N-CSRS

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: 6/30

Date of reporting period: 12/31/23

Item 1 - Reports to Shareholders

	SEMIANNUAL REPORT December 31, 2023
Janus Henderson Absolute Return Income Opportunities Fund
Janus Investment Fund

HIGHLIGHTS

·Investment strategy behind your fund

·Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Absolute Return Income Opportunities Fund

Fund At A Glance 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	29
Additional Information	45
Useful Information About Your Fund Report	56

Daniel Siluk co-portfolio manager Dylan Bourke co-portfolio manager Jason England co-portfolio manager

Important Notice – Tailored Shareholder Reports

Effective January 24, 2023, the Securities and Exchange Commission (the “SEC”) adopted rule and form amendments that require mutual funds and exchange-traded funds to provide shareholders with streamlined annual and semi-annual shareholder reports that highlight key information. Other information, including financial statements, that currently appears in shareholder reports will be made available online, delivered free of charge to shareholders upon request, and filed with the SEC. The first tailored shareholder report for the Fund will be for the reporting period ending June 30, 2024. Currently, management is evaluating the impact of the rule and form amendments on the content of the Fund’s current shareholder reports.

Janus Henderson Absolute Return Income Opportunities Fund (unaudited)

Fund At A Glance

December 31, 2023

Fund Profile
30-day SEC Yield*	Without Reimbursement	With Reimbursement
Class A Shares NAV	4.23%	4.98%
Class A Shares MOP	4.03%	4.74%
Class C Shares**	3.42%	4.22%
Class D Shares	4.41%	5.18%
Class I Shares	4.49%	5.23%
Class N Shares	4.19%	5.31%
Class R Shares	3.06%	4.54%
Class S Shares	3.21%	4.80%
Class T Shares	4.29%	5.06%
Weighted Average Maturity		2.8 Years
Average Effective Duration***		1.1 Years
* Yield will fluctuate.
** Does not include the 1.00% contingent deferred sales charge.
*** A theoretical measure of price volatility.

Ratings† Summary - (% of Total Investments)
A	12.1%
AAA	9.1%
B1	0.6%
BBB	53.5%
BBB-	3.1%
Ba1	10.7%
Ba2	4.4%
Ba3	1.7%
Other	4.8%
† Credit ratings provided by Standard & Poor's (S&P), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality. "Other" includes cash equivalents, equity securities, and certain derivative instruments.

Significant Areas of Investment - (% of Net Assets)

Asset Allocation - (% of Net Assets)
Corporate Bonds	75.8%
Asset-Backed/Commercial Mortgage-Backed Securities	6.0%
Foreign Government Bonds	5.7%
Commercial Paper	4.5%
Investment Companies	2.2%
OTC Purchased Put Credit Default Swaptions – Buy Protection – Puts	0.1%
Other		5.7%
		100.0%

Janus Investment Fund 1

Janus Henderson Absolute Return Income Opportunities Fund (unaudited)

Performance

See important disclosures on the next page.

Average Annual Total Return - for the periods ended December 31, 2023					Prospectus Expense Ratios
	Fiscal Year-to-Date	One Year	Five Year	Since Inception*	Total Annual Fund Operating Expenses‡	Net Annual Fund Operating Expenses‡
Class A Shares at NAV	3.87%	6.64%	2.14%	1.16%	1.51%	0.96%
Class A Shares at MOP	-1.03%	1.56%	1.16%	0.65%
Class C Shares at NAV	3.48%	5.86%	1.40%	0.43%	2.26%	1.72%
Class C Shares at CDSC	2.48%	4.86%	1.40%	0.43%
Class D Shares	3.97%	6.85%	2.30%	1.28%	1.34%	0.77%
Class I Shares	4.10%	7.01%	2.36%	1.41%	1.25%	0.73%
Class N Shares	4.03%	6.98%	2.45%	1.45%	1.64%	0.64%
Class R Shares	3.65%	6.07%	1.69%	0.71%	2.58%	1.38%
Class S Shares	3.78%	6.33%	1.93%	0.94%	2.73%	1.13%
Class T Shares	3.92%	6.74%	2.20%	1.22%	1.44%	0.88%
FTSE 3-Month U.S. Treasury Bill Index	2.80%	5.26%	1.91%	1.31%
Morningstar Quartile - Class I Shares	-	3rd	3rd	3rd
Morningstar Ranking - based on total returns for Nontraditional Bond Funds	-	171/309	141/265	157/216

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 4.75%. 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.

2 DECEMBER 31, 2023

Janus Henderson Absolute Return Income Opportunities 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 R Shares commenced operations on February 6, 2015. Performance shown for periods prior to February 6, 2015, reflects the historical performance of the Fund’s Class I Shares, calculated using the fees and expenses of Class R Shares, without the effect of any applicable fee and expense limitations or waivers.

If Class R Shares of the Fund had been available during periods prior to February 6, 2015, 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. 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.

© 2023 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.

See “Useful Information About Your Fund Report.”

*The Fund’s inception date – May 27, 2014

‡ As stated in the prospectus. Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 27, 2023. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees. See Financial Highlights for actual expense ratios during the reporting period.

Janus Investment Fund 3

Janus Henderson Absolute Return Income 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 (7/1/23)	Ending Account Value (12/31/23)	Expenses Paid During Period (7/1/23 - 12/31/23)†	Beginning Account Value (7/1/23)	Ending Account Value (12/31/23)	Expenses Paid During Period (7/1/23 - 12/31/23)†	Net Annualized Expense Ratio (7/1/23 - 12/31/23)
Class A Shares		$1,000.00	$1,038.70	$4.87	$1,000.00	$1,020.36	$4.82	0.95%
Class C Shares		$1,000.00	$1,034.80	$8.70	$1,000.00	$1,016.59	$8.62	1.70%
Class D Shares		$1,000.00	$1,039.70	$3.90	$1,000.00	$1,021.32	$3.86	0.76%
Class I Shares		$1,000.00	$1,041.00	$3.75	$1,000.00	$1,021.47	$3.71	0.73%
Class N Shares		$1,000.00	$1,040.30	$3.23	$1,000.00	$1,021.97	$3.20	0.63%
Class R Shares		$1,000.00	$1,036.50	$7.06	$1,000.00	$1,018.20	$7.00	1.38%
Class S Shares		$1,000.00	$1,037.80	$5.79	$1,000.00	$1,019.46	$5.74	1.13%
Class T Shares		$1,000.00	$1,039.20	$4.41	$1,000.00	$1,020.81	$4.37	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 184/366 (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.

4 DECEMBER 31, 2023

Janus Henderson Absolute Return Income Opportunities Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts				Value
Asset-Backed/Commercial Mortgage-Backed Securities– 6.0%
	CENT Trust 2023-CITY A,
	CME Term SOFR 1 Month + 2.6200%, 7.9818%, 9/15/38 (144A)‡	$300,000		$301,551
	Connecticut Avenue Securities Trust 2021-R01 1M2,
	US 30 Day Average SOFR + 1.5500%, 6.8874%, 10/25/41 (144A)‡	163,056		162,038
	Connecticut Avenue Securities Trust 2022-R01 1M1,
	US 30 Day Average SOFR + 1.0000%, 6.3374%, 12/25/41 (144A)‡	142,416		142,107
	Connecticut Avenue Securities Trust 2022-R05 2M1,
	US 30 Day Average SOFR + 1.9000%, 7.2374%, 4/25/42 (144A)‡	56,876		57,061
	Connecticut Avenue Securities Trust 2022-R08 1M1,
	US 30 Day Average SOFR + 2.5500%, 7.8874%, 7/25/42 (144A)‡	69,159		70,737
	Connecticut Avenue Securities Trust 2022-R09 2M1,
	US 30 Day Average SOFR + 2.5000%, 7.8374%, 9/25/42 (144A)‡	246,231		249,942
	Connecticut Avenue Securities Trust 2023-R01 1M1,
	US 30 Day Average SOFR + 2.4000%, 7.7374%, 12/25/42 (144A)‡	300,251		305,022
	Connecticut Avenue Securities Trust 2023-R03 2M1,
	US 30 Day Average SOFR + 2.5000%, 7.8374%, 4/25/43 (144A)‡	147,006		147,005
	Connecticut Avenue Securities Trust 2023-R04 1M1,
	US 30 Day Average SOFR + 2.3000%, 7.6374%, 5/25/43 (144A)‡	184,232		186,832
	Connecticut Avenue Securities Trust 2023-R06 1M1,
	US 30 Day Average SOFR + 1.7000%, 7.0374%, 7/25/43 (144A)‡	174,420		174,418
	FirstMac Mortgage Funding Trust No 4 Series 1-2018,
	30 Day Australian Bank Bill Rate + 1.5000%, 5.7953%, 3/8/49‡	131,338	AUD	89,481
	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA2 M2,
	US 30 Day Average SOFR + 2.3000%, 7.6374%, 8/25/33 (144A)‡	125,961		126,787
	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA7 M1,
	US 30 Day Average SOFR + 0.8500%, 6.1874%, 11/25/41 (144A)‡	23,010		22,900
	Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA6 M1A,
	US 30 Day Average SOFR + 2.1500%, 7.4874%, 9/25/42 (144A)‡	81,895		82,591
	Freddie Mac Structured Agency Credit Risk Debt Notes 2022-HQA3 M1A,
	US 30 Day Average SOFR + 2.3000%, 7.6374%, 8/25/42 (144A)‡	113,684		115,436
	Freddie Mac Structured Agency Credit Risk Debt Notes 2023-DNA1 M1A,
	US 30 Day Average SOFR + 2.1000%, 7.4374%, 3/25/43 (144A)‡	204,240		206,045
	Freddie Mac Structured Agency Credit Risk Debt Notes 2023-DNA2 M1A,
	US 30 Day Average SOFR + 2.1000%, 7.4374%, 4/25/43 (144A)‡	54,978		54,978
	Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA1 M1A,
	US 30 Day Average SOFR + 2.0000%, 7.3374%, 5/25/43 (144A)‡	127,601		127,600
	Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA2 M1A,
	US 30 Day Average SOFR + 2.0000%, 7.3374%, 6/25/43 (144A)‡	407,149		409,722
	Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA3 M1,
	US 30 Day Average SOFR + 1.8500%, 7.1874%, 11/25/43 (144A)‡	96,680		96,679
	TORRENS Series 2014-2 Trust,
	30 Day Australian Bank Bill Rate + 1.6000%, 5.9041%, 1/12/46‡	324,096	AUD	221,031
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $3,340,246)				3,349,963
Corporate Bonds– 75.8%
Banking – 15.0%
	Australia & New Zealand Banking Group Ltd,
	90 Day Australian Bank Bill Rate + 2.0000%, 6.3326%, 7/26/29‡	1,800,000	AUD	1,232,076
	Australian Central Credit Union Ltd,
	90 Day Australian Bank Bill Rate + 2.4000%, 6.7625%, 9/16/31‡	200,000	AUD	131,971
	Commonwealth Bank of Australia,
	90 Day Australian Bank Bill Rate + 1.3200%, 5.7028%, 8/20/31‡	1,500,000	AUD	1,015,255
	ING Groep NV, SOFR + 1.5600%, 6.0830%, 9/11/27‡	600,000		612,302
	Lloyds Banking Group PLC,
	US Treasury Yield Curve Rate 1 Year + 1.4800%, 5.9850%, 8/7/27‡	300,000		305,265
	Macquarie Bank Ltd,
	90 Day Australian Bank Bill Rate + 1.5500%, 5.9125%, 6/17/31‡	2,880,000	AUD	1,956,341
	National Australia Bank Ltd,
	90 Day Australian Bank Bill Rate + 2.0200%, 6.4028%, 11/18/31‡	2,300,000	AUD	1,583,033
	Standard Chartered PLC,
	90 Day Australian Bank Bill Rate + 1.8500%, 6.2100%, 6/28/25‡	320,000	AUD	218,420

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	5

Janus Henderson Absolute Return Income Opportunities Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts				Value
Corporate Bonds– (continued)
Banking– (continued)
	Westpac Banking Corp,
	90 Day Australian Bank Bill Rate + 1.9800%, 6.3575%, 8/27/29‡	2,000,000	AUD	$1,369,933
				8,424,596
Basic Industry – 1.1%
	Celanese US Holdings LLC, 6.1650%, 7/15/27	$600,000		615,213
Brokerage – 1.0%
	LPL Holdings Inc, 4.6250%, 11/15/27 (144A)	600,000		579,500
Capital Goods – 3.8%
	Ashtead Capital Inc, 1.5000%, 8/12/26 (144A)	625,000		566,657
	Boeing Co, 2.1960%, 2/4/26	650,000		614,176
	Regal Rexnord Corp, 6.0500%, 2/15/26 (144A)	950,000		960,500
				2,141,333
Communications – 0.8%
	Warnermedia Holdings Inc, 6.4120%, 3/15/26	450,000		450,306
Consumer Cyclical – 11.5%
	Ford Motor Credit Co LLC, 2.3000%, 2/10/25	1,070,000		1,028,988
	General Motors Financial Co Inc, 1.0500%, 3/8/24	680,000		673,888
	General Motors Financial Co Inc, 5.4000%, 4/6/26	705,000		709,469
	Hyundai Capital America, 5.5000%, 3/30/26 (144A)	950,000		954,930
	LKQ Corp, 5.7500%, 6/15/28	600,000		614,083
	VICI Properties LP / Vici Note Co Inc, 4.6250%, 6/15/25 (144A)	966,000		948,853
	Volkswagen Financial Services Australia Pty Ltd, 2.4000%, 8/28/24	2,300,000	AUD	1,539,833
				6,470,044
Consumer Non-Cyclical – 2.5%
	Teva Pharmaceutical Finance Netherlands III BV, 3.1500%, 10/1/26	700,000		648,130
	Universal Health Services Inc, 1.6500%, 9/1/26	825,000		750,620
				1,398,750
Electric – 2.3%
	NRG Energy Inc, 2.4500%, 12/2/27 (144A)	553,000		498,577
	Vistra Operations Co LLC, 4.8750%, 5/13/24 (144A)	600,000		596,610
	Vistra Operations Co LLC, 5.1250%, 5/13/25 (144A)	187,000		185,181
				1,280,368
Energy – 4.3%
	Antero Resources Corp, 8.3750%, 7/15/26 (144A)	600,000		618,000
	Columbia Pipelines Holding Company LLC, 6.0550%, 8/15/26 (144A)	125,000		127,955
	EnLink Midstream Partners LP, 4.8500%, 7/15/26	285,000		279,213
	Hess Midstream Operations LP, 5.6250%, 2/15/26 (144A)	550,000		545,974
	Occidental Petroleum Corp, 3.4000%, 4/15/26	275,000		262,677
	Occidental Petroleum Corp, 8.5000%, 7/15/27	545,000		594,471
				2,428,290
Finance Companies – 14.0%
	AerCap Ireland Capital DAC / AerCap Global Aviation Trust,
	1.6500%, 10/29/24	200,000		193,021
	AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 1.7500%, 1/30/26	350,000		325,019
	AerCap Ireland Capital DAC / AerCap Global Aviation Trust,
	2.4500%, 10/29/26	425,000		393,517
	AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 6.1000%, 1/15/27	200,000		204,268
	AerCap Ireland Capital DAC / AerCap Global Aviation Trust,
	6.4500%, 4/15/27 (144A)	297,000		307,519
	Air Lease Corp, 1.8750%, 8/15/26	450,000		413,915
	Air Lease Corp, 2.1000%, 9/1/28	360,000		315,052
	Aviation Capital Group LLC, 1.9500%, 1/30/26 (144A)	1,000,000		926,840
	Aviation Capital Group LLC, 1.9500%, 9/20/26 (144A)	200,000		181,472
	Blackstone Private Credit Fund, 3.2500%, 3/15/27	550,000		504,540
	Heartland Australia Group Pty Ltd,
	90 Day Australian Bank Bill Rate + 2.0000%, 6.1394%, 7/9/24‡	2,500,000	AUD	1,697,193
	OneMain Finance Corp, 7.1250%, 3/15/26	215,000		219,040
	OWL Rock Core Income Corp, 5.5000%, 3/21/25	775,000		764,038
	PennyMac Financial Services Inc, 5.3750%, 10/15/25 (144A)	350,000		345,897

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
6	DECEMBER 31, 2023

Janus Henderson Absolute Return Income Opportunities Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts				Value
Corporate Bonds– (continued)
Finance Companies– (continued)
	Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc,
	2.8750%, 10/15/26 (144A)	$750,000		$691,875
	Springleaf Finance Corp, 6.8750%, 3/15/25	345,000		349,237
				7,832,443
Financial Institutions – 4.8%
	GGAM Finance Ltd, 7.7500%, 5/15/26 (144A)	300,000		304,499
	Liberty Financial Pty Ltd,
	90 Day Australian Bank Bill Rate + 2.3500%, 6.7275%, 2/26/24‡	2,000,000	AUD	1,360,205
	Liberty Financial Pty Ltd,
	90 Day Australian Bank Bill Rate + 2.4500%, 6.8125%, 3/17/25‡	610,000	AUD	411,313
	QIC Finance Shopping Center Fund Pty Ltd,
	90 Day Australian Bank Bill Rate + 1.2700%, 5.6674%, 8/15/25‡	880,000	AUD	598,530
				2,674,547
Industrial – 1.3%
	Downer Group Finance Pty Ltd, 3.7000%, 4/29/26	1,100,000	AUD	718,889
Insurance – 4.7%
	Athene Global Funding, 1.6080%, 6/29/26 (144A)	1,022,000		924,489
	Centene Corp, 4.2500%, 12/15/27	575,000		554,043
	Insurance Australia Group Ltd,
	90 Day Australian Bank Bill Rate + 2.1000%, 6.4500%, 6/15/44‡	200,000	AUD	136,589
	Insurance Australia Group Ltd,
	90 Day Australian Bank Bill Rate + 2.3500%, 6.7000%, 6/15/45‡	620,000	AUD	425,048
	Suncorp Group Ltd,
	90 Day Australian Bank Bill Rate + 2.3000%, 6.6696%, 6/1/37‡	850,000	AUD	585,520
				2,625,689
Real Estate Investment Trusts (REITs) – 2.4%
	Vicinity Centres Trust, 4.0000%, 4/26/27	2,020,000	AUD	1,331,207
Technology – 6.3%
	Broadcom Inc, 1.9500%, 2/15/28 (144A)	695,000		623,441
	Global Payments Inc, 4.9500%, 8/15/27	670,000		671,066
	MSCI Inc, 4.0000%, 11/15/29 (144A)	615,000		578,025
	Qorvo Inc, 1.7500%, 12/15/24	750,000		719,590
	SK Hynix Inc, 1.0000%, 1/19/24 (144A)	920,000		918,096
				3,510,218
Total Corporate Bonds (cost $43,917,229)				42,481,393
Foreign Government Bonds– 5.7%
	New Zealand Government Bond, 0.5000%, 5/15/24((cost $3,083,752)	5,145,000	NZD	3,193,291
Investment Companies– 2.2%
Exchange-Traded Funds (ETFs) – 2.2%
	Janus Henderson AAA CLO£((cost $1,239,780)	25,100		1,262,530
Commercial Paper– 4.5%
	Aviation Capital Group LLC, 0%, 1/3/24 (Section 4(2))◊	$500,000		499,618
	Energy Transfer LP, 0%, 1/2/24◊	750,000		749,523
	Global Payments Inc, 0%, 1/2/24◊	750,000		749,502
	Harley Davidson Financial Services Inc, 0%, 1/4/24 (Section 4(2))◊	500,000		499,539
Total Commercial Paper (cost $2,498,471)				2,498,182
OTC Purchased Put Credit Default Swaptions – Buy Protection– 0.1%
Counterparty/Reference Asset
Goldman Sachs International:
	CDX HY CDSI GEN S41 V2 5Y SPRD CORP, Credit Default Swap, maturing 12/20/28, fixed rate 5.0000%, payment frequency: Quarterly,
	Notional amount $7,500,000, premiums paid $55,131, unrealized depreciation $(16,711), exercise price $100.00, expires 6/20/24*	7,500,000		38,420

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	7

Janus Henderson Absolute Return Income Opportunities Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
OTC Purchased Put Credit Default Swaptions – Buy Protection– (continued)
Counterparty/Reference Asset
	CDX HY CDSI GEN S41 V2 5Y SPRD CORP, Credit Default Swap, maturing 12/20/28, fixed rate 5.0000%, payment frequency: Quarterly,
	Notional amount $3,000,000, premiums paid $26,878, unrealized depreciation $(11,510), exercise price $100.00, expires 6/20/24*	3,000,000	$15,368
Total OTC Purchased Put Credit Default Swaptions – Buy Protection (premiums paid $82,009, unrealized depreciation $(28,221))			53,788
Total Investments (total cost $54,161,487) – 94.3%			52,839,147
Cash, Receivables and Other Assets, net of Liabilities – 5.7%			3,168,395
Net Assets – 100%			$56,007,542

Summary of Investments by Country - (Long Positions) (unaudited)
		% of
		Investment
Country	Value	Securities
United States	$28,245,695	53.5	%
Australia	13,166,422	24.9
New Zealand	4,890,484	9.2
Ireland	1,727,843	3.3
Germany	1,539,833	2.9
United Kingdom	1,090,342	2.1
South Korea	918,096	1.7
Israel	648,130	1.2
Netherlands	612,302	1.2

Total $52,839,147 100.0 %

Schedules of Affiliated Investments – (% of Net Assets)

		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 12/31/23
Investment Companies - 2.2%
Exchange-Traded Funds (ETFs) - 2.2%
	Janus Henderson AAA CLO	$	47,732	$	-	$	11,295	$	1,262,530

		Value at 6/30/23		Purchases		Sales Proceeds		Value at 12/31/23
Investment Companies - 2.2%
Exchange-Traded Funds (ETFs) - 2.2%
	Janus Henderson AAA CLO		1,251,235		-		-		1,262,530

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
8	DECEMBER 31, 2023

Janus Henderson Absolute Return Income Opportunities Fund

Schedule of Investments (unaudited)

December 31, 2023

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:
Japanese Yen	1/4/24	(159,000,000)	$	1,118,803		(9,017)
Citibank, National Association:
New Zealand Dollar	1/25/24	(5,260,000)		3,063,476		(260,635)
HSBC Securities (USA), Inc.:
Australian Dollar	1/25/24	2,500,000		(1,653,826)		50,930
Japanese Yen	1/4/24	(239,000,000)		1,687,455		(7,820)
						43,110
Morgan Stanley & Co. International PLC:
Australian Dollar	1/25/24	(27,400,000)		17,387,821		(1,296,307)
Total					$	(1,522,849)

Schedule of Futures

Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation/(Depreciation)
Futures Long:
2 Year US Treasury Note		29	4/3/24	$	5,971,508	$	49,844
Futures Short:
5 Year US Treasury Note		18	4/3/24		(1,957,922)		(36,281)
90-Day Bank Bill		70	3/8/24		(47,306,196)		(874)
Total - Futures Short							(37,155)
Total						$	12,689

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

Janus Henderson Absolute Return Income Opportunities Fund

Schedule of Investments (unaudited)

December 31, 2023

Schedule of OTC Written Credit Default Swaptions
Counterparty/ Reference Asset	Description	Exercise Price		Expiration Date		Notional Amount		Premiums Received		Unrealized Appreciation/ (Depreciation)		Swaptions Written, at Value
Written Put Swaptions - Sell Protection:
Goldman Sachs International:
CDX HY CDSI GEN S41 V2 5Y SPRD CORP	Credit Default Swap, S&P Credit Rating: NR, maturing 12/20/28, fixed rate 5%, payment frequency: Quarterly	96.00	USD	6/20/24	$	7,500,000	$	(27,198)	$	8,900	$	(18,298)
CDX HY CDSI GEN S41 V2 5Y SPRD CORP	Credit Default Swap, S&P Credit Rating: NR, maturing 12/20/28, fixed rate 5%, payment frequency: Quarterly	96.00	USD	6/20/24		3,000,000		(14,865)		7,546		(7,319)
Total - Written Put Swaptions - Sell Protection								(42,063)		16,446		(25,617)
Total OTC Written Credit Default Swaptions							$	(42,063)	$	16,446	$	(25,617)

Schedule of Centrally Cleared Interest Rate Swaps
Payments made by Fund	Payments received by Fund	Payment Frequency	Maturity Date	Notional Amount			Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)		Value
NDBB3M	5.6150% Fixed Rate	Quarterly	7/13/25	863,400	NZD	$	-	$	13,305	$	13,305
NDBB3M	5.3775% Fixed Rate	Quarterly	7/19/25	863,400	NZD		-		10,976		10,976
NDBB3M	5.4400% Fixed Rate	Quarterly	7/27/25	1,650,000	NZD		-		22,670		22,670
NDBB3M	5.5100% Fixed Rate	Quarterly	8/16/25	820,000	NZD		-		12,466		12,466
NDBB3M	5.6213% Fixed Rate	Quarterly	10/25/25	1,600,000	NZD		-		15,348		15,348
4.4063% Fixed Rate	NDBB3M	Quarterly	10/23/25	1,500,000	AUD		-		(9,076)		(9,076)
NDBB3M	5.3125% Fixed Rate	Quarterly	11/9/25	1,600,000	NZD		-		10,126		10,126
4.5330% Fixed Rate	NDBB3M	Quarterly	11/8/25	1,487,500	AUD		-		(11,337)		(11,337)
Total						$	-	$	64,478	$	64,478

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
10	DECEMBER 31, 2023

Janus Henderson Absolute Return Income Opportunities Fund

Schedule of Investments (unaudited)

December 31, 2023

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 December 31, 2023.

Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2023
	Credit Contracts	Currency Contracts	Interest Rate Contracts	Total
Asset Derivatives:
Forward foreign currency exchange contracts	$ -	$ 50,930	$ -	$ 50,930
Purchased swaption contracts, at value	53,788	-	-	$ 53,788
*Futures contracts	-	-	49,844	$ 49,844
*Swaps - centrally cleared	-	-	84,891	$ 84,891
Total Asset Derivatives	$53,788	$ 50,930	$ 134,735	$ 239,453
Liability Derivatives:
Forward foreign currency exchange contracts	$ -	$ 1,573,779	$ -	$ 1,573,779
Swaptions written, at value	25,617	-	-	$ 25,617
*Futures contracts	-	-	37,155	$ 37,155
*Swaps - centrally cleared	-	-	20,413	$ 20,413
Total Liability Derivatives	$25,617	$ 1,573,779	$ 57,568	$ 1,656,964
*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).

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

Janus Henderson Absolute Return Income Opportunities Fund

Schedule of Investments (unaudited)

December 31, 2023

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the period ended December 31, 2023.

The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2023
Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative	Credit Contracts	Currency Contracts	Interest Rate Contracts	Total
Futures contracts	$ -	$ -	$ 3,822	$ 3,822
Forward foreign currency exchange contracts	-	1,022,829	-	$ 1,022,829
Swap contracts	-	-	(43,917)	$ (43,917)
Total	$ -	$ 1,022,829	$ (40,095)	$ 982,734
Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative	Credit Contracts	Currency Contracts	Interest Rate Contracts	Total
Futures contracts	$ -	$ -	$ 12,549	$ 12,549
Forward foreign currency exchange contracts	-	(1,353,675)	-	$ (1,353,675)
Purchased swaption contracts	(28,221)	-	-	$ (28,221)
Swap contracts			64,478	$ 64,478
Written swaption contracts	16,446	-	-	$ 16,446
Total	$(11,775)	$ (1,353,675)	$ 77,027	$ (1,288,423)

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

Average Ending Monthly Value of Derivative Instruments During the Period Ended December 31, 2023
Forward foreign currency exchange contracts:
Average amounts purchased - in USD	$ 461,748
Average amounts sold - in USD	23,983,528
Futures contracts:
Average notional amount of contracts - long	6,092,364
Average notional amount of contracts - short	9,227,142
Interest rate swaps:
Average notional amount - pay fixed rate/receive floating rate	855,357
Average notional amount - receive fixed rate/pay floating rate	4,835,471
Swaptions:
Average value of swaption contracts purchased	7,684
Average value of swaption contracts written	3,660

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
12	DECEMBER 31, 2023

Janus Henderson Absolute Return Income Opportunities Fund

Schedule of Investments (unaudited)

December 31, 2023

Offsetting of Financial Assets and Derivative Assets
			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Assets		or Liability(a)		Pledged(b)		Net Amount
Goldman Sachs International		$	53,788	$	(25,617)	$	—	$	28,171
HSBC Securities (USA), Inc.			50,930		(7,820)		—		43,110
Total		$	104,718	$	(33,437)	$	—	$	71,281
Offsetting of Financial Liabilities and Derivative Liabilities
			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Liabilities		or Liability(a)		Pledged(b)		Net Amount
BNP Paribas		$	9,017	$	—	$	—	$	9,017
Citibank, National Association			260,635		—		—		260,635
Goldman Sachs International			25,617		(25,617)		—		—
HSBC Securities (USA), Inc.			7,820		(7,820)		—		—
Morgan Stanley & Co. International PLC			1,296,307		—		—		1,296,307
Total		$	1,599,396	$	(33,437)	$	—	$	1,565,959
(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 Absolute Return Income Opportunities Fund

Notes to Schedule of Investments and Other Information (unaudited)

FTSE 3-Month U.S. Treasury Bill Index FTSE 3-Month U.S. Treasury Bill Index reflects the performance of short-term U.S. government debt securities.

LLC	Limited Liability Company
LP	Limited Partnership
PLC	Public Limited Company
SOFR	Secured Overnight Financing Rate

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 $15,424,340, which represents 27.5% of net assets.

4(2) Securities sold under Section 4(2) 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 4(2) securities as of the period ended December 31, 2023 is $999,157, which represents 1.8% of net assets.

* Non-income producing security.

‡ Variable or floating rate security. Rate shown is the current rate as of December 31, 2023. 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.

◊ 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.

14 DECEMBER 31, 2023

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Schedule of Investments and Other Information (unaudited)

The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of December 31, 2023. 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		$	-	$	3,349,963	$	-
Corporate Bonds			-		42,481,393		-
Foreign Government Bonds			-		3,193,291		-
Investment Companies			1,262,530		-		-
Commercial Paper			-		2,498,182		-
OTC Purchased Put Credit Default Swaptions – Buy Protection			-		53,788		-
Total Investments in Securities		$	1,262,530	$	51,576,617	$	-
Other Financial Instruments(a):
Forward Foreign Currency Exchange Contracts			-		50,930		-
Futures Contracts			49,844		-		-
Centrally Cleared Swaps			-		84,891		-
Total Assets		$	1,312,374	$	51,712,438	$	-
Liabilities
Other Financial Instruments(a):
Forward Foreign Currency Exchange Contracts		$	-	$	1,573,779	$	-
Futures Contracts			37,155		-		-
Centrally Cleared Swaps			-		20,413		-
Swaptions Written, at Value			-		25,617		-
Total Liabilities		$	37,155	$	1,619,809	$	-
(a)	Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and 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 Absolute Return Income Opportunities Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2023

See footnotes at the end of the Statement.

Assets:
	Unaffiliated investments, at value (cost $52,839,698)		$	51,522,829
	Affiliated investments, at value (cost $1,239,780)			1,262,530
	Purchased swaptions, at value (premiums paid $82,009)			53,788
	Cash			1,332,533
	Deposits with brokers for centrally cleared derivatives			37,242
	Deposits with brokers for futures			290,000
	Forward foreign currency exchange contracts			50,930
	Cash denominated in foreign currency (cost $3,335,017)			3,335,017
	Variation margin receivable on futures contracts			1,609
	Trustees' deferred compensation			1,532
	Receivables:
		Interest		422,881
		Fund shares sold		242,083
		Due from adviser		42,224
	Other assets			30,787
Total Assets				58,625,985
Liabilities:
	Forward foreign currency exchange contracts			1,573,779
	Swaptions written, at value (premiums received $42,063)			25,617
	Variation margin payable on futures contracts			1,547
	Variation margin payable on centrally cleared swaps			239
	Payables:			—
		Investments purchased		499,919
		Fund shares repurchased		286,186
		Professional fees		68,437
		Advisory fees		31,787
		Dividends		10,989
		Transfer agent fees and expenses		7,707
		12b-1 Distribution and shareholder servicing fees		5,591
		Custodian fees		3,655
		Trustees' deferred compensation fees		1,532
		Affiliated fund administration fees payable		120
		Trustees' fees and expenses		71
		Accrued expenses and other payables		101,267
Total Liabilities				2,618,443
Commitments and contingent liabilities (Note 4)
Net Assets			$	56,007,542

See Notes to Financial Statements.
16	DECEMBER 31, 2023

Janus Henderson Absolute Return Income Opportunities Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2023

Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	237,329,939
	Total distributable earnings (loss)		(181,322,397)
Total Net Assets		$	56,007,542
Net Assets - Class A Shares		$	8,823,760
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		997,197
Net Asset Value Per Share(1)		$	8.85
Maximum Offering Price Per Share(2)		$	9.29
Net Assets - Class C Shares		$	3,887,778
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		439,731
Net Asset Value Per Share(1)		$	8.84
Net Assets - Class D Shares		$	18,226,187
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,059,279
Net Asset Value Per Share		$	8.85
Net Assets - Class I Shares		$	17,203,579
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,944,850
Net Asset Value Per Share		$	8.85
Net Assets - Class N Shares		$	765,898
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		86,556
Net Asset Value Per Share		$	8.85
Net Assets - Class R Shares		$	403,725
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		45,596
Net Asset Value Per Share		$	8.85
Net Assets - Class S Shares		$	357,105
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		40,333
Net Asset Value Per Share		$	8.85
Net Assets - Class T Shares		$	6,339,510
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		717,016
Net Asset Value Per Share		$	8.84

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

(2)Maximum offering price is computed at 100/95.25 of net asset value.

