fund Directors Forum (a non-profit organization serving independent directors of U.S. mutual funds) (2016-2021).

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Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Gary A. Poliner 151 Detroit Street Denver, CO 80206 DOB: 1953	Trustee	6/16-Present	Retired. Formerly, President (2010-2013) of Northwestern Mutual Life Insurance Company.	50	Director of MGIC Investment Corporation (private mortgage insurance) (since 2013). Formerly, Director, West Bend Mutual Insurance Company (property/casualty insurance) (2013-2021), Trustee of Northwestern Mutual Life Insurance Company (2010-2013), and Director of Frank Russell Company (global asset management firm) (2008-2013).
Diane L. Wallace 151 Detroit Street Denver, CO 80206 DOB: 1958	Trustee	6/17-Present	Retired. Formerly, Chief Operating Officer, Senior Vice President-Operations, and Chief Financial Officer for Driehaus Capital Management, LLC (1988-2006) and Treasurer for Driehaus Mutual Funds (1996-2002).	50	Formerly, Director of Family Service of Lake County (2019-2021), Independent Trustee, Henderson Global Funds (13 portfolios) (2015-2017), Independent Trustee, State Farm Associates’ Funds Trust, State Farm Mutual Fund Trust, and State Farm Variable Product Trust (28 portfolios) (2013-2017).

Janus Investment Fund 67

Janus Henderson Venture Fund

Trustees and Officers (unaudited)

TRUSTEES
Name, Address, and Age	Positions Held with the Trust	Length of Time Served	Principal Occupations During the Past Five Years	Number of Portfolios/Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Linda S. Wolf 151 Detroit Street Denver, CO 80206 DOB: 1947	Trustee	11/05-Present	Retired. Formerly, Chairman and Chief Executive Officer of Leo Burnett (Worldwide) (advertising agency) (2001-2005).	50	Director of Chicago Community Trust (Regional Community Foundation), Lurie Children’s Hospital (Chicago, IL), and Shirley Ryan Ability Lab. Formerly, Director of Wrapports, LLC (until 2022), Director of Chicago Council on Global Affairs (until 2019), InnerWorkings (until 2019) and Director of Walmart (until 2017).

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Janus Henderson Venture Fund

Trustees and Officers (unaudited)

OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Jonathan D. Coleman 151 Detroit Street Denver, CO 80206 DOB: 1971	Executive Vice President and Co-Portfolio Manager Janus Henderson Venture Fund	5/13-Present	Portfolio Manager for other Janus Henderson accounts.
Scott Stutzman 151 Detroit Street Denver, CO 80206 DOB: 1971	Executive Vice President and Co-Portfolio Manager Janus Henderson Venture Fund	7/16-Present	Portfolio Manager for other Janus Henderson accounts and Analyst for the Adviser.
Michelle Rosenberg 151 Detroit Street Denver, CO 80206 DOB: 1973	President and Chief Executive Officer	9/22-Present	General Counsel and Corporate Secretary of Janus Henderson Investors (since 2018). Formerly, Interim President and Chief Executive Officer of the Trust and Janus Aspen Series (2022), Senior Vice President and Head of Legal, North America of Janus Henderson Investors (2017-2018) and Deputy General Counsel of Janus Henderson US (Holdings) Inc. (2015-2018).
Kristin Mariani 151 Detroit Street Denver, CO 80206 DOB: 1966	Vice President, Chief Compliance Officer, and Anti-Money Laundering Officer	7/20-Present	Head of Compliance, North America for Janus Henderson Investors (since September 2020) and Chief Compliance Officer for Janus Henderson Investors US LLC (since September 2017). Formerly, Global Head of Investment Management Compliance for Janus Henderson Investors (February 2019 - August 2020), Vice President, Head of Global Distribution Compliance and Chief Compliance Officer of Janus Henderson Distributors US LLC (May 2017 – September 2017), Vice President, Compliance at Janus Henderson US (Holdings) Inc., Janus Henderson Investors US LLC, and Janus Henderson Distributors US LLC (2009-2017).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

Janus Investment Fund 69

Janus Henderson Venture Fund

Trustees and Officers (unaudited)

OFFICERS
Name, Address, and Age	Positions Held with the Trust	Term of Office* and Length of Time Served	Principal Occupations During the Past Five Years
Jesper Nergaard 151 Detroit Street Denver, CO 80206 DOB: 1962	Chief Financial Officer Vice President, Treasurer, and Principal Accounting Officer	3/05-Present 2/05-Present	Head of U.S. Fund Administration, Janus Henderson Investors and Janus Henderson Services US LLC.
Abigail J. Murray 151 Detroit Street Denver, CO 80206 DOB: 1975	Vice President, Chief Legal Officer, and Secretary	12/20-Present	Managing Counsel (2020-present). Formerly, Senior Counsel for Invesco Ltd. (2017-2020), and Vice President and Senior Counsel, ALPS Fund Services, Inc. and Assistant General Counsel, ALPS Advisors, Inc. (2015-2017).
* Officers are elected at least annually by the Trustees for a one-year term and may also be elected from time to time by the Trustees for an interim period.

