Janus Henderson Contrarian Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Corporate Bonds– 0.7%
Personal Products – 0.7%
	Beauty Health Co/The, 1.2500%, 10/1/26 (144A)((cost $34,090,472)	$45,000,000	$33,525,331
Common Stocks– 98.0%
Aerospace & Defense – 4.6%
	Howmet Aerospace Inc	3,861,551	208,987,140
Banks – 7.5%
	Cullen/Frost Bankers Inc	720,636	78,181,800
	PNC Financial Services Group Inc/The	1,072,549	166,084,213
	Western Alliance Bancorp	1,532,836	100,845,280
			345,111,293
Biotechnology – 7.9%
	AbbVie Inc	844,368	130,851,709
	Amicus Therapeutics Inc*	5,144,567	73,001,406
	Argenx SE (ADR)*	89,498	34,047,724
	Madrigal Pharmaceuticals Inc*	362,473	83,869,003
	Vaxcyte Inc*	627,534	39,409,135
			361,178,977
Capital Markets – 0.5%
	Patria Investments Ltd - Class A	1,372,637	21,289,600
Consumer Finance – 2.4%
	Capital One Financial Corp	851,211	111,610,786
Containers & Packaging – 4.9%
	Crown Holdings Inc	2,452,987	225,895,573
Diversified Financial Services – 0.7%
	Apollo Global Management Inc	361,786	33,714,837
Electric Utilities – 3.1%
	American Electric Power Co Inc	1,751,818	142,282,658
Electrical Equipment – 2.7%
	Vertiv Holdings Co	2,528,774	121,457,015
Health Care Equipment & Supplies – 10.8%
	Abbott Laboratories	511,351	56,284,404
	Globus Medical Inc*	1,884,016	100,399,213
	Lantheus Holdings Inc*	874,309	54,207,158
	Teleflex Inc	1,137,090	283,522,020
			494,412,795
Hotels, Restaurants & Leisure – 7.7%
	Caesars Entertainment Inc*	4,914,501	230,391,807
	Sportradar Group AG - Class A*,#	4,162,287	45,993,271
	Wynn Resorts Ltd	867,224	79,012,779
			355,397,857
Life Sciences Tools & Services – 2.5%
	Sotera Health Co*	6,891,551	116,122,634
Machinery – 2.4%
	Chart Industries Inc*	821,624	112,012,000
Metals & Mining – 6.7%
	Constellium SE*,£	7,903,948	157,762,802
	Freeport-McMoRan Inc	3,477,703	148,045,817
			305,808,619
Multiline Retail – 3.1%
	Amazon.com Inc*	947,323	143,936,257
Multi-Utilities – 3.8%
	Sempra Energy	2,346,020	175,318,075
Oil, Gas & Consumable Fuels – 3.9%
	Occidental Petroleum Corp	2,975,339	177,657,492
Personal Products – 0.8%
	Beauty Health Co/The*,#,£	11,117,965	34,576,871
Pharmaceuticals – 4.0%
	Catalent Inc*	4,094,087	183,947,329
Professional Services – 0.9%
	Ceridian HCM Holding Inc*	643,431	43,187,089
Semiconductor & Semiconductor Equipment – 7.4%
	Advanced Micro Devices Inc*	1,227,399	180,930,886
	Marvell Technology Inc	2,656,271	160,199,704
			341,130,590
Software – 5.3%
	Oracle Corp	961,520	101,373,054
	Workday Inc - Class A*	517,343	142,817,708
			244,190,762

Shares or Principal Amounts			Value
Common Stocks– (continued)
Specialty Retail – 1.1%
	Signet Jewelers Ltd	452,650	$48,551,239
Trading Companies & Distributors – 3.3%
	Core & Main Inc - Class A*	1,999,326	80,792,764
	Ferguson PLC	356,546	68,838,336
			149,631,100
Total Common Stocks (cost $3,700,079,633)			4,497,408,588
Investment Companies– 0.6%
Money Markets – 0.6%
	Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº,£((cost $28,565,418)	28,559,706	28,565,418
Investments Purchased with Cash Collateral from Securities Lending– 0%
Investment Companies – 0%
	Janus Henderson Cash Collateral Fund LLC, 5.2936%ºº,£	171,934	171,934
Time Deposits – 0%
	Royal Bank of Canada, 5.3100%, 1/2/24	$42,984	42,983
Total Investments Purchased with Cash Collateral from Securities Lending (cost $214,917)			214,917
Total Investments (total cost $3,762,950,440) – 99.3%			4,559,714,254
Cash, Receivables and Other Assets, net of Liabilities – 0.7%			31,521,653
Net Assets – 100%			$4,591,235,907