See Notes to Financial Statements.
Janus Investment Fund	17

Janus Henderson Absolute Return Income Opportunities Fund

Statement of Operations (unaudited)

For the period ended December 31, 2023

Investment Income:
	Interest		$	1,294,880
	Dividends from affiliates			47,732
	Other income			17,780
Total Investment Income				1,360,392
Expenses:
	Advisory fees			182,929
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		11,136
		Class C Shares		20,011
		Class R Shares		1,040
		Class S Shares		429
	Transfer agent administrative fees and expenses:
		Class D Shares		10,379
		Class R Shares		520
		Class S Shares		429
		Class T Shares		7,919
	Transfer agent networking and omnibus fees:
		Class A Shares		3,046
		Class C Shares		1,367
		Class I Shares		8,340
	Other transfer agent fees and expenses:
		Class A Shares		296
		Class C Shares		111
		Class D Shares		1,593
		Class I Shares		535
		Class N Shares		20
		Class R Shares		8
		Class S Shares		6
		Class T Shares		103
	Registration fees			46,037
	Professional fees			38,076
	Non-affiliated fund administration fees			34,965
	Accounting systems fee			18,721
	Custodian fees			5,425
	Shareholder reports expense			4,294
	Affiliated fund administration fees			703
	Trustees’ fees and expenses			559
	Other expenses			14,777
Total Expenses				413,774
Less: Excess Expense Reimbursement and Waivers				(169,137)
Net Expenses				244,637
Net Investment Income/(Loss)				1,115,755

See Notes to Financial Statements.
18	DECEMBER 31, 2023

Janus Henderson Absolute Return Income Opportunities Fund

Statement of Operations (unaudited)

For the period ended December 31, 2023

Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	(497,159)
	Forward foreign currency exchange contracts		1,022,829
	Futures contracts		3,822
	Swap contracts		(43,917)
Total Net Realized Gain/(Loss) on Investments			485,575
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and Trustees’ deferred compensation		1,853,973
	Investments in affiliates		11,295
	Purchased swaption contracts		(28,221)
	Forward foreign currency exchange contracts		(1,353,675)
	Futures contracts		12,549
	Swap contracts		64,478
	Written swaption contracts		16,446
Total Change in Unrealized Net Appreciation/Depreciation			576,845
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	2,178,175

See Notes to Financial Statements.
Janus Investment Fund	19

Janus Henderson Absolute Return Income Opportunities Fund

Statements of Changes in Net Assets

			Period ended December 31, 2023 (unaudited)		Year ended June 30, 2023
Operations:
	Net investment income/(loss)		$	1,115,755	$	1,703,396
	Net realized gain/(loss) on investments			485,575		(174,583)
	Change in unrealized net appreciation/depreciation			576,845		1,162,975
Net Increase/(Decrease) in Net Assets Resulting from Operations				2,178,175		2,691,788
Dividends and Distributions to Shareholders:
		Class A Shares		(175,962)		(258,322)
		Class C Shares		(63,779)		(125,496)
		Class D Shares		(371,239)		(530,490)
		Class I Shares		(369,079)		(623,910)
		Class N Shares		(15,259)		(19,901)
		Class R Shares		(7,329)		(10,494)
		Class S Shares		(6,479)		(7,979)
		Class T Shares		(128,218)		(197,250)
Net Decrease from Dividends and Distributions to Shareholders				(1,137,344)		(1,773,842)
Capital Share Transactions:
		Class A Shares		(443,498)		(345,144)
		Class C Shares		(449,684)		(3,696,669)
		Class D Shares		(9,832)		1,287,597
		Class I Shares		(2,037,502)		(9,334,736)
		Class N Shares		(9,270)		148,444
		Class R Shares		(32,736)		(51,699)
		Class S Shares		32,376		135,022
		Class T Shares		(139,135)		(1,492,987)
Net Increase/(Decrease) from Capital Share Transactions				(3,089,281)		(13,350,172)
Net Increase/(Decrease) in Net Assets				(2,048,450)		(12,432,226)
Net Assets:
	Beginning of period			58,055,992		70,488,218
	End of period		$	56,007,542	$	58,055,992

See Notes to Financial Statements.
20	DECEMBER 31, 2023

Janus Henderson Absolute Return Income Opportunities Fund

Financial Highlights

Class A Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$8.69	$8.56	$9.02	$9.01	$8.93	$8.88
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.17	0.23	0.09	0.10	0.17	0.18
		Net realized and unrealized gain/(loss)	0.16	0.14	(0.44)	0.02	0.15	0.16
	Total from Investment Operations		0.33	0.37	(0.35)	0.12	0.32	0.34
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.17)	(0.24)	(0.11)	(0.11)	(0.24)	(0.29)
	Total Dividends and Distributions		(0.17)	(0.24)	(0.11)	(0.11)	(0.24)	(0.29)
	Net Asset Value, End of Period		$8.85	$8.69	$8.56	$9.02	$9.01	$8.93
	Total Return*		3.87%	4.39%	(3.86)%	1.38%	3.64%	3.85%
	Net Assets, End of Period (in thousands)		$8,824	$9,102	$9,312	$15,300	$16,158	$25,377
	Average Net Assets for the Period (in thousands)		$8,899	$9,252	$11,755	$16,811	$20,287	$42,125
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.53%	1.51%	1.35%	1.26%	1.24%	1.03%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.95%	0.96%	0.95%	0.95%	0.98%	0.99%
		Ratio of Net Investment Income/(Loss)	3.86%	2.68%	1.06%	1.16%	1.87%	2.01%
	Portfolio Turnover Rate		15%	56%	69%	47%	11%	170%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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 Absolute Return Income Opportunities Fund

Financial Highlights

Class C Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$8.68	$8.56	$9.01	$9.01	$8.92	$8.88
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.14	0.16	0.03	0.04	0.10	0.11
		Net realized and unrealized gain/(loss)	0.16	0.14	(0.43)	0.01	0.17	0.15
	Total from Investment Operations		0.30	0.30	(0.40)	0.05	0.27	0.26
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.14)	(0.18)	(0.05)	(0.05)	(0.18)	(0.22)
	Total Dividends and Distributions		(0.14)	(0.18)	(0.05)	(0.05)	(0.18)	(0.22)
	Net Asset Value, End of Period		$8.84	$8.68	$8.56	$9.01	$9.01	$8.92
	Total Return*		3.48%	3.55%	(4.48)%	0.56%	3.03%	2.96%
	Net Assets, End of Period (in thousands)		$3,888	$4,264	$7,870	$8,407	$14,388	$18,983
	Average Net Assets for the Period (in thousands)		$3,995	$6,276	$7,519	$11,266	$15,398	$30,267
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.32%	2.19%	2.12%	1.96%	1.96%	1.81%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.70%	1.64%	1.70%	1.64%	1.68%	1.76%
		Ratio of Net Investment Income/(Loss)	3.10%	1.89%	0.32%	0.48%	1.12%	1.22%
	Portfolio Turnover Rate		15%	56%	69%	47%	11%	170%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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	DECEMBER 31, 2023

Janus Henderson Absolute Return Income Opportunities Fund

Financial Highlights

Class D Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$8.69	$8.57	$9.02	$9.01	$8.94	$8.89
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.18	0.25	0.11	0.12	0.16	0.17
		Net realized and unrealized gain/(loss)	0.16	0.13	(0.43)	0.02	0.17	0.17
	Total from Investment Operations		0.34	0.38	(0.32)	0.14	0.33	0.34
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.18)	(0.26)	(0.13)	(0.13)	(0.26)	(0.29)
	Total Dividends and Distributions		(0.18)	(0.26)	(0.13)	(0.13)	(0.26)	(0.29)
	Net Asset Value, End of Period		$8.85	$8.69	$8.57	$9.02	$9.01	$8.94
	Total Return*		3.97%	4.47%	(3.57)%	1.57%	3.69%	3.95%
	Net Assets, End of Period (in thousands)		$18,226	$17,901	$16,350	$15,929	$19,646	$9,437
	Average Net Assets for the Period (in thousands)		$17,890	$17,648	$15,625	$18,673	$13,252	$10,576
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.35%	1.33%	1.17%	1.09%	1.17%	1.04%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.76%	0.77%	0.77%	0.77%	0.80%	0.90%
		Ratio of Net Investment Income/(Loss)	4.05%	2.89%	1.25%	1.34%	1.84%	1.91%
	Portfolio Turnover Rate		15%	56%	69%	47%	11%	170%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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 Absolute Return Income Opportunities Fund

Financial Highlights

Class I Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$8.68	$8.56	$9.00	$9.00	$8.92	$8.88
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.18	0.25	0.12	0.13	0.19	0.23
		Net realized and unrealized gain/(loss)	0.17	0.13	(0.42)	0.01	0.15	0.12
	Total from Investment Operations		0.35	0.38	(0.30)	0.14	0.34	0.35
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.18)	(0.26)	(0.14)	(0.14)	(0.26)	(0.31)
	Total Dividends and Distributions		(0.18)	(0.26)	(0.14)	(0.14)	(0.26)	(0.31)
	Net Asset Value, End of Period		$8.85	$8.68	$8.56	$9.00	$9.00	$8.92
	Total Return*		4.10%	4.51%	(3.42)%	1.51%	3.88%	3.99%
	Net Assets, End of Period (in thousands)		$17,204	$18,919	$27,937	$33,808	$36,831	$57,628
	Average Net Assets for the Period (in thousands)		$17,713	$21,048	$28,887	$36,932	$43,004	$652,474
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.29%	1.25%	1.09%	1.01%	1.00%	0.76%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.73%	0.73%	0.71%	0.71%	0.73%	0.74%
		Ratio of Net Investment Income/(Loss)	4.07%	2.85%	1.30%	1.40%	2.09%	2.61%
	Portfolio Turnover Rate		15%	56%	69%	47%	11%	170%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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	DECEMBER 31, 2023

Janus Henderson Absolute Return Income Opportunities Fund

Financial Highlights

Class N Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$8.69	$8.56	$9.01	$9.01	$8.93	$8.89
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.18	0.26	0.12	0.13	0.19	0.27
		Net realized and unrealized gain/(loss)	0.17	0.14	(0.43)	0.01	0.16	0.08
	Total from Investment Operations		0.35	0.40	(0.31)	0.14	0.35	0.35
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.19)	(0.27)	(0.14)	(0.14)	(0.27)	(0.31)
	Total Dividends and Distributions		(0.19)	(0.27)	(0.14)	(0.14)	(0.27)	(0.31)
	Net Asset Value, End of Period		$8.85	$8.69	$8.56	$9.01	$9.01	$8.93
	Total Return*		4.03%	4.73%	(3.50)%	1.58%	3.94%	4.00%
	Net Assets, End of Period (in thousands)		$766	$761	$604	$1,803	$2,534	$2,454
	Average Net Assets for the Period (in thousands)		$713	$633	$1,002	$2,330	$2,426	$7,437
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.60%	1.64%	1.30%	1.06%	1.06%	0.62%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.63%	0.64%	0.64%	0.64%	0.67%	0.57%
		Ratio of Net Investment Income/(Loss)	4.18%	3.03%	1.35%	1.47%	2.10%	2.79%
	Portfolio Turnover Rate		15%	56%	69%	47%	11%	170%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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 Absolute Return Income Opportunities Fund

Financial Highlights

Class R Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$8.69	$8.57	$9.02	$9.02	$8.94	$8.89
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.15	0.19	0.06	0.07	0.13	0.11
		Net realized and unrealized gain/(loss)	0.16	0.13	(0.43)	—(2)	0.15	0.18
	Total from Investment Operations		0.31	0.32	(0.37)	0.07	0.28	0.29
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.15)	(0.20)	(0.08)	(0.07)	(0.20)	(0.24)
	Total Dividends and Distributions		(0.15)	(0.20)	(0.08)	(0.07)	(0.20)	(0.24)
	Net Asset Value, End of Period		$8.85	$8.69	$8.57	$9.02	$9.02	$8.94
	Total Return*		3.65%	3.82%	(4.15)%	0.83%	3.17%	3.37%
	Net Assets, End of Period (in thousands)		$404	$429	$474	$516	$654	$950
	Average Net Assets for the Period (in thousands)		$417	$446	$515	$573	$862	$949
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.63%	2.58%	2.33%	2.20%	2.04%	1.80%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.38%	1.39%	1.37%	1.39%	1.42%	1.46%
		Ratio of Net Investment Income/(Loss)	3.42%	2.24%	0.65%	0.73%	1.40%	1.27%
	Portfolio Turnover Rate		15%	56%	69%	47%	11%	170%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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	DECEMBER 31, 2023

Janus Henderson Absolute Return Income Opportunities Fund

Financial Highlights

Class S Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$8.69	$8.57	$9.02	$9.02	$8.94	$8.89
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.16	0.23	0.08	0.09	0.15	0.18
		Net realized and unrealized gain/(loss)	0.17	0.12	(0.43)	0.01	0.15	0.13
	Total from Investment Operations		0.33	0.35	(0.35)	0.10	0.30	0.31
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.17)	(0.23)	(0.10)	(0.10)	(0.22)	(0.26)
	Total Dividends and Distributions		(0.17)	(0.23)	(0.10)	(0.10)	(0.22)	(0.26)
	Net Asset Value, End of Period		$8.85	$8.69	$8.57	$9.02	$9.02	$8.94
	Total Return*		3.78%	4.08%	(3.93)%	1.08%	3.44%	3.58%
	Net Assets, End of Period (in thousands)		$357	$318	$178	$230	$153	$160
	Average Net Assets for the Period (in thousands)		$343	$291	$189	$182	$149	$1,251
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.55%	2.73%	3.10%	3.07%	3.45%	1.48%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.13%	1.14%	1.14%	1.14%	1.16%	1.29%
		Ratio of Net Investment Income/(Loss)	3.68%	2.63%	0.88%	0.96%	1.62%	1.97%
	Portfolio Turnover Rate		15%	56%	69%	47%	11%	170%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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 Absolute Return Income Opportunities Fund

Financial Highlights

Class T Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$8.68	$8.56	$9.01	$9.01	$8.92	$8.88
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.17	0.24	0.10	0.11	0.17	0.19
		Net realized and unrealized gain/(loss)	0.17	0.13	(0.43)	0.01	0.17	0.14
	Total from Investment Operations		0.34	0.37	(0.33)	0.12	0.34	0.33
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.18)	(0.25)	(0.12)	(0.12)	(0.25)	(0.29)
	Total Dividends and Distributions		(0.18)	(0.25)	(0.12)	(0.12)	(0.25)	(0.29)
	Net Asset Value, End of Period		$8.84	$8.68	$8.56	$9.01	$9.01	$8.92
	Total Return*		3.92%	4.37%	(3.68)%	1.36%	3.82%	3.78%
	Net Assets, End of Period (in thousands)		$6,340	$6,361	$7,763	$11,109	$15,003	$23,902
	Average Net Assets for the Period (in thousands)		$6,336	$6,941	$8,974	$12,601	$19,046	$51,775
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.47%	1.44%	1.29%	1.20%	1.20%	0.98%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.86%	0.87%	0.87%	0.86%	0.91%	0.93%
		Ratio of Net Investment Income/(Loss)	3.95%	2.73%	1.14%	1.25%	1.92%	2.13%
	Portfolio Turnover Rate		15%	56%	69%	47%	11%	170%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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	DECEMBER 31, 2023

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Henderson Absolute Return Income 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 38 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks to maximize total return, consistent with preservation of capital. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.

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

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

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

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

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

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

Effective July 6, 2020, Class D Shares are available to new investors, 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 (the “Distributor”) including, but not limited to,

Janus Investment Fund 29

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements (unaudited)

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 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.

30 DECEMBER 31, 2023

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements (unaudited)

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

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

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

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

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of December 31, 2023 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 the 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 (unaudited)

Foreign Currency Translations

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

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

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

Dividends and Distributions

Dividends are declared daily and distributed monthly for the Fund. Realized capital gains, if any, are declared and distributed in December. 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 period ended December 31, 2023 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 (unaudited)

securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case. Derivatives can be volatile and may involve significant risks.

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

·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 (unaudited)

currency exchange rates on foreign portfolio holdings and locking in the U.S. dollar cost of firm purchase and sale commitments for securities denominated in or exposed to foreign currencies. The Fund may also invest in forward currency contracts for non-hedging purposes such as seeking to enhance returns. The Fund is subject to currency risk and counterparty risk in the normal course of pursuing its investment objective through its investments in forward currency contracts.

Forward currency contracts are valued by converting the foreign value to U.S. dollars by using the current spot U.S. dollar exchange rate and/or forward rate for that currency. Exchange and forward rates as of the close of the NYSE are used to value the forward currency contracts. The unrealized appreciation/(depreciation) for forward currency contracts is reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations for the change in unrealized net appreciation/depreciation (if applicable). The realized gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing a forward currency contract is reported on the Statement of Operations (if applicable).

During the period, the Fund entered into forward currency contracts with the obligation to purchase foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.

During the period, the Fund entered into forward currency contracts with the obligation to sell foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.

Futures Contracts

A futures contract is an exchange-traded agreement to take or make delivery of an underlying asset at a specific time in the future for a specific predetermined negotiated price. The Fund may enter into futures contracts to gain exposure to the stock market or other markets pending investment of cash balances or to meet liquidity needs. The Fund is subject to interest rate risk, equity risk, and currency risk in the normal course of pursuing its investment objective through its investments in futures contracts. The Fund may also use such derivative instruments to hedge or protect from adverse movements in securities prices, currency rates or interest rates. The use of futures contracts may involve risks such as the possibility of illiquid markets or imperfect correlation between the values of the contracts and the underlying securities, or that the counterparty will fail to perform its obligations.

Futures contracts are valued at the settlement price on valuation date on the exchange as reported by an approved vendor. Mini contracts, as defined in the description of the contract, shall be valued using the Actual Settlement Price or “ASET” price type as reported by an approved vendor. In the event that foreign futures trade when the foreign equity markets are closed, the last foreign futures trade price shall be used. Futures contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities (if applicable). The change in unrealized net appreciation/depreciation is reported on the Statement of Operations (if applicable). When a contract is closed, a realized gain or loss is reported on the Statement of Operations (if applicable), equal to the difference between the opening and closing value of the contract. Securities held by the Fund that are designated as collateral for market value on futures contracts are noted on the Schedule of Investments (if applicable). Such collateral is in the possession of the Fund’s futures commission merchant.

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

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

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

Options on Swap Contracts (Swaptions)

The Fund may purchase or write covered and uncovered put and call options on swap contracts, commonly referred to as “swaptions”. Swaption contracts grant the purchaser the right, but not the obligation, to enter into a swap transaction at preset terms detailed in the underlying agreement within a specified period of time.

Swaptions can be used for a variety of purposes, including to manage the Fund’s overall exposure to changes in interest or foreign currency exchange rates and credit quality; as an efficient means of adjusting the Fund's exposure to certain markets; in an effort to enhance income or total return or protect the value of portfolio securities; to serve as a cash management tool; and to adjust portfolio duration or credit risk. Because the use of swaptions generally does not

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Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements (unaudited)

involve the delivery of securities or other underlying assets or principal, the risk of loss with respect to swaptions generally is limited to the net amount of payments that the Fund is contractually obligated to make. There is also a risk of a default by the other party to a swaption, in which case the Fund may not receive the net amount of payments that it contractually is entitled to receive. Entering into a swaption contract involves, to varying degrees, the elements of credit, market, and interest rate risk, associated with both option contracts and swap contracts.

Interest rate written receiver swaptions, if exercised by the purchaser, allow the Fund to short interest rates by entering into a pay fixed/receive float interest rate swap. Selling the interest rate receiver option reduces the exposure to interest rates and the short position becomes more valuable to the Fund as interest rates rise and/or implied interest rate volatility decreases. Interest rate written payer swaptions, if exercised by the purchaser, allow the Fund to take a long position on interest rates by entering into a receive fixed/pay float interest rate swap. Selling the interest rate payer option increases the exposure to interest rates and the short position becomes more valuable to the Fund as interest rates fall and/or implied interest rate volatility decreases. Credit default written receiver swaptions, if exercised by the purchaser, allow the Fund to buy credit protection through credit default swaps. Selling the credit default receiver option reduces the exposure to the credit risk of the individual issuers and/or indices of issuers and the short position becomes more valuable to the Fund as the likelihood of a credit event on the reference asset(s) increases. Credit default written payer swaptions, if exercised by the purchaser, allow the Fund to sell credit protection through credit default swaps. Selling the credit default payer option increases the exposure to the credit risk of the individual issuers and/or indices of issuers and the short position becomes more valuable to the Fund as the likelihood of a credit event on the reference asset(s) decreases. Swaptions purchased are reported in the Schedule of Investments (if applicable).

Swaptions written are reported as a liability on the Statement of Assets and Liabilities as “Swaptions written, at value” (if applicable).

During the period, the Fund purchased credit default payer swaptions (put) and bought protection via the credit default swap market in order to reduce credit risk exposure to individual corporates, countries and/or credit indices.

During the period, the Fund sold credit default payer swaptions (put) in order to gain credit market volatility exposure and to gain credit exposure.

Swaps

Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year to exchange one set of cash flows for another. The most significant factor in the performance of swap agreements is the change in value of the specific index, security, or currency, or other factors that determine the amounts of payments due to and from the Fund. The use of swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Swap transactions may in some instances involve the delivery of securities or other underlying assets by the Fund or its counterparty to collateralize obligations under the swap. If the other party to a swap that is not collateralized defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. Swap agreements entail the risk that a party will default on its payment obligations to the Fund. If the other party to a swap defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. If the Fund utilizes a swap at the wrong time or judges market conditions incorrectly, the swap may result in a loss to the Fund and reduce the Fund’s total return.

Swap agreements also bear the risk that the Fund will not be able to meet its obligation to the counterparty. Swap agreements are typically privately negotiated and entered into in the OTC market. However, certain swap agreements are required to be cleared through a clearinghouse and traded on an exchange or swap execution facility. Swaps that are required to be cleared are required to post initial and variation margins in accordance with the exchange requirements. Regulations enacted require the Fund to centrally clear certain interest rate and credit default index swaps through a clearinghouse or central counterparty (“CCP”). To clear a swap with a CCP, the Fund will submit the swap to, and post collateral with, a futures clearing merchant (“FCM”) that is a clearinghouse member. Alternatively, the Fund may enter into a swap with a financial institution other than the FCM (the “Executing Dealer”) and arrange for the swap to be transferred to the FCM for clearing. The Fund may also enter into a swap with the FCM itself. The CCP, the FCM, and the Executing Dealer are all subject to regulatory oversight by the U.S. Commodity Futures Trading Commission (“CFTC”). A default or failure by a CCP or an FCM, or the failure of a swap to be transferred from an Executing Dealer to the FCM for clearing, may expose the Fund to losses, increase its costs, or prevent the Fund from entering or exiting swap positions, accessing collateral, or fully implementing its investment strategies. The regulatory

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Notes to Financial Statements (unaudited)

requirement to clear certain swaps could, either temporarily or permanently, reduce the liquidity of cleared swaps or increase the costs of entering into those swaps.

Index swaps, interest rate swaps, inflation swaps and credit default swaps are valued using an approved vendor supplied price. Basket swaps are valued using a broker supplied price. Equity swaps that consist of a single underlying equity are valued either at the closing price, the latest bid price, or the last sale price on the primary market or exchange it trades.

The market value of swap contracts are aggregated by positive and negative values and are disclosed separately as an asset or liability on the Fund’s Statement of Assets and Liabilities (if applicable). Realized gains and losses are reported on the Fund’s Statement of Operations (if applicable). The change in unrealized net appreciation or depreciation during the period is included in the Statement of Operations (if applicable).

The Fund’s maximum risk of loss from counterparty risk or credit risk is the discounted value of the payments to be received from/paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to cover the Fund’s exposure to the counterparty.

The Fund’s use of interest rate swaps involves investment techniques and risks different from those associated with ordinary portfolio security transactions. Interest rate swaps do not involve the delivery of securities, other underlying assets, or principal. Interest rate swaps involve the exchange by two parties of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments). Interest rate swaps may result in potential losses if interest rates do not move as expected or if the counterparties are unable to satisfy their obligations. Interest rate swaps are generally entered into on a net basis. Accordingly, the risk of loss with respect to interest rate swaps is limited to the net amount of interest payments that the Fund is contractually obligated to make.

During the period, the Fund entered into interest rate swaps paying a fixed interest rate and receiving a floating interest rate in order to decrease interest rate risk (duration) exposure. As interest rates rise, the Fund benefits by receiving a higher expected future floating rate, while paying a fixed rate that has not increased.

During the period, the Fund entered into interest rate swaps paying a floating interest rate and receiving a fixed interest rate in order to increase interest rate risk (duration) exposure. As interest rates fall, the Fund benefits by paying a lower future floating rate, while receiving a fixed rate that has not decreased.

3. Other Investments and Strategies

Market Risk

The Fund may be invested in lower-rated debt securities that have a higher risk of default or loss of value since these securities may be sensitive to economic changes, political changes, or adverse developments specific to the issuer.

The value of the Fund’s portfolio may decrease if the value of one or more issuers in the Fund’s portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund’s portfolio decreases, the Fund’s NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• COVID-19 Pandemic. The effects of COVID-19 have contributed to increased volatility in global financial markets and have affected and may continue to affect certain countries, regions, issuers, industries and market sectors more dramatically than others. These conditions and events could have a significant impact on the Fund and its investments, the Fund’s ability to meet redemption requests, and the processes and operations of the Fund’s service providers, including the Adviser.

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Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements (unaudited)

• Armed Conflict. Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global economic environment and the markets for certain securities and commodities.

Exchange-Traded Funds

The Fund may invest in exchange-traded funds (“ETFs”) to gain exposure to a particular portion of the market. ETFs are typically open-end investment companies, which may seek to track the performance of a specific index or be actively managed. ETFs are traded on a national securities exchange at market prices that may vary from the net asset value of their underlying investments. Accordingly, there may be times when an ETF trades at a premium or discount. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. As a result, the cost of investing in the Fund may be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. ETFs also involve the risk that an active trading market for an ETF's shares may not develop or be maintained. Similarly, because the value of ETF shares depends on the demand in the market, the Fund may not be able to purchase or sell an ETF at the most optimal time, which could adversely affect the Fund’s performance. In addition, ETFs that track particular indices may be unable to match the performance of such underlying indices due to the temporary unavailability of certain index securities in the secondary market or other factors, such as discrepancies with respect to the weighting of securities. Because the Fund may invest in a broad range of ETFs, such risks may include, but are not limited to, leverage risk, foreign exposure risk, interest rate risk, emerging markets risk, and commodity-linked investments risk. The Fund is also subject to substantially the same risks as those associated with direct exposure to the securities held by the ETF.

Mortgage- and Asset-Backed Securities

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

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

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

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Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements (unaudited)

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.

Counterparties

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

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

Offsetting Assets and Liabilities

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

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

The Offsetting Assets and Liabilities table located in the Schedule of Investments present gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has 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 December 31, 2023” 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

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Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements (unaudited)

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

The Fund generally does not exchange collateral on its forward foreign currency contracts with its counterparties; however, all liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund’s commitment with respect to these contracts. Certain securities may be segregated at the Fund’s custodian. These segregated securities are denoted on the accompanying Schedule of Investments and are evaluated daily to ensure their cover and/or market value equals or exceeds the Fund’s corresponding forward foreign currency exchange contract's obligation value.

4. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The 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	0.65
Next $2 Billion	0.62
Over $3 Billion	0.60

The Fund’s actual investment advisory fee rate for the reporting period was 0.65% of average annual net assets before any applicable waivers.

The Adviser has entered into a personnel-sharing arrangement with its foreign (non-U.S.) affiliate, Kapstream Capital Pty Limited (Australia) ("Kapstream"), pursuant to which certain employees of Kapstream may also serve as employees or as "associated persons" of the Adviser. In this capacity, employees of Kapstream 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 responsibilities of both the Adviser and Kapstream under the participating affiliate arrangement are documented in a memorandum of understanding between the two entities.

The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding 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 fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.63%. The Adviser has also contractually agreed to waive and/or reimburse a portion of the Fund's management fee in an amount equal to the management fee it earns as an investment adviser to any of the affiliated exchange traded funds (“ETFs”) in which the Fund invests. The Adviser has agreed to continue the waivers for at least a one-year period commencing October 27, 2023. 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. During the period ended December 31, 2023, the Adviser waived $1,247 of the Fund’s management fee, attributable to the Fund’s investment in the Janus Henderson AAA CLO ETF.

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

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Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements (unaudited)

affiliates, are shared with the Fund. Total compensation of $226,421 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2023. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

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

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

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

During the reporting period, the administrative services fee rate was 0.12%.

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 R Shares, Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R Shares, Class S Shares and Class T Shares.

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

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

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

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

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Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements (unaudited)

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 4.75% 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 December 31, 2023, the Distributor retained upfront sales charges of $147.

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 December 31, 2023.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class C Shares during the period ended December 31, 2023.

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 December 31, 2023 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 December 31, 2023 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 $196,900 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2023.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended December 31, 2023 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

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Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements (unaudited)

5. Federal Income Tax

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

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

Accumulated capital losses noted below represent net capital loss carryovers, as of June 30, 2023, 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 June 30, 2023
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$(80,346,700)	$(98,921,006)	$ (179,267,706)

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2023 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)
$ 54,248,268	$ 421,576	$ (1,830,697)	$ (1,409,121)

Information on the tax components of derivatives as of December 31, 2023 is as follows:

Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ (42,063)	$ 202,111	$ (1,631,347)	$ (1,429,236)

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

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Notes to Financial Statements (unaudited)

6. Capital Share Transactions

	Period ended December 31, 2023		Year ended June 30, 2023
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	55,689	$ 485,317	333,404	$ 2,871,867
Reinvested dividends and distributions	16,364	143,190	24,233	209,431
Shares repurchased	(122,768)	(1,072,005)	(397,097)	(3,426,442)
Net Increase/(Decrease)	(50,715)	$ (443,498)	(39,460)	$ (345,144)
Class C Shares:
Shares sold	12,982	$ 113,429	114,185	$ 978,391
Reinvested dividends and distributions	7,296	63,779	14,439	124,590
Shares repurchased	(71,881)	(626,892)	(557,089)	(4,799,650)
Net Increase/(Decrease)	(51,603)	$ (449,684)	(428,465)	$(3,696,669)
Class D Shares:
Shares sold	279,799	$ 2,443,136	705,306	$ 6,062,753
Reinvested dividends and distributions	40,085	350,821	58,863	508,862
Shares repurchased	(321,097)	(2,803,789)	(612,385)	(5,284,018)
Net Increase/(Decrease)	(1,213)	$ (9,832)	151,784	$ 1,287,597
Class I Shares:
Shares sold	183,089	$ 1,600,192	615,493	$ 5,326,273
Reinvested dividends and distributions	41,218	360,410	70,884	611,891
Shares repurchased	(458,246)	(3,998,104)	(1,772,814)	(15,272,900)
Net Increase/(Decrease)	(233,939)	$(2,037,502)	(1,086,437)	$(9,334,736)
Class N Shares:
Shares sold	8,353	$ 73,049	33,562	$ 290,396
Reinvested dividends and distributions	1,744	15,259	2,299	19,866
Shares repurchased	(11,191)	(97,578)	(18,723)	(161,818)
Net Increase/(Decrease)	(1,094)	$ (9,270)	17,138	$ 148,444
Class R Shares:
Shares sold	396	$ 3,467	1,837	$ 15,871
Reinvested dividends and distributions	837	7,329	1,213	10,494
Shares repurchased	(4,978)	(43,532)	(9,054)	(78,064)
Net Increase/(Decrease)	(3,745)	$ (32,736)	(6,004)	$ (51,699)
Class S Shares:
Shares sold	9,786	$ 85,380	32,269	$ 276,901
Reinvested dividends and distributions	740	6,479	922	7,979
Shares repurchased	(6,825)	(59,483)	(17,333)	(149,858)
Net Increase/(Decrease)	3,701	$ 32,376	15,858	$ 135,022
Class T Shares:
Shares sold	56,221	$ 489,406	56,810	$ 491,678
Reinvested dividends and distributions	14,544	127,157	22,672	195,678
Shares repurchased	(86,688)	(755,698)	(253,745)	(2,180,343)
Net Increase/(Decrease)	(15,923)	$ (139,135)	(174,263)	$(1,492,987)

7. Purchases and Sales of Investment Securities

For the period ended December 31, 2023, 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
$ 7,876,572	$ 13,091,129	$ -	$ -

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Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements (unaudited)

8. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2023 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 Absolute Return Income 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; and (ii) 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 and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “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.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and 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, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, 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 to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management

Janus Investment Fund 45

Janus Henderson Absolute Return Income Opportunities Fund

Additional Information(unaudited)

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

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

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract 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 fund 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, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

Asset Allocation Funds

·For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12

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Janus Henderson Absolute Return Income Opportunities Fund

Additional Information(unaudited)

months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Fixed-Income Funds

·For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Global and International Equity Funds

·For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Janus Investment Fund 47

Janus Henderson Absolute Return Income Opportunities Fund

Additional Information(unaudited)

·For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·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 June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

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U.S. Equity Funds

·For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·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 June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.

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·For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.

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

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered 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 referenced its past analyses from 2022, which 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 different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with

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regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:

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 all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

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

·For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, 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 as shown were below the applicable fee limit.

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 average for certain share classes, overall the Fund’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 the Fund’s total expenses were below the peer group average for all share classes.

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

·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 average for certain share classes, 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 as shown were below the applicable fee limit.

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

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

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 average for certain share classes, overall the Fund’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 average for certain share classes, 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 as shown were below the applicable fee limit.

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Additional Information(unaudited)

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

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

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

·For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, 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 as shown were 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 average 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 certain share classes, 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 as shown were below the applicable fee limit.

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

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

·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 as shown were below the applicable fee limit.

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

Money Market Funds

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

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

Multi-Asset Funds

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

·For Janus Henderson 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 as shown were below the applicable fee limit.

U.S. Equity Funds

·For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were

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Additional Information(unaudited)

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 as shown were 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 all 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, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

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

·For Janus Henderson Forty 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, although this limit did not apply because the Fund’s total expenses as shown were 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 average for certain share classes, 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 as shown were below the applicable fee limit.

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

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

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

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

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

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

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

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

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized

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Additional Information(unaudited)

by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser 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 charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

Economies of Scale

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.

With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and 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.

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Additional Information(unaudited)

Other Benefits to the Adviser

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

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Useful Information About Your Fund Report (unaudited)

Performance Overviews

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

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

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

Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund’s unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of 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. A company may be allocated to a country based on other factors such as location of the company’s principal office, the location of the principal trading market for the company’s securities, or the country where a majority of the company’s revenues are derived. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by 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.

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.

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Useful Information About Your Fund Report (unaudited)

Statement of Operations

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

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

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

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

Statements of Changes in Net Assets

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

The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund’s investment operations. The Fund’s net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund’s net assets will not be affected.

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

Financial Highlights

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

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

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

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

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

Janus Investment Fund 57

Janus Henderson Absolute Return Income Opportunities Fund

Useful Information About Your Fund Report (unaudited)

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.

58 DECEMBER 31, 2023

Janus Henderson Absolute Return Income Opportunities Fund

Notes

NotesPage1

Janus Investment Fund 59

Janus Henderson Absolute Return Income Opportunities Fund

Notes

NotesPage2

60 DECEMBER 31, 2023

Janus Henderson Absolute Return Income Opportunities Fund

Notes

NotesPage3

Janus Investment Fund 61

This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Mutual funds distributed by Janus Henderson Distributors US LLC
	125-24-93024 02-24

	SEMIANNUAL REPORT December 31, 2023
Janus Henderson Adaptive Global Allocation Fund
Janus Investment Fund

HIGHLIGHTS

·Investment strategy behind your fund

·Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Adaptive Global Allocation Fund

Fund At A Glance 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
Additional Information	45
Useful Information About Your Fund Report	56

Ashwin Alankar

portfolio manager

Important Notice – Tailored Shareholder Reports

Effective January 24, 2023, the Securities and Exchange Commission (the “SEC”) adopted rule and form amendments that require mutual funds and exchange-traded funds to provide shareholders with streamlined annual and semi-annual shareholder reports that highlight key information. Other information, including financial statements, that currently appears in shareholder reports will be made available online, delivered free of charge to shareholders upon request, and filed with the SEC. The first tailored shareholder report for the Fund will be for the reporting period ending June 30, 2024. Currently, management is evaluating the impact of the rule and form amendments on the content of the Fund’s current shareholder reports.

Janus Henderson Adaptive Global Allocation Fund (unaudited)

Fund At A Glance

December 31, 2023

Asset Allocation - (% of Net Assets)
Commercial Paper	78.3%
Investment Companies	0.8%
Common Stocks	0.4%
U.S. Government Agency Notes	0.3%
OTC Purchased Options – Puts	0.0%
Other		20.2%
		100.0%

Top Country Allocations - Long Positions -(% of Investment Securities)
As of December 31, 2023	As of June 30, 2023

Janus Investment Fund 1

Janus Henderson Adaptive Global Allocation Fund (unaudited)

Performance

See important disclosures on the next page.

Average Annual Total Return - for the periods ended December 31, 2023					Prospectus Expense Ratios
	Fiscal Year-to-Date	One Year	Five Year	Since Inception*	Total Annual Fund Operating Expenses‡	Net Annual Fund Operating Expenses‡
Class A Shares at NAV	5.20%	14.69%	6.39%	4.62%	3.25%	1.00%
Class A Shares at MOP	-0.80%	8.15%	5.14%	3.90%
Class C Shares at NAV	5.25%	14.63%	6.44%	4.33%	2.76%	1.70%
Class C Shares at CDSC	4.25%	13.63%	6.44%	4.33%
Class D Shares	5.27%	14.93%	6.63%	4.79%	1.86%	0.81%
Class I Shares	5.20%	14.84%	6.67%	4.89%	2.35%	0.69%
Class N Shares	5.44%	15.12%	6.74%	4.94%	1.50%	0.67%
Class S Shares	5.28%	14.95%	6.63%	4.71%	2.41%	1.16%
Class T Shares	5.29%	14.85%	6.49%	4.71%	2.00%	0.91%
MSCI All Country World Index	7.26%	22.20%	11.72%	8.10%
Adaptive Global Allocation 60/40 Index (Hedged)	6.05%	16.11%	7.80%	5.90%
Bloomberg Global Aggregate Bond Index (USD Hedged)	4.06%	7.15%	1.40%	2.03%
Morningstar Quartile - Class I Shares	-	1st	2nd	2nd
Morningstar Ranking - based on total returns for World Allocation Funds	-	64/391	161/384	96/345

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.

2 DECEMBER 31, 2023

Janus Henderson Adaptive Global Allocation 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.

There is a risk that the Fund’s investments will correlate with stocks and bonds to a greater degree than anticipated, and the investment process may not achieve the desired results. The Fund may underperform during up markets and be negatively affected in down markets. Diversification does not assure a profit or eliminate the risk of loss. 

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.

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.

© 2023 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.

See “Useful Information About Your Fund Report.”

*The Fund’s inception date – June 23, 2015

‡ As stated in the prospectus. Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 27, 2023. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees. See Financial Highlights for actual expense ratios during the reporting period.

Janus Investment Fund 3

Janus Henderson Adaptive Global Allocation 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 (7/1/23)	Ending Account Value (12/31/23)	Expenses Paid During Period (7/1/23 - 12/31/23)†	Beginning Account Value (7/1/23)	Ending Account Value (12/31/23)	Expenses Paid During Period (7/1/23 - 12/31/23)†	Net Annualized Expense Ratio (7/1/23 - 12/31/23)
Class A Shares		$1,000.00	$1,052.00	$5.16	$1,000.00	$1,020.11	$5.08	1.00%
Class C Shares		$1,000.00	$1,052.50	$5.57	$1,000.00	$1,019.71	$5.48	1.08%
Class D Shares		$1,000.00	$1,052.70	$4.13	$1,000.00	$1,021.11	$4.06	0.80%
Class I Shares		$1,000.00	$1,052.00	$4.38	$1,000.00	$1,020.86	$4.32	0.85%
Class N Shares		$1,000.00	$1,054.40	$3.46	$1,000.00	$1,021.77	$3.40	0.67%
Class S Shares		$1,000.00	$1,052.80	$4.08	$1,000.00	$1,021.17	$4.01	0.79%
Class T Shares		$1,000.00	$1,052.90	$4.70	$1,000.00	$1,020.56	$4.62	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 184/366 (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.