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Janus Henderson Venture Fund

Notes

NotesPage1

Janus Investment Fund 71

Janus Henderson Venture Fund

Notes

NotesPage2

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Notes

NotesPage3

Janus Investment Fund 73

This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Janus Henderson Distributors US LLC
	125-02-93056 11-22

Item 2 - Code of Ethics

As of the end of the period covered by this Form N-CSR, the Registrant has adopted a Code of Ethics (as defined in Item 2(b) of Form N-CSR), which is posted on the Registrant's website: janushenderson.com. Registrant intends to post any amendments to, or waivers from (as defined in Item 2 of Form N-CSR), such code on janushenderson.com within five business days following the date of such amendment or waiver.

Item 3 - Audit Committee Financial Expert

The Registrant's Board of Trustees has determined that the following members of the Board's Audit Committee are "audit committee financial experts," as defined in Item 3 to Form N-CSR: William D. Cvengros, Gary A. Poliner, and Diane Wallace who are each "independent" under the standards set forth in Item 3 to Form N-CSR.

Item 4 - Principal Accountant Fees and Services

Janus Investment Fund (the "Trust"), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as an open-end investment company, offers 47 funds which include multiple series of shares with differing investment objectives and policies. The funds comprising the Trust have differing fiscal year ends (June 30 and September 30). This Form N-CSR relates to funds with September 30 fiscal year ends (the "Funds").

(a) Audit Fees

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds' annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $862,380 in fiscal 2022 and $817,000 in fiscal 2021.

(b) Audit-Related Fees

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Funds' financial statements and are not reported under paragraph (a) of this Item were $0 in fiscal 2022 and $0 in fiscal 2021.

The nature of the services comprising the fees disclosed under this category includes agreed upon procedures.

(c) Tax Fees

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were $227,346 in fiscal 2022 and $215,497 in fiscal 2021.

The nature of the services comprising the fees disclosed under this category includes tax compliance, tax planning, tax advice, and corporate actions review.

(d) All Other Fees

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item were $0 in fiscal 2022 and $0 in fiscal 2021.

(e) (1) The registrant's Audit Committee Charter requires the registrant's Audit Committee to pre-approve any engagement of the principal accountant (i) to provide audit or non-audit services to the registrant or (ii) to provide non-audit services to the registrant's investment adviser or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X. The Chairman of the Audit Committee or, if the Chairman is unavailable, another member of the Audit Committee who is an independent Trustee, may grant the pre-approval. All such delegated pre-approvals must be presented to the Audit Committee no later than the next Audit Committee meeting.

(2) No services described in paragraphs (b) through (d) of this Item were approved by the Registrant’s audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable as less than 50%

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant were $227,346 in fiscal 2022 and $215,497 in fiscal 2021.

(h) The registrant's audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

Item 5 - Audit Committee of Listed Registrants

Not applicable.

Item 6 - Investments

(a) Schedule of Investments is contained in the Reports to Shareholders included under Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7 - Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable to this Registrant.

Item 8 - Portfolio Managers of Closed-End Management Investment Companies

Not applicable to this Registrant.

Item 9 - Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable to this Registrant.

Item 10 - Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees.

Item 11 - Controls and Procedures

(a)Assessment of the Registrant’s Control Environment

The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Investment Company Act of 1940, as amended (the “1940 Act”), is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and forms. The disclosure controls and procedures include, without limitation, controls and procedures that are designed to provide reasonable assurance that such information is accumulated and communicated to the Registrant’s management, including its principal executive officer (“PEO”) and principal financial officer (“PFO”), as appropriate, to allow timely decisions regarding required disclosure.

In accordance with Rule 30a-3 under the 1940 Act, within 90 days prior to the filing date of this report on Form N-CSR, management, with the participation of the PEO and PFO, evaluated the effectiveness of the disclosure controls and procedures of the Registrant. Based on their evaluation, the PEO and PFO have determined that the Janus Henderson Emerging Markets Fund’s and the Janus Henderson International Opportunities Fund’s, two funds of the Registrant (the “Funds”), disclosure controls and procedures were not effective due to a material weakness in the design and operating effectiveness of controls specific to processing of corporate actions as non-taxable stock dividends dating back to March 2018. Specifically, the Funds’ sub-administrator incorrectly processed such stock dividends by recording a new tax lot with a zero-cost basis instead of reallocating the cost basis across all existing lots held by the Funds. There was no control to review Fund tax lot holdings by the sub-administrator to ensure transactions had been processed correctly.