Summary of Investments by Country - (Long Positions) (unaudited)
		% of
		Investment
Country	Value	Securities
United States	$4,300,620,857	94.3	%
Netherlands	157,762,802	3.5
Switzerland	45,993,271	1.0
Belgium	34,047,724	0.7
Cayman Islands	21,289,600	0.5

Total $4,559,714,254 100.0 %

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Schedules of Affiliated Investments – (% of Net Assets)

		Dividend Income(1)		Realized Gain/(Loss)(1)		Change in Unrealized Appreciation/ Depreciation(1)		Value at 12/31/23
Common Stocks - 4.2%
Metals & Mining - 3.4%
	Constellium SE*	$	-	$	-	$	13,910,948	$	157,762,802
Personal Products - 0.8%
	Beauty Health Co/The*,#		-		(11,701,751)		(25,784,595)		34,576,871
Total Common Stocks		$	-	$	(11,701,751)	$	(11,873,647)	$	192,339,673
Investment Companies - 0.6%
Money Markets - 0.6%
	Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº		462,787		2,068		(14,901)		28,565,418
Investments Purchased with Cash Collateral from Securities Lending - 0.0%
Investment Companies - 0.0%
	Janus Henderson Cash Collateral Fund LLC, 5.2936%ºº		288∆		-		-		171,934
Total Affiliated Investments - 4.8%		$	463,075	$	(11,699,683)	$	(11,888,548)	$	221,077,025

(1) For securities that were affiliated for a portion of the period ended December 31, 2023, this column reflects amounts for the entire period ended December 31, 2023 and not just the period in which the security was affiliated.

		Value at 9/30/23		Purchases		Sales Proceeds		Value at 12/31/23
Common Stocks - 4.2%
Metals & Mining - 3.4%
	Constellium SE*		143,851,854		-		-		157,762,802
Personal Products - 0.8%
	Beauty Health Co/The*,#		68,617,718		5,857,685		(2,412,186)		34,576,871
Investment Companies - 0.6%
Money Markets - 0.6%
	Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº		128,368,565		250,884,007		(350,674,321)		28,565,418
Investments Purchased with Cash Collateral from Securities Lending - 0.0%
Investment Companies - 0.0%
	Janus Henderson Cash Collateral Fund LLC, 5.2936%ºº		5,000		6,082,118		(5,915,184)		171,934

Average Ending Monthly Value of Derivative Instruments During the Period Ended December 31, 2023
Options:
Average value of option contracts written	$118,013

3

Notes to Schedule of Investments (unaudited)

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 period ended December 31, 2023 is $33,525,331, which represents 0.7% of net assets.

* Non-income producing security.

ºº Rate shown is the 7-day yield as of December 31, 2023.

# Loaned security; a portion of the security is on loan at December 31, 2023.

£ 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 December 31, 2023.
Valuation Inputs Summary
				Level 2 -		Level 3 -
		Level 1 -		Other Significant		Significant
		Quoted Prices		Observable Inputs		Unobservable Inputs
Assets
Investments In Securities:
Corporate Bonds	$	-	$	33,525,331	$	-
Common Stocks		4,497,408,588		-		-
Investment Companies		-		28,565,418		-
Investments Purchased with Cash Collateral from Securities Lending		-		214,917		-
Total Assets	$	4,497,408,588	$	62,305,666	$	-

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Investment Valuation

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

Valuation Inputs Summary

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

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

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

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

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

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

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of December 31, 2023 to fair value the Fund’s investments

5

in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments.

6

For additional information on the Fund, please refer to the Fund’s most recent semiannual or annual shareholder report.

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