4 DECEMBER 31, 2023

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares/Principal/ Contract Amounts			Value
Common Stocks– 0.4%
Software – 0.4%
	Microsoft Corp((cost $142,214)	406	$152,672
Investment Companies– 0.8%
Exchange-Traded Funds (ETFs) – 0.8%
	Vanguard Intermediate-Term Corporate Bond	3,102	252,131
	Vanguard Long-Term Corporate Bond	657	52,659
Total Investment Companies (cost $286,809)			304,790
Commercial Paper– 78.3%
	American Electric Power Co Inc, 0%, 1/22/24 (Section 4(2))◊	$1,750,000	1,743,519
	American Honda Finance Corp, 0%, 1/4/24◊	1,800,000	1,798,377
	Bank of China/Hong Kong, 0%, 1/9/24◊	1,700,000	1,697,127
	Brookfield Infrastructure Holdings Canada Inc, 0%, 3/14/24◊	1,900,000	1,877,193
	Cigna Group/The, 0%, 1/3/24 (Section 4(2))◊	1,000,000	999,246
	Corporacion Andina de Fomento, 0%, 1/22/24 (Section 4(2))◊	650,000	647,691
	Enel Finance America LLC, 0%, 1/24/24 (Section 4(2))◊	1,800,000	1,792,759
	Engie SA, 0%, 1/16/24 (Section 4(2))◊	1,900,000	1,894,888
	General Motors Financial Co Inc, 0%, 2/7/24 (Section 4(2))◊	1,750,000	1,738,852
	General Motors Financial Co Inc, 0%, 2/12/24 (Section 4(2))◊	600,000	595,699
	Glencore Funding LLC, 0%, 1/10/24 (Section 4(2))◊	1,750,000	1,746,765
	Hyundai Capital America, 0%, 1/5/24 (Section 4(2))◊	1,750,000	1,748,162
	Macquarie Bank Ltd, 0%, 1/31/24 (Section 4(2))◊	700,000	696,538
	National Fuel Gas Co, 0%, 1/3/24◊	1,850,000	1,868,324
	National Grid North America Inc, 0%, 1/23/24 (Section 4(2))◊	1,750,000	1,743,240
	Rogers Communications Inc, 0%, 1/11/24 (Section 4(2))◊	1,100,000	1,097,825
	Societe Generale SA, 0%, 1/2/24 (Section 4(2))◊	1,900,000	1,898,915
	Southern California Edison Co, 0%, 1/4/24 (Section 4(2))◊	1,900,000	1,898,218
	VW Credit Inc, 0%, 1/19/24 (Section 4(2))◊	800,000	797,418
	VW Credit Inc, 0%, 2/15/24 (Section 4(2))◊	1,000,000	992,501
	WGL Holdings Inc, 0%, 1/10/24 (Section 4(2))◊	1,350,000	1,347,556
	White Plains Capital Co LLC, 0%, 3/22/24 (Section 4(2))◊	500,000	493,352
Total Commercial Paper (cost $31,110,525)			31,114,165
U.S. Government Agency Notes– 0.3%
	United States Treasury Bill, 0%, 1/2/24◊((cost $99,944)	100,000	100,000
OTC Purchased Options – Puts– 0%
Counterparty/Reference Asset
JPMorgan Chase Bank, National Association:
	SPDR S&P 500 ETF Trust,
	Notional amount $(1,989,330), premiums paid $16,968, unrealized depreciation $(9,014), exercise price $432.00, expires 3/15/24*	42	7,954
Total Investments (total cost $31,656,460) – 79.8%			31,679,581
Cash, Receivables and Other Assets, net of Liabilities – 20.2%			8,040,470
Net Assets – 100%			$39,720,051

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	5

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2023

Summary of Investments by Country - (Long Positions) (unaudited)
		% of
		Investment
Country	Value	Securities
United States	$16,539,961	52.2	%
France	3,793,803	12.0
Canada	2,975,018	9.4
Australia	2,443,303	7.7
Italy	1,792,759	5.7
Germany	1,789,919	5.6
China	1,697,127	5.4
Supranational	647,691	2.0

Total $31,679,581 100.0 %

Schedules of Affiliated Investments – (% of Net Assets)

		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 12/31/23
Investments Purchased with Cash Collateral from Securities Lending - N/A
Investment Companies - N/A
	Janus Henderson Cash Collateral Fund LLC, 5.2936%ºº	$	52∆	$	-	$	-	$	-

		Value at 6/30/23		Purchases		Sales Proceeds		Value at 12/31/23
Investments Purchased with Cash Collateral from Securities Lending - N/A
Investment Companies - N/A
	Janus Henderson Cash Collateral Fund LLC, 5.2936%ºº		-		1,602,869		(1,602,869)		-

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
6	DECEMBER 31, 2023

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2023

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	1/18/24	155,000	$	(196,910)	$	638
Euro	1/18/24	870,000		(919,698)		41,320
						41,958
Goldman Sachs & Co. LLC:
Japanese Yen	1/4/24	(375,000,000)		2,643,021		(16,931)
Japanese Yen	1/5/24	(326,000,000)		2,271,328		(41,056)
						(57,987)
JPMorgan Chase Bank, National Association:
Japanese Yen	1/4/24	(128,200,000)		903,995		(5,354)
Morgan Stanley & Co. International PLC:
Euro	1/18/24	180,000		(196,718)		2,113
Japanese Yen	1/18/24	147,666,000		(1,018,078)		32,119
						34,232
State Street Bank and Trust Company:
Australian Dollar	1/18/24	293,000		(197,303)		2,439
Total					$	15,288

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	7

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2023

Schedule of Futures

Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation/(Depreciation)
Futures Long:
10 Year US Treasury Note		10	3/28/24	$	1,128,906	$	26,094
10-Year Australian Bond		32	3/15/24		2,543,503		68,164
5 Year US Treasury Note		10	4/3/24		1,087,734		15,938
CAC40 10 Euro		9	1/19/24		750,530		(3,532)
Euro-Bund		1	3/11/24		151,464		3,579
Euro-Buxl		2	3/11/24		312,861		19,411
Euro-OAT		1	3/11/24		145,161		3,826
FTSE 100 Index		84	3/15/24		8,303,334		145,811
IBEX 35 Index		10	1/19/24		1,113,316		(4,430)
MSCI Emerging Markets Index		114	3/18/24		5,892,090		216,793
NASDAQ 100 E-Mini		76	3/15/24		2,587,572		5,868
NIKKEI 225 Mini		39	3/8/24		925,344		12,101
OMXS30 Index		43	1/19/24		1,024,089		22,671
Russell 2000 Micro E-Mini		585	3/15/24		5,989,523		(31,964)
S&P 500 Micro E-Mini		239	3/15/24		5,759,900		(5,743)
SPI 200		15	3/21/24		1,937,876		42,679
Ultra Long Term US Treasury Bond		2	3/28/24		267,188		13,945
Total						$	551,211

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:

JPMorgan Chase Bank, National Association:

SPDR S&P 500 ETF Trust 42 500.00 USD 3/15/24 $ (1,989,330) $ 4,284 $ (5,851) $ (10,135)

Written Put Options:

JPMorgan Chase Bank, National Association:

SPDR S&P 500 ETF Trust	42	405.00	USD	3/15/24	1,989,330		7,560		3,701		(3,859)
Total OTC Written Options						$	11,844	$	(2,150)	$	(13,994)

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
8	DECEMBER 31, 2023

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2023

Schedule of Total Return Swaps
Counterparty/ Return Paid by the Fund	Return Received by the Fund	Payment Frequency	Termination Date	Notional Amount	Swap Contracts, at Value and Unrealized Appreciation/ (Depreciation)

Goldman Sachs International:

Euro short-term rate + 0.55% GSVLTYI1 Index⁽¹⁾ Quarterly 8/22/24 858,248 USD $ (3,090)

(1)(1)The 50 largest components, and any individual component greater than 1% of basket value, are shown below.

Total Return Basket Components
Component Description	Number of Contracts	Notional Amount	Value	% of Custom Basket
2-Year U.S. Treasury Futures Call Option, exercise price $113.25, expiration date 1/3/24	(0.4528)	(45,279)	$ —	2.55%
2-Year U.S. Treasury Futures Call Option, exercise price $113.50, expiration date 1/3/24	(0.4528)	(45,279)	—	2.55%
2-Year U.S. Treasury Futures Call Option, exercise price $113.75, expiration date 1/3/24	(0.4528)	(45,279)	—	2.55%
2-Year U.S. Treasury Futures Call Option, exercise price $114, expiration date 1/3/24	(0.4528)	(45,279)	—	2.55%
2-Year U.S. Treasury Futures Call Option, exercise price $114.25, expiration date 1/3/24	(0.4528)	(45,279)	—	2.55%
2-Year U.S. Treasury Futures Call Option, exercise price $114.50, expiration date 1/3/24	(0.4528)	(45,279)	—	2.55%
2-Year U.S. Treasury Futures Put Option, exercise price $112.25, expiration date 1/3/24	(0.4528)	(45,279)	—	2.55%
2-Year U.S. Treasury Futures Put Option, exercise price $112.50, expiration date 1/3/24	(0.4528)	(45,279)	—	2.55%
2-Year U.S. Treasury Futures Put Option, exercise price $112.75, expiration date 1/3/24	(0.4528)	(45,279)	—	2.55%
2-Year U.S. Treasury Futures Put Option, exercise price $113, expiration date 1/3/24	(0.4528)	(45,279)	—	2.55%
2-Year U.S. Treasury Futures Put Option, exercise price $113.25, expiration date 1/3/24	(0.4528)	(45,279)	—	2.55%
6-7-Year U.S. Treasury Futures Call Option, exercise price $112.50, expiration date 1/5/24	(0.1823)	(18,232)	—	1.03%
6-7-Year U.S. Treasury Futures Call Option, exercise price $112.75, expiration date 1/5/24	(0.4385)	(43,848)	—	2.47%
6-7-Year U.S. Treasury Futures Call Option, exercise price $113, expiration date 1/5/24	(0.4385)	(43,848)	—	2.47%
6-7-Year U.S. Treasury Futures Call Option, exercise price $113.25, expiration date 1/5/24	(0.7705)	(77,053)	—	4.33%
6-7-Year U.S. Treasury Futures Call Option, exercise price $113.50, expiration date 1/5/24	(0.7705)	(77,053)	—	4.33%
6-7-Year U.S. Treasury Futures Call Option, exercise price $113.75, expiration date 1/5/24	(0.7705)	(77,053)	—	4.33%

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

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2023

Component Description (continued)	Number of Contracts	Notional Amount	Value	% of Custom Basket
6-7-Year U.S. Treasury Futures Call Option, exercise price $114, expiration date 1/5/24	(0.7705)	(77,053)	—	4.33%
6-7-Year U.S. Treasury Futures Call Option, exercise price $114.25, expiration date 1/5/24	(0.7705)	(77,053)	—	4.33%
6-7-Year U.S. Treasury Futures Call Option, exercise price $114.50, expiration date 1/5/24	(0.5882)	(58,821)	—	3.31%
6-7-Year U.S. Treasury Futures Call Option, exercise price $114.75, expiration date 1/5/24	(0.3320)	(33,204)	—	1.87%
6-7-Year U.S. Treasury Futures Call Option, exercise price $115, expiration date 1/5/24	(0.3320)	(33,204)	—	1.87%
6-7-Year U.S. Treasury Futures Put Option, exercise price $111, expiration date 1/5/24	(0.4385)	(43,848)	—	2.47%
6-7-Year U.S. Treasury Futures Put Option, exercise price $111.25, expiration date 1/5/24	(0.4385)	(43,848)	—	2.47%
6-7-Year U.S. Treasury Futures Put Option, exercise price $111.50, expiration date 1/5/24	(0.4385)	(43,848)	—	2.47%
6-7-Year U.S. Treasury Futures Put Option, exercise price $111.75, expiration date 1/5/24	(0.7705)	(77,053)	—	4.33%
6-7-Year U.S. Treasury Futures Put Option, exercise price $112, expiration date 1/5/24	(0.7705)	(77,053)	—	4.33%
6-7-Year U.S. Treasury Futures Put Option, exercise price $112.25, expiration date 1/5/24	(0.7705)	(77,053)	—	4.33%
6-7-Year U.S. Treasury Futures Put Option, exercise price $112.50, expiration date 1/5/24	(0.7705)	(77,053)	—	4.33%
6-7-Year U.S. Treasury Futures Put Option, exercise price $112.75, expiration date 1/5/24	(0.5882)	(58,821)	—	3.31%
6-7-Year U.S. Treasury Futures Put Option, exercise price $113, expiration date 1/5/24	(0.3320)	(33,204)	—	1.87%
6-7-Year U.S. Treasury Futures Put Option, exercise price $113.25, expiration date 1/5/24	(0.3320)	(33,204)	—	1.87%
10-Year U.S. Treasury Futures, expiration date 3/19/24	(0.9925)	(99,252)	—	5.58%

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
10	DECEMBER 31, 2023

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2023

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 December 31, 2023.

Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2023
	Currency Contracts	Equity Contracts	Interest Rate Contracts	Total
Asset Derivatives:
Forward foreign currency exchange contracts	$78,629	$ -	$ -	$ 78,629
Purchased options, at value	-	7,954	-	$ 7,954
*Futures contracts	-	445,923	150,957	$596,880
Total Asset Derivatives	$78,629	$453,877	$150,957	$683,463
Liability Derivatives:
Forward foreign currency exchange contracts	$63,341	$ -	$ -	$ 63,341
Options written, at value	-	13,994	-	$ 13,994
Swaps - OTC, at value	-	-	3,090	$ 3,090
*Futures contracts	-	45,669	-	$ 45,669
Total Liability Derivatives	$63,341	$ 59,663	$ 3,090	$126,094
*The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the period ended December 31, 2023.

The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2023
Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative	Currency Contracts	Equity Contracts	Interest Rate Contracts	Total
Futures contracts	$ -	$1,078,052	$ (228,633)	$ 849,419
Forward foreign currency exchange contracts	(104,991)	-	-	$(104,991)
Purchased options contracts	-	(37,933)	(37,544)	$ (75,477)
Swap contracts	-	-	11,887	$ 11,887
Written options contracts	-	75,405	32,671	$ 108,076
Total	$(104,991)	$1,115,524	$ (221,619)	$ 788,914
Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative	Currency Contracts	Equity Contracts	Interest Rate Contracts	Total
Futures contracts	$ -	$ (23,147)	$ 154,882	$ 131,735
Forward foreign currency exchange contracts	15,288	-	-	$ 15,288
Purchased options contracts	-	17,877	-	$ 17,877
Swap contracts	-	-	(3,090)	$ (3,090)
Written options contracts	-	(17,244)	-	$ (17,244)
Total	$ 15,288	$ (22,514)	$ 151,792	$ 144,566

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

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2023

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

Average Ending Monthly Value of Derivative Instruments During the Period Ended December 31, 2023
Forward foreign currency exchange contracts:
Average amounts purchased - in USD	$ 1,902,996
Average amounts sold - in USD	1,069,293
Futures contracts:
Average notional amount of contracts - long	36,274,878
Average notional amount of contracts - short	122,983
Options:
Average value of option contracts purchased	45,362
Average value of option contracts written	23,411
Total return swaps:
Average notional amount	525,959

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
12	DECEMBER 31, 2023

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2023

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.		$	41,958	$	—	$	—	$	41,958
JPMorgan Chase Bank, National Association			7,954		(7,954)		—		—
Morgan Stanley & Co. International PLC			34,232		—		—		34,232
State Street Bank and Trust Company			2,439		—		—		2,439
Total		$	86,583	$	(7,954)	$	—	$	78,629
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 & Co. LLC		$	57,987	$	—	$	—	$	57,987
Goldman Sachs International			3,090		—		—		3,090
JPMorgan Chase Bank, National Association			19,348		(7,954)		—		11,394
Total		$	80,425	$	(7,954)	$	—	$	72,471
(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 Adaptive Global Allocation Fund

Notes to Schedule of Investments and Other Information (unaudited)

Adaptive Global Allocation 60/40 Index (Hedged)	Adaptive Global Allocation 60/40 Index (Hedged) is an internally-calculated, hypothetical combination of total returns from the MSCI All Country World IndexSM (60%) and the Bloomberg Global Aggregate Bond Index (USD Hedged) (40%).
Bloomberg Global Aggregate Bond Index (USD Hedged)	Bloomberg Global Aggregate Bond Index (USD Hedged) is a broad-based measure of the global investment grade fixed-rate debt markets.
MSCI All Country World IndexSM	MSCI All Country World IndexSM reflects the equity market performance of global developed and emerging markets.

LLC	Limited Liability Company
OTC	Over-the-Counter

4(2) Securities sold under Section 4(2) 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 4(2) securities as of the period ended December 31, 2023 is $23,873,144, which represents 60.1% of net assets.

* Non-income producing security.

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

◊ Zero coupon bond.

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

14 DECEMBER 31, 2023

Janus Henderson Adaptive Global Allocation Fund

Notes to Schedule of Investments and Other Information (unaudited)

The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of December 31, 2023. 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		$	152,672	$	-	$	-
Investment Companies			304,790		-		-
Commercial Paper			-		31,114,165		-
U.S. Government Agency Notes			-		100,000		-
OTC Purchased Options – Puts			-		7,954		-
Total Investments in Securities		$	457,462	$	31,222,119	$	-
Other Financial Instruments(a):
Forward Foreign Currency Exchange Contracts			-		78,629		-
Futures Contracts			596,880		-		-
Total Assets		$	1,054,342	$	31,300,748	$	-
Liabilities
Other Financial Instruments(a):
OTC Swaps		$	-	$	3,090	$	-
Forward Foreign Currency Exchange Contracts			-		63,341		-
Futures Contracts			45,669		-		-
Options Written, at Value			-		13,994		-
Total Liabilities		$	45,669	$	80,425	$	-
(a)	Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and 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 Adaptive Global Allocation Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2023

See footnotes at the end of the Statement.

Assets:
	Investments, at value (cost $31,639,492)		$	31,671,627
	Purchased options, at value (premiums paid $16,968)			7,954
	Cash			141,057
	Deposits with brokers for futures			2,237,000
	Forward foreign currency exchange contracts			78,629
	Cash denominated in foreign currency (cost $5,881,685)			5,881,685
	Variation margin receivable on futures contracts			19,992
	Trustees' deferred compensation			1,090
	Receivables:
		Due from adviser		25,743
		Foreign tax reclaims		2,973
		Fund shares sold		219
		Dividends		195
	Other assets			638
Total Assets				40,068,802
Liabilities:
	Forward foreign currency exchange contracts			63,341
	Options written, at value (premiums received $11,844)			13,994
	OTC swap contracts, at value (net premium received $0)			3,090
	Variation margin payable on futures contracts			145,741
	Payables:			—
		Professional fees		38,628
		Advisory fees		25,487
		Fund shares repurchased		16,583
		Custodian fees		3,370
		12b-1 Distribution and shareholder servicing fees		1,447
		Transfer agent fees and expenses		1,183
		Trustees' deferred compensation fees		1,090
		Affiliated fund administration fees payable		85
		Trustees' fees and expenses		48
		Accrued expenses and other payables		34,664
Total Liabilities				348,751
Commitments and contingent liabilities (Note 4)
Net Assets			$	39,720,051

See Notes to Financial Statements.
16	DECEMBER 31, 2023

Janus Henderson Adaptive Global Allocation Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2023

Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	39,342,747
	Total distributable earnings (loss)		377,304
Total Net Assets		$	39,720,051
Net Assets - Class A Shares		$	208,496
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		20,752
Net Asset Value Per Share(1)		$	10.05
Maximum Offering Price Per Share(2)		$	10.66
Net Assets - Class C Shares		$	1,445,757
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		143,909
Net Asset Value Per Share(1)		$	10.05
Net Assets - Class D Shares		$	3,947,833
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		390,037
Net Asset Value Per Share		$	10.12
Net Assets - Class I Shares		$	379,286
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		37,685
Net Asset Value Per Share		$	10.06
Net Assets - Class N Shares		$	32,788,840
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,241,010
Net Asset Value Per Share		$	10.12
Net Assets - Class S Shares		$	819,763
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		81,049
Net Asset Value Per Share		$	10.11
Net Assets - Class T Shares		$	130,076
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		13,040
Net Asset Value Per Share		$	9.98

(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.
Janus Investment Fund	17

Janus Henderson Adaptive Global Allocation Fund

Statement of Operations (unaudited)

For the period ended December 31, 2023

Investment Income:
	Interest		$	1,034,107
	Dividends			11,145
	Affiliated securities lending income, net			52
	Unaffiliated securities lending income, net			26
	Other income			44,409
	Foreign withholding tax income			274
Total Investment Income				1,090,013
Expenses:
	Advisory fees			145,883
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		244
		Class C Shares		2,252
		Class S Shares		3
	Transfer agent administrative fees and expenses:
		Class D Shares		2,132
		Class S Shares		964
		Class T Shares		196
	Transfer agent networking and omnibus fees:
		Class A Shares		77
		Class C Shares		210
		Class I Shares		1,058
	Other transfer agent fees and expenses:
		Class A Shares		8
		Class C Shares		42
		Class D Shares		403
		Class I Shares		33
		Class N Shares		817
		Class S Shares		11
		Class T Shares		1
	Non-affiliated fund administration fees			36,448
	Professional fees			34,663
	Registration fees			32,395
	Shareholder reports expense			3,997
	Custodian fees			3,866
	Affiliated fund administration fees			486
	Trustees’ fees and expenses			404
	Other expenses			8,453
Total Expenses				275,046
Less: Excess Expense Reimbursement and Waivers				(137,496)
Net Expenses				137,550
Net Investment Income/(Loss)				952,463

See Notes to Financial Statements.
18	DECEMBER 31, 2023

Janus Henderson Adaptive Global Allocation Fund

Statement of Operations (unaudited)

For the period ended December 31, 2023

Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	84,092
	Purchased options contracts		(75,477)
	Forward foreign currency exchange contracts		(104,991)
	Futures contracts		849,419
	Swap contracts		11,887
	Written options contracts		108,076
Total Net Realized Gain/(Loss) on Investments			873,006
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and Trustees’ deferred compensation		(2,182)
	Purchased options contracts		17,877
	Forward foreign currency exchange contracts		15,288
	Futures contracts		131,735
	Swap contracts		(3,090)
	Written options contracts		(17,244)
Total Change in Unrealized Net Appreciation/Depreciation			142,384
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	1,967,853

See Notes to Financial Statements.
Janus Investment Fund	19

Janus Henderson Adaptive Global Allocation Fund

Statements of Changes in Net Assets

			Period ended December 31, 2023 (unaudited)		Year ended June 30, 2023
Operations:
	Net investment income/(loss)		$	952,463	$	1,329,374
	Net realized gain/(loss) on investments			873,006		1,676,705
	Change in unrealized net appreciation/depreciation			142,384		491,785
Net Increase/(Decrease) in Net Assets Resulting from Operations				1,967,853		3,497,864
Dividends and Distributions to Shareholders:
		Class A Shares		(7,551)		(1,960)
		Class C Shares		(51,626)		(11,768)
		Class D Shares		(149,174)		(33,223)
		Class I Shares		(16,659)		(4,378)
		Class N Shares		(1,292,103)		(407,403)
		Class S Shares		(31,025)		(8,382)
		Class T Shares		(5,025)		(2,778)
Net Decrease from Dividends and Distributions to Shareholders				(1,553,163)		(469,892)
Capital Share Transactions:
		Class A Shares		14,499		4,037
		Class C Shares		49,361		(39,940)
		Class D Shares		307,860		207,441
		Class I Shares		(593,595)		442,076
		Class N Shares		(800,182)		(2,785,323)
		Class S Shares		31,705		8,368
		Class T Shares		(30,872)		(1,218,562)
Net Increase/(Decrease) from Capital Share Transactions				(1,021,224)		(3,381,903)
Net Increase/(Decrease) in Net Assets				(606,534)		(353,931)
Net Assets:
	Beginning of period			40,326,585		40,680,516
	End of period		$	39,720,051	$	40,326,585

See Notes to Financial Statements.
20	DECEMBER 31, 2023

Janus Henderson Adaptive Global Allocation Fund

Financial Highlights

Class A Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$9.91	$9.19	$11.86	$9.78	$10.32	$10.43
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.23	0.29	0.07	0.07	0.12	0.22
		Net realized and unrealized gain/(loss)	0.29	0.51	(1.07)	2.33	(0.43)	0.17
	Total from Investment Operations		0.52	0.80	(1.00)	2.40	(0.31)	0.39
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.38)	(0.08)	(0.14)	(0.17)	(0.22)	(0.09)
		Distributions (from capital gains)	—	—	(1.53)	(0.15)	(0.01)	(0.41)
	Total Dividends and Distributions		(0.38)	(0.08)	(1.67)	(0.32)	(0.23)	(0.50)
	Net Asset Value, End of Period		$10.05	$9.91	$9.19	$11.86	$9.78	$10.32
	Total Return*		5.20%	8.78%	(10.06)%	24.78%	(3.14)%	4.22%
	Net Assets, End of Period (in thousands)		$208	$191	$167	$190	$84	$2,567
	Average Net Assets for the Period (in thousands)		$196	$215	$186	$128	$1,208	$2,179
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	3.15%	3.25%	3.18%	3.93%	1.73%	1.69%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.00%	1.01%	1.01%	0.95%	1.02%	0.96%
		Ratio of Net Investment Income/(Loss)	4.58%	3.15%	0.66%	0.62%	1.17%	2.14%
	Portfolio Turnover Rate		62%	293%	297%	414%	228%	268%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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 Adaptive Global Allocation Fund

Financial Highlights

Class C Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$9.90	$9.20	$11.85	$9.76	$10.30	$10.35
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.22	0.27	0.09	0.07	0.09	0.17
		Net realized and unrealized gain/(loss)	0.30	0.52	(1.08)	2.35	(0.41)	0.20
	Total from Investment Operations		0.52	0.79	(0.99)	2.42	(0.32)	0.37
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.37)	(0.09)	(0.13)	(0.18)	(0.21)	(0.01)
		Distributions (from capital gains)	—	—	(1.53)	(0.15)	(0.01)	(0.41)
	Total Dividends and Distributions		(0.37)	(0.09)	(1.66)	(0.33)	(0.22)	(0.42)
	Net Asset Value, End of Period		$10.05	$9.90	$9.20	$11.85	$9.76	$10.30
	Total Return*		5.25%	8.68%	(9.94)%	25.01%	(3.30)%	3.96%
	Net Assets, End of Period (in thousands)		$1,446	$1,377	$1,323	$2,253	$1,644	$1,778
	Average Net Assets for the Period (in thousands)		$1,362	$1,288	$2,033	$2,039	$1,644	$1,695
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.93%	2.22%	1.52%	1.62%	1.92%	1.88%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.08%	1.16%	0.84%	0.89%	1.21%	1.14%
		Ratio of Net Investment Income/(Loss)	4.50%	2.87%	0.84%	0.65%	0.91%	1.71%
	Portfolio Turnover Rate		62%	293%	297%	414%	228%	268%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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	DECEMBER 31, 2023

Janus Henderson Adaptive Global Allocation Fund

Financial Highlights

Class D Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$9.99	$9.26	$11.94	$9.82	$10.33	$10.43
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.24	0.31	0.09	0.08	0.12	0.20
		Net realized and unrealized gain/(loss)	0.29	0.52	(1.09)	2.38	(0.40)	0.20
	Total from Investment Operations		0.53	0.83	(1.00)	2.46	(0.28)	0.40
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.40)	(0.10)	(0.15)	(0.19)	(0.22)	(0.09)
		Distributions (from capital gains)	—	—	(1.53)	(0.15)	(0.01)	(0.41)
	Total Dividends and Distributions		(0.40)	(0.10)	(1.68)	(0.34)	(0.23)	(0.50)
	Net Asset Value, End of Period		$10.12	$9.99	$9.26	$11.94	$9.82	$10.33
	Total Return*		5.27%	9.05%	(9.94)%	25.21%	(2.90)%	4.31%
	Net Assets, End of Period (in thousands)		$3,948	$3,589	$3,110	$3,150	$3,030	$2,813
	Average Net Assets for the Period (in thousands)		$3,674	$3,299	$3,197	$3,088	$2,844	$2,564
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.64%	1.86%	1.55%	1.50%	1.54%	1.43%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.80%	0.81%	0.80%	0.81%	0.87%	0.85%
		Ratio of Net Investment Income/(Loss)	4.78%	3.28%	0.87%	0.71%	1.24%	1.97%
	Portfolio Turnover Rate		62%	293%	297%	414%	228%	268%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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 Adaptive Global Allocation Fund

Financial Highlights

Class I Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$10.00	$9.27	$11.92	$9.84	$10.35	$10.46
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.24	0.33	0.13	0.07	0.18	0.21
		Net realized and unrealized gain/(loss)	0.28	0.51	(1.11)	2.36	(0.44)	0.19
	Total from Investment Operations		0.52	0.84	(0.98)	2.43	(0.26)	0.40
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.46)	(0.11)	(0.14)	(0.20)	(0.24)	(0.10)
		Distributions (from capital gains)	—	—	(1.53)	(0.15)	(0.01)	(0.41)
	Total Dividends and Distributions		(0.46)	(0.11)	(1.67)	(0.35)	(0.25)	(0.51)
	Net Asset Value, End of Period		$10.06	$10.00	$9.27	$11.92	$9.84	$10.35
	Total Return*		5.20%	9.19%	(9.80)%	24.92%	(2.68)%	4.33%
	Net Assets, End of Period (in thousands)		$379	$1,015	$514	$345	$342	$15,008
	Average Net Assets for the Period (in thousands)		$863	$587	$336	$310	$7,161	$14,537
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.89%	2.35%	2.19%	2.36%	1.14%	1.35%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.85%	0.69%	0.67%	0.80%	0.76%	0.77%
		Ratio of Net Investment Income/(Loss)	4.70%	3.46%	1.20%	0.64%	1.76%	2.12%
	Portfolio Turnover Rate		62%	293%	297%	414%	228%	268%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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	DECEMBER 31, 2023

Janus Henderson Adaptive Global Allocation Fund

Financial Highlights

Class N Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$9.99	$9.27	$11.95	$9.84	$10.35	$10.46
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.24	0.32	0.11	0.09	0.14	0.21
		Net realized and unrealized gain/(loss)	0.30	0.52	(1.09)	2.37	(0.41)	0.20
	Total from Investment Operations		0.54	0.84	(0.98)	2.46	(0.27)	0.41
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.41)	(0.12)	(0.17)	(0.20)	(0.23)	(0.11)
		Distributions (from capital gains)	—	—	(1.53)	(0.15)	(0.01)	(0.41)
	Total Dividends and Distributions		(0.41)	(0.12)	(1.70)	(0.35)	(0.24)	(0.52)
	Net Asset Value, End of Period		$10.12	$9.99	$9.27	$11.95	$9.84	$10.35
	Total Return*		5.44%	9.14%	(9.81)%	25.22%	(2.74)%	4.36%
	Net Assets, End of Period (in thousands)		$32,789	$33,220	$33,518	$50,111	$40,773	$46,087
	Average Net Assets for the Period (in thousands)		$31,895	$33,104	$46,464	$45,500	$44,038	$49,849
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.31%	1.50%	1.22%	1.28%	1.25%	1.26%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.67%	0.67%	0.67%	0.68%	0.73%	0.70%
		Ratio of Net Investment Income/(Loss)	4.90%	3.37%	1.01%	0.85%	1.40%	2.10%
	Portfolio Turnover Rate		62%	293%	297%	414%	228%	268%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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 Adaptive Global Allocation Fund

Financial Highlights

Class S Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$9.98	$9.26	$11.93	$9.82	$10.35	$10.42
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.24	0.31	0.11	0.09	0.12	0.20
		Net realized and unrealized gain/(loss)	0.29	0.52	(1.09)	2.36	(0.42)	0.20
	Total from Investment Operations		0.53	0.83	(0.98)	2.45	(0.30)	0.40
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.40)	(0.11)	(0.16)	(0.19)	(0.22)	(0.06)
		Distributions (from capital gains)	—	—	(1.53)	(0.15)	(0.01)	(0.41)
	Total Dividends and Distributions		(0.40)	(0.11)	(1.69)	(0.34)	(0.23)	(0.47)
	Net Asset Value, End of Period		$10.11	$9.98	$9.26	$11.93	$9.82	$10.35
	Total Return*		5.28%	9.05%	(9.85)%	25.18%	(3.05)%	4.33%
	Net Assets, End of Period (in thousands)		$820	$778	$713	$1,581	$1,263	$1,303
	Average Net Assets for the Period (in thousands)		$771	$731	$1,395	$1,448	$1,284	$1,258
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.94%	2.16%	1.58%	1.68%	1.82%	1.79%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.79%	0.79%	0.71%	0.74%	0.97%	0.89%
		Ratio of Net Investment Income/(Loss)	4.78%	3.27%	0.98%	0.79%	1.15%	1.92%
	Portfolio Turnover Rate		62%	293%	297%	414%	228%	268%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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	DECEMBER 31, 2023

Janus Henderson Adaptive Global Allocation Fund

Financial Highlights

Class T Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$9.86	$9.23	$11.90	$9.80	$10.33	$10.43
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.22	0.24	0.08	0.07	0.12	0.19
		Net realized and unrealized gain/(loss)	0.29	0.57	(1.08)	2.35	(0.41)	0.20
	Total from Investment Operations		0.51	0.81	(1.00)	2.42	(0.29)	0.39
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.39)	(0.18)	(0.14)	(0.17)	(0.23)	(0.08)
		Distributions (from capital gains)	—	—	(1.53)	(0.15)	(0.01)	(0.41)
	Total Dividends and Distributions		(0.39)	(0.18)	(1.67)	(0.32)	(0.24)	(0.49)
	Net Asset Value, End of Period		$9.98	$9.86	$9.23	$11.90	$9.80	$10.33
	Total Return*		5.18%	8.95%	(9.99)%	24.91%	(3.00)%	4.23%
	Net Assets, End of Period (in thousands)		$130	$158	$1,336	$1,489	$1,149	$1,327
	Average Net Assets for the Period (in thousands)		$157	$714	$1,469	$1,363	$1,261	$2,521
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	3.43%	2.00%	1.69%	1.73%	1.72%	1.62%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.91%	0.91%	0.91%	0.93%	0.94%	0.90%
		Ratio of Net Investment Income/(Loss)	4.56%	2.52%	0.74%	0.61%	1.20%	1.90%
	Portfolio Turnover Rate		62%	293%	297%	414%	228%	268%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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 Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Henderson Adaptive Global Allocation 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 38 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks total return through growth of capital and income. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.

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

Shareholders, including 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 (the “Distributor”) including, but not limited to,

28 DECEMBER 31, 2023

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

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 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

Janus Investment Fund 29

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

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 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 the 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.

30 DECEMBER 31, 2023

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

Foreign Currency Translations

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

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

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

Dividends and Distributions

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

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

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 period ended December 31, 2023 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

Janus Investment Fund 31

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case. Derivatives can be volatile and may involve significant risks.

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

·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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currency exchange rates on foreign portfolio holdings and locking in the U.S. dollar cost of firm purchase and sale commitments for securities denominated in or exposed to foreign currencies. The Fund may also invest in forward currency contracts for non-hedging purposes such as seeking to enhance returns. The Fund is subject to currency risk and counterparty risk in the normal course of pursuing its investment objective through its investments in forward currency contracts.

Forward currency contracts are valued by converting the foreign value to U.S. dollars by using the current spot U.S. dollar exchange rate and/or forward rate for that currency. Exchange and forward rates as of the close of the NYSE are used to value the forward currency contracts. The unrealized appreciation/(depreciation) for forward currency contracts is reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations for the change in unrealized net appreciation/depreciation (if applicable). The realized gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing a forward currency contract is reported on the Statement of Operations (if applicable).

During the period, the Fund entered into forward currency contracts with the obligation to purchase foreign currencies in the future at an agreed upon rate in order to take a positive outlook on the related currency. These forward contracts seek to increase exposure to currency risk.

During the period, the Fund entered into forward currency contracts with the obligation to purchase foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.

During the period, the Fund entered into forward currency contracts with the obligation to sell foreign currencies in the future at an agreed upon rate in order to take a negative outlook on the related currency. These forward contracts seek to increase exposure to currency risk.

During the period, the Fund entered into forward currency contracts with the obligation to sell foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.