A material weakness (as defined in Rule 12b-2 under the Exchange Act) is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the Registrant’s annual or interim financial statements will not be prevented or detected on a timely basis. The material weakness described above resulted in misclassifications between net realized gain/(loss) on investments and change in unrealized net appreciation/depreciation during fiscal periods where partial sales occurred. This resulted in a restatement of the financial statements for Janus Henderson Emerging Markets Fund and Janus Henderson International Opportunities Fund to correct a misclassification error within the statements of changes in net assets for the year ended September 30, 2020. Tax returns for the applicable excise and fiscal periods were materially accurate for 2018, 2019, 2020, and 2021.

Effective as of September 30, 2022, the sub-administrator corrected all open tax lots in the accounting records.

(b)Changes in Internal Control

Subsequent to the identification of the issue described above, management has developed a plan with the sub-administrator to remediate the material weakness described herein. The sub-administrator has strengthened the Funds’ internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) by enhancing stock dividend processing and review procedures, to ensure the cost basis of corporate actions processed as non-taxable stock dividends are properly allocated. The sub-administrator has also added a periodic review of Fund tax lot holdings to identify lots requiring further review to ensure transactions have been processed correctly until a systematic solution can be implemented.

Management will continue to evaluate and monitor the operating effectiveness of the controls for a sufficient period of time before concluding on remediation.

Item 12 - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

(a)Not applicable.

(b)Not applicable.

Item 13 - Exhibits

(a)(1) Not applicable because the Registrant has posted its Code of Ethics (as defined in Item 2(b) of Form N-CSR) on its website pursuant to paragraph (f)(2) of Item 2 of Form N-CSR.

(a)(2) Separate certifications for the Registrant's Principal Executive Officer and Principal Financial Officer, as required under Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached as Ex-99CERT.

(b) A certification for the Registrant's Principal Executive Officer and Principal Financial Officer, as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, is attached as Ex99.906CERT.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Janus Investment Fund

By: /s/ Michelle Rosenberg

Michelle Rosenberg, President and Chief Executive Officer of Janus Investment Fund

(Principal Executive Officer)

Date: December 9, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: /s/ Michelle Rosenberg

Michelle Rosenberg, President and Chief Executive Officer of Janus Investment Fund

(Principal Executive Officer)

Date: December 9, 2022

By: /s/ Jesper Nergaard

Jesper Nergaard, Vice President, Chief Financial Officer, Treasurer and Principal Accounting Officer of Janus Investment Fund

(Principal Accounting Officer and Principal Financial Officer)

Date: December 9, 2022

EX-99.CERT

Section 302 Certifications

I, Michelle Rosenberg, certify that:

1. I have reviewed this report on Form N-CSR of Janus Investment Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 9, 2022

/s/ Michelle Rosenberg

Michelle Rosenberg, President and Chief Executive Officer of Janus Investment Fund

(Principal Executive Officer)

Section 302 Certifications

I, Jesper Nergaard, certify that:

1. I have reviewed this report on Form N-CSR of Janus Investment Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 9, 2022

/s/ Jesper Nergaard

Jesper Nergaard, Vice President, Chief Financial Officer, Treasurer and Principal Accounting Officer of Janus Investment Fund

(Principal Accounting Officer and Principal Financial Officer)

EX-99.906 CERT

Section 906 Certification

The following certification is provided by the undersigned Principal Executive Officer and Principal Financial Officer of Registrant on the basis of such officers' knowledge and belief for the sole purpose of complying with 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(b) under the Investment Company Act of 1940.

Certification

In connection with the Annual Report of Janus Investment Fund (the "Registrant") on Form N-CSR for the period ended September 30, 2022, as filed with the Securities and Exchange Commission on December 9, 2022 (the "Report"), we, Michelle Rosenberg, Principal Executive Officer of the Registrant, and Jesper Nergaard, Principal Accounting Officer and Principal Financial Officer of the Registrant, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(b) under the Investment Company Act of 1940, that:

(1) The Report fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

/s/ Michelle Rosenberg

Michelle Rosenberg, President and Chief Executive Officer of Janus Investment Fund

(Principal Executive Officer)

December 9, 2022

/s/ Jesper Nergaard

Jesper Nergaard, Vice President, Chief Financial Officer, Treasurer and Principal Accounting Officer of Janus Investment Fund

(Principal Accounting Officer and Principal Financial Officer)

December 9, 2022

This certification is being furnished to the Commission solely pursuant to the requirements of Form N-CSR and is not being "filed" as part of this report. A signed original of this written statement required by Section 906, or other documents authenticating, acknowledging, or otherwise adopting the signatures that appear in typed form within the electronic version of this written statement required by Section 906, has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.