Futures Contracts

A futures contract is an exchange-traded agreement to take or make delivery of an underlying asset at a specific time in the future for a specific predetermined negotiated price. The Fund may enter into futures contracts to gain exposure to the stock market or other markets pending investment of cash balances or to meet liquidity needs. The Fund is subject to interest rate risk, equity risk, and currency risk in the normal course of pursuing its investment objective through its investments in futures contracts. The Fund may also use such derivative instruments to hedge or protect from adverse movements in securities prices, currency rates or interest rates. The use of futures contracts may involve risks such as the possibility of illiquid markets or imperfect correlation between the values of the contracts and the underlying securities, or that the counterparty will fail to perform its obligations.

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

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

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

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

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

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

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Notes to Financial Statements (unaudited)

During the period, the Fund purchased futures on equity indices to increase exposure to equity risk.

During the period, the Fund sold futures on equity indices to decrease exposure to equity risk.

Options Contracts

An options contract provides the purchaser with the right, but not the obligation, to buy (call option) or sell (put option) a financial instrument at an agreed upon price on or before a specified date. The purchaser pays a premium to the seller for this right. The seller has the corresponding obligation to sell or buy a financial instrument if the purchaser (owner) "exercises" the option. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option, or the cost of the security for a purchased put or call option are adjusted by the amount of premium received or paid. Upon expiration, or closing of the option transaction, a realized gain or loss is reported on the Statement of Operations (if applicable). The difference between the premium paid/received and the market value of the option is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported on the Statement of Operations (if applicable). Option contracts are typically valued using an approved vendor’s option valuation model. To the extent reliable market quotations are available, option contracts are valued using market quotations. In cases when an approved vendor cannot provide coverage for an option and there is no reliable market quotation, a broker quotation or an internal valuation using the Black-Scholes model, the Cox-Rubinstein Binomial Option Pricing Model, or other appropriate option pricing model is used. Certain options contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities as “Variation margin receivable” or “Variation margin payable” (if applicable).

The Fund may use options contracts to hedge against changes in interest rates, the values of equities, or foreign currencies. The Fund generally invests in options to hedge against adverse movements in the value of portfolio holdings. The use of such instruments may involve certain additional risks as a result of unanticipated movements in the market. A lack of correlation between the value of an instrument underlying an option and the asset being hedged, or unexpected adverse price movements, could render the Fund’s hedging strategy unsuccessful. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased or sold. The Fund may be subject to counterparty risk, interest rate risk, liquidity risk, equity risk, commodity risk, and currency risk in the normal course of pursuing its investment objective through its investments in options contracts.

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

The Fund may purchase put options to hedge against a decline in the value of its portfolio. By using put options in this way, the Fund will reduce any profit it might otherwise have realized in the underlying security by the amount of the premium paid for the put option and by transaction costs. The Fund may purchase call options to hedge against an increase in the price of securities that it may buy in the future. The premium paid for the call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises sufficiently, the option may expire worthless to the Fund. The risk in buying options is that the Fund pays a premium whether or not the options are exercised. Options purchased are reported in the Schedule of Investments (if applicable).

During the period, the Fund purchased put options on various equity indices for the purpose of decreasing exposure to broad equity risk.

During the period, the Fund purchased call options on various stocks and ETFs for the purpose of increasing exposure to individual equity risk.

During the period, the Fund purchased put options on bond exchange-traded funds in order to reduce interest rate risk exposure where reducing this exposure via other markets such as the cash bond market was less attractive.

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

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Notes to Financial Statements (unaudited)

are exercised. The risk in buying options is that the Fund pays a premium whether or not the options are exercised. Exercise of an option written by the Fund could result in the Fund buying or selling a security at a price different from the current market value.

During the period, the Fund wrote call options on various equity indices for the purpose of decreasing exposure to broad equity risk.

During the period, the Fund wrote put options on various equity indices for the purpose of increasing exposure to broad equity risk.

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

During the period, the Fund wrote put options on various stocks and ETFs for the purpose of increasing exposure to individual equity risk and/or generating income.

During the period, the Fund wrote call options on bond exchange-traded funds in order to reduce interest rate risk where reducing this exposure via other markets such as the cash bond market was less attractive.

During the period, the Fund wrote put options on bond exchange-traded funds in order to increase interest rate risk where increasing this exposure via other markets such as the cash bond market was less attractive.

Swaps

Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year to exchange one set of cash flows for another. The most significant factor in the performance of swap agreements is the change in value of the specific index, security, or currency, or other factors that determine the amounts of payments due to and from the Fund. The use of swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Swap transactions may in some instances involve the delivery of securities or other underlying assets by the Fund or its counterparty to collateralize obligations under the swap. If the other party to a swap that is not collateralized defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. Swap agreements entail the risk that a party will default on its payment obligations to the Fund. If the other party to a swap defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. If the Fund utilizes a swap at the wrong time or judges market conditions incorrectly, the swap may result in a loss to the Fund and reduce the Fund’s total return.

Swap agreements also bear the risk that the Fund will not be able to meet its obligation to the counterparty. Swap agreements are typically privately negotiated and entered into in the OTC market. However, certain swap agreements are required to be cleared through a clearinghouse and traded on an exchange or swap execution facility. Swaps that are required to be cleared are required to post initial and variation margins in accordance with the exchange requirements. Regulations enacted require the Fund to centrally clear certain interest rate and credit default index swaps through a clearinghouse or central counterparty (“CCP”). To clear a swap with a CCP, the Fund will submit the swap to, and post collateral with, a futures clearing merchant (“FCM”) that is a clearinghouse member. Alternatively, the Fund may enter into a swap with a financial institution other than the FCM (the “Executing Dealer”) and arrange for the swap to be transferred to the FCM for clearing. The Fund may also enter into a swap with the FCM itself. The CCP, the FCM, and the Executing Dealer are all subject to regulatory oversight by the U.S. Commodity Futures Trading Commission (“CFTC”). A default or failure by a CCP or an FCM, or the failure of a swap to be transferred from an Executing Dealer to the FCM for clearing, may expose the Fund to losses, increase its costs, or prevent the Fund from entering or exiting swap positions, accessing collateral, or fully implementing its investment strategies. The regulatory requirement to clear certain swaps could, either temporarily or permanently, reduce the liquidity of cleared swaps or increase the costs of entering into those swaps.

Index swaps, interest rate swaps, inflation swaps and credit default swaps are valued using an approved vendor supplied price. Basket swaps are valued using a broker supplied price. Equity swaps that consist of a single underlying equity are valued either at the closing price, the latest bid price, or the last sale price on the primary market or exchange it trades. The market value of swap contracts are aggregated by positive and negative values and are disclosed separately as an asset or liability on the Fund’s Statement of Assets and Liabilities (if applicable). Realized gains and

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Notes to Financial Statements (unaudited)

losses are reported on the Fund’s Statement of Operations (if applicable). The change in unrealized net appreciation or depreciation during the period is included in the Statement of Operations (if applicable).

The Fund’s maximum risk of loss from counterparty risk or credit risk is the discounted value of the payments to be received from/paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to cover the Fund’s exposure to the counterparty.

Total return swaps involve an exchange by two parties in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income it generates and any capital gains over the payment period. A fixed-income total return swap may be written on many different kinds of underlying reference assets, and may include different indices for various kinds of debt securities (e.g., U.S. investment grade bonds, high-yield bonds, or emerging market bonds).

During the period, the Fund entered into total return swaps on credit indices to increase exposure to credit risk. These total return swaps require the Fund to pay a floating reference interest rate, and an amount equal to the negative price movement of an index multiplied by the notional amount of the contract. The Fund will receive payments equal to the positive price movement of the same index multiplied by the notional amount of the contract.

3. Other Investments and Strategies

Market Risk

The value of the Fund’s portfolio may decrease if the value of one or more issuers in the Fund’s portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund’s portfolio decreases, the Fund’s NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• COVID-19 Pandemic. The effects of COVID-19 have contributed to increased volatility in global financial markets and have affected and may continue to affect certain countries, regions, issuers, industries and market sectors more dramatically than others. These conditions and events could have a significant impact on the Fund and its investments, the Fund’s ability to meet redemption requests, and the processes and operations of the Fund’s service providers, including the Adviser.

• Armed Conflict. Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global economic environment and the markets for certain securities and commodities.

Exchange-Traded and Mutual Funds

The Fund may invest in exchange-traded funds (“ETFs”) and mutual funds to gain exposure to a particular portion of the market. ETFs are typically open-end investment companies, which may seek to track the performance of a specific index or be actively managed. ETFs are traded on a national securities exchange at market prices that may vary from the net asset value of their underlying investments. Accordingly, there may be times when an ETF trades at a premium or discount. When the Fund invests in an ETF or mutual fund, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's or mutual fund’s expenses. As a result, the cost of investing in the Fund may be higher than the cost of investing directly in ETFs or mutual funds and may be higher than other mutual funds that invest directly in stocks and bonds. ETFs also involve the risk that an active trading market for an ETF's shares may not develop or be maintained. Similarly, because the value of ETF shares depends on the demand

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Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

in the market, the Fund may not be able to purchase or sell an ETF at the most optimal time, which could adversely affect the Fund’s performance. In addition, ETFs that track particular indices may be unable to match the performance of such underlying indices due to the temporary unavailability of certain index securities in the secondary market or other factors, such as discrepancies with respect to the weighting of securities. Because the Fund may invest in a broad range of ETFs and mutual funds, such risks may include, but are not limited to, leverage risk, foreign exposure risk, interest rate risk, emerging markets risk, fixed-income risk, and commodity-linked investments risk. The Fund is also subject to the risks associated with the securities in which the ETF or mutual fund invests.

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.

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

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Notes to Financial Statements (unaudited)

short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the Securities and Exchange Commission (the "SEC"). If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.

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

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

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations.

There were no securities on loan as of December 31, 2023.

Offsetting Assets and Liabilities

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

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

The Offsetting Assets and Liabilities table located in the Schedule of Investments present gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has 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 December 31, 2023” 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

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Notes to Financial Statements (unaudited)

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

The Fund generally does not exchange collateral on its forward foreign currency contracts with its counterparties; however, all liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund’s commitment with respect to these contracts. Certain securities may be segregated at the Fund’s custodian. These segregated securities are denoted on the accompanying Schedule of Investments and are evaluated daily to ensure their cover and/or market value equals or exceeds the Fund’s corresponding forward foreign currency exchange contract's obligation value.

4. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The 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
Next $2 Billion	0.72
Over $4 Billion	0.70

The Fund’s actual investment advisory fee rate for the reporting period was 0.75% of average annual net assets before any applicable waivers.

The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to the management fee, 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 fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.66% for at least a one-year period commencing on October 27, 2023. 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 $226,421 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2023. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

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

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Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

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

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

During the reporting period, the administrative services fee rate was 0.12%.

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 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. There were no upfront sales charges retained by the Distributor during the period ended December 31, 2023.

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 December 31, 2023.

40 DECEMBER 31, 2023

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class C Shares during the period ended December 31, 2023.

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 December 31, 2023 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 December 31, 2023 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 $196,900 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2023.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended December 31, 2023 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

As of December 31, 2023, 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	55		2
Class D Shares	-		-
Class I Shares	-		-
Class N Shares	94		77
Class S Shares	100		2
Class T Shares	-		-

5. Federal Income Tax

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

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

Janus Investment Fund 41

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

Accumulated capital losses noted below represent net capital loss carryovers, as of June 30, 2023, 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 June 30, 2023
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$ (861,856)	$ (101,807)	$ (963,663)

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2023 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)
$ 31,711,042	$ 12	$ (31,473)	$ (31,461)

Information on the tax components of derivatives as of December 31, 2023 is as follows:

Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ (11,844)	$ 679,210	$ (117,951)	$ 561,259

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

42 DECEMBER 31, 2023

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

6. Capital Share Transactions

	Period ended December 31, 2023		Year ended June 30, 2023
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	1,787	$ 17,416	7,221	$ 64,111
Reinvested dividends and distributions	750	7,551	215	1,960
Shares repurchased	(1,057)	(10,468)	(6,363)	(62,034)
Net Increase/(Decrease)	1,480	$ 14,499	1,073	$ 4,037
Class C Shares:
Shares sold	2,123	$ 21,090	12,837	$ 120,395
Reinvested dividends and distributions	5,127	51,626	1,292	11,768
Shares repurchased	(2,357)	(23,355)	(18,808)	(172,103)
Net Increase/(Decrease)	4,893	$ 49,361	(4,679)	$ (39,940)
Class D Shares:
Shares sold	32,987	$ 326,692	107,180	$ 994,607
Reinvested dividends and distributions	14,515	147,329	3,569	32,762
Shares repurchased	(16,797)	(166,161)	(87,289)	(819,928)
Net Increase/(Decrease)	30,705	$ 307,860	23,460	$ 207,441
Class I Shares:
Shares sold	18,983	$ 188,793	382,203	$ 3,668,724
Reinvested dividends and distributions	1,651	16,659	477	4,378
Shares repurchased	(84,431)	(799,047)	(336,665)	(3,231,026)
Net Increase/(Decrease)	(63,797)	$ (593,595)	46,015	$ 442,076
Class N Shares:
Shares sold	24,385	$ 241,637	121,347	$ 1,138,761
Reinvested dividends and distributions	127,426	1,292,103	44,379	407,403
Shares repurchased	(235,185)	(2,333,922)	(457,628)	(4,331,487)
Net Increase/(Decrease)	(83,374)	$ (800,182)	(291,902)	$(2,785,323)
Class S Shares:
Shares sold	69	$ 680	-	$ -
Reinvested dividends and distributions	3,060	31,025	915	8,368
Shares repurchased	-	-	-	-
Net Increase/(Decrease)	3,129	$ 31,705	915	$ 8,368
Class T Shares:
Shares sold	309	$ 3,031	7,849	$ 72,592
Reinvested dividends and distributions	503	5,025	307	2,778
Shares repurchased	(3,771)	(38,928)	(136,943)	(1,293,932)
Net Increase/(Decrease)	(2,959)	$ (30,872)	(128,787)	$(1,218,562)

7. Purchases and Sales of Investment Securities

For the period ended December 31, 2023, 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
$ 339,369	$ 668,960	$ -	$ -

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Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

8. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2023 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.

44 DECEMBER 31, 2023

Janus Henderson Adaptive Global Allocation 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; and (ii) 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 and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “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.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and 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, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, 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 to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management

Janus Investment Fund 45

Janus Henderson Adaptive Global Allocation Fund

Additional Information(unaudited)

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

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

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract 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 fund 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, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

Asset Allocation Funds

·For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12

46 DECEMBER 31, 2023

Janus Henderson Adaptive Global Allocation Fund

Additional Information(unaudited)

months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Fixed-Income Funds

·For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Global and International Equity Funds

·For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Janus Investment Fund 47

Janus Henderson Adaptive Global Allocation Fund

Additional Information(unaudited)

·For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·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 June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

48 DECEMBER 31, 2023

Janus Henderson Adaptive Global Allocation Fund

Additional Information(unaudited)

U.S. Equity Funds

·For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·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 June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.

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·For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.

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

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered 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 referenced its past analyses from 2022, which 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 different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with

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Additional Information(unaudited)

regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:

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 all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

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

·For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, 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 as shown were below the applicable fee limit.

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 average for certain share classes, overall the Fund’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 the Fund’s total expenses were below the peer group average for all share classes.

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

·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 average for certain share classes, 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 as shown were below the applicable fee limit.

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

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

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 average for certain share classes, overall the Fund’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 average for certain share classes, 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 as shown were below the applicable fee limit.

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

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

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

·For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, 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 as shown were 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 average 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 certain share classes, 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 as shown were below the applicable fee limit.

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

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

·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 as shown were below the applicable fee limit.

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

Money Market Funds

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

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

Multi-Asset Funds

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

·For Janus Henderson 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 as shown were below the applicable fee limit.

U.S. Equity Funds

·For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were

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Additional Information(unaudited)

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 as shown were 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 all 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, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

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

·For Janus Henderson Forty 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, although this limit did not apply because the Fund’s total expenses as shown were 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 average for certain share classes, 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 as shown were below the applicable fee limit.

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

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

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

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

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

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

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

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

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized

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Additional Information(unaudited)

by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser 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 charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

Economies of Scale

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.

With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and 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.

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Additional Information(unaudited)

Other Benefits to the Adviser

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

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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. A company may be allocated to a country based on other factors such as location of the company’s principal office, the location of the principal trading market for the company’s securities, or the country where a majority of the company’s revenues are derived. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by 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.

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.

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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.

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

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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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Notes

NotesPage1

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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 Mutual funds distributed by Janus Henderson Distributors US LLC
	125-24-93059 02-24

	SEMIANNUAL REPORT December 31, 2023
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
Janus Investment Fund

HIGHLIGHTS

·Investment strategy behind your fund

·Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Adaptive Risk Managed U.S. Equity Fund 

Fund At A Glance 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
Additional Information	35
Useful Information About Your Fund Report	46

Ashwin Alankar

portfolio manager

Important Notice – Tailored Shareholder Reports

Effective January 24, 2023, the Securities and Exchange Commission (the “SEC”) adopted rule and form amendments that require mutual funds and exchange-traded funds to provide shareholders with streamlined annual and semi-annual shareholder reports that highlight key information. Other information, including financial statements, that currently appears in shareholder reports will be made available online, delivered free of charge to shareholders upon request, and filed with the SEC. The first tailored shareholder report for the Fund will be for the reporting period ending June 30, 2024. Currently, management is evaluating the impact of the rule and form amendments on the content of the Fund’s current shareholder reports.

Janus Henderson Adaptive Risk Managed U.S. Equity Fund (unaudited)

Fund At A Glance

December 31, 2023

5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
Apple Inc	5.31%	0.18%	McCormick & Co Inc/MD	0.84%	-0.31%
Constellation Energy Corp	0.34%	0.14%	Franco-Nevada Corp	0.14%	-0.19%
BlackRock Inc	0.54%	0.13%	Kimberly-Clark Corp	0.67%	-0.16%
Exxon Mobil Corp	0.03%	0.12%	GE HealthCare Technologies Inc	0.40%	-0.16%
Prologis Inc	0.50%	0.11%	Cenovus Energy Inc	0.13%	-0.15%

	5 Top Contributors - Sectors*
		Relative	Fund	Russell 1000 Index
		Contribution	Average Weight	Average Weight
	Real Estate	0.23%	4.32%	2.74%
	Utilities	0.09%	4.13%	2.37%
	Other**	-0.03%	1.55%	0.00%
	Materials	-0.11%	4.20%	2.61%
	Communication Services	-0.17%	6.33%	8.38%
	5 Top Detractors - Sectors*
		Relative	Fund	Russell 1000 Index
		Contribution	Average Weight	Average Weight
	Consumer Staples	-1.12%	11.85%	6.12%
	Financials	-0.70%	11.91%	13.18%
	Energy	-0.66%	2.23%	4.26%
	Health Care	-0.37%	12.82%	12.94%
	Consumer Discretionary	-0.36%	9.62%	10.82%
	Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.
*	Based on sector classification according to the Global Industry Classification Standard (“GICS”) codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
**	Not a GICS classified sector.

Janus Investment Fund 1

Janus Henderson Adaptive Risk Managed U.S. Equity Fund (unaudited)

Fund At A Glance

December 31, 2023

5 Largest Equity Holdings -(% of Net Assets)
Microsoft Corp
Software	6.8%
Apple Inc
Technology Hardware, Storage & Peripherals	6.1%
Alphabet Inc - Class A
Interactive Media & Services	3.4%
Amazon.com Inc
Multiline Retail	3.0%
Schwab US Large-Cap
Exchange-Traded Funds (ETFs)	2.1%
	21.4%

Asset Allocation - (% of Net Assets)
Common Stocks	98.0%
Investment Companies	2.1%
Investments Purchased with Cash Collateral from Securities Lending	0.7%
Other		(0.8)%
		100.0%

Top Country Allocations - Long Positions -(% of Investment Securities)
As of December 31, 2023	As of June 30, 2023

2 DECEMBER 31, 2023

Janus Henderson Adaptive Risk Managed U.S. Equity Fund (unaudited)

Performance

See important disclosures on the next page.

Average Annual Total Return - for the periods ended December 31, 2023						Prospectus Expense Ratios
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses‡	Net Annual Fund Operating Expenses‡
Class A Shares at NAV	4.14%	14.94%	10.28%	8.62%	7.73%	0.94%	0.89%
Class A Shares at MOP	-1.81%	8.30%	8.97%	7.98%	7.37%
Class C Shares at NAV	3.80%	14.24%	9.61%	7.92%	6.99%	1.68%	1.62%
Class C Shares at CDSC	2.80%	13.24%	9.61%	7.92%	6.99%
Class D Shares	4.35%	15.19%	10.55%	8.83%	7.88%	0.73%	0.68%
Class I Shares	4.28%	15.35%	10.55%	8.90%	8.00%	0.66%	0.61%
Class N Shares	4.35%	15.40%	10.69%	9.01%	8.06%	0.59%	0.54%
Class S Shares	4.18%	14.90%	10.16%	8.51%	7.58%	1.09%	1.04%
Class T Shares	4.19%	15.13%	10.44%	8.75%	7.74%	0.83%	0.78%
Russell 1000 Index	8.44%	26.53%	15.52%	11.80%	9.88%
S&P 500 Minimum Volatility Index	3.96%	10.32%	12.02%	10.53%	9.27%
Morningstar Quartile - Class I Shares	-	4th	4th	4th	4th
Morningstar Ranking - based on total returns for Large Blend Funds	-	1,268/1,446	1,184/1,248	964/1,082	772/890

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.

Janus Investment Fund 3

Janus Henderson Adaptive Risk Managed U.S. 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 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 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 T Shares commenced operations on July 6, 2009. Performance shown 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.

Class N Shares commenced operations on October 28, 2014. Performance shown for periods prior to October 28, 2014, reflects the historical performance of the Fund’s Class I Shares, calculated using the fees and expenses of Class I Shares, net of any applicable fee and expense limitations or waivers.

Class D Shares commenced operations on December 22, 2014. Performance shown for periods prior to December 22, 2014, 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 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.

© 2023 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.

See “Useful Information About Your Fund Report.”

Effective June 10, 2022, the Fund changed its investment strategy. The performance shown prior to this date does not reflect the new investment strategy and is not indicative of the current portfolio.

*The predecessor Fund’s inception date – December 30, 2005

‡ As stated in the prospectus. Net expense ratios reflect the expense waiver, if any, contractually agreed to for a two-year period commencing on June 10, 2022. In addition, net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 27, 2023. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees This contractual waiver may be terminated or modified only at the discretion of the Portfolio's Board of Trustees. See Financial Highlights for actual expense ratios during the reporting period.

4 DECEMBER 31, 2023

Janus Henderson Adaptive Risk Managed U.S. 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 (7/1/23)	Ending Account Value (12/31/23)	Expenses Paid During Period (7/1/23 - 12/31/23)†	Beginning Account Value (7/1/23)	Ending Account Value (12/31/23)	Expenses Paid During Period (7/1/23 - 12/31/23)†	Net Annualized Expense Ratio (7/1/23 - 12/31/23)
Class A Shares		$1,000.00	$1,041.40	$4.41	$1,000.00	$1,020.81	$4.37	0.86%
Class C Shares		$1,000.00	$1,038.00	$8.09	$1,000.00	$1,017.19	$8.01	1.58%
Class D Shares		$1,000.00	$1,043.50	$3.34	$1,000.00	$1,021.87	$3.30	0.65%
Class I Shares		$1,000.00	$1,042.80	$3.08	$1,000.00	$1,022.12	$3.05	0.60%
Class N Shares		$1,000.00	$1,043.50	$2.67	$1,000.00	$1,022.52	$2.64	0.52%
Class S Shares		$1,000.00	$1,041.80	$5.24	$1,000.00	$1,020.01	$5.18	1.02%
Class T Shares		$1,000.00	$1,041.90	$3.85	$1,000.00	$1,021.37	$3.81	0.75%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.

Janus Investment Fund 5

Janus Henderson Adaptive Risk Managed U.S. Equity Fund 

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Common Stocks– 98.0%
Aerospace & Defense – 4.1%
	General Dynamics Corp	21,647	$5,621,077
	Lockheed Martin Corp	17,956	8,138,377
	Northrop Grumman Corp	8,307	3,888,839
	Raytheon Technologies Corp	85,635	7,205,329
			24,853,622
Automobiles – 1.1%
	Tesla Inc*	26,061	6,475,637
Banks – 3.7%
	Bank of America Corp	127,962	4,308,481
	Bank of Montreal	26,937	2,665,147
	JPMorgan Chase & Co	26,524	4,511,732
	Toronto-Dominion Bank/The	110,231	7,123,127
	Wells Fargo & Co	72,997	3,592,912
			22,201,399
Beverages – 1.0%
	Coca-Cola Co	51,397	3,028,825
	PepsiCo Inc	18,089	3,072,236
			6,101,061
Biotechnology – 0.4%
	Gilead Sciences Inc	27,281	2,210,034
Capital Markets – 5.5%
	BlackRock Inc	9,984	8,105,011
	Cboe Global Markets Inc	30,083	5,371,621
	CME Group Inc	14,400	3,032,640
	Goldman Sachs Group Inc	9,400	3,626,238
	Interactive Brokers Group Inc	19,365	1,605,359
	Intercontinental Exchange Inc	31,666	4,066,864
	Morgan Stanley	39,681	3,700,253
	Raymond James Financial Inc	29,363	3,273,975
			32,781,961
Chemicals – 3.0%
	DuPont de Nemours Inc	87,659	6,743,607
	Ecolab Inc	31,419	6,231,959
	Linde PLC	7,147	2,935,344
	LyondellBasell Industries NV	22,961	2,183,132
			18,094,042
Commercial Services & Supplies – 1.7%
	Copart Inc	105,968	5,192,432
	Waste Management Inc	27,862	4,990,084
			10,182,516
Containers & Packaging – 0.4%
	Packaging Corp of America	14,363	2,339,876
Diversified Financial Services – 3.4%
	Berkshire Hathaway Inc*	28,969	10,332,084
	Fiserv Inc*	19,618	2,606,055
	Visa Inc	28,049	7,302,557
			20,240,696
Diversified Telecommunication Services – 0.5%
	Verizon Communications Inc	72,200	2,721,940
Electric Utilities – 1.7%
	Edison International	17,284	1,235,633
	Entergy Corp	13,157	1,331,357
	Exelon Corp	119,171	4,278,239
	Southern Co	43,492	3,049,659
			9,894,888
Electrical Equipment – 0.6%
	Emerson Electric Co	38,630	3,759,858

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
6	DECEMBER 31, 2023

Janus Henderson Adaptive Risk Managed U.S. Equity Fund 

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Common Stocks– (continued)
Electronic Equipment, Instruments & Components – 0.4%
	Amphenol Corp	27,048	$2,681,268
Entertainment – 0.4%
	Electronic Arts Inc	16,523	2,260,512
Food & Staples Retailing – 2.0%
	BJ's Wholesale Club Holdings Inc*	31,101	2,073,193
	Costco Wholesale Corp	4,508	2,975,641
	Sprouts Farmers Market Inc*	41,267	1,985,355
	Sysco Corp	33,221	2,429,452
	Walmart Inc	14,526	2,290,024
			11,753,665
Food Products – 2.0%
	Archer-Daniels-Midland Co	33,677	2,432,153
	Campbell Soup Co	50,546	2,185,104
	JM Smucker Co	19,175	2,423,337
	Mondelez International Inc	70,072	5,075,315
			12,115,909
Health Care Equipment & Supplies – 2.3%
	Abbott Laboratories	77,173	8,494,432
	Becton Dickinson and Co	8,712	2,124,247
	Medtronic PLC	38,803	3,196,591
			13,815,270
Health Care Providers & Services – 3.9%
	AmerisourceBergen Corp	16,355	3,358,990
	Anthem Inc	5,227	2,464,844
	Cardinal Health Inc	32,803	3,306,542
	Humana Inc	12,136	5,555,982
	UnitedHealth Group Inc	15,977	8,411,411
			23,097,769
Health Care Real Estate Investment Trusts (REITs) – 0.8%
	Welltower Inc	55,159	4,973,687
Hotels, Restaurants & Leisure – 4.1%
	Darden Restaurants Inc	11,441	1,879,756
	Hilton Worldwide Holdings Inc	26,846	4,888,388
	McDonald's Corp	28,016	8,307,024
	Vail Resorts Inc	10,336	2,206,426
	Yum! Brands Inc	54,719	7,149,585
			24,431,179
Household Durables – 1.0%
	Garmin Ltd	44,875	5,768,233
Household Products – 3.1%
	Colgate-Palmolive Co	94,523	7,534,428
	Kimberly-Clark Corp	29,232	3,551,980
	Procter & Gamble Co	51,519	7,549,594
			18,636,002
Information Technology Services – 0.4%
	International Business Machines Corp	16,513	2,700,701
Insurance – 3.9%
	Aflac Inc	33,552	2,768,040
	Allstate Corp	17,384	2,433,412
	American International Group Inc	38,609	2,615,760
	Aon PLC - Class A	7,979	2,322,049
	Arthur J Gallagher & Co	11,101	2,496,393
	Chubb Ltd	16,369	3,699,394
	Travelers Cos Inc	35,765	6,812,875
			23,147,923
Interactive Media & Services – 4.6%
	Alphabet Inc - Class A*	143,934	20,106,140

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	7

Janus Henderson Adaptive Risk Managed U.S. Equity Fund 

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Common Stocks– (continued)
Interactive Media & Services– (continued)
	Meta Platforms Inc - Class A*	20,798	$7,361,660
			27,467,800
Machinery – 1.0%
	Deere & Co	7,542	3,015,820
	Otis Worldwide Corp	30,614	2,739,035
			5,754,855
Media – 0.4%
	Fox Corp - Class A	75,999	2,254,890
Multiline Retail – 3.0%
	Amazon.com Inc*	118,681	18,032,391
Multi-Utilities – 1.3%
	Consolidated Edison Inc	21,415	1,948,123
	Public Service Enterprise Group Inc	19,296	1,179,950
	Sempra Energy	59,472	4,444,343
			7,572,416
Oil, Gas & Consumable Fuels – 3.7%
	Chesapeake Energy Corp#	36,301	2,792,999
	Chevron Corp	47,831	7,134,472
	Exxon Mobil Corp	30,944	3,093,781
	Kinder Morgan Inc/DE	134,431	2,371,363
	ONEOK Inc	51,522	3,617,875
	Williams Cos Inc	96,729	3,369,071
			22,379,561
Pharmaceuticals – 2.7%
	Johnson & Johnson	60,798	9,529,479
	Pfizer Inc	231,008	6,650,720
			16,180,199
Professional Services – 1.0%
	Automatic Data Processing Inc	16,016	3,731,248
	Paychex Inc	20,838	2,482,014
			6,213,262
Real Estate Management & Development – 1.1%
	CBRE Group Inc*	33,975	3,162,733
	CoStar Group Inc*	39,196	3,425,338
			6,588,071
Residential Real Estate Investment Trusts (REITs) – 0.8%
	AvalonBay Communities Inc	9,618	1,800,682
	Equity Residential	53,121	3,248,880
			5,049,562
Retail Real Estate Investment Trusts (REITs) – 0.8%
	Simon Property Group Inc	34,564	4,930,209
Road & Rail – 1.3%
	Canadian National Railway Co	19,302	2,424,910
	Canadian Pacific Kansas City Ltd#	30,697	2,426,905
	Union Pacific Corp	11,823	2,903,965
			7,755,780
Semiconductor & Semiconductor Equipment – 3.3%
	Broadcom Inc	7,347	8,201,089
	NVIDIA Corp	23,274	11,525,750
			19,726,839
Software – 10.0%
	Adobe Inc*	5,139	3,065,927
	ANSYS Inc*	8,943	3,245,236
	Check Point Software Technologies Ltd*	35,886	5,483,022
	Microsoft Corp	108,251	40,702,718
	Oracle Corp	28,180	2,971,017
	Splunk Inc*	14,423	2,197,344

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
8	DECEMBER 31, 2023

Janus Henderson Adaptive Risk Managed U.S. Equity Fund 

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Common Stocks– (continued)
Software– (continued)
	Synopsys Inc*	4,468	$2,300,618
			59,965,882
Specialized Real Estate Investment Trusts (REITs) – 0.5%
	Crown Castle International Corp	26,861	3,094,119
Specialty Retail – 1.9%
	AutoZone Inc*	915	2,365,833
	Home Depot Inc	11,748	4,071,269
	O'Reilly Automotive Inc*	2,541	2,414,153
	TJX Cos Inc	28,488	2,672,459
			11,523,714
Technology Hardware, Storage & Peripherals – 6.9%
	Apple Inc	188,302	36,253,784
	Hewlett Packard Enterprise Co	167,598	2,845,814
	NetApp Inc	27,148	2,393,368
			41,492,966
Tobacco – 1.2%
	Philip Morris International Inc	78,262	7,362,889
Trading Companies & Distributors – 0.4%
	Fastenal Co	35,627	2,307,561
Wireless Telecommunication Services – 0.7%
	T-Mobile US Inc	25,265	4,050,737
Total Common Stocks (cost $522,505,271)			586,943,351
Investment Companies– 2.1%
Exchange-Traded Funds (ETFs) – 2.1%
	Schwab US Large-Cap((cost $12,134,679)	218,358	12,315,391
Investments Purchased with Cash Collateral from Securities Lending– 0.7%
Investment Companies – 0.6%
	Janus Henderson Cash Collateral Fund LLC, 5.2936%ºº,£	3,222,495	3,222,495
Time Deposits – 0.1%
	Royal Bank of Canada, 5.3100%, 1/2/24	$805,624	805,624
Total Investments Purchased with Cash Collateral from Securities Lending (cost $4,028,119)			4,028,119
Total Investments (total cost $538,668,069) – 100.8%			603,286,861
Liabilities, net of Cash, Receivables and Other Assets – (0.8)%			(4,696,877)
Net Assets – 100%			$598,589,984

Summary of Investments by Country - (Long Positions) (unaudited)
		% of
		Investment
Country	Value	Securities
United States	$583,163,750	96.7	%
Canada	14,640,089	2.4
Israel	5,483,022	0.9

Total $603,286,861 100.0 %

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

Janus Henderson Adaptive Risk Managed U.S. Equity Fund 

Schedule of Investments (unaudited)

December 31, 2023

Schedules of Affiliated Investments – (% of Net Assets)

		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 12/31/23
Investment Companies - N/A
Money Markets - N/A
	Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº	$	14,788	$	(101)	$	-	$	-
Investments Purchased with Cash Collateral from Securities Lending - 0.6%
Investment Companies - 0.6%
	Janus Henderson Cash Collateral Fund LLC, 5.2936%ºº		4,807∆		-		-		3,222,495
Total Affiliated Investments - 0.6%		$	19,595	$	(101)	$	-	$	3,222,495

		Value at 6/30/23		Purchases		Sales Proceeds		Value at 12/31/23
Investment Companies - N/A
Money Markets - N/A
	Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº		-		20,144,669		(20,144,568)		-
Investments Purchased with Cash Collateral from Securities Lending - 0.6%
Investment Companies - 0.6%
	Janus Henderson Cash Collateral Fund LLC, 5.2936%ºº		3,762,210		66,813,316		(67,353,031)		3,222,495

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		$	3,914,811	$	—	$	(3,914,811)	$	—
(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	DECEMBER 31, 2023

Janus Henderson Adaptive Risk Managed U.S. Equity Fund 

Notes to Schedule of Investments and Other Information (unaudited)

Russell 1000® Index	Russell 1000® Index reflects the performance of U.S. large-cap equities.
S&P 500® Minimum Volatility Index	S&P 500® Minimum Volatility Index is designed to reflect a managed-volatility equity strategy that seeks to achieve lower total risk, measured by standard deviation, than the S&P 500 while maintaining similar characteristics.

LLC	Limited Liability Company
PLC	Public Limited Company

* 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. 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	$	586,943,351	$	-	$	-
Investment Companies		12,315,391		-		-
Investments Purchased with Cash Collateral from Securities Lending		-		4,028,119		-
Total Assets	$	599,258,742	$	4,028,119	$	-

Janus Investment Fund 11

Janus Henderson Adaptive Risk Managed U.S. Equity Fund 

Statement of Assets and Liabilities (unaudited)

December 31, 2023

See footnotes at the end of the Statement.

Assets:
	Unaffiliated investments, at value (cost $535,445,574)(1)		$	600,064,366
	Affiliated investments, at value (cost $3,222,495)			3,222,495
	Trustees' deferred compensation			16,454
	Receivables:
		Investments sold		1,726,171
		Dividends		700,820
		Fund shares sold		145,481
		Foreign tax reclaims		28,986
		Dividends from affiliates		3,289
	Other assets			7,663
Total Assets				605,915,725
Liabilities:
	Due to custodian			1,543,445
	Collateral for securities loaned (Note 2)			4,028,119
	Payables:			—
		Fund shares repurchased		1,297,771
		Advisory fees		234,888
		Transfer agent fees and expenses		79,248
		Professional fees		29,619
		12b-1 Distribution and shareholder servicing fees		17,531
		Trustees' deferred compensation fees		16,454
		Affiliated fund administration fees payable		1,305
		Trustees' fees and expenses		731
		Custodian fees		131
		Accrued expenses and other payables		76,499
Total Liabilities				7,325,741
Commitments and contingent liabilities (Note 3)
Net Assets			$	598,589,984

See Notes to Financial Statements.
12	DECEMBER 31, 2023

Janus Henderson Adaptive Risk Managed U.S. Equity Fund 

Statement of Assets and Liabilities (unaudited)

December 31, 2023

Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	535,533,525
	Total distributable earnings (loss)		63,056,459
Total Net Assets		$	598,589,984
Net Assets - Class A Shares		$	19,748,638
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,986,727
Net Asset Value Per Share(2)		$	9.94
Maximum Offering Price Per Share(3)		$	10.55
Net Assets - Class C Shares		$	9,404,389
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		996,709
Net Asset Value Per Share(2)		$	9.44
Net Assets - Class D Shares		$	318,492,007
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		32,807,035
Net Asset Value Per Share		$	9.71
Net Assets - Class I Shares		$	72,674,340
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		7,312,164
Net Asset Value Per Share		$	9.94
Net Assets - Class N Shares		$	44,555,479
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,517,476
Net Asset Value Per Share		$	9.86
Net Assets - Class S Shares		$	22,389,700
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,260,275
Net Asset Value Per Share		$	9.91
Net Assets - Class T Shares		$	111,325,431
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		11,461,490
Net Asset Value Per Share		$	9.71

(1)Includes $3,914,811 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 Adaptive Risk Managed U.S. Equity Fund 

Statement of Operations (unaudited)

For the period ended December 31, 2023

Investment Income:
	Dividends		$	6,069,827
	Dividends from affiliates			14,788
	Affiliated securities lending income, net			4,807
	Unaffiliated securities lending income, net			1,645
	Other income			31
	Foreign tax withheld			(65,583)
Total Investment Income				6,025,515
Expenses:
	Advisory fees			1,497,475
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		23,429
		Class C Shares		52,419
		Class S Shares		27,352
	Transfer agent administrative fees and expenses:
		Class D Shares		181,493
		Class S Shares		27,347
		Class T Shares		142,270
	Transfer agent networking and omnibus fees:
		Class A Shares		7,330
		Class C Shares		3,879
		Class I Shares		32,466
	Other transfer agent fees and expenses:
		Class A Shares		478
		Class C Shares		218
		Class D Shares		22,288
		Class I Shares		1,708
		Class N Shares		779
		Class S Shares		143
		Class T Shares		698
	Registration fees			83,577
	Professional fees			28,574
	Shareholder reports expense			26,445
	Custodian fees			10,259
	Affiliated fund administration fees			7,489
	Trustees’ fees and expenses			6,063
	Other expenses			53,122
Total Expenses				2,237,301
Less: Excess Expense Reimbursement and Waivers				(155,041)
Net Expenses				2,082,260
Net Investment Income/(Loss)				3,943,255

See Notes to Financial Statements.
14	DECEMBER 31, 2023

Janus Henderson Adaptive Risk Managed U.S. Equity Fund 

Statement of Operations (unaudited)

For the period ended December 31, 2023

Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	(259,368)
	Investments in affiliates		(101)
Total Net Realized Gain/(Loss) on Investments			(259,469)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and Trustees’ deferred compensation		20,424,449
Total Change in Unrealized Net Appreciation/Depreciation			20,424,449
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	24,108,235

See Notes to Financial Statements.
Janus Investment Fund	15

Janus Henderson Adaptive Risk Managed U.S. Equity Fund 

Statements of Changes in Net Assets

			Period ended December 31, 2023 (unaudited)		Year ended June 30, 2023
Operations:
	Net investment income/(loss)		$	3,943,255	$	12,937,418
	Net realized gain/(loss) on investments			(259,469)		31,700,403
	Change in unrealized net appreciation/depreciation			20,424,449		38,711,499
Net Increase/(Decrease) in Net Assets Resulting from Operations				24,108,235		83,349,320
Dividends and Distributions to Shareholders:
		Class A Shares		(670,683)		(425,208)
		Class C Shares		(341,406)		(245,765)
		Class D Shares		(11,808,938)		(8,210,926)
		Class I Shares		(2,807,900)		(2,284,312)
		Class N Shares		(1,646,357)		(1,173,586)
		Class S Shares		(774,163)		(481,720)
		Class T Shares		(4,148,003)		(3,044,047)
Net Decrease from Dividends and Distributions to Shareholders				(22,197,450)		(15,865,564)
Capital Share Transactions:
		Class A Shares		118,244		(3,566,889)
		Class C Shares		(2,885,477)		(4,111,376)
		Class D Shares		(7,937,150)		(16,111,668)
		Class I Shares		(13,022,501)		(38,714,488)
		Class N Shares		1,051,487		(3,154,543)
		Class S Shares		(400,580)		(2,755,856)
		Class T Shares		(7,903,105)		(23,273,508)
Net Increase/(Decrease) from Capital Share Transactions				(30,979,082)		(91,688,328)
Net Increase/(Decrease) in Net Assets				(29,068,297)		(24,204,572)
Net Assets:
	Beginning of period			627,658,281		651,862,853
	End of period		$	598,589,984	$	627,658,281

See Notes to Financial Statements.
16	DECEMBER 31, 2023

Janus Henderson Adaptive Risk Managed U.S. Equity Fund 

Financial Highlights

Class A Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$9.90	$8.88	$12.76	$11.38	$11.37	$11.66
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.06	0.17	0.05	0.05	0.12	0.12
		Net realized and unrealized gain/(loss)	0.34	1.06	(0.77)	2.82	0.24	0.39
	Total from Investment Operations		0.40	1.23	(0.72)	2.87	0.36	0.51
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.04)	(0.15)	(0.03)	(0.13)	(0.06)	(0.17)
		Distributions (from capital gains)	(0.32)	(0.06)	(3.13)	(1.36)	(0.29)	(0.63)
	Total Dividends and Distributions		(0.36)	(0.21)	(3.16)	(1.49)	(0.35)	(0.80)
	Net Asset Value, End of Period		$9.94	$9.90	$8.88	$12.76	$11.38	$11.37
	Total Return*		4.14%	14.18%	(9.55)%	26.48%	3.14%	5.54%
	Net Assets, End of Period (in thousands)		$19,749	$19,507	$21,015	$26,218	$27,092	$28,718
	Average Net Assets for the Period (in thousands)		$18,723	$18,807	$25,214	$28,579	$29,019	$26,466
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.91%	0.93%	0.92%	0.94%	0.94%	0.96%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.86%	0.88%	0.92%	0.94%	0.94%	0.96%
		Ratio of Net Investment Income/(Loss)	1.15%	1.88%	0.44%	0.43%	1.08%	1.07%
	Portfolio Turnover Rate		143%	313%	152%	190%	102%	87%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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 Adaptive Risk Managed U.S. Equity Fund 

Financial Highlights

Class C Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$9.41	$8.45	$12.32	$11.02	$11.04	$11.32
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.02	0.12	(0.01)	(0.02)	0.05	0.05
		Net realized and unrealized gain/(loss)	0.33	1.00	(0.73)	2.72	0.22	0.39
	Total from Investment Operations		0.35	1.12	(0.74)	2.70	0.27	0.44
	Less Dividends and Distributions:
		Dividends (from net investment income)	—(2)	(0.10)	—	(0.04)	—	(0.09)
		Distributions (from capital gains)	(0.32)	(0.06)	(3.13)	(1.36)	(0.29)	(0.63)
	Total Dividends and Distributions		(0.32)	(0.16)	(3.13)	(1.40)	(0.29)	(0.72)
	Net Asset Value, End of Period		$9.44	$9.41	$8.45	$12.32	$11.02	$11.04
	Total Return*		3.80%	13.47%	(10.05)%	25.71%	2.41%	4.94%
	Net Assets, End of Period (in thousands)		$9,404	$12,312	$14,997	$21,286	$24,089	$29,433
	Average Net Assets for the Period (in thousands)		$10,778	$13,628	$19,294	$23,134	$27,415	$30,565
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.63%	1.51%	1.48%	1.58%	1.58%	1.61%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.58%	1.46%	1.48%	1.58%	1.58%	1.61%
		Ratio of Net Investment Income/(Loss)	0.41%	1.33%	(0.12)%	(0.21)%	0.44%	0.41%
	Portfolio Turnover Rate		143%	313%	152%	190%	102%	87%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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	DECEMBER 31, 2023

Janus Henderson Adaptive Risk Managed U.S. Equity Fund 

Financial Highlights

Class D Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$9.67	$8.69	$12.56	$11.23	$11.22	$11.52
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.06	0.19	0.08	0.08	0.15	0.15
		Net realized and unrealized gain/(loss)	0.35	1.03	(0.76)	2.77	0.24	0.37
	Total from Investment Operations		0.41	1.22	(0.68)	2.85	0.39	0.52
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.05)	(0.18)	(0.06)	(0.16)	(0.09)	(0.19)
		Distributions (from capital gains)	(0.32)	(0.06)	(3.13)	(1.36)	(0.29)	(0.63)
	Total Dividends and Distributions		(0.37)	(0.24)	(3.19)	(1.52)	(0.38)	(0.82)
	Net Asset Value, End of Period		$9.71	$9.67	$8.69	$12.56	$11.23	$11.22
	Total Return*		4.35%	14.36%	(9.35)%	26.71%	3.41%	5.79%
	Net Assets, End of Period (in thousands)		$318,492	$325,264	$307,311	$361,567	$315,423	$337,476
	Average Net Assets for the Period (in thousands)		$312,991	$312,362	$357,464	$341,346	$327,755	$335,559
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.70%	0.72%	0.68%	0.68%	0.69%	0.71%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.65%	0.67%	0.68%	0.68%	0.69%	0.71%
		Ratio of Net Investment Income/(Loss)	1.35%	2.09%	0.69%	0.66%	1.33%	1.31%
	Portfolio Turnover Rate		143%	313%	152%	190%	102%	87%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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 Adaptive Risk Managed U.S. Equity Fund 

Financial Highlights

Class I Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$9.90	$8.87	$12.75	$11.37	$11.36	$11.65
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.07	0.20	0.08	0.08	0.15	0.15
		Net realized and unrealized gain/(loss)	0.35	1.06	(0.77)	2.81	0.24	0.38
	Total from Investment Operations		0.42	1.26	(0.69)	2.89	0.39	0.53
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.06)	(0.17)	(0.06)	(0.15)	(0.09)	(0.19)
		Distributions (from capital gains)	(0.32)	(0.06)	(3.13)	(1.36)	(0.29)	(0.63)
	Total Dividends and Distributions		(0.38)	(0.23)	(3.19)	(1.51)	(0.38)	(0.82)
	Net Asset Value, End of Period		$9.94	$9.90	$8.87	$12.75	$11.37	$11.36
	Total Return*		4.28%	14.48%	(9.31)%	26.75%	3.37%	5.81%
	Net Assets, End of Period (in thousands)		$72,674	$85,473	$114,646	$468,596	$428,888	$685,211
	Average Net Assets for the Period (in thousands)		$77,912	$96,141	$379,547	$439,089	$645,830	$674,516
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.65%	0.66%	0.72%	0.73%	0.69%	0.70%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.60%	0.62%	0.68%	0.69%	0.69%	0.70%
		Ratio of Net Investment Income/(Loss)	1.39%	2.19%	0.66%	0.66%	1.33%	1.32%
	Portfolio Turnover Rate		143%	313%	152%	190%	102%	87%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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	DECEMBER 31, 2023

Janus Henderson Adaptive Risk Managed U.S. Equity Fund 

Financial Highlights

Class N Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$9.82	$8.82	$12.70	$11.34	$11.33	$11.62
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.07	0.21	0.09	0.10	0.17	0.16
		Net realized and unrealized gain/(loss)	0.35	1.04	(0.76)	2.79	0.23	0.39
	Total from Investment Operations		0.42	1.25	(0.67)	2.89	0.40	0.55
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.06)	(0.19)	(0.08)	(0.17)	(0.10)	(0.21)
		Distributions (from capital gains)	(0.32)	(0.06)	(3.13)	(1.36)	(0.29)	(0.63)
	Total Dividends and Distributions		(0.38)	(0.25)	(3.21)	(1.53)	(0.39)	(0.84)
	Net Asset Value, End of Period		$9.86	$9.82	$8.82	$12.70	$11.34	$11.33
	Total Return*		4.35%	14.54%	(9.21)%	26.89%	3.53%	6.01%
	Net Assets, End of Period (in thousands)		$44,555	$43,369	$41,864	$54,635	$46,912	$48,624
	Average Net Assets for the Period (in thousands)		$43,058	$42,929	$49,809	$49,066	$48,706	$48,621
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.57%	0.58%	0.55%	0.55%	0.55%	0.56%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.52%	0.53%	0.55%	0.55%	0.55%	0.56%
		Ratio of Net Investment Income/(Loss)	1.49%	2.24%	0.82%	0.78%	1.47%	1.46%
	Portfolio Turnover Rate		143%	313%	152%	190%	102%	87%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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 Adaptive Risk Managed U.S. Equity Fund 

Financial Highlights

Class S Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$9.86	$8.85	$12.73	$11.36	$11.35	$11.63
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.05	0.16	0.04	0.04	0.11	0.11
		Net realized and unrealized gain/(loss)	0.36	1.05	(0.78)	2.80	0.24	0.39
	Total from Investment Operations		0.41	1.21	(0.74)	2.84	0.35	0.50
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.04)	(0.14)	(0.01)	(0.11)	(0.05)	(0.15)
		Distributions (from capital gains)	(0.32)	(0.06)	(3.13)	(1.36)	(0.29)	(0.63)
	Total Dividends and Distributions		(0.36)	(0.20)	(3.14)	(1.47)	(0.34)	(0.78)
	Net Asset Value, End of Period		$9.91	$9.86	$8.85	$12.73	$11.36	$11.35
	Total Return*		4.18%	13.96%	(9.69)%	26.29%	3.02%	5.45%
	Net Assets, End of Period (in thousands)		$22,390	$22,700	$22,961	$28,736	$26,404	$28,815
	Average Net Assets for the Period (in thousands)		$21,881	$22,075	$27,437	$28,167	$28,036	$29,626
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.07%	1.09%	1.05%	1.05%	1.05%	1.06%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.02%	1.03%	1.04%	1.04%	1.05%	1.05%
		Ratio of Net Investment Income/(Loss)	0.99%	1.72%	0.32%	0.30%	0.97%	0.97%
	Portfolio Turnover Rate		143%	313%	152%	190%	102%	87%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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	DECEMBER 31, 2023

Janus Henderson Adaptive Risk Managed U.S. Equity Fund 

Financial Highlights

Class T Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$9.68	$8.69	$12.56	$11.22	$11.21	$11.51
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.06	0.18	0.06	0.07	0.14	0.14
		Net realized and unrealized gain/(loss)	0.34	1.04	(0.75)	2.77	0.24	0.37
	Total from Investment Operations		0.40	1.22	(0.69)	2.84	0.38	0.51
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.05)	(0.17)	(0.05)	(0.14)	(0.08)	(0.18)
		Distributions (from capital gains)	(0.32)	(0.06)	(3.13)	(1.36)	(0.29)	(0.63)
	Total Dividends and Distributions		(0.37)	(0.23)	(3.18)	(1.50)	(0.37)	(0.81)
	Net Asset Value, End of Period		$9.71	$9.68	$8.69	$12.56	$11.22	$11.21
	Total Return*		4.19%	14.32%	(9.49)%	26.70%	3.32%	5.67%
	Net Assets, End of Period (in thousands)		$111,325	$119,032	$129,070	$186,208	$207,700	$245,736
	Average Net Assets for the Period (in thousands)		$113,873	$121,911	$169,108	$211,171	$230,458	$255,699
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.81%	0.82%	0.79%	0.79%	0.79%	0.80%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.75%	0.77%	0.78%	0.78%	0.79%	0.80%
		Ratio of Net Investment Income/(Loss)	1.24%	2.01%	0.57%	0.58%	1.23%	1.23%
	Portfolio Turnover Rate		143%	313%	152%	190%	102%	87%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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 Adaptive Risk Managed U.S. Equity Fund 

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Henderson Adaptive Risk Managed U.S. 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 38 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.

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

Shareholders, including 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 (the “Distributor”) including, but not limited to,

24 DECEMBER 31, 2023

Janus Henderson Adaptive Risk Managed U.S. Equity Fund 

Notes to Financial Statements (unaudited)

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 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

Janus Investment Fund 25

Janus Henderson Adaptive Risk Managed U.S. Equity Fund 

Notes to Financial Statements (unaudited)

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 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 the 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.

26 DECEMBER 31, 2023

Janus Henderson Adaptive Risk Managed U.S. Equity Fund 

Notes to Financial Statements (unaudited)

Foreign Currency Translations

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

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

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

Dividends and Distributions

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

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

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

Market Risk

The value of the Fund’s portfolio may decrease if the value of one or more issuers in the Fund’s portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund’s portfolio decreases, the Fund’s NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• COVID-19 Pandemic. The effects of COVID-19 have contributed to increased volatility in global financial markets and have affected and may continue to affect certain countries, regions, issuers, industries and market sectors more dramatically than others. These conditions and events could have a significant impact on the Fund and its investments,

Janus Investment Fund 27

Janus Henderson Adaptive Risk Managed U.S. Equity Fund 

Notes to Financial Statements (unaudited)

the Fund’s ability to meet redemption requests, and the processes and operations of the Fund’s service providers, including the Adviser.

• Armed Conflict. Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global economic environment and the markets for certain securities and commodities.

Exchange-Traded Funds

The Fund may invest in exchange-traded funds (“ETFs”) to gain exposure to a particular portion of the market. ETFs are typically open-end investment companies, which may seek to track the performance of a specific index or be actively managed. ETFs are traded on a national securities exchange at market prices that may vary from the net asset value of their underlying investments. Accordingly, there may be times when an ETF trades at a premium or discount. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. As a result, the cost of investing in the Fund may be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. ETFs also involve the risk that an active trading market for an ETF's shares may not develop or be maintained. Similarly, because the value of ETF shares depends on the demand in the market, the Fund may not be able to purchase or sell an ETF at the most optimal time, which could adversely affect the Fund’s performance. In addition, ETFs that track particular indices may be unable to match the performance of such underlying indices due to the temporary unavailability of certain index securities in the secondary market or other factors, such as discrepancies with respect to the weighting of securities. Because the Fund may invest in a broad range of ETFs, such risks may include, but are not limited to, leverage risk, foreign exposure risk, interest rate risk, emerging markets risk, and commodity-linked investments risk. The Fund is also subject to substantially the same risks as those associated with direct exposure to the securities held by the ETF.

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

28 DECEMBER 31, 2023

Janus Henderson Adaptive Risk Managed U.S. Equity Fund 

Notes to Financial Statements (unaudited)

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 December 31, 2023, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $3,914,811. Gross amounts of recognized liabilities for securities lending (collateral received) as of December 31, 2023 is $4,028,119, resulting in the net amount due to the counterparty of $113,308.

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 0.50% of its average daily net assets.

The Adviser has contractually agreed to waive 0.05% of its advisory fee for a period of two years commencing on June 10, 2022. In addition, the Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding 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 fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.59% for at least a one-year period commencing on October 27, 2023. The previous expense limit (for the one-year period commencing October 28, 2022) was 0.65%. If applicable, amounts waived

Janus Investment Fund 29

Janus Henderson Adaptive Risk Managed U.S. Equity Fund 

Notes to Financial Statements (unaudited)

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 $226,421 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2023. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

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

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

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

During the reporting period, the administrative services fee rate was 0.12%.

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 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

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Janus Henderson Adaptive Risk Managed U.S. Equity Fund 

Notes to Financial Statements (unaudited)

limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.

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

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

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended December 31, 2023, the Distributor retained upfront sales charges of $177.

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 December 31, 2023.

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 December 31, 2023, redeeming shareholders of Class C Shares paid CDSCs of $200.

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 December 31, 2023 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 December 31, 2023 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 $196,900 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2023.

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

Janus Investment Fund 31

Janus Henderson Adaptive Risk Managed U.S. Equity Fund 

Notes to Financial Statements (unaudited)

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 December 31, 2023 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

As of December 31, 2023, 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	79		6
Class S Shares	-		-
Class T Shares	-		-

4. Federal Income Tax

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

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

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2023 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)
$ 539,551,751	$65,728,788	$ (1,993,678)	$ 63,735,110

32 DECEMBER 31, 2023

Janus Henderson Adaptive Risk Managed U.S. Equity Fund 

Notes to Financial Statements (unaudited)

5. Capital Share Transactions

	Period ended December 31, 2023		Year ended June 30, 2023
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	320,337	$ 3,083,537	265,528	$ 2,451,013
Reinvested dividends and distributions	51,737	501,334	33,776	300,944
Shares repurchased	(356,292)	(3,466,627)	(695,367)	(6,318,846)
Net Increase/(Decrease)	15,782	$ 118,244	(396,063)	$ (3,566,889)
Class C Shares:
Shares sold	11,244	$ 106,036	60,126	$ 538,189
Reinvested dividends and distributions	36,232	333,337	27,908	237,218
Shares repurchased	(359,666)	(3,324,850)	(554,950)	(4,886,783)
Net Increase/(Decrease)	(312,190)	$ (2,885,477)	(466,916)	$ (4,111,376)
Class D Shares:
Shares sold	374,566	$ 3,584,538	824,885	$ 7,459,993
Reinvested dividends and distributions	1,226,149	11,599,372	927,842	8,072,230
Shares repurchased	(2,413,551)	(23,121,060)	(3,494,548)	(31,643,891)
Net Increase/(Decrease)	(812,836)	$ (7,937,150)	(1,741,821)	$(16,111,668)
Class I Shares:
Shares sold	295,781	$ 2,886,195	467,337	$ 4,304,801
Reinvested dividends and distributions	216,804	2,098,667	199,608	1,776,511
Shares repurchased	(1,836,804)	(18,007,363)	(4,958,114)	(44,795,800)
Net Increase/(Decrease)	(1,324,219)	$(13,022,501)	(4,291,169)	$(38,714,488)
Class N Shares:
Shares sold	278,953	$ 2,742,476	256,915	$ 2,347,154
Reinvested dividends and distributions	168,464	1,618,940	132,810	1,172,709
Shares repurchased	(344,818)	(3,309,929)	(720,991)	(6,674,406)
Net Increase/(Decrease)	102,599	$ 1,051,487	(331,266)	$ (3,154,543)
Class S Shares:
Shares sold	53,363	$ 520,457	82,009	$ 759,953
Reinvested dividends and distributions	80,120	773,161	54,123	481,151
Shares repurchased	(174,385)	(1,694,198)	(429,005)	(3,996,960)
Net Increase/(Decrease)	(40,902)	$ (400,580)	(292,873)	$ (2,755,856)
Class T Shares:
Shares sold	567,615	$ 5,480,016	658,330	$ 5,960,211
Reinvested dividends and distributions	424,938	4,019,914	340,436	2,965,201
Shares repurchased	(1,828,018)	(17,403,035)	(3,551,793)	(32,198,920)
Net Increase/(Decrease)	(835,465)	$ (7,903,105)	(2,553,027)	$(23,273,508)

6. Purchases and Sales of Investment Securities

For the period ended December 31, 2023, 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
$860,277,569	$ 908,208,877	$ -	$ -

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Janus Henderson Adaptive Risk Managed U.S. Equity Fund 

Notes to Financial Statements (unaudited)

7. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2023 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.

34 DECEMBER 31, 2023

Janus Henderson Adaptive Risk Managed U.S. 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; and (ii) 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 and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “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.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and 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, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, 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 to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management

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Janus Henderson Adaptive Risk Managed U.S. Equity Fund 

Additional Information(unaudited)

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

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

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract 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 fund 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, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

Asset Allocation Funds

·For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12

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Janus Henderson Adaptive Risk Managed U.S. Equity Fund 

Additional Information(unaudited)

months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Fixed-Income Funds

·For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Global and International Equity Funds

·For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Janus Investment Fund 37

Janus Henderson Adaptive Risk Managed U.S. Equity Fund 

Additional Information(unaudited)

·For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·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 June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

38 DECEMBER 31, 2023

Janus Henderson Adaptive Risk Managed U.S. Equity Fund 

Additional Information(unaudited)

U.S. Equity Funds

·For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·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 June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.

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Additional Information(unaudited)

·For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.

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

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered 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 referenced its past analyses from 2022, which 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 different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with

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Additional Information(unaudited)

regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:

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 all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

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

·For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, 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 as shown were below the applicable fee limit.

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 average for certain share classes, overall the Fund’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 the Fund’s total expenses were below the peer group average for all share classes.

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

·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 average for certain share classes, 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 as shown were below the applicable fee limit.

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

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

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 average for certain share classes, overall the Fund’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 average for certain share classes, 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 as shown were below the applicable fee limit.

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Additional Information(unaudited)

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

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

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

·For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, 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 as shown were 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 average 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 certain share classes, 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 as shown were below the applicable fee limit.

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

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

·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 as shown were below the applicable fee limit.

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

Money Market Funds

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

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

Multi-Asset Funds

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

·For Janus Henderson 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 as shown were below the applicable fee limit.

U.S. Equity Funds

·For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were

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Additional Information(unaudited)

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 as shown were 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 all 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, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

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

·For Janus Henderson Forty 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, although this limit did not apply because the Fund’s total expenses as shown were 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 average for certain share classes, 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 as shown were below the applicable fee limit.

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

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

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

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

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

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

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

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

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized

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Additional Information(unaudited)

by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser 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 charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

Economies of Scale

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.

With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and 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.

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Additional Information(unaudited)

Other Benefits to the Adviser

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

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Janus Henderson Adaptive Risk Managed U.S. Equity Fund 

Useful Information About Your Fund Report (unaudited)

Performance Overviews

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

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

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

Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund’s unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of 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. A company may be allocated to a country based on other factors such as location of the company’s principal office, the location of the principal trading market for the company’s securities, or the country where a majority of the company’s revenues are derived. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by 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.

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.

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Useful Information About Your Fund Report (unaudited)

Statement of Operations

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

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

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

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

Statements of Changes in Net Assets

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

The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund’s investment operations. The Fund’s net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund’s net assets will not be affected.

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

Financial Highlights

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

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

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

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

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

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Janus Henderson Adaptive Risk Managed U.S. Equity Fund 

Useful Information About Your Fund Report (unaudited)

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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Notes

NotesPage1

Janus Investment Fund 49

This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Mutual funds distributed by Janus Henderson Distributors US LLC
	125-24-93016 02-24

	SEMIANNUAL REPORT December 31, 2023
Janus Henderson Developed World Bond Fund
Janus Investment Fund

HIGHLIGHTS

·Investment strategy behind your fund

·Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Developed World Bond Fund

Fund At A Glance and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	16
Statement of Assets and Liabilities	18
Statement of Operations	20
Statements of Changes in Net Assets	22
Financial Highlights	23
Notes to Financial Statements	30
Additional Information	47
Useful Information About Your Fund Report	58

John Pattullo co-portfolio manager Jenna Barnard co-portfolio manager

Important Notice – Tailored Shareholder Reports

Effective January 24, 2023, the Securities and Exchange Commission (the “SEC”) adopted rule and form amendments that require mutual funds and exchange-traded funds to provide shareholders with streamlined annual and semi-annual shareholder reports that highlight key information. Other information, including financial statements, that currently appears in shareholder reports will be made available online, delivered free of charge to shareholders upon request, and filed with the SEC. The first tailored shareholder report for the Fund will be for the reporting period ending June 30, 2024. Currently, management is evaluating the impact of the rule and form amendments on the content of the Fund’s current shareholder reports.

Janus Henderson Developed World Bond Fund (unaudited)

Fund At A Glance

December 31, 2023

Fund Profile
30-day SEC Yield*	Without Reimbursement	With Reimbursement
Class A Shares NAV	3.36%	3.38%
Class A Shares MOP	3.20%	3.22%
Class C Shares**	2.67%	2.71%
Class D Shares	3.61%	3.69%
Class I Shares	3.68%	3.70%
Class N Shares	3.79%	3.82%
Class S Shares	2.14%	3.30%
Class T Shares	3.53%	3.55%
Weighted Average Maturity		6.8 Years
Average Effective Duration***		8.8 Years
* Yield will fluctuate.
** Does not include the 1.00% contingent deferred sales charge.
*** A theoretical measure of price volatility.

Ratings† Summary - (% of Total Investments)
AAA	9.0%
AA	12.8%
A	13.4%
BBB	24.6%
BB	3.9%
B	0.1%
Not Rated	33.0%
Other	3.2%
† Credit ratings provided by Standard & Poor's (S&P), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality. "Other" includes cash equivalents, equity securities, and certain derivative instruments.

Significant Areas of Investment - (% of Net Assets)

Asset Allocation - (% of Net Assets)
Corporate Bonds	49.8%
Foreign Government Bonds	38.2%
Mortgage-Backed Securities	8.0%
Investment Companies	4.1%
Asset-Backed/Commercial Mortgage-Backed Securities	0.3%
Investments Purchased with Cash Collateral from Securities Lending	0.0%
Other		(0.4)%
		100.0%

Janus Investment Fund 1

Janus Henderson Developed World Bond Fund (unaudited)

Performance

See important disclosures on the next page.

Average Annual Total Return - for the periods ended December 31, 2023						Prospectus Expense Ratios
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses‡	Net Annual Fund Operating Expenses‡
Class A Shares at NAV	5.32%	6.34%	0.98%	2.41%	3.92%	1.03%	0.82%
Class A Shares at MOP	0.28%	1.26%	0.01%	1.91%	3.67%
Class C Shares at NAV	4.97%	5.46%	0.23%	1.65%	3.13%	1.67%	1.57%
Class C Shares at CDSC	3.97%	4.46%	0.23%	1.65%	3.13%
Class D Shares	5.38%	6.30%	1.10%	2.50%	3.97%	0.76%	0.69%
Class I Shares	5.45%	6.58%	1.21%	2.65%	4.07%	0.69%	0.57%
Class N Shares	5.46%	6.57%	1.23%	2.64%	4.03%	0.59%	0.57%
Class S Shares	5.17%	6.04%	0.77%	2.25%	3.83%	1.66%	1.07%
Class T Shares	5.31%	6.29%	0.99%	2.44%	3.93%	0.84%	0.82%
Bloomberg Global Aggregate Credit Index (USD Hedged)	5.52%	8.68%	2.17%	2.85%	3.80%
Morningstar Quartile - Class A Shares	-	4th	3rd	1st	2nd
Morningstar Ranking - based on total returns for World Bond - USD Hedged Funds	-	96/113	70/104	23/78	23/45

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 4.75%. 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

2 DECEMBER 31, 2023

Janus Henderson Developed World Bond 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.

Returns of the Fund shown prior to June 5, 2017, are those for Henderson Strategic 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 September 30, 2003. Class I Shares and Class R6 Shares of the Predecessor Fund commenced operations on April 29, 2011 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 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.

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 April 29, 2011, 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.

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.

© 2023 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.

See “Useful Information About Your Fund Report.”

*The Predecessor Fund’s inception date – September 30, 2003

‡ As stated in the prospectus. Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 27, 2023. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees. See Financial Highlights for actual expense ratios during the reporting period.

Janus Investment Fund 3

Janus Henderson Developed World Bond 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 (7/1/23)	Ending Account Value (12/31/23)	Expenses Paid During Period (7/1/23 - 12/31/23)†	Beginning Account Value (7/1/23)	Ending Account Value (12/31/23)	Expenses Paid During Period (7/1/23 - 12/31/23)†	Net Annualized Expense Ratio (7/1/23 - 12/31/23)
Class A Shares		$1,000.00	$1,053.20	$4.23	$1,000.00	$1,021.01	$4.17	0.82%
Class C Shares		$1,000.00	$1,049.70	$7.83	$1,000.00	$1,017.50	$7.71	1.52%
Class D Shares		$1,000.00	$1,053.80	$3.61	$1,000.00	$1,021.62	$3.56	0.70%
Class I Shares		$1,000.00	$1,054.50	$3.05	$1,000.00	$1,022.17	$3.00	0.59%
Class N Shares		$1,000.00	$1,054.60	$3.00	$1,000.00	$1,022.22	$2.95	0.58%
Class S Shares		$1,000.00	$1,051.70	$5.42	$1,000.00	$1,019.86	$5.33	1.05%
Class T Shares		$1,000.00	$1,053.10	$4.18	$1,000.00	$1,021.06	$4.12	0.81%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/366 (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.

4 DECEMBER 31, 2023

Janus Henderson Developed World Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts				Value
Asset-Backed/Commercial Mortgage-Backed Securities– 0.3%
	Tesco Property Finance 3 PLC, 5.7440%, 4/13/40((cost $6,520,472)	3,628,835	GBP	$4,660,775
Corporate Bonds– 49.8%
Banking – 9.1%
	Cooperatieve Rabobank UA, 3.7500%, 7/21/26	$4,022,000		3,850,641
	Cooperatieve Rabobank UA/Australia, 4.2500%, 5/12/26	2,000,000	AUD	1,347,237
	Goldman Sachs Group Inc, 4.0000%, 5/2/24	5,270,000	AUD	3,575,957
	JPMorgan Chase & Co, SOFR + 1.3200%, 4.0800%, 4/26/26‡	3,710,000		3,649,638
	Lloyds Banking Group PLC, 4.0000%, 3/7/25	4,400,000	AUD	2,947,897
	Lloyds Banking Group PLC,
	US Treasury Yield Curve Rate 1 Year + 1.7500%, 4.7160%, 8/11/26‡	7,500,000		7,400,338
	Lloyds Banking Group PLC, 4.2500%, 11/22/27	2,190,000	AUD	1,428,460
	Lloyds Banking Group PLC,
	UK Govt Bonds 5 Year Note Generic Bid Yield + 3.1000%, 6.6250%, 6/2/33‡	3,730,000	GBP	4,857,632
	Lloyds Banking Group PLC,
	UK Govt Bonds 5 Year Note Generic Bid Yield + 2.4000%, 2.7070%, 12/3/35‡	8,508,000	GBP	8,723,423
	Lloyds Banking Group PLC,
	US Treasury Yield Curve Rate 5 Year + 1.5000%, 3.3690%, 12/14/46‡	5,510,000		3,824,948
	Morgan Stanley, SOFR + 1.7300%, 5.1230%, 2/1/29‡	1,564,000		1,571,112
	Morgan Stanley, SONIA Interest Rate Benchmark + 2.2520%, 5.7890%, 11/18/33‡	4,700,000	GBP	6,369,752
	Nationwide Building Society, 4.0000%, 9/14/26 (144A)	5,203,000		4,993,099
	Nationwide Building Society,
	ICE SWAP Rate GBP SONIA 1 Year + 2.2130%, 6.1780%, 12/7/27‡	6,670,000	GBP	8,723,753
	Nationwide Building Society, 10.2500%‡,µ	8,500	GBP	1,381,136
	Natwest Group PLC, 6.6250%, 6/22/26	4,902,000	GBP	6,468,643
	Natwest Group PLC,
	US Treasury Yield Curve Rate 1 Year + 2.8500%, 7.4720%, 11/10/26‡	13,530,000		14,001,057
	Natwest Group PLC,
	US Treasury Yield Curve Rate 1 Year + 1.3500%, 5.8470%, 3/2/27‡	2,650,000		2,672,181
	Santander UK Group Holdings PLC, SOFR + 2.7490%, 6.8330%, 11/21/26‡	11,438,000		11,647,930
	Santander UK Group Holdings PLC, GBP SWAP 1YR + 2.8660%, 7.0980%, 11/16/27‡	4,660,000	GBP	6,172,226
	UBS Group AG,
	US Treasury Yield Curve Rate 1 Year + 1.6000%, 4.4900%, 8/5/25 (144A)‡	14,975,000		14,862,187
	UBS Group AG, 5.9590%, 1/12/34 (144A)	3,370,000		3,485,012
	UBS Group AG,
	US Treasury Yield Curve Rate 5 Year + 4.7450%, 9.2500% (144A)‡,µ	1,268,000		1,367,889
				125,322,148
Brokerage – 1.0%
	Intercontinental Exchange Inc, 1.8500%, 9/15/32	7,797,000		6,244,836
	LSEGA Financing PLC, 1.3750%, 4/6/26 (144A)	5,000,000		4,610,820
	Nasdaq Inc, 5.3500%, 6/28/28	1,240,000		1,277,134
	Nasdaq Inc, 4.5000%, 2/15/32	1,100,000	EUR	1,298,769
	Nasdaq Inc, 5.5500%, 2/15/34	854,000		887,178
				14,318,737
Capital Goods – 0.1%
	Ball Corp, 4.8750%, 3/15/26	1,730,000		1,723,681
Communications – 5.9%
	American Tower Corp, 3.6000%, 1/15/28	7,580,000		7,219,872
	Comcast Corp, 0%, 9/14/26	1,420,000	EUR	1,445,006
	Crown Castle International Corp, 3.6500%, 9/1/27	1,883,000		1,789,959
	Crown Castle International Corp, 3.8000%, 2/15/28	1,990,000		1,890,334
	Crown Castle International Corp, 2.2500%, 1/15/31	4,508,000		3,732,886
	Deutsche Telekom International Finance BV, 1.5000%, 4/3/28	2,800,000	EUR	2,931,720
	Netflix Inc, 5.8750%, 11/15/28	6,100,000		6,421,976
	Netflix Inc, 3.8750%, 11/15/29	1,320,000	EUR	1,505,269
	Netflix Inc, 3.6250%, 6/15/30	2,680,000	EUR	3,005,992
	Netflix Inc, 4.8750%, 6/15/30 (144A)	962,000		974,074
	Orange SA, 1.0000%, 5/12/25	4,100,000	EUR	4,380,360
	Orange SA, 1.3750%, 1/16/30	5,500,000	EUR	5,577,412
	Sky Ltd, 2.5000%, 9/15/26	4,025,000	EUR	4,371,627

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	5

Janus Henderson Developed World Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts				Value
Corporate Bonds– (continued)
Communications– (continued)
	T-Mobile USA Inc, 3.5000%, 4/15/25	$9,500,000		$9,299,192
	T-Mobile USA Inc, 2.2500%, 2/15/26	7,500,000		7,106,854
	T-Mobile USA Inc, 4.7500%, 2/1/28	933,000		929,614
	T-Mobile USA Inc, 2.6250%, 2/15/29	1,794,000		1,615,091
	T-Mobile USA Inc, 3.8750%, 4/15/30	9,017,000		8,550,837
	Verizon Communications Inc, 4.5000%, 8/17/27	5,970,000	AUD	4,017,895
	Verizon Communications Inc, 2.3500%, 3/23/28	3,420,000	AUD	2,091,179
	Virgin Media Secured Finance PLC, 4.1250%, 8/15/30 (144A)	2,500,000	GBP	2,728,596
				81,585,745
Consumer Cyclical – 5.8%
	Booking Holdings Inc, 4.0000%, 11/15/26	10,358,000	EUR	11,740,422
	Booking Holdings Inc, 3.5500%, 3/15/28	1,116,000		1,077,927
	Compass Group PLC, 2.0000%, 7/3/29	5,100,000	GBP	5,856,824
	Experian Finance PLC, 4.2500%, 2/1/29 (144A)	6,600,000		6,535,296
	Experian Finance PLC, 2.7500%, 3/8/30 (144A)	7,341,000		6,421,119
	Experian Finance PLC, 3.2500%, 4/7/32	830,000	GBP	980,003
	Levi Strauss & Co, 3.5000%, 3/1/31 (144A)	8,000,000		6,926,712
	Service Corp International/US, 4.6250%, 12/15/27#	6,882,000		6,658,335
	Service Corp International/US, 5.1250%, 6/1/29	1,994,000		1,954,120
	Service Corp International/US, 3.3750%, 8/15/30	9,803,000		8,549,157
	Service Corp International/US, 4.0000%, 5/15/31	6,752,000		6,046,416
	Sodexo SA, 1.7500%, 6/26/28	6,400,000	GBP	7,317,914
	Walmart Inc, 4.8750%, 9/21/29	8,500,000	EUR	10,433,057
				80,497,302
Consumer Non-Cyclical – 15.2%
	Abbott Ireland Financing DAC, 1.5000%, 9/27/26	2,650,000	EUR	2,821,822
	AbbVie Inc, 4.5000%, 5/14/35	5,050,000		4,939,059
	Amgen Inc, 5.2500%, 3/2/30	1,754,000		1,803,106
	Amgen Inc, 5.2500%, 3/2/33	5,041,000		5,168,198
	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc,
	4.7000%, 2/1/36	3,370,000		3,359,004
	Anheuser-Busch InBev SA/NV, 2.7000%, 3/31/26	13,389,000	EUR	14,658,197
	Anheuser-Busch InBev Worldwide Inc, 4.1000%, 9/6/27	2,840,000	AUD	1,901,755
	Anheuser-Busch InBev Worldwide Inc, 3.5000%, 6/1/30	3,680,000		3,501,100
	Avantor Funding Inc, 3.8750%, 7/15/28	2,365,000	EUR	2,551,755
	Avantor Funding Inc, 3.8750%, 7/15/28 (144A)	4,590,000	EUR	4,952,454
	Bacardi Ltd, 4.4500%, 5/15/25 (144A)	3,873,000		3,818,356
	Bacardi Ltd, 4.7000%, 5/15/28 (144A)	4,806,000		4,708,259
	Coca-Cola Co, 3.2500%, 6/11/24	4,990,000	AUD	3,379,674
	Coca-Cola Co, 2.1250%, 9/6/29	5,330,000		4,816,024
	Coca-Cola Co, 0.3750%, 3/15/33	10,000,000	EUR	8,784,008
	Diageo Capital PLC, 1.3750%, 9/29/25	5,000,000		4,719,963
	Diageo Capital PLC, 2.0000%, 4/29/30	1,709,000		1,475,975
	Diageo Finance PLC, 1.7500%, 10/12/26	6,600,000	GBP	7,913,984
	Elanco Animal Health Inc, 6.6500%, 8/28/28	1,640,000		1,699,352
	HCA Inc, 5.3750%, 2/1/25	9,202,000		9,188,477
	HCA Inc, 5.2500%, 6/15/26	1,585,000		1,592,727
	HCA Inc, 4.1250%, 6/15/29	4,675,000		4,469,857
	HCA Inc, 3.6250%, 3/15/32	2,847,000		2,545,715
	Heineken NV, 3.5000%, 1/29/28 (144A)	2,320,000		2,247,797
	IQVIA Inc, 5.0000%, 5/15/27 (144A)	5,207,000		5,110,385
	Keurig Dr Pepper Inc, 3.4000%, 11/15/25	4,762,000		4,626,915
	Keurig Dr Pepper Inc, 3.2000%, 5/1/30	929,000		854,056
	Kimberly-Clark Corp, 3.1000%, 3/26/30	1,737,000		1,620,310
	Nestle Finance International Ltd, 1.5000%, 4/1/30	10,000,000	EUR	10,265,795
	Nestle Holdings Inc, 3.9000%, 9/24/38 (144A)	13,745,000		12,601,911
	Novartis Finance SA, 0%, 9/23/28	10,000,000	EUR	9,761,093
	Novo Nordisk Finance Netherlands BV, 0.7500%, 3/31/25	7,786,000	EUR	8,331,835
	PepsiCo Inc, 2.6250%, 7/29/29	2,695,000		2,482,840

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
6	DECEMBER 31, 2023

Janus Henderson Developed World Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts				Value
Corporate Bonds– (continued)
Consumer Non-Cyclical– (continued)
	PepsiCo Inc, 1.1250%, 3/18/31	5,000,000	EUR	$4,917,049
	PepsiCo Inc, 0.7500%, 10/14/33	13,434,000	EUR	12,129,625
	Tesco Corporate Treasury Services, 2.7500%, 4/27/30	3,200,000	GBP	3,602,141
	Tesco PLC, 6.1500%, 11/15/37 (144A)	$2,001,000		2,081,660
	Unilever PLC, 1.5000%, 7/22/26	2,350,000	GBP	2,819,790
	Zoetis Inc, 5.4000%, 11/14/25	15,256,000		15,380,350
	Zoetis Inc, 3.9000%, 8/20/28	2,450,000		2,397,341
	Zoetis Inc, 2.0000%, 5/15/30	4,547,000		3,915,281
				209,914,995
Government Sponsored – 1.4%
	Electricite de France SA, 5.5000%, 1/25/35	1,900,000	GBP	2,442,919
	Kreditanstalt fuer Wiederaufbau, 3.2000%, 9/11/26	11,843,000	AUD	7,875,861
	Kreditanstalt fuer Wiederaufbau, 3.2000%, 3/15/28	13,660,000	AUD	8,961,181
				19,279,961
Insurance – 1.9%
	Anthem Inc, 2.2500%, 5/15/30	2,905,000		2,515,135
	Aviva PLC,
	UK Govt Bonds 5 Year Note Generic Bid Yield + 4.7000%, 4.0000%, 6/3/55‡	2,320,000	GBP	2,427,674
	Berkshire Hathaway Inc, 0%, 3/12/25	4,430,000	EUR	4,702,658
	BUPA Finance PLC, 4.1250%, 6/14/35	1,826,000	GBP	1,884,791
	BUPA Finance PLC,
	UK Govt Bonds 5 Year Note Generic Bid Yield + 3.1700%, 4.0000%‡,µ	4,705,000	GBP	3,998,063
	Centene Corp, 3.0000%, 10/15/30	3,876,000		3,356,785
	Centene Corp, 2.6250%, 8/1/31	7,558,000		6,271,041
	Scottish Widows Ltd, 7.0000%, 6/16/43	612,000	GBP	844,315
				26,000,462
Technology – 9.4%
	Alphabet Inc, 2.0500%, 8/15/50	5,947,000		3,714,525
	Apple Inc, 2.5130%, 8/19/24	5,080,000	CAD	3,767,804
	ASML Holding NV, 1.3750%, 7/7/26	5,846,000	EUR	6,218,767
	CrowdStrike Holdings Inc, 3.0000%, 2/15/29	5,781,000		5,224,444
	DELL International LLC / EMC Corp, 5.8500%, 7/15/25	9,055,000		9,143,630
	DELL International LLC / EMC Corp, 6.0200%, 6/15/26	1,043,000		1,067,625
	Equinix Inc, 3.2000%, 11/18/29	9,102,000		8,359,570
	Fiserv Inc, 5.4500%, 3/2/28	2,556,000		2,632,309
	Fiserv Inc, 3.5000%, 7/1/29	1,095,000		1,030,206
	Fiserv Inc, 1.6250%, 7/1/30	1,770,000	EUR	1,765,147
	Gartner Inc, 3.7500%, 10/1/30 (144A)	4,237,000		3,745,386
	Microsoft Corp, 2.5250%, 6/1/50	25,197,000		17,178,445
	MSCI Inc, 4.0000%, 11/15/29 (144A)	2,026,000		1,904,192
	MSCI Inc, 3.6250%, 9/1/30 (144A)	2,483,000		2,246,604
	NVIDIA Corp, 3.2000%, 9/16/26	1,627,000		1,582,722
	Oracle Corp, 2.6500%, 7/15/26	3,467,000		3,287,322
	Oracle Corp, 2.9500%, 4/1/30	6,440,000		5,812,397
	Oracle Corp, 4.9000%, 2/6/33	2,473,000		2,461,750
	Oracle Corp, 3.6000%, 4/1/50	9,685,000		7,173,744
	Oracle Corp, 5.5500%, 2/6/53	3,270,000		3,270,911
	Sage Group PLC/The, 2.8750%, 2/8/34	6,875,000	GBP	7,369,781
	Salesforce.com Inc, 3.7000%, 4/11/28	2,252,000		2,206,623
	Salesforce.com Inc, 1.9500%, 7/15/31	6,764,000		5,777,100
	SAP SE, 1.7500%, 2/22/27	1,127,000	EUR	1,231,482
	VMware Inc, 4.5000%, 5/15/25	4,100,000		4,058,817
	VMware Inc, 1.4000%, 8/15/26	2,245,000		2,053,464
	VMware Inc, 3.9000%, 8/21/27	4,698,000		4,557,389
	VMware Inc, 4.7000%, 5/15/30	7,315,000		7,215,514
	Workday Inc, 3.8000%, 4/1/32	4,950,000		4,609,049
				130,666,719
Total Corporate Bonds (cost $721,814,471)				689,309,750

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	7

Janus Henderson Developed World Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts				Value
Foreign Government Bonds– 38.2%
	Australia Government Bond, 0.5000%, 9/21/26	7,530,000	AUD	$4,720,212
	Australia Government Bond, 3.2500%, 4/21/29	73,773,000	AUD	49,219,335
	Australia Government Bond, 2.7500%, 5/21/41	46,294,000	AUD	25,746,661
	Australia Government Bond, 1.7500%, 6/21/51	12,500,000	AUD	5,025,108
	Canadian Government Bond, 1.5000%, 6/1/31	25,399,000	CAD	17,133,254
	Federal Republic of Germany Bond, 0%, 10/9/26	29,751,183	EUR	30,980,690
	Federal Republic of Germany Bond, 0%, 8/15/50	13,555,087	EUR	8,333,515
	French Republic Government Bond OAT, 3.0000%, 5/25/33	24,811,539	EUR	28,488,410
	Japan Government Five Year Bond, 0.0050%, 6/20/27	2,500,000,000	JPY	17,678,749
	Kingdom of Sweden Government Bond, 1.0000%, 11/12/26	351,425,000	SEK	33,628,053
	Kingdom of Sweden Government Bond, 0.1250%, 5/12/31	342,245,000	SEK	29,618,482
	Kingdom of the Netherlands Government Bond, 0.7500%, 7/15/28 (144A)	33,962,912	EUR	35,270,879
	Kingdom of the Netherlands Government Bond, 0.5000%, 7/15/32 (144A)	22,642,116	EUR	21,581,768
	New Zealand Government Bond, 0.5000%, 5/15/26	60,000,000	NZD	34,617,732
	New Zealand Government Bond, 3.0000%, 4/20/29	20,000,000	NZD	11,950,232
	New Zealand Government Bond, 1.5000%, 5/15/31	33,000,000	NZD	17,232,034
	New Zealand Government Bond, 3.5000%, 4/14/33	15,961,000	NZD	9,450,851
	Swiss Confederation Government Bond, 0.5000%, 5/27/30	47,000,000	CHF	55,133,102
	United Kingdom Gilt, 1.5000%, 7/22/26	2,900,000	GBP	3,513,584
	United Kingdom Gilt, 1.2500%, 7/22/27	30,183,392	GBP	35,710,629
	United Kingdom Gilt, 3.2500%, 1/31/33	12,600,000	GBP	15,705,601
	United Kingdom Gilt, 4.5000%, 9/7/34	27,430,366	GBP	37,565,214
Total Foreign Government Bonds (cost $553,095,942)				528,304,095
Mortgage-Backed Securities– 8.0%
Fannie Mae Pool:
	3.5000%, 5/1/49	$6,237,713		5,781,271
	3.0000%, 9/1/50	8,317,315		7,362,041
	3.5000%, 2/1/51	1,802,387		1,670,498
	3.0000%, 1/1/52	2,270,351		2,028,781
	3.0000%, 4/1/52	21,489,824		19,164,309
	3.0000%, 6/1/52	10,037,326		8,923,463
	3.0000%, 7/1/52	7,828,054		6,949,299
	3.5000%, 8/1/52	3,631,730		3,364,206
	3.5000%, 9/1/52	7,211,211		6,670,823
	3.5000%, 9/1/52	2,248,001		2,078,140
	4.5000%, 9/1/52	2,138,063		2,093,360
				66,086,191
Freddie Mac Pool:
	3.0000%, 11/1/51	10,026,132		8,908,512
	2.5000%, 3/1/52	18,295,233		15,685,928
	3.5000%, 4/1/52	4,181,478		3,876,850
	3.0000%, 5/1/52	10,809,571		9,656,961
	3.0000%, 5/1/52	3,894,287		3,489,185
	3.0000%, 6/1/52	1,489,249		1,321,840
	4.0000%, 8/1/52	1,936,850		1,859,249
				44,798,525
Total Mortgage-Backed Securities (cost $112,818,420)				110,884,716
Investment Companies– 4.1%
Money Markets – 4.1%
	Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº,£((cost $56,698,754)	56,687,416		56,698,754

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
8	DECEMBER 31, 2023

Janus Henderson Developed World Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Investments Purchased with Cash Collateral from Securities Lending– 0%
Investment Companies – 0%
	Janus Henderson Cash Collateral Fund LLC, 5.2936%ºº,£	79,600	$79,600
Time Deposits – 0%
	Royal Bank of Canada, 5.3100%, 1/2/24	$19,900	19,900
Total Investments Purchased with Cash Collateral from Securities Lending (cost $99,500)			99,500
Total Investments (total cost $1,451,047,559) – 100.4%			1,389,957,590
Liabilities, net of Cash, Receivables and Other Assets – (0.4)%			(5,243,687)
Net Assets – 100%			$1,384,713,903

Summary of Investments by Country - (Long Positions) (unaudited)
		% of
		Investment
Country	Value	Securities
United States	$576,969,597	41.5	%
United Kingdom	253,040,948	18.2
Australia	84,711,316	6.1
Switzerland	84,609,283	6.1
New Zealand	73,250,849	5.3
Netherlands	70,517,089	5.1
Sweden	63,246,535	4.5
Germany	60,314,449	4.3
France	48,207,015	3.5
Belgium	23,420,056	1.7
Japan	17,678,749	1.3
Canada	17,133,254	1.2
Bermuda	8,526,615	0.6
Denmark	8,331,835	0.6

Total $1,389,957,590 100.0 %

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

Janus Henderson Developed World Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Schedules of Affiliated Investments – (% of Net Assets)

		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 12/31/23
Investment Companies - 4.1%
Money Markets - 4.1%
	Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº	$	750,333	$	1,003	$	(1,059)	$	56,698,754
Investments Purchased with Cash Collateral from Securities Lending - 0.0%
Investment Companies - 0.0%
	Janus Henderson Cash Collateral Fund LLC, 5.2936%ºº		13,072∆		-		-		79,600
Total Affiliated Investments - 4.1%		$	763,405	$	1,003	$	(1,059)	$	56,778,354

		Value at 6/30/23		Purchases		Sales Proceeds		Value at 12/31/23
Investment Companies - 4.1%
Money Markets - 4.1%
	Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº		74,365,513		308,235,377		(325,902,080)		56,698,754
Investments Purchased with Cash Collateral from Securities Lending - 0.0%
Investment Companies - 0.0%
	Janus Henderson Cash Collateral Fund LLC, 5.2936%ºº		2,763,468		10,925,164		(13,609,032)		79,600

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
10	DECEMBER 31, 2023

Janus Henderson Developed World Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

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:
Australian Dollar	1/31/24	57,915,017	$	(37,256,859)	$	2,243,942
Australian Dollar	1/31/24	(108,945,362)		68,937,018		(5,368,909)
Australian Dollar	2/28/24	40,949,739		(27,399,665)		550,498
Australian Dollar	2/28/24	(108,891,353)		71,718,999		(2,604,577)
Australian Dollar	3/27/24	663,074		(450,732)		2,165
Australian Dollar	3/27/24	1,887,516		(1,296,346)		(7,123)
Australian Dollar	3/27/24	(11,704,373)		8,002,842		8,449
Australian Dollar	3/27/24	(61,128,279)		41,235,065		(517,147)
British Pound	1/31/24	13,055,357		(15,998,621)		641,646
British Pound	1/31/24	(65,423,921)		79,567,503		(3,821,365)
British Pound	2/28/24	1,883,572		(2,377,831)		23,204
British Pound	2/28/24	4,342,233		(5,544,124)		(8,971)
British Pound	2/28/24	(67,393,292)		84,440,683		(1,467,234)
British Pound	3/27/24	718,501		(909,718)		6,233
British Pound	3/27/24	473,880		(606,329)		(2,222)
British Pound	3/27/24	(37,608,300)		47,727,106		(216,313)
Canadian Dollar	1/31/24	(11,444,620)		8,347,436		(294,924)
Canadian Dollar	2/28/24	190,493		(140,892)		3,011
Canadian Dollar	2/28/24	(11,317,958)		8,293,913		(255,953)
Canadian Dollar	3/27/24	(11,508,451)		8,619,701		(77,149)
Euro	1/31/24	5,189,079		(5,595,173)		140,283
Euro	1/31/24	(91,272,236)		96,670,557		(4,212,084)
Euro	2/28/24	41,264,420		(45,305,407)		348,570
Euro	2/28/24	(107,234,057)		117,449,366		(1,191,855)
Euro	3/27/24	330,119		(363,668)		1,947
Euro	3/27/24	12,882		(14,359)		(92)
Euro	3/27/24	(86,083,158)		94,354,459		(985,038)
Japanese Yen	1/31/24	(833,315,753)		5,655,355		(286,205)
Japanese Yen	2/28/24	(833,315,753)		5,672,235		(293,618)
Japanese Yen	3/27/24	(833,315,753)		5,944,502		(46,771)
New Zealand Dollar	1/31/24	697,500		(413,471)		27,331
New Zealand Dollar	1/31/24	(60,088,492)		35,191,758		(2,782,608)
New Zealand Dollar	2/28/24	(47,162,881)		28,560,906		(1,246,510)

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

Janus Henderson Developed World Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Counterparty/ Foreign Currency	Settlement Date	Foreign Currency Amount (Sold)/ Purchased		USD Currency Amount (Sold)/ Purchased		Market Value and Unrealized Appreciation/ (Depreciation)
New Zealand Dollar	3/27/24	(2,362,507)	$	1,475,222		(17,885)
Swedish Krona	1/31/24	3,514,250		(331,489)		17,567
Swedish Krona	1/31/24	(350,425,683)		31,852,077		(2,954,233)
Swedish Krona	2/28/24	95,717,178		(9,286,909)		229,975
Swedish Krona	2/28/24	(198,804,346)		19,049,496		(717,049)
Swedish Krona	3/27/24	(174,652,117)		17,114,282		(268,232)
Swiss Franc	1/31/24	(24,406,004)		27,435,137		(1,695,495)
Swiss Franc	2/28/24	(879,006)		1,005,450		(46,436)
Swiss Franc	3/27/24	(24,406,004)		28,374,336		(916,529)
Total					$	(28,057,706)

Schedule of Futures

Description	Number of Contracts	Expiration Date		Notional Amount		Value and Unrealized Appreciation/(Depreciation)
Futures Long:
10 Year US Treasury Note	2,912	3/28/24	$	328,737,500	$	8,783,845
10-Year Australian Bond	2,018	3/15/24		160,399,667		4,646,700
5 Year US Treasury Note	2,008	4/3/24		218,417,064		5,349,439
Euro-Bund	163	3/11/24		24,688,573		618,687
Long Gilt	359	3/28/24		46,963,539		3,268,984
Ultra 10-Year Treasury Note	205	3/28/24		24,193,203		98,859
Total					$	22,766,514

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
12	DECEMBER 31, 2023

Janus Henderson Developed World Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

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 December 31, 2023.

Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2023
	Currency Contracts	Interest Rate Contracts	Total
Asset Derivatives:
Forward foreign currency exchange contracts	$ 4,244,821	$ -	$ 4,244,821
*Futures contracts	-	22,766,514	$22,766,514
Total Asset Derivatives	$ 4,244,821	$22,766,514	$27,011,335
Liability Derivatives:
Forward foreign currency exchange contracts	$32,302,527	$ -	$32,302,527
*The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the period ended December 31, 2023.

The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2023
Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative	Credit Contracts	Currency Contracts	Interest Rate Contracts	Total
Futures contracts	$ -	$ -	$(34,403,559)	$(34,403,559)
Forward foreign currency exchange contracts	-	19,320,712	-	$ 19,320,712
Swap contracts	(1,725,085)	-	-	$ (1,725,085)
Total	$(1,725,085)	$ 19,320,712	$(34,403,559)	$(16,807,932)
Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative	Credit Contracts	Currency Contracts	Interest Rate Contracts	Total
Futures contracts	$ -	$ -	$ 37,176,699	$ 37,176,699
Forward foreign currency exchange contracts	-	(28,454,788)	-	$(28,454,788)
Swap contracts	1,763,794	-	-	$ 1,763,794
Total	$ 1,763,794	$(28,454,788)	$ 37,176,699	$ 10,485,705

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	13

Janus Henderson Developed World Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Average Ending Monthly Value of Derivative Instruments During the Period Ended December 31, 2023
Credit default swaps:
Average notional amount - buy protection	$45,314,286
Forward foreign currency exchange contracts:
Average amounts purchased - in USD	83,659,653
Average amounts sold - in USD	955,966,385
Futures contracts:
Average notional amount of contracts - long	858,403,350

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
14	DECEMBER 31, 2023

Janus Henderson Developed World Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

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		$	4,244,821	$	(4,244,821)	$	—	$	—
JPMorgan Chase Bank, National Association			96,750		—		(96,750)		—
Total		$	4,341,571	$	(4,244,821)	$	(96,750)	$	—
Offsetting of Financial Liabilities and Derivative Liabilities
			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Liabilities		or Liability(a)		Pledged(b)		Net Amount
BNP Paribas		$	32,302,527	$	(4,244,821)	$	—	$	28,057,706
(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	15

Janus Henderson Developed World Bond Fund

Notes to Schedule of Investments and Other Information (unaudited)

Bloomberg Global Aggregate Credit Index (USD Hedged) Bloomberg Global Aggregate Credit Index (USD Hedged) measures the credit sector of the global investment grade fixed-rate bond market, including corporate, government and agency securities.

ICE	Intercontinental Exchange
LLC	Limited Liability Company
PLC	Public Limited Company
SOFR	Secured Overnight Financing Rate
SONIA	Sterling Overnight Interbank Average Rate

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 $153,174,455, which represents 11.1% of net assets.

‡ Variable or floating rate security. Rate shown is the current rate as of December 31, 2023. 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.

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.

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.

£ 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.

16 DECEMBER 31, 2023

Janus Henderson Developed World Bond Fund

Notes to Schedule of Investments and Other Information (unaudited)

The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of December 31, 2023. 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		$	-	$	4,660,775	$	-
Corporate Bonds			-		689,309,750		-
Foreign Government Bonds			-		528,304,095		-
Mortgage-Backed Securities			-		110,884,716		-
Investment Companies			-		56,698,754		-
Investments Purchased with Cash Collateral from Securities Lending			-		99,500		-
Total Investments in Securities		$	-	$	1,389,957,590	$	-
Other Financial Instruments(a):
Forward Foreign Currency Exchange Contracts			-		4,244,821		-
Futures Contracts			22,766,514		-		-
Total Assets		$	22,766,514	$	1,394,202,411	$	-
Liabilities
Other Financial Instruments(a):
Forward Foreign Currency Exchange Contracts		$	-	$	32,302,527	$	-
(a)	Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and 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 17

Janus Henderson Developed World Bond Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2023

See footnotes at the end of the Statement.

Assets:
	Unaffiliated investments, at value (cost $1,394,269,205)(1)		$	1,333,179,236
	Affiliated investments, at value (cost $56,778,354)			56,778,354
	Deposits with brokers for futures			15,846,198
	Forward foreign currency exchange contracts			4,244,821
	Cash denominated in foreign currency (cost $11,406)			11,406
	Variation margin receivable on futures contracts			1,508,872
	Trustees' deferred compensation			37,995
	Receivables:
		Interest		10,733,378
		Fund shares sold		1,434,566
		Dividends from affiliates		211,339
		Foreign tax reclaims		880
	Other assets			250,727
Total Assets				1,424,237,772
Liabilities:
	Collateral for securities loaned (Note 3)			99,500
	Forward foreign currency exchange contracts			32,302,527
	Variation margin payable on futures contracts			1,355,549
	Payables:			—
		Fund shares repurchased		4,551,197
		Advisory fees		435,768
		Transfer agent fees and expenses		217,922
		Dividends		193,405
		Custodian fees		43,648
		Professional fees		41,364
		Trustees' deferred compensation fees		37,995
		12b-1 Distribution and shareholder servicing fees		23,430
		Affiliated fund administration fees payable		3,012
		Trustees' fees and expenses		2,179
		Accrued expenses and other payables		216,373
Total Liabilities				39,523,869
Commitments and contingent liabilities (Note 4)
Net Assets			$	1,384,713,903

See Notes to Financial Statements.
18	DECEMBER 31, 2023

Janus Henderson Developed World Bond Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2023

Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	1,937,148,410
	Total distributable earnings (loss)		(552,434,507)
Total Net Assets		$	1,384,713,903
Net Assets - Class A Shares		$	50,519,919
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		6,428,390
Net Asset Value Per Share(2)		$	7.86
Maximum Offering Price Per Share(3)		$	8.25
Net Assets - Class C Shares		$	13,500,708
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,731,244
Net Asset Value Per Share(2)		$	7.80
Net Assets - Class D Shares		$	27,414,693
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,490,897
Net Asset Value Per Share		$	7.85
Net Assets - Class I Shares		$	1,143,500,299
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		146,105,840
Net Asset Value Per Share		$	7.83
Net Assets - Class N Shares		$	119,283,041
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		15,234,089
Net Asset Value Per Share		$	7.83
Net Assets - Class S Shares		$	271,063
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		34,540
Net Asset Value Per Share		$	7.85
Net Assets - Class T Shares		$	30,224,180
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,851,346
Net Asset Value Per Share		$	7.85

(1)Includes $96,750 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 100/95.25 of net asset value.

See Notes to Financial Statements.
Janus Investment Fund	19

Janus Henderson Developed World Bond Fund

Statement of Operations (unaudited)

For the period ended December 31, 2023

Investment Income:
	Interest		$	21,117,690
	Dividends from affiliates			750,333
	Affiliated securities lending income, net			13,072
	Unaffiliated securities lending income, net			3,183
	Other income			450,579
	Foreign withholding tax income			2,414
Total Investment Income				22,337,271
Expenses:
	Advisory fees			3,818,551
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		60,317
		Class C Shares		71,028
		Class S Shares		426
	Transfer agent administrative fees and expenses:
		Class D Shares		14,684
		Class S Shares		447
		Class T Shares		41,383
	Transfer agent networking and omnibus fees:
		Class A Shares		53,205
		Class C Shares		6,576
		Class I Shares		733,061
	Other transfer agent fees and expenses:
		Class A Shares		1,540
		Class C Shares		330
		Class D Shares		2,512
		Class I Shares		28,651
		Class N Shares		3,013
		Class S Shares		17
		Class T Shares		1,511
	Shareholder reports expense			68,642
	Registration fees			56,278
	Custodian fees			50,460
	Professional fees			45,002
	Affiliated fund administration fees			17,851
	Trustees’ fees and expenses			13,861
	Other expenses			129,897
Total Expenses				5,219,243
Less: Excess Expense Reimbursement and Waivers				(833,848)
Net Expenses				4,385,395
Net Investment Income/(Loss)				17,951,876

See Notes to Financial Statements.
20	DECEMBER 31, 2023

Janus Henderson Developed World Bond Fund

Statement of Operations (unaudited)

For the period ended December 31, 2023

Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	(24,511,685)
	Investments in affiliates		1,003
	Forward foreign currency exchange contracts		19,320,712
	Futures contracts		(34,403,559)
	Swap contracts		(1,725,085)
Total Net Realized Gain/(Loss) on Investments			(41,318,614)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and Trustees’ deferred compensation		81,496,480
	Investments in affiliates		(1,059)
	Forward foreign currency exchange contracts		(28,454,788)
	Futures contracts		37,176,699
	Swap contracts		1,763,794
Total Change in Unrealized Net Appreciation/Depreciation			91,981,126
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	68,614,388

See Notes to Financial Statements.
Janus Investment Fund	21

Janus Henderson Developed World Bond Fund

Statements of Changes in Net Assets

			Period ended December 31, 2023 (unaudited)		Year ended June 30, 2023
Operations:
	Net investment income/(loss)		$	17,951,876	$	37,200,008
	Net realized gain/(loss) on investments			(41,318,614)		(273,606,662)
	Change in unrealized net appreciation/depreciation			91,981,126		147,973,329
Net Increase/(Decrease) in Net Assets Resulting from Operations				68,614,388		(88,433,325)
Dividends and Distributions to Shareholders:
		Class A Shares		(645,066)		(5,830,159)
		Class C Shares		(116,689)		(1,613,123)
		Class D Shares		(308,558)		(2,333,968)
		Class I Shares		(14,774,074)		(126,880,529)
		Class N Shares		(1,538,033)		(10,020,418)
		Class S Shares		(3,485)		(42,120)
		Class T Shares		(372,378)		(4,513,172)
Net Decrease from Dividends and Distributions to Shareholders				(17,758,283)		(151,233,489)
Capital Share Transactions:
		Class A Shares		(14,004,139)		(10,105,427)
		Class C Shares		(4,028,350)		(7,083,837)
		Class D Shares		137,274		(35,365)
		Class I Shares		(162,095,861)		(428,407,048)
		Class N Shares		(9,937,255)		13,180,626
		Class S Shares		(201,335)		(50,447)
		Class T Shares		(7,725,298)		(30,673,057)
Net Increase/(Decrease) from Capital Share Transactions				(197,854,964)		(463,174,555)
Net Increase/(Decrease) in Net Assets				(146,998,859)		(702,841,369)
Net Assets:
	Beginning of period			1,531,712,762		2,234,554,131
	End of period		$	1,384,713,903	$	1,531,712,762

See Notes to Financial Statements.
22	DECEMBER 31, 2023

Janus Henderson Developed World Bond Fund

Financial Highlights

Class A Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$7.55	$8.60	$9.93	$9.94	$9.69	$9.35
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.09	0.15	0.12	0.17	0.14	0.18
		Net realized and unrealized gain/(loss)	0.31	(0.51)	(1.33)	0.26	0.44	0.58
	Total from Investment Operations		0.40	(0.36)	(1.21)	0.43	0.58	0.76
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.09)	(0.69)	(0.12)	(0.44)	(0.30)	(0.42)
		Distributions (from capital gains)	—	—	—	—	(0.03)	—
	Total Dividends and Distributions		(0.09)	(0.69)	(0.12)	(0.44)	(0.33)	(0.42)
	Net Asset Value, End of Period		$7.86	$7.55	$8.60	$9.93	$9.94	$9.69
	Total Return*		5.32%	(4.20)%	(12.28)%	4.30%	6.07%	8.48%
	Net Assets, End of Period (in thousands)		$50,520	$62,774	$81,662	$116,629	$59,079	$51,463
	Average Net Assets for the Period (in thousands)		$56,733	$69,992	$109,414	$94,430	$59,858	$43,495
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.01%	1.00%	0.93%	0.92%	0.94%	0.99%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.82%	0.80%	0.83%	0.83%	0.90%	0.99%
		Ratio of Net Investment Income/(Loss)	2.29%	1.90%	1.25%	1.69%	1.45%	1.98%
	Portfolio Turnover Rate		8%	60%	86%	37%	88%	42%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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 Developed World Bond Fund

Financial Highlights

Class C Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$7.49	$8.54	$9.85	$9.87	$9.63	$9.30
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.06	0.09	0.05	0.10	0.07	0.12
		Net realized and unrealized gain/(loss)	0.31	(0.51)	(1.31)	0.24	0.43	0.57
	Total from Investment Operations		0.37	(0.42)	(1.26)	0.34	0.50	0.69
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.06)	(0.63)	(0.05)	(0.36)	(0.23)	(0.36)
		Distributions (from capital gains)	—	—	—	—	(0.03)	—
	Total Dividends and Distributions		(0.06)	(0.63)	(0.05)	(0.36)	(0.26)	(0.36)
	Net Asset Value, End of Period		$7.80	$7.49	$8.54	$9.85	$9.87	$9.63
	Total Return*		4.97%	(4.94)%	(12.83)%	3.47%	5.26%	7.67%
	Net Assets, End of Period (in thousands)		$13,501	$17,016	$26,901	$36,918	$37,641	$37,165
	Average Net Assets for the Period (in thousands)		$14,800	$21,714	$34,064	$38,596	$37,191	$36,574
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.63%	1.64%	1.59%	1.60%	1.64%	1.72%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.52%	1.55%	1.54%	1.55%	1.62%	1.72%
		Ratio of Net Investment Income/(Loss)	1.58%	1.11%	0.54%	0.99%	0.74%	1.27%
	Portfolio Turnover Rate		8%	60%	86%	37%	88%	42%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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	DECEMBER 31, 2023

Janus Henderson Developed World Bond Fund

Financial Highlights

Class D Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$7.54	$8.60	$9.92	$9.93	$9.69	$9.34
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.09	0.16	0.13	0.19	0.16	0.20
		Net realized and unrealized gain/(loss)	0.31	(0.52)	(1.31)	0.25	0.43	0.59
	Total from Investment Operations		0.40	(0.36)	(1.18)	0.44	0.59	0.79
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.09)	(0.70)	(0.14)	(0.45)	(0.32)	(0.44)
		Distributions (from capital gains)	—	—	—	—	(0.03)	—
	Total Dividends and Distributions		(0.09)	(0.70)	(0.14)	(0.45)	(0.35)	(0.44)
	Net Asset Value, End of Period		$7.85	$7.54	$8.60	$9.92	$9.93	$9.69
	Total Return*		5.38%	(4.21)%	(12.06)%	4.43%	6.17%	8.78%
	Net Assets, End of Period (in thousands)		$27,415	$26,217	$29,812	$39,211	$30,219	$16,056
	Average Net Assets for the Period (in thousands)		$25,316	$27,936	$36,141	$42,506	$21,662	$10,281
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.77%	0.75%	0.69%	0.70%	0.75%	0.86%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.70%	0.69%	0.68%	0.69%	0.73%	0.81%
		Ratio of Net Investment Income/(Loss)	2.42%	2.03%	1.40%	1.86%	1.65%	2.13%
	Portfolio Turnover Rate		8%	60%	86%	37%	88%	42%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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 Developed World Bond Fund

Financial Highlights

Class I Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$7.52	$8.57	$9.89	$9.91	$9.66	$9.32
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.09	0.17	0.14	0.19	0.17	0.21
		Net realized and unrealized gain/(loss)	0.31	(0.51)	(1.31)	0.25	0.43	0.58
	Total from Investment Operations		0.40	(0.34)	(1.17)	0.44	0.60	0.79
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.09)	(0.71)	(0.15)	(0.46)	(0.32)	(0.45)
		Distributions (from capital gains)	—	—	—	—	(0.03)	—
	Total Dividends and Distributions		(0.09)	(0.71)	(0.15)	(0.46)	(0.35)	(0.45)
	Net Asset Value, End of Period		$7.83	$7.52	$8.57	$9.89	$9.91	$9.66
	Total Return*		5.45%	(3.98)%	(12.01)%	4.46%	6.36%	8.77%
	Net Assets, End of Period (in thousands)		$1,143,500	$1,263,864	$1,894,294	$2,151,534	$1,348,740	$948,619
	Average Net Assets for the Period (in thousands)		$1,177,194	$1,519,287	$2,273,485	$1,744,298	$1,202,926	$732,591
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.71%	0.69%	0.64%	0.65%	0.68%	0.74%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.59%	0.58%	0.58%	0.58%	0.65%	0.74%
		Ratio of Net Investment Income/(Loss)	2.52%	2.07%	1.52%	1.94%	1.71%	2.23%
	Portfolio Turnover Rate		8%	60%	86%	37%	88%	42%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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	DECEMBER 31, 2023

Janus Henderson Developed World Bond Fund

Financial Highlights

Class N Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$7.52	$8.57	$9.90	$9.91	$9.67	$9.32
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.09	0.17	0.15	0.19	0.18	0.21
		Net realized and unrealized gain/(loss)	0.32	(0.51)	(1.33)	0.26	0.42	0.59
	Total from Investment Operations		0.41	(0.34)	(1.18)	0.45	0.60	0.80
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.10)	(0.71)	(0.15)	(0.46)	(0.33)	(0.45)
		Distributions (from capital gains)	—	—	—	—	(0.03)	—
	Total Dividends and Distributions		(0.10)	(0.71)	(0.15)	(0.46)	(0.36)	(0.45)
	Net Asset Value, End of Period		$7.83	$7.52	$8.57	$9.90	$9.91	$9.67
	Total Return*		5.46%	(4.00)%	(12.06)%	4.58%	6.32%	8.94%
	Net Assets, End of Period (in thousands)		$119,283	$124,577	$126,445	$69,800	$31,829	$5,789
	Average Net Assets for the Period (in thousands)		$121,826	$117,102	$100,399	$50,273	$19,208	$5,062
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.59%	0.59%	0.55%	0.56%	0.61%	0.71%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.58%	0.58%	0.55%	0.56%	0.59%	0.67%
		Ratio of Net Investment Income/(Loss)	2.54%	2.16%	1.59%	1.94%	1.82%	2.31%
	Portfolio Turnover Rate		8%	60%	86%	37%	88%	42%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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 Developed World Bond Fund

Financial Highlights

Class S Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$7.54	$8.59	$9.91	$9.93	$9.69	$9.34
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.08	0.14	0.10	0.15	0.13	0.18
		Net realized and unrealized gain/(loss)	0.31	(0.51)	(1.32)	0.25	0.42	0.59
	Total from Investment Operations		0.39	(0.37)	(1.22)	0.40	0.55	0.77
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.08)	(0.68)	(0.10)	(0.42)	(0.28)	(0.42)
		Distributions (from capital gains)	—	—	—	—	(0.03)	—
	Total Dividends and Distributions		(0.08)	(0.68)	(0.10)	(0.42)	(0.31)	(0.42)
	Net Asset Value, End of Period		$7.85	$7.54	$8.59	$9.91	$9.93	$9.69
	Total Return*		5.17%	(4.42)%	(12.38)%	3.99%	5.83%	8.51%
	Net Assets, End of Period (in thousands)		$271	$470	$585	$527	$224	$158
	Average Net Assets for the Period (in thousands)		$359	$516	$614	$500	$201	$141
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.90%	1.64%	1.50%	1.62%	2.55%	3.21%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.05%	1.04%	1.03%	1.02%	1.06%	1.06%
		Ratio of Net Investment Income/(Loss)	2.02%	1.67%	1.06%	1.50%	1.31%	1.91%
	Portfolio Turnover Rate		8%	60%	86%	37%	88%	42%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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	DECEMBER 31, 2023

Janus Henderson Developed World Bond Fund

Financial Highlights

Class T Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$7.54	$8.59	$9.91	$9.93	$9.68	$9.34
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.09	0.15	0.13	0.17	0.15	0.19
		Net realized and unrealized gain/(loss)	0.31	(0.51)	(1.32)	0.25	0.44	0.58
	Total from Investment Operations		0.40	(0.36)	(1.19)	0.42	0.59	0.77
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.09)	(0.69)	(0.13)	(0.44)	(0.31)	(0.43)
		Distributions (from capital gains)	—	—	—	—	(0.03)	—
	Total Dividends and Distributions		(0.09)	(0.69)	(0.13)	(0.44)	(0.34)	(0.43)
	Net Asset Value, End of Period		$7.85	$7.54	$8.59	$9.91	$9.93	$9.68
	Total Return*		5.31%	(4.22)%	(12.17)%	4.23%	6.17%	8.59%
	Net Assets, End of Period (in thousands)		$30,224	$36,795	$74,856	$118,467	$100,323	$70,554
	Average Net Assets for the Period (in thousands)		$33,193	$57,961	$106,431	$131,360	$106,719	$45,901
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.85%	0.83%	0.78%	0.81%	0.84%	0.91%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.81%	0.82%	0.77%	0.79%	0.83%	0.90%
		Ratio of Net Investment Income/(Loss)	2.29%	1.81%	1.31%	1.74%	1.52%	2.05%
	Portfolio Turnover Rate		8%	60%	86%	37%	88%	42%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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 Developed World Bond Fund

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Henderson Developed World Bond 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 38 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks total return through current income and capital appreciation. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.

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

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

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

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, 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 (the “Distributor”) including, but not limited to,

30 DECEMBER 31, 2023

Janus Henderson Developed World Bond Fund

Notes to Financial Statements (unaudited)

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 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

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Janus Henderson Developed World Bond Fund

Notes to Financial Statements (unaudited)

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 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 the 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.

32 DECEMBER 31, 2023

Janus Henderson Developed World Bond Fund

Notes to Financial Statements (unaudited)

Foreign Currency Translations

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

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

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

Dividends and Distributions

Dividends are declared and distributed monthly for the Fund. Realized capital gains, if any, are declared and distributed in December. 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 period ended December 31, 2023 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

Janus Investment Fund 33

Janus Henderson Developed World Bond Fund

Notes to Financial Statements (unaudited)

securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case. Derivatives can be volatile and may involve significant risks.

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

·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

34 DECEMBER 31, 2023

Janus Henderson Developed World Bond Fund

Notes to Financial Statements (unaudited)

currency exchange rates on foreign portfolio holdings and locking in the U.S. dollar cost of firm purchase and sale commitments for securities denominated in or exposed to foreign currencies. The Fund may also invest in forward currency contracts for non-hedging purposes such as seeking to enhance returns. The Fund is subject to currency risk and counterparty risk in the normal course of pursuing its investment objective through its investments in forward currency contracts.

Forward currency contracts are valued by converting the foreign value to U.S. dollars by using the current spot U.S. dollar exchange rate and/or forward rate for that currency. Exchange and forward rates as of the close of the NYSE are used to value the forward currency contracts. The unrealized appreciation/(depreciation) for forward currency contracts is reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations for the change in unrealized net appreciation/depreciation (if applicable). The realized gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing a forward currency contract is reported on the Statement of Operations (if applicable).

During the period, the Fund entered into forward currency contracts with the obligation to purchase foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.

During the period, the Fund entered into forward currency contracts with the obligation to sell foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.

Futures Contracts

A futures contract is an exchange-traded agreement to take or make delivery of an underlying asset at a specific time in the future for a specific predetermined negotiated price. The Fund may enter into futures contracts to gain exposure to the stock market or other markets pending investment of cash balances or to meet liquidity needs. The Fund is subject to interest rate risk, equity risk, and currency risk in the normal course of pursuing its investment objective through its investments in futures contracts. The Fund may also use such derivative instruments to hedge or protect from adverse movements in securities prices, currency rates or interest rates. The use of futures contracts may involve risks such as the possibility of illiquid markets or imperfect correlation between the values of the contracts and the underlying securities, or that the counterparty will fail to perform its obligations.

Futures contracts are valued at the settlement price on valuation date on the exchange as reported by an approved vendor. Mini contracts, as defined in the description of the contract, shall be valued using the Actual Settlement Price or “ASET” price type as reported by an approved vendor. In the event that foreign futures trade when the foreign equity markets are closed, the last foreign futures trade price shall be used. Futures contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities (if applicable). The change in unrealized net appreciation/depreciation is reported on the Statement of Operations (if applicable). When a contract is closed, a realized gain or loss is reported on the Statement of Operations (if applicable), equal to the difference between the opening and closing value of the contract. Securities held by the Fund that are designated as collateral for market value on futures contracts are noted on the Schedule of Investments (if applicable). Such collateral is in the possession of the Fund’s futures commission merchant.

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

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

Swaps

Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year to exchange one set of cash flows for another. The most significant factor in the performance of swap agreements is the change in value of the specific index, security, or currency, or other factors that determine the amounts of payments due to and from the Fund. The use of swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Swap transactions may in some instances involve the delivery of securities or other underlying assets by the Fund or its counterparty to collateralize obligations under the swap. If the other party to a swap that is not collateralized defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. Swap agreements entail the risk that a party will default on its payment obligations to the Fund. If the other party to a swap

Janus Investment Fund 35

Janus Henderson Developed World Bond Fund

Notes to Financial Statements (unaudited)

defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. If the Fund utilizes a swap at the wrong time or judges market conditions incorrectly, the swap may result in a loss to the Fund and reduce the Fund’s total return.

Swap agreements also bear the risk that the Fund will not be able to meet its obligation to the counterparty. Swap agreements are typically privately negotiated and entered into in the OTC market. However, certain swap agreements are required to be cleared through a clearinghouse and traded on an exchange or swap execution facility. Swaps that are required to be cleared are required to post initial and variation margins in accordance with the exchange requirements. Regulations enacted require the Fund to centrally clear certain interest rate and credit default index swaps through a clearinghouse or central counterparty (“CCP”). To clear a swap with a CCP, the Fund will submit the swap to, and post collateral with, a futures clearing merchant (“FCM”) that is a clearinghouse member. Alternatively, the Fund may enter into a swap with a financial institution other than the FCM (the “Executing Dealer”) and arrange for the swap to be transferred to the FCM for clearing. The Fund may also enter into a swap with the FCM itself. The CCP, the FCM, and the Executing Dealer are all subject to regulatory oversight by the U.S. Commodity Futures Trading Commission (“CFTC”). A default or failure by a CCP or an FCM, or the failure of a swap to be transferred from an Executing Dealer to the FCM for clearing, may expose the Fund to losses, increase its costs, or prevent the Fund from entering or exiting swap positions, accessing collateral, or fully implementing its investment strategies. The regulatory requirement to clear certain swaps could, either temporarily or permanently, reduce the liquidity of cleared swaps or increase the costs of entering into those swaps.

Index swaps, interest rate swaps, inflation swaps and credit default swaps are valued using an approved vendor supplied price. Basket swaps are valued using a broker supplied price. Equity swaps that consist of a single underlying equity are valued either at the closing price, the latest bid price, or the last sale price on the primary market or exchange it trades. The market value of swap contracts are aggregated by positive and negative values and are disclosed separately as an asset or liability on the Fund’s Statement of Assets and Liabilities (if applicable). Realized gains and losses are reported on the Fund’s Statement of Operations (if applicable). The change in unrealized net appreciation or depreciation during the period is included in the Statement of Operations (if applicable).

The Fund’s maximum risk of loss from counterparty risk or credit risk is the discounted value of the payments to be received from/paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to cover the Fund’s exposure to the counterparty.

The Fund may enter into various types of credit default swap agreements, including OTC credit default swap agreements, for investment purposes, to add leverage to its Fund, or to hedge against widening credit spreads on high-yield/high-risk bonds. Credit default swaps are a specific kind of counterparty agreement that allow the transfer of third party credit risk from one party to the other. One party in the swap is a lender and faces credit risk from a third party, and the counterparty in the credit default swap agrees to insure this risk in exchange for regular periodic payments. Credit default swaps could result in losses if the Fund does not correctly evaluate the creditworthiness of the company or companies on which the credit default swap is based. Credit default swap agreements may involve greater risks than if the Fund had invested in the reference obligation directly since, in addition to risks relating to the reference obligation, credit default swaps are subject to illiquidity risk, counterparty risk, and credit risk. The Fund will generally incur a greater degree of risk when it sells a credit default swap than when it purchases a credit default swap. As a buyer of a credit default swap, the Fund may lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. As seller of a credit default swap, if a credit event were to occur, the value of any deliverable obligation received by the Fund, coupled with the upfront or periodic payments previously received, may be less than what it pays to the buyer, resulting in a loss of value to the Fund.

As a buyer of credit protection, the Fund is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation from the counterparty to the contract in the event of a default or other credit event by a third party, such as a U.S. or foreign issuer, on the debt obligation. In return, the Fund as buyer would pay to the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund would have spent the stream of payments and potentially received no benefit from the contract.

If the Fund is the seller of credit protection against a particular security, the Fund would receive an up-front or periodic payment to compensate against potential credit events. As the seller in a credit default swap contract, the Fund would be required to pay the par value (the “notional value”) (or other agreed-upon value) of a referenced debt obligation to

36 DECEMBER 31, 2023

Janus Henderson Developed World Bond Fund

Notes to Financial Statements (unaudited)

the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the debt obligation. In return, the Fund would receive from the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Fund would keep the stream of payments and would have no payment obligations. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional value of the swap. The maximum potential amount of future payments (undiscounted) that the Fund as a seller could be required to make in a credit default transaction would be the notional amount of the agreement.

The Fund may invest in single-name credit default swaps (“CDS”) to buy or sell credit protection to hedge its credit exposure, gain issuer exposure without owning the underlying security, or increase the Fund’s total return. Single-name CDS enable the Fund to buy or sell protection against a credit event of a specific issuer. When the Fund buys a single-name CDS, the Fund will receive a return on its investment only in the event of a credit event, such as default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). If a single-name CDS transaction is particularly large, or if the relevant market is illiquid, it may not be possible for the Fund to initiate a single-name CDS transaction or to liquidate its position at an advantageous time or price, which may result in significant losses. Moreover, the Fund bears the risk of loss of the amount expected to be received under a single-name CDS in the event of the default or bankruptcy of the counterparty. The risks associated with cleared single-name CDS may be lower than that for uncleared single-name CDS because for cleared single-name CDS, the counterparty is a clearinghouse (to the extent such a trading market is available). However, there can be no assurance that a clearinghouse or its members will satisfy their obligations to the Fund.

The Fund may invest in CDXs. A CDX is a swap on an index of credit default swaps. CDXs allow an investor to manage credit risk or take a position on a basket of credit entities (such as credit default swaps or commercial mortgage-backed securities) in a more efficient manner than transacting in a single-name CDS. If a credit event occurs in one of the underlying companies, the protection is paid out via the delivery of the defaulted bond by the buyer of protection in return for a payment of notional value of the defaulted bond by the seller of protection or it may be settled through a cash settlement between the two parties. The underlying company is then removed from the index. If the Fund holds a long position in a CDX, the Fund would indirectly bear its proportionate share of any expenses paid by a CDX. A Fund holding a long position in CDXs typically receives income from principal or interest paid on the underlying securities. By investing in CDXs, the Fund could be exposed to illiquidity risk, counterparty risk, and credit risk of the issuers of the underlying loan obligations and of the CDX markets. If there is a default by the CDX counterparty, the Fund will have contractual remedies pursuant to the agreements related to the transaction. CDXs also bear the risk that the Fund will not be able to meet its obligation to the counterparty.

During the period, the Fund purchased protection via the credit default swap market in order to reduce credit risk exposure to individual corporates, countries and/or credit indices where reducing this exposure via the cash bond market was less attractive.

There were no credit default swaps held at December 31, 2023.

3. Other Investments and Strategies

Market Risk

The Fund may be invested in lower-rated debt securities that have a higher risk of default or loss of value since these securities may be sensitive to economic changes, political changes, or adverse developments specific to the issuer.

The value of the Fund’s portfolio may decrease if the value of one or more issuers in the Fund’s portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund’s portfolio decreases, the Fund’s NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and

Janus Investment Fund 37

Janus Henderson Developed World Bond Fund

Notes to Financial Statements (unaudited)

economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• COVID-19 Pandemic. The effects of COVID-19 have contributed to increased volatility in global financial markets and have affected and may continue to affect certain countries, regions, issuers, industries and market sectors more dramatically than others. These conditions and events could have a significant impact on the Fund and its investments, the Fund’s ability to meet redemption requests, and the processes and operations of the Fund’s service providers, including the Adviser.

• Armed Conflict. Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global economic environment and the markets for certain securities and commodities.

Mortgage- and Asset-Backed Securities

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

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

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

38 DECEMBER 31, 2023

Janus Henderson Developed World Bond Fund

Notes to Financial Statements (unaudited)

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.

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.

Janus Investment Fund 39

Janus Henderson Developed World Bond Fund

Notes to Financial Statements (unaudited)

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 December 31, 2023, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $96,750. Gross amounts of recognized liabilities for securities lending (collateral received) as of December 31, 2023 is $99,500, resulting in the net amount due to the counterparty of $2,750.

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 December 31, 2023” 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	0.55
Next $500 Million	0.50
Above $1.5 Billion	0.45

The Fund’s actual investment advisory fee rate for the reporting period was 0.53% 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

40 DECEMBER 31, 2023

Janus Henderson Developed World Bond Fund

Notes to Financial Statements (unaudited)

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

The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (but excluding out-of-pocket costs), brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.57%. The Adviser has agreed to continue the waivers for at least a one-year period commencing on October 27, 2023. 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 $226,421 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2023. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

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

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

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

During the reporting period, the administrative services fee rate was 0.12%.

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.

Janus Investment Fund 41

Janus Henderson Developed World Bond Fund

Notes to Financial Statements (unaudited)

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 4.75% 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 December 31, 2023, the Distributor retained upfront sales charges of $1,092.

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 December 31, 2023.

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 December 31, 2023, redeeming shareholders of Class C Shares paid CDSCs of $125.

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 December 31, 2023 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 December 31, 2023 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 $196,900 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2023.

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

42 DECEMBER 31, 2023

Janus Henderson Developed World Bond Fund

Notes to Financial Statements (unaudited)

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 December 31, 2023 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

5. Federal Income Tax

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

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

Accumulated capital losses noted below represent net capital loss carryovers, as of June 30, 2023, 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 June 30, 2023
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$(193,724,124)	$(160,680,412)	$ (354,404,536)

Janus Investment Fund 43

Janus Henderson Developed World Bond Fund

Notes to Financial Statements (unaudited)

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2023 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals, straddle deferrals, and investments in partnerships.

Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 1,463,467,292	$23,142,038	$(96,651,740)	$ (73,509,702)

Information on the tax components of derivatives as of December 31, 2023 is as follows:

Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ -	$27,011,335	$ (32,302,527)	$ (5,291,192)

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

44 DECEMBER 31, 2023

Janus Henderson Developed World Bond Fund

Notes to Financial Statements (unaudited)

6. Capital Share Transactions

	Period ended December 31, 2023		Year ended June 30, 2023
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	617,678	$ 4,603,253	1,825,554	$ 14,740,687
Reinvested dividends and distributions	74,582	557,856	652,142	5,051,901
Shares repurchased	(2,578,761)	(19,165,248)	(3,656,662)	(29,898,015)
Net Increase/(Decrease)	(1,886,501)	$ (14,004,139)	(1,178,966)	$ (10,105,427)
Class C Shares:
Shares sold	189,263	$ 1,412,539	215,007	$ 1,727,806
Reinvested dividends and distributions	14,826	110,175	195,316	1,497,608
Shares repurchased	(743,881)	(5,551,064)	(1,288,629)	(10,309,251)
Net Increase/(Decrease)	(539,792)	$ (4,028,350)	(878,306)	$ (7,083,837)
Class D Shares:
Shares sold	682,796	$ 5,080,548	477,478	$ 3,798,154
Reinvested dividends and distributions	39,540	295,764	286,006	2,216,282
Shares repurchased	(706,714)	(5,239,038)	(756,072)	(6,049,801)
Net Increase/(Decrease)	15,622	$ 137,274	7,412	$ (35,365)
Class I Shares:
Shares sold	27,288,711	$ 203,736,926	95,536,255	$ 778,007,707
Reinvested dividends and distributions	1,847,638	13,772,629	15,329,937	118,519,077
Shares repurchased	(51,133,333)	(379,605,416)	(163,752,700)	(1,324,933,832)
Net Increase/(Decrease)	(21,996,984)	$(162,095,861)	(52,886,508)	$ (428,407,048)
Class N Shares:
Shares sold	2,104,549	$ 15,645,375	6,992,628	$ 55,766,678
Reinvested dividends and distributions	198,786	1,481,430	1,243,015	9,607,045
Shares repurchased	(3,631,846)	(27,064,060)	(6,420,382)	(52,193,097)
Net Increase/(Decrease)	(1,328,511)	$ (9,937,255)	1,815,261	$ 13,180,626
Class S Shares:
Shares sold	1,105	$ 8,187	2,505	$ 20,204
Reinvested dividends and distributions	466	3,485	5,451	42,120
Shares repurchased	(29,345)	(213,007)	(13,706)	(112,771)
Net Increase/(Decrease)	(27,774)	$ (201,335)	(5,750)	$ (50,447)
Class T Shares:
Shares sold	269,205	$ 2,001,678	1,829,763	$ 14,844,807
Reinvested dividends and distributions	46,945	350,630	559,121	4,332,015
Shares repurchased	(1,345,833)	(10,077,606)	(6,221,943)	(49,849,879)
Net Increase/(Decrease)	(1,029,683)	$ (7,725,298)	(3,833,059)	$ (30,673,057)

7. Purchases and Sales of Investment Securities

For the period ended December 31, 2023, 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
$105,625,727	$ 271,870,007	$ -	$ -

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Notes to Financial Statements (unaudited)

8. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2023 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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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; and (ii) 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 and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “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.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and 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, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, 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 to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management

Janus Investment Fund 47

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Additional Information(unaudited)

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

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

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract 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 fund 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, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

Asset Allocation Funds

·For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12

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Additional Information(unaudited)

months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Fixed-Income Funds

·For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Global and International Equity Funds

·For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Janus Investment Fund 49

Janus Henderson Developed World Bond Fund

Additional Information(unaudited)

·For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·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 June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

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Janus Henderson Developed World Bond Fund

Additional Information(unaudited)

U.S. Equity Funds

·For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·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 June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.

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Janus Henderson Developed World Bond Fund

Additional Information(unaudited)

·For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.

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

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered 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 referenced its past analyses from 2022, which 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 different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with

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Janus Henderson Developed World Bond Fund

Additional Information(unaudited)

regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:

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 all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

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

·For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, 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 as shown were below the applicable fee limit.

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 average for certain share classes, overall the Fund’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 the Fund’s total expenses were below the peer group average for all share classes.

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

·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 average for certain share classes, 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 as shown were below the applicable fee limit.

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

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

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 average for certain share classes, overall the Fund’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 average for certain share classes, 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 as shown were below the applicable fee limit.

Janus Investment Fund 53

Janus Henderson Developed World Bond Fund

Additional Information(unaudited)

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

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

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

·For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, 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 as shown were 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 average 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 certain share classes, 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 as shown were below the applicable fee limit.

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

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

·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 as shown were below the applicable fee limit.

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

Money Market Funds

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

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

Multi-Asset Funds

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

·For Janus Henderson 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 as shown were below the applicable fee limit.

U.S. Equity Funds

·For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were

54 DECEMBER 31, 2023

Janus Henderson Developed World Bond Fund

Additional Information(unaudited)

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 as shown were 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 all 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, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

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

·For Janus Henderson Forty 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, although this limit did not apply because the Fund’s total expenses as shown were 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 average for certain share classes, 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 as shown were below the applicable fee limit.

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

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

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

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

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

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

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

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

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized

Janus Investment Fund 55

Janus Henderson Developed World Bond Fund

Additional Information(unaudited)

by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser 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 charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

Economies of Scale

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.

With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and 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.

56 DECEMBER 31, 2023

Janus Henderson Developed World Bond Fund

Additional Information(unaudited)

Other Benefits to the Adviser

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

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Janus Henderson Developed World Bond Fund

Useful Information About Your Fund Report (unaudited)

Performance Overviews

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

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

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

Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund’s unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of 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. A company may be allocated to a country based on other factors such as location of the company’s principal office, the location of the principal trading market for the company’s securities, or the country where a majority of the company’s revenues are derived. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by 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.

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.

58 DECEMBER 31, 2023

Janus Henderson Developed World Bond Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

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

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

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

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

Statements of Changes in Net Assets

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

The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund’s investment operations. The Fund’s net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund’s net assets will not be affected.

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

Financial Highlights

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

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

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

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

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

Janus Investment Fund 59

Janus Henderson Developed World Bond Fund

Useful Information About Your Fund Report (unaudited)

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.

60 DECEMBER 31, 2023

Janus Henderson Developed World Bond Fund

Notes

NotesPage1

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 Mutual funds distributed by Janus Henderson Distributors US LLC
	125-24-93077 02-24

	SEMIANNUAL REPORT December 31, 2023
Janus Henderson Flexible Bond Fund
Janus Investment Fund

HIGHLIGHTS

·Investment strategy behind your fund

·Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Flexible Bond Fund

Fund At A Glance and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	22
Statement of Assets and Liabilities	24
Statement of Operations	26
Statements of Changes in Net Assets	28
Financial Highlights	29
Notes to Financial Statements	37
Additional Information	51
Useful Information About Your Fund Report	62

Greg Wilensky co-portfolio manager Michael Keough co-portfolio manager

Important Notice – Tailored Shareholder Reports

Effective January 24, 2023, the Securities and Exchange Commission (the “SEC”) adopted rule and form amendments that require mutual funds and exchange-traded funds to provide shareholders with streamlined annual and semi-annual shareholder reports that highlight key information. Other information, including financial statements, that currently appears in shareholder reports will be made available online, delivered free of charge to shareholders upon request, and filed with the SEC. The first tailored shareholder report for the Fund will be for the reporting period ending June 30, 2024. Currently, management is evaluating the impact of the rule and form amendments on the content of the Fund’s current shareholder reports.

Janus Henderson Flexible Bond Fund (unaudited)

Fund At A Glance

December 31, 2023

Fund Profile
30-day SEC Yield*	Without Reimbursement	With Reimbursement
Class A Shares NAV	4.72%	4.72%
Class A Shares MOP	4.50%	4.50%
Class C Shares**	4.05%	4.05%
Class D Shares	5.01%	5.01%
Class I Shares	5.08%	5.08%
Class N Shares	5.16%	5.16%
Class R Shares	4.38%	4.39%
Class S Shares	4.63%	4.65%
Class T Shares	4.91%	4.91%
Weighted Average Maturity		7.7 Years
Average Effective Duration***		6.3 Years
* Yield will fluctuate.
** Does not include the 1.00% contingent deferred sales charge.
*** A theoretical measure of price volatility.

Ratings† Summary - (% of Total Investments)
AAA	1.6%
AA	44.7%
A	10.7%
BBB	18.7%
BB	1.3%
Not Rated	21.4%
Other	1.6%
† Credit ratings provided by Standard & Poor's (S&P), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality. "Other" includes cash equivalents, equity securities, and certain derivative instruments.

Significant Areas of Investment - (% of Net Assets)

Asset Allocation - (% of Net Assets)
Mortgage-Backed Securities	30.8%
Corporate Bonds	26.9%
Asset-Backed/Commercial Mortgage-Backed Securities	26.7%
United States Treasury Notes/Bonds	13.1%
Investment Companies	8.6%
Investments Purchased with Cash Collateral from Securities Lending	2.0%
Other		(8.1)%
		100.0%

Janus Investment Fund 1

Janus Henderson Flexible Bond Fund (unaudited)

Performance

See important disclosures on the next page.

Average Annual Total Return - for the periods ended December 31, 2023						Prospectus Expense Ratios
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses‡	Net Annual Fund Operating Expenses‡
Class A Shares at NAV	3.83%	5.52%	1.64%	1.69%	5.68%	0.89%	0.70%
Class A Shares at MOP	-1.07%	0.55%	0.65%	1.20%	5.54%
Class C Shares at NAV	3.55%	4.86%	0.98%	1.03%	5.00%	1.53%	1.45%
Class C Shares at CDSC	2.55%	3.86%	0.98%	1.03%	5.00%
Class D Shares	4.01%	5.77%	1.87%	1.94%	5.78%	0.60%	0.57%
Class I Shares	4.06%	5.89%	1.96%	2.01%	5.80%	0.53%	0.45%
Class N Shares	4.07%	5.90%	2.01%	2.08%	5.82%	0.45%	0.45%
Class R Shares	3.68%	5.11%	1.25%	1.33%	5.29%	1.21%	1.20%
Class S Shares	3.81%	5.37%	1.49%	1.58%	5.55%	0.97%	0.95%
Class T Shares	3.84%	5.53%	1.76%	1.83%	5.74%	0.70%	0.70%
Bloomberg U.S. Aggregate Bond Index	3.37%	5.53%	1.10%	1.81%	5.44%**
Morningstar Quartile - Class T Shares	-	4th	2nd	3rd	1st
Morningstar Ranking - based on total returns for Intermediate Core - Plus Bond Funds	-	462/640	175/566	271/482	25/95

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 4.75%. 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.

2 DECEMBER 31, 2023

Janus Henderson Flexible Bond 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 share 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.

© 2023 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.

See “Useful Information About Your Fund Report.”

*The Fund’s inception date – July 7, 1987

** The Bloomberg U.S. Aggregate Bond Index’s since inception returns are calculated from June 30, 1987.

‡ As stated in the prospectus. Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 27, 2023. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees. See Financial Highlights for actual expense ratios during the reporting period.

Janus Investment Fund 3

Janus Henderson Flexible Bond 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 (7/1/23)	Ending Account Value (12/31/23)	Expenses Paid During Period (7/1/23 - 12/31/23)†	Beginning Account Value (7/1/23)	Ending Account Value (12/31/23)	Expenses Paid During Period (7/1/23 - 12/31/23)†	Net Annualized Expense Ratio (7/1/23 - 12/31/23)
Class A Shares		$1,000.00	$1,038.30	$3.64	$1,000.00	$1,021.57	$3.61	0.71%
Class C Shares		$1,000.00	$1,035.50	$7.32	$1,000.00	$1,017.95	$7.25	1.43%
Class D Shares		$1,000.00	$1,040.10	$2.92	$1,000.00	$1,022.27	$2.90	0.57%
Class I Shares		$1,000.00	$1,040.60	$2.36	$1,000.00	$1,022.82	$2.34	0.46%
Class N Shares		$1,000.00	$1,040.70	$2.26	$1,000.00	$1,022.92	$2.24	0.44%
Class R Shares		$1,000.00	$1,036.80	$6.09	$1,000.00	$1,019.15	$6.04	1.19%
Class S Shares		$1,000.00	$1,038.10	$4.87	$1,000.00	$1,020.36	$4.82	0.95%
Class T Shares		$1,000.00	$1,038.40	$3.48	$1,000.00	$1,021.72	$3.46	0.68%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/366 (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.

4 DECEMBER 31, 2023

Janus Henderson Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– 26.7%
	208 Park Avenue Mortgage Trust 2017-280P,
	CME Term SOFR 1 Month + 1.1800%, 6.5380%, 9/15/34 (144A)‡	$4,050,930	$3,897,535
	A&D Mortgage Trust 2023-NQM2 A1, 6.1320%, 5/25/68 (144A)Ç	4,975,339	4,951,698
	A&D Mortgage Trust 2023-NQM4 A1, 7.4720%, 9/25/68 (144A)Ç	4,442,755	4,514,451
	A&D Mortgage Trust 2023-NQM5 A1, 7.0490%, 11/25/68 (144A)Ç	2,161,045	2,180,814
	ACC Auto Trust 2022-A A, 4.5800%, 7/15/26 (144A)	690,911	686,773
	Aimco 2020-11A AR,
	CME Term SOFR 3 Month + 1.3916%, 6.7944%, 10/17/34 (144A)‡	1,763,000	1,761,709
	Angel Oak Mortgage Trust I LLC 2019-5, 2.5930%, 10/25/49 (144A)‡	424,884	409,018
	Angel Oak Mortgage Trust I LLC 2019-6,
	Refinitiv USD IBOR Consumer Cash Fallbacks 1 Year + 0.9500%, 2.6200%, 11/25/59 (144A)‡	382,421	367,994
	Angel Oak Mortgage Trust I LLC 2020-2,
	Refinitiv USD IBOR Consumer Cash Fallbacks 1 Year + 2.2000%, 2.5310%, 1/26/65 (144A)‡	1,248,284	1,125,694
	Angel Oak Mortgage Trust I LLC 2020-3,
	Refinitiv USD IBOR Consumer Cash Fallbacks 1 Year + 1.0000%, 2.4100%, 4/25/65 (144A)‡	965,676	888,366
	Aqua Finance Trust 2021-A A, 1.5400%, 7/17/46 (144A)	1,598,749	1,427,829
	ARES CLO Ltd 2021-60A A,
	CME Term SOFR 3 Month + 1.3816%, 6.6915%, 7/18/34 (144A)‡	1,486,000	1,484,434
	Arivo Acceptance Auto Loan Receivables 2022-1A A, 3.9300%, 5/15/28 (144A)	1,064,730	1,043,590
	Atalaya Equipment Leasing Fund I LP 2021-1A A2, 1.2300%, 5/15/26 (144A)	612,781	607,064
	Babson CLO Ltd 2018-3A A1,
	CME Term SOFR 3 Month + 1.2116%, 6.6274%, 7/20/29 (144A)‡	1,405,197	1,404,919
	Babson CLO Ltd 2019-3A A1R,
	CME Term SOFR 3 Month + 1.3316%, 6.7474%, 4/20/31 (144A)‡	6,351,000	6,350,987
	Barclays Commercial Mortgage Securities LLC 2015-SRCH,
	4.1970%, 8/10/35 (144A)	9,721,000	8,890,216
	BPR Trust 2022-OANA A,
	CME Term SOFR 1 Month + 1.8980%, 7.2598%, 4/15/37 (144A)‡	11,487,000	11,299,291
	BPR Trust 2023-BRK2 A, 6.8990%, 11/5/28 (144A)‡	6,286,000	6,582,196
	BX Commercial Mortgage Trust 2019-MMP C,
	CME Term SOFR 1 Month + 1.4940%, 6.8560%, 8/15/36 (144A)‡	1,454,720	1,411,463
	BX Commercial Mortgage Trust 2019-OC11, 3.6050%, 12/9/41 (144A)	2,160,000	1,929,777
	BX Commercial Mortgage Trust 2019-OC11, 3.8560%, 12/9/41 (144A)	4,295,000	3,822,572
	BX Commercial Mortgage Trust 2019-XL,
	CME Term SOFR 1 Month + 1.0345%, 6.3963%, 10/15/36 (144A)‡	4,228,087	4,217,184
	BX Commercial Mortgage Trust 2019-XL,
	CME Term SOFR 1 Month + 1.1945%, 6.5563%, 10/15/36 (144A)‡	2,552,550	2,540,389
	BX Commercial Mortgage Trust 2020-VKNG A,
	CME Term SOFR 1 Month + 1.0445%, 6.4063%, 10/15/37 (144A)‡	1,032,857	1,024,705
	BX Commercial Mortgage Trust 2021-LBA AJV,
	CME Term SOFR 1 Month + 0.9145%, 6.2765%, 2/15/36 (144A)‡	5,348,000	5,259,062
	BX Commercial Mortgage Trust 2021-LBA AV,
	CME Term SOFR 1 Month + 0.9145%, 6.2765%, 2/15/36 (144A)‡	4,808,914	4,729,196
	BX Commercial Mortgage Trust 2021-VINO A,
	CME Term SOFR 1 Month + 0.7668%, 6.1288%, 5/15/38 (144A)‡	1,113,335	1,095,143
	BX Commercial Mortgage Trust 2021-VOLT B,
	CME Term SOFR 1 Month + 1.0645%, 6.4263%, 9/15/36 (144A)‡	6,188,000	6,027,963
	BX Commercial Mortgage Trust 2021-VOLT D,
	CME Term SOFR 1 Month + 1.7645%, 7.1263%, 9/15/36 (144A)‡	6,499,000	6,247,271
	BX Commercial Mortgage Trust 2022-FOX2 A2,
	CME Term SOFR 1 Month + 0.7492%, 6.1110%, 4/15/39 (144A)‡	5,198,888	5,050,750
	BX Commercial Mortgage Trust 2023-VLT2 A,
	CME Term SOFR 1 Month + 2.2810%, 7.6428%, 6/15/40 (144A)‡	1,109,000	1,106,311
	BX Commercial Mortgage Trust 2023-VLT2 B,
	CME Term SOFR 1 Month + 3.1290%, 8.4908%, 6/15/40 (144A)‡	2,466,000	2,460,623
	BX Commercial Mortgage Trust 2023-VLT3 A,
	CME Term SOFR 1 Month + 1.9400%, 7.3018%, 11/15/28 (144A)‡	5,526,864	5,520,792

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	5

Janus Henderson Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	BX Commercial Mortgage Trust 2023-VLT3 B,
	CME Term SOFR 1 Month + 2.6890%, 8.0508%, 11/15/28 (144A)‡	$4,740,391	$4,733,631
	CBAM CLO Management 2019-11RA A1,
	CME Term SOFR 3 Month + 1.4416%, 6.8574%, 1/20/35 (144A)‡	7,300,000	7,281,728
	CBAM CLO Management 2019-11RA B,
	CME Term SOFR 3 Month + 2.0116%, 7.4274%, 1/20/35 (144A)‡	2,775,193	2,758,536
	Cedar Funding Ltd 2019-11A A1R,
	CME Term SOFR 3 Month + 1.3116%, 6.7048%, 5/29/32 (144A)‡	5,305,000	5,279,642
	CENT Trust 2023-CITY A,
	CME Term SOFR 1 Month + 2.6200%, 7.9818%, 9/15/38 (144A)‡	6,425,000	6,458,217
	CF Hippolyta Issuer LLC 2021-1A A1, 1.5300%, 3/15/61 (144A)	7,105,112	6,354,706
	CF Hippolyta Issuer LLC 2021-1A B1, 1.9800%, 3/15/61 (144A)	2,608,695	2,238,256
	CF Hippolyta Issuer LLC 2022-1A A1, 5.9700%, 8/15/62 (144A)	6,581,951	6,549,491
	CF Hippolyta Issuer LLC 2022-1A A2, 6.1100%, 8/15/62 (144A)	15,903,775	15,563,603
	Chase Auto Credit Linked Notes 2021-2 B, 0.8890%, 12/26/28 (144A)	1,022,599	997,498
	Chase Mortgage Finance Corp 2021-CL1 M1,
	US 30 Day Average SOFR + 1.2000%, 6.5374%, 2/25/50 (144A)‡	2,983,089	2,880,638
	CIFC Funding Ltd 2021-4A A,
	CME Term SOFR 3 Month + 1.3116%, 6.7055%, 7/15/33 (144A)‡	5,567,595	5,567,456
	CIFC Funding Ltd 2021-7A B,
	CME Term SOFR 3 Month + 1.8616%, 7.2735%, 1/23/35 (144A)‡	2,232,376	2,216,912
	CIM Trust 2021-NR1 A1, 2.5690%, 7/25/55 (144A)Ç	2,401,221	2,351,302
	CIM Trust 2021-NR4 A1, 2.8160%, 10/25/61 (144A)Ç	1,255,766	1,183,114
	Cold Storage Trust 2020-ICE5 A,
	CME Term SOFR 1 Month + 1.0145%, 6.3719%, 11/15/37 (144A)‡	10,993,766	10,923,859
	Cold Storage Trust 2020-ICE5 B,
	CME Term SOFR 1 Month + 1.4145%, 6.7719%, 11/15/37 (144A)‡	4,888,412	4,829,811
	Cold Storage Trust 2020-ICE5 C,
	CME Term SOFR 1 Month + 1.7645%, 7.1219%, 11/15/37 (144A)‡	4,906,106	4,846,584
	COLT Funding LLC 2020-2,
	Refinitiv USD IBOR Consumer Cash Fallbacks 1 Year + 1.5000%, 1.8530%, 3/25/65 (144A)‡	17,836	17,661
	COLT Funding LLC 2020-3,
	Refinitiv USD IBOR Consumer Cash Fallbacks 1 Year + 1.2000%, 1.5060%, 4/27/65 (144A)‡	310,669	286,278
	Connecticut Avenue Securities Trust 2018-R07,
	US 30 Day Average SOFR + 2.5145%, 7.8519%, 4/25/31 (144A)‡	39,019	39,043
	Connecticut Avenue Securities Trust 2019-R07,
	US 30 Day Average SOFR + 2.2145%, 7.5519%, 10/25/39 (144A)‡	8,343	8,347
	Connecticut Avenue Securities Trust 2021-R02 2M2,
	US 30 Day Average SOFR + 2.0000%, 7.3374%, 11/25/41 (144A)‡	8,533,255	8,451,935
	Connecticut Avenue Securities Trust 2021-R03 1M1,
	US 30 Day Average SOFR + 0.8500%, 6.1874%, 12/25/41 (144A)‡	1,907,306	1,895,533
	Connecticut Avenue Securities Trust 2021-R03 1M2,
	US 30 Day Average SOFR + 1.6500%, 6.9874%, 12/25/41 (144A)‡	3,943,000	3,862,888
	Connecticut Avenue Securities Trust 2022-R01 1B1,
	US 30 Day Average SOFR + 3.1500%, 8.4874%, 12/25/41 (144A)‡	6,109,000	6,172,335
	Connecticut Avenue Securities Trust 2022-R03 1M1,
	US 30 Day Average SOFR + 2.1000%, 7.4374%, 3/25/42 (144A)‡	6,318,659	6,390,655
	Connecticut Avenue Securities Trust 2022-R04 1M1,
	US 30 Day Average SOFR + 2.0000%, 7.3374%, 3/25/42 (144A)‡	2,702,819	2,727,566
	Connecticut Avenue Securities Trust 2022-R05 2M1,
	US 30 Day Average SOFR + 1.9000%, 7.2374%, 4/25/42 (144A)‡	457,592	459,081
	Connecticut Avenue Securities Trust 2023-R01 1M1,
	US 30 Day Average SOFR + 2.4000%, 7.7374%, 12/25/42 (144A)‡	2,588,166	2,629,290
	Connecticut Avenue Securities Trust 2023-R03 2M1,
	US 30 Day Average SOFR + 2.5000%, 7.8374%, 4/25/43 (144A)‡	3,582,539	3,582,500
	Connecticut Avenue Securities Trust 2023-R06 1M1,
	US 30 Day Average SOFR + 1.7000%, 7.0374%, 7/25/43 (144A)‡	3,908,317	3,908,284

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
6	DECEMBER 31, 2023

Janus Henderson Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	Connecticut Avenue Securities Trust 2023-R07 2M1,
	US 30 Day Average SOFR + 1.9500%, 7.2874%, 9/25/43 (144A)‡	$1,743,708	$1,743,694
	Connecticut Avenue Securities Trust 2023-R08 1M1,
	US 30 Day Average SOFR + 1.5000%, 6.8374%, 10/25/43 (144A)‡	3,482,389	3,482,365
	CP EF Asset Securitization I LLC 2002-1A A, 5.9600%, 4/15/30 (144A)	1,517,380	1,508,424
	CPF IV LLC / CP EF Asset Securitization LLC 2023-1A A,
	7.4800%, 3/15/32 (144A)	3,372,945	3,385,427
	CRB Securitization Trust 2023-1 A, 6.9600%, 10/20/33 (144A)	1,465,724	1,474,728
	Credit Suisse Commercial Mortgage Trust 2019-ICE4,
	CME Term SOFR 1 Month + 1.0270%, 6.3890%, 5/15/36 (144A)‡	9,165,198	9,151,652
	Credit Suisse Commercial Mortgage Trust 2019-ICE4 C,
	CME Term SOFR 1 Month + 1.4770%, 6.8390%, 5/15/36 (144A)‡	5,155,175	5,139,726
	Credit Suisse Commercial Mortgage Trust 2021-WEHO A,
	CME Term SOFR 1 Month + 4.0838%, 9.4458%, 4/15/26 (144A)‡	4,651,023	4,573,391
	CyrusOne Data Centers Issuer I LLC 2023-2A A2, 5.5600%, 11/20/48 (144A)	6,288,000	6,005,299
	DBCCRE Mortgage Trust 2014-ARCP D, 4.9345%, 1/10/34 (144A)‡	706,000	699,669
	DBCCRE Mortgage Trust 2014-ARCP E, 4.9345%, 1/10/34 (144A)‡	3,283,000	3,241,961
	DBCCRE Mortgage Trust 2014-ARCP F, 4.9345%, 1/10/34 (144A)‡	602,000	592,712
	DC Commercial Mortgage Trust 2023-DC A, 6.3143%, 9/12/40 (144A)	5,277,000	5,428,937
	DC Commercial Mortgage Trust 2023-DC B, 6.8043%, 9/12/40 (144A)	5,000,717	5,117,500
	Diamond Infrastructure Funding LLC 2021-1A A, 1.7600%, 4/15/49 (144A)	7,083,000	6,287,117
	Elmwood CLO VIII Ltd 2019-2A AR,
	CME Term SOFR 3 Month + 1.4116%, 6.8274%, 4/20/34 (144A)‡	2,239,000	2,238,868
	Exeter Automobile Receivables Trust 2021-1A D, 1.0800%, 11/16/26	3,626,000	3,506,890
	Fannie Mae REMICS, 3.0000%, 5/25/48	4,515,624	3,984,710
	Fannie Mae REMICS, 3.0000%, 11/25/49	5,795,026	5,119,543
	Flagstar Mortgage Trust 2021-13IN A2, 3.0000%, 12/30/51 (144A)‡	13,394,866	11,401,471
	Freddie Mac - SLST 2020-2 M1, 4.7500%, 9/25/60 (144A)‡	1,583,148	1,526,731
	Freddie Mac Structured Agency Credit Risk Debt Notes 2019-DNA4 M2,
	US 30 Day Average SOFR + 2.0645%, 7.4019%, 10/25/49 (144A)‡	9,695	9,702
	Freddie Mac Structured Agency Credit Risk Debt Notes 2020-DNA6 M2,
	US 30 Day Average SOFR + 2.0000%, 7.3374%, 12/25/50 (144A)‡	3,890,702	3,943,878
	Freddie Mac Structured Agency Credit Risk Debt Notes 2020-HQA5 M2,
	US 30 Day Average SOFR + 2.6000%, 7.9374%, 11/25/50 (144A)‡	4,261,844	4,337,355
	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA2 M2,
	US 30 Day Average SOFR + 2.3000%, 7.6374%, 8/25/33 (144A)‡	5,614,523	5,651,335
	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA6 M1,
	US 30 Day Average SOFR + 0.8000%, 6.1374%, 10/25/41 (144A)‡	2,529,079	2,518,684
	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-HQA1 M2,
	US 30 Day Average SOFR + 2.2500%, 7.5874%, 8/25/33 (144A)‡	3,922,335	3,911,178
	Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA6 M1A,
	US 30 Day Average SOFR + 2.1500%, 7.4874%, 9/25/42 (144A)‡	770,576	777,128
	Freddie Mac Structured Agency Credit Risk Debt Notes 2022-HQA1 M1A,
	US 30 Day Average SOFR + 2.1000%, 7.4374%, 3/25/42 (144A)‡	7,015,473	7,058,050
	Freddie Mac Structured Agency Credit Risk Debt Notes 2023-DNA2 M1A,
	US 30 Day Average SOFR + 2.1000%, 7.4374%, 4/25/43 (144A)‡	1,909,171	1,909,150
	Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA2 M1A,
	US 30 Day Average SOFR + 2.0000%, 7.3374%, 6/25/43 (144A)‡	471,559	474,702
	Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA3 A1,
	US 30 Day Average SOFR + 1.8500%, 7.1874%, 11/25/43 (144A)‡	1,778,181	1,787,260
	Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA3 M1,
	US 30 Day Average SOFR + 1.8500%, 7.1874%, 11/25/43 (144A)‡	3,061,306	3,061,277
	GCAT 2022-INV1 A1, 3.0000%, 12/25/51 (144A)‡	14,283,337	12,139,822
	GCAT 2023-INV1 A1, 6.0000%, 8/25/53 (144A)‡	6,943,219	6,963,216
	Great Wolf Trust,
	CME Term SOFR 1 Month + 1.1485%, 6.7105%, 12/15/36 (144A)‡	2,050,000	2,039,725
	Great Wolf Trust,
	CME Term SOFR 1 Month + 1.4485%, 7.0105%, 12/15/36 (144A)‡	2,296,000	2,285,219
	Great Wolf Trust,
	CME Term SOFR 1 Month + 1.7475%, 7.3095%, 12/15/36 (144A)‡	2,558,000	2,539,349

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	7

Janus Henderson Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	Highbridge Loan Management Ltd 2021-16A B,
	CME Term SOFR 3 Month + 1.9616%, 7.3735%, 1/23/35 (144A)‡	$2,113,425	$2,104,289
	Hudson Bay Simon JV Trust 2015-HB7 A7, 3.9141%, 8/5/34 (144A)	1,949,025	1,750,389
	Imerial Fund LLC 2023-NQM1 A1, 5.9410%, 2/25/68 (144A)Ç	3,375,601	3,347,374
	JP Morgan Chase Commercial Mortgage Sec Trust 2020-ACE A,
	3.2865%, 1/10/37 (144A)	6,185,000	5,935,199
	JP Morgan Chase Commercial Mortgage Sec Trust 2020-ACE B,
	3.6401%, 1/10/37 (144A)	4,370,000	4,133,913
	LAD Auto Receivables Trust 2021-1A A, 1.3000%, 8/17/26 (144A)	686,995	678,361
	LAD Auto Receivables Trust 2022-1A A, 5.2100%, 6/15/27 (144A)	2,787,687	2,773,599
	Lendbuzz Securitization Trust 2021-1A A, 4.2200%, 5/17/27 (144A)‡	2,892,811	2,820,263
	Lendbuzz Securitization Trust 2023-1A A2, 6.9200%, 8/15/28 (144A)	2,265,201	2,271,594
	Life Financial Services Trust 2021-BMR A,
	CME Term SOFR 1 Month + 0.8145%, 6.1765%, 3/15/38 (144A)‡	11,607,894	11,355,757
	Life Financial Services Trust 2021-BMR C,
	CME Term SOFR 1 Month + 1.2145%, 6.5765%, 3/15/38 (144A)‡	6,486,620	6,284,194
	Life Financial Services Trust 2022-BMR2 A1,
	CME Term SOFR 1 Month + 1.2952%, 6.6571%, 5/15/39 (144A)‡	6,610,000	6,470,545
	M&T Equipment Notes 2023-1A A2, 6.0900%, 7/15/30 (144A)	2,784,000	2,790,071
	M&T Equipment Notes 2023-1A A3, 5.7400%, 7/15/30 (144A)	1,594,000	1,601,376
	Madison Park Funding Ltd 2019-35A A1R,
	CME Term SOFR 3 Month + 1.2516%, 6.6674%, 4/20/32 (144A)‡	7,174,000	7,169,000
	Marlette Funding Trust 2023-2A B, 6.5400%, 6/15/33 (144A)	1,710,000	1,725,976
	MED Trust 2021-MDLN E,
	CME Term SOFR 1 Month + 3.2645%, 8.6265%, 11/15/38 (144A)‡	8,277,275	8,017,485
	Mello Mortgage Capital Acceptance Trust 2021-INV2 A11,
	US 30 Day Average SOFR + 0.9500%, 5.0000%, 8/25/51 (144A)‡	4,165,852	3,859,932
	Mello Mortgage Capital Acceptance Trust 2021-INV3 A11,
	US 30 Day Average SOFR + 0.9500%, 5.0000%, 10/25/51 (144A)‡	5,237,206	4,852,957
	Mello Mortgage Capital Acceptance Trust 2021-INV4 A3,
	2.5000%, 12/25/51 (144A)‡	3,981,879	3,258,460
	Mello Mortgage Capital Acceptance Trust 2022-INV1 A2,
	3.0000%, 3/25/52 (144A)‡	9,903,966	8,430,071
	Mercury Financial Credit Card Master Trust 2023-1A A,
	8.0400%, 9/20/27 (144A)	4,532,000	4,535,287
	MHC Commercial Mortgage Trust 2021-MHC A,
	CME Term SOFR 1 Month + 0.9154%, 6.2774%, 4/15/38 (144A)‡	9,670,803	9,560,740
	MHC Commercial Mortgage Trust 2021-MHC C,
	CME Term SOFR 1 Month + 1.4654%, 6.8274%, 4/15/38 (144A)‡	5,459,149	5,377,452
	NCMF Trust 2022-MFP A,
	CME Term SOFR 1 Month + 1.7420%, 7.1038%, 3/15/39 (144A)‡	3,015,000	2,983,493
	New Residential Mortgage Loan Trust 2018-2,
	Refinitiv USD IBOR Consumer Cash Fallbacks 6 Months + 0.6800%, 4.5000%, 2/25/58 (144A)‡	1,858,040	1,803,352
	NRZ Excess Spread Collateralized Notes 2020-PLS1 A,
	3.8440%, 12/25/25 (144A)	945,760	897,922
	NRZ Excess Spread Collateralized Notes 2021-FHT1 A, 3.1040%, 7/25/26 (144A)	2,138,484	1,976,589
	Oak Street Investment Grade Net Lease Fund 2020-1A A1,
	1.8500%, 11/20/50 (144A)	4,629,290	4,225,242
	Oasis Securitization 2022-1A A, 4.7500%, 5/15/34 (144A)	689,777	687,591
	Oceanview Mortgage Trust 2021-4 A11,
	US 30 Day Average SOFR + 0.8500%, 5.0000%, 10/25/51 (144A)‡	5,722,582	5,291,983
	Oceanview Mortgage Trust 2021-5 AF,
	US 30 Day Average SOFR + 0.8500%, 5.0000%, 11/25/51 (144A)‡	5,541,953	5,117,218
	Oceanview Mortgage Trust 2022-1 A1, 3.0000%, 12/25/51 (144A)‡	5,780,133	4,919,946
	Oceanview Mortgage Trust 2022-2 A1, 3.0000%, 12/25/51 (144A)‡	11,292,940	9,612,368
	Onslow Bay Financial LLC 2021-INV3 A3, 2.5000%, 10/25/51 (144A)‡	4,463,290	3,652,920
	Onslow Bay Financial LLC 2022-INV1 A1, 3.0000%, 12/25/51 (144A)‡	11,310,535	9,627,344
	Onslow Bay Financial LLC 2022-INV1 A18, 3.0000%, 12/25/51 (144A)‡	4,796,042	3,971,683

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
8	DECEMBER 31, 2023

Janus Henderson Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	OPEN Trust 2023-AIR A,
	CME Term SOFR 1 Month + 3.0891%, 8.4509%, 10/15/28 (144A)‡	$4,078,640	$4,108,754
	OPEN Trust 2023-AIR C,
	CME Term SOFR 1 Month + 5.2359%, 10.5977%, 10/15/28 (144A)‡	1,530,668	1,537,128
	Pagaya AI Debt Selection Trust 2022-1 A, 2.0300%, 10/15/29 (144A)	990,637	975,520
	Preston Ridge Partners Mortgage Trust 2020-4 A1, 5.9510%, 10/25/25 (144A)Ç	2,767,179	2,708,363
	Preston Ridge Partners Mortgage Trust 2021-10 A1, 2.4870%, 10/25/26 (144A)Ç	5,079,157	4,794,121
	Preston Ridge Partners Mortgage Trust 2021-9 A1, 2.3630%, 10/25/26 (144A)Ç	9,714,362	9,173,457
	Preston Ridge Partners Mortgage Trust 2021-RPL2 A1,
	1.4550%, 10/25/51 (144A)‡	5,956,820	5,344,870
	Preston Ridge Partners Mortgage Trust 2022-2 A1, 5.0000%, 3/25/27 (144A)Ç	6,869,540	6,688,910
	Pretium Mortgage Credit Partners LLC 2023-RN1 A1, 8.2321%, 9/25/53 (144A)Ç	7,422,694	7,573,271
	Provident Funding Mortgage Trust 2021-INV1 A1, 2.5000%, 8/25/51 (144A)‡	4,780,414	3,912,603
	Rad CLO Ltd 2023-21A A,
	CME Term SOFR 3 Month + 1.5900%, 0%, 1/25/33 (144A)‡	3,917,677	3,915,691
	Regatta XXIII Funding Ltd 2021-4A B,
	CME Term SOFR 3 Month + 1.9616%, 7.3774%, 1/20/35 (144A)‡	2,192,711	2,192,560
	Saluda Grade Alternative Mortgage Trust 2023-FIG3 A,
	7.0670%, 8/25/53 (144A)‡	7,412,501	7,573,449
	Saluda Grade Alternative Mortgage Trust 2023-FIG4 A,
	6.7180%, 11/25/53 (144A)‡	4,680,000	4,679,968
	Saluda Grade Alternative Mortgage Trust 2023-SEQ3 A1,
	Prime Rate by Country United States + 2.3000%, 7.1620%, 6/1/53 (144A)‡	2,055,381	2,076,926
	Santander Bank Auto Credit-Linked Notes 2021-1A B, 1.8330%, 12/15/31 (144A)	545,554	531,249
	Santander Bank Auto Credit-Linked Notes 2022-A B, 5.2810%, 5/15/32 (144A)	3,170,331	3,143,698
	Sequoia Mortgage Trust 2013-5, 2.5000%, 5/25/43 (144A)‡	520,927	450,202
	Sequoia Mortgage Trust 2020-2, 3.5000%, 3/25/50 (144A)‡	417,187	362,589
	Signal Peak CLO LLC 2022-12A A1, 6.8910%, 7/10/28‡	9,142,000	9,557,163
	SMRT 2022-MINI A, CME Term SOFR 1 Month + 1.0000%, 6.3620%, 1/15/39 (144A)‡	3,548,000	3,472,834
	Sound Point CLO Ltd 2019-1A AR,
	CME Term SOFR 3 Month + 1.3416%, 6.7574%, 1/20/32 (144A)‡	6,462,000	6,398,278
	Spruce Hill Mortgage Loan Trust 2020-SH1 A1,
	Refinitiv USD IBOR Consumer Cash Fallbacks 1 Year + 0.9500%, 2.5210%, 1/28/50 (144A)‡	11,242	11,153
	Spruce Hill Mortgage Loan Trust 2020-SH1 A2,
	Refinitiv USD IBOR Consumer Cash Fallbacks 1 Year + 1.0500%, 2.6240%, 1/28/50 (144A)‡	50,182	49,788
	SREIT Trust 2021-MFP A,
	CME Term SOFR 1 Month + 0.8453%, 6.2071%, 11/15/38 (144A)‡	780,800	767,632
	Tesla Auto Lease Trust 2021-B B, 0.9100%, 9/22/25 (144A)	1,705,000	1,662,088
	THE 2023-MIC Trust 2023-MIC A, 8.4366%, 12/5/38 (144A)‡	4,402,712	4,634,413
	Towd Point Mortgage Trust 2023-CES1 A1A, 6.7500%, 7/25/63 (144A)‡	2,030,288	2,051,299
	Towd Point Mortgage Trust 2023-CES2 A1A, 7.2940%, 10/25/63 (144A)‡	2,772,681	2,831,283
	TYSN 2023-CRNR Mortgage Trust 2023-CRNR A, 6.7990%, 12/10/33 (144A)‡	6,674,443	6,919,890
	UNIFY Auto Receivables Trust 2021-1A A4, 0.9800%, 7/15/26 (144A)	2,633,389	2,586,137
	United Wholesale Mortgage LLC 2021-INV1 A9,
	US 30 Day Average SOFR + 0.9000%, 5.0000%, 8/25/51 (144A)‡	4,961,059	4,583,853
	United Wholesale Mortgage LLC 2021-INV4 A3, 2.5000%, 12/25/51 (144A)‡	3,043,517	2,494,031
	Upstart Securitization Trust 2021-5 A, 1.3100%, 11/20/31 (144A)	260,117	258,038
	Upstart Securitization Trust 2022-1 A, 3.1200%, 3/20/32 (144A)	2,179,141	2,154,297
	Upstart Securitization Trust 2022-2 A, 4.3700%, 5/20/32 (144A)	2,220,642	2,210,750
	Vantage Data Centers LLC 2020-1A A2, 1.6450%, 9/15/45 (144A)	6,324,000	5,851,443
	Vantage Data Centers LLC 2020-2A A2, 1.9920%, 9/15/45 (144A)	4,083,000	3,538,698
	VASA Trust 2021-VASA A,
	CME Term SOFR 1 Month + 1.0145%, 6.3765%, 7/15/39 (144A)‡	3,768,000	3,344,841
	VCAT Asset Securitization LLC 2021-NPL1 A1, 2.2891%, 12/26/50 (144A)	518,809	510,873
	VMC Finance LLC 2021-HT1 A,
	CME Term SOFR 1 Month + 1.7645%, 7.1227%, 1/18/37 (144A)‡	3,880,788	3,803,203

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

Janus Henderson Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	Wells Fargo Commercial Mortgage Trust 2021-SAVE A,
	CME Term SOFR 1 Month + 1.2645%, 6.6265%, 2/15/40 (144A)‡	$1,200,838	$1,165,355
	Westgate Resorts 2022-1A A, 1.7880%, 8/20/36 (144A)	1,345,912	1,283,204
	Westlake Automobile Receivable Trust 2020-1A D, 2.8000%, 6/16/25 (144A)	648,009	646,174
	Woodward Capital Management 2021-3 A21,
	US 30 Day Average SOFR + 0.8000%, 5.0000%, 7/25/51 (144A)‡	3,984,618	3,651,466
	Woodward Capital Management 2023-CES1 A1A, 6.5150%, 6/25/43 (144A)‡	3,895,476	3,934,804
	Woodward Capital Management 2023-CES2 A1A, 6.8080%, 9/25/43 (144A)‡	7,169,243	7,271,534
	Woodward Capital Management 2023-CES3 A1A, 7.1130%, 11/25/43 (144A)	9,875,210	10,161,935
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $753,178,480)			728,203,725
Corporate Bonds– 26.9%
Banking – 7.8%
	American Express Co, SOFR + 1.8350%, 5.0430%, 5/1/34‡	6,687,000	6,675,363
	Bank of America Corp, SOFR + 1.9900%, 6.2040%, 11/10/28‡	2,498,000	2,605,766
	Bank of America Corp, SOFR + 1.5700%, 5.8190%, 9/15/29‡	13,736,000	14,179,314
	Bank of America Corp, SOFR + 1.8400%, 5.8720%, 9/15/34‡	13,116,000	13,729,438
	Bank of America Corp, CME Term SOFR 3 Month + 3.9666%, 6.2500%‡,µ	8,517,000	8,438,553
	Bank of New York Mellon Corp/The, SOFR + 1.0260%, 4.9470%, 4/26/27‡	4,155,000	4,156,236
	Bank of New York Mellon Corp/The, SOFR + 2.0740%, 5.8340%, 10/25/33‡	1,350,000	1,431,217
	Bank of New York Mellon Corp/The, SOFR + 1.5980%, 6.3170%, 10/25/29‡	3,218,000	3,418,127
	Bank of New York Mellon Corp/The, SOFR + 1.8450%, 6.4740%, 10/25/34‡	6,616,000	7,328,441
	Bank of Montreal,
	US Treasury Yield Curve Rate 5 Year + 1.4000%, 3.0880%, 1/10/37‡	7,434,000	5,995,756
	BNP Paribas SA, SOFR + 1.2280%, 2.5910%, 1/20/28 (144A)‡	4,430,000	4,097,959
	Capital One Financial Corp, SOFR + 2.6400%, 6.3120%, 6/8/29‡	3,040,000	3,118,766
	Capital One Financial Corp, SOFR + 3.0700%, 7.6240%, 10/30/31‡	3,328,000	3,657,094
	Citigroup Inc, CME Term SOFR 3 Month + 4.1666%, 5.9500%‡,µ	4,099,000	4,012,132
	Citigroup Inc, CME Term SOFR 3 Month + 3.6846%, 6.3000%‡,µ	916,000	903,206
	Fifth Third Bancorp, SOFR + 2.3400%, 6.3390%, 7/27/29‡	4,463,000	4,646,781
	JPMorgan Chase & Co, SOFR + 1.4500%, 5.2990%, 7/24/29‡	9,544,000	9,684,402
	JPMorgan Chase & Co, SOFR + 1.5700%, 6.0870%, 10/23/29‡	6,760,000	7,107,551
	JPMorgan Chase & Co, SOFR + 1.8450%, 5.3500%, 6/1/34‡	4,297,000	4,358,165
	JPMorgan Chase & Co, SOFR + 1.8100%, 6.2540%, 10/23/34‡	8,150,000	8,834,495
	JPMorgan Chase & Co, CME Term SOFR 3 Month + 3.3800%, 5.0000%‡,µ	3,293,000	3,232,954
	Mitsubishi UFJ Financial Group Inc,
	US Treasury Yield Curve Rate 1 Year + 1.7000%, 4.7880%, 7/18/25‡	4,681,000	4,658,867
	Morgan Stanley, SOFR + 1.9900%, 2.1880%, 4/28/26‡	11,145,000	10,706,496
	Morgan Stanley, SOFR + 1.2950%, 5.0500%, 1/28/27‡	1,965,000	1,966,897
	Morgan Stanley, SOFR + 0.8790%, 1.5930%, 5/4/27‡	4,849,000	4,467,807
	Morgan Stanley, CME Term SOFR 3 Month + 1.4016%, 3.7720%, 1/24/29‡	691,000	658,994
	Morgan Stanley, SOFR + 1.7300%, 5.1230%, 2/1/29‡	4,412,000	4,432,064
	Morgan Stanley, SOFR + 1.5900%, 5.1640%, 4/20/29‡	6,520,000	6,557,270
	Morgan Stanley, SOFR + 1.6300%, 5.4490%, 7/20/29‡	3,086,000	3,144,485
	Morgan Stanley, SOFR + 1.2900%, 2.9430%, 1/21/33‡	5,212,000	4,433,632
	Morgan Stanley, SOFR + 1.8800%, 5.4240%, 7/21/34‡	10,267,000	10,419,752
	PNC Financial Services Group Inc/The, SOFR + 1.8410%, 5.5820%, 6/12/29‡	10,455,000	10,678,025
	PNC Financial Services Group Inc/The, SOFR + 2.1400%, 6.0370%, 10/28/33‡	2,874,000	3,002,780
	PNC Financial Services Group Inc/The, SOFR + 2.2840%, 6.8750%, 10/20/34‡	10,407,000	11,553,203
	Sumitomo Mitsui Financial Group Inc, 5.8520%, 7/13/30	2,568,000	2,685,563
	Truist Financial Corp, SOFR + 2.0500%, 6.0470%, 6/8/27‡	4,023,000	4,093,857
	US Bancorp, SOFR + 2.0200%, 5.7750%, 6/12/29‡	6,446,000	6,622,324
			211,693,732
Basic Industry – 0.5%
	Celanese US Holdings LLC, 6.3500%, 11/15/28	2,939,000	3,082,175
	Celanese US Holdings LLC, 6.3300%, 7/15/29	2,911,000	3,051,520
	Celanese US Holdings LLC, 6.5500%, 11/15/30	7,368,000	7,788,911
			13,922,606
Brokerage – 1.4%
	Charles Schwab Corp, SOFR + 2.0100%, 6.1360%, 8/24/34‡	8,566,000	9,029,211
	LPL Holdings Inc, 6.7500%, 11/17/28	9,291,000	9,904,392

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
10	DECEMBER 31, 2023

Janus Henderson Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Brokerage– (continued)
	Nasdaq Inc, 5.3500%, 6/28/28	$1,472,000	$1,516,082
	Nasdaq Inc, 5.5500%, 2/15/34	9,845,000	10,227,484
	Nasdaq Inc, 5.9500%, 8/15/53	4,648,000	4,992,536
	Nasdaq Inc, 6.1000%, 6/28/63	1,974,000	2,131,090
			37,800,795
Capital Goods – 0.7%
	L3Harris Technologies Inc, 5.4000%, 7/31/33	5,184,000	5,390,033
	Regal Rexnord Corp, 6.0500%, 4/15/28 (144A)	4,838,000	4,897,393
	RTX Corp, 5.7500%, 1/15/29	2,726,000	2,849,350
	RTX Corp, 6.0000%, 3/15/31	5,434,000	5,788,801
			18,925,577
Communications – 0.9%
	Charter Communications Operating LLC / Charter Communications Operating Capital,
	6.6500%, 2/1/34	12,987,000	13,694,572
	Comcast Corp, 4.5500%, 1/15/29	4,465,000	4,484,099
	Fox Corp, 6.5000%, 10/13/33	6,325,000	6,846,473
			25,025,144
Consumer Cyclical – 1.2%
	CBRE Services Inc, 5.9500%, 8/15/34	12,706,000	13,348,445
	GLP Capital LP / GLP Financing II Inc, 5.3000%, 1/15/29	603,000	599,513
	GLP Capital LP / GLP Financing II Inc, 6.7500%, 12/1/33	4,234,000	4,567,766
	LKQ Corp, 5.7500%, 6/15/28	6,722,000	6,879,775
	LKQ Corp, 6.2500%, 6/15/33	6,323,000	6,607,360
			32,002,859
Consumer Non-Cyclical – 3.9%
	Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC,
	6.5000%, 2/15/28 (144A)	4,458,000	4,511,264
	Hasbro Inc, 3.9000%, 11/19/29#	14,554,000	13,534,801
	Hasbro Inc, 5.1000%, 5/15/44	977,000	873,750
	HCA Inc, 5.2000%, 6/1/28	3,494,000	3,529,854
	HCA Inc, 3.6250%, 3/15/32	8,110,000	7,251,757
	Illumina Inc, 5.7500%, 12/13/27	8,548,000	8,774,954
	IQVIA Inc, 6.2500%, 2/1/29 (144A)	6,329,000	6,607,141
	JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc, 5.5000%, 1/15/30	9,007,000	8,851,866
	JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc, 3.6250%, 1/15/32	3,897,000	3,340,790
	Mattel Inc, 3.7500%, 4/1/29 (144A)	11,690,000	10,677,568
	Pilgrim's Pride Corp, 6.2500%, 7/1/33	7,434,000	7,649,021
	Polaris Inc, 6.9500%, 3/15/29	5,766,000	6,133,201
	Sysco Corp, 5.7500%, 1/17/29	4,104,000	4,275,054
	Sysco Corp, 6.0000%, 1/17/34	9,374,000	10,147,327
	Universal Health Services Inc, 2.6500%, 1/15/32	10,445,000	8,580,779
			104,739,127
Electric – 2.1%
	American Electric Power Co Inc, 5.6250%, 3/1/33	6,736,000	7,017,501
	CMS Energy Corp,
	US Treasury Yield Curve Rate 5 Year + 4.1160%, 4.7500%, 6/1/50‡	8,111,000	7,323,671
	Duke Energy Corp, 4.3000%, 3/15/28	4,804,000	4,736,248
	Georgia Power Co, 4.6500%, 5/16/28	3,459,000	3,485,440
	Georgia Power Co, 4.9500%, 5/17/33	5,466,000	5,510,095
	National Grid PLC, 5.6020%, 6/12/28#	2,487,000	2,562,274
	National Grid PLC, 5.8090%, 6/12/33	5,218,000	5,482,869
	Southern California Edison Co, 5.8500%, 11/1/27	6,094,000	6,363,452
	Xcel Energy Inc, 5.4500%, 8/15/33	13,440,000	13,860,297
			56,341,847
Energy – 1.6%
	Columbia Pipelines Operating Company LLC, 5.9270%, 8/15/30 (144A)	1,590,000	1,644,083
	Columbia Pipelines Operating Company LLC, 6.0360%, 11/15/33 (144A)	3,823,000	4,003,713
	Columbia Pipelines Operating Company LLC, 6.4970%, 8/15/43 (144A)	771,000	825,693
	Enbridge Inc, 6.2000%, 11/15/30	1,339,000	1,432,754

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

Janus Henderson Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Energy– (continued)
	Enbridge Inc, 5.7000%, 3/8/33	$7,230,000	$7,514,841
	Energy Transfer LP, 5.5500%, 2/15/28	3,965,000	4,044,697
	EQT Corp, 3.1250%, 5/15/26 (144A)	13,469,000	12,779,512
	EQT Corp, 5.7000%, 4/1/28	2,135,000	2,166,635
	Hess Midstream Operations LP, 5.1250%, 6/15/28 (144A)	3,041,000	2,933,948
	Viper Energy Partners LP, 7.3750%, 11/1/31 (144A)	6,183,000	6,399,405
			43,745,281
Finance Companies – 0.5%
	Blackstone Private Credit Fund, 7.3000%, 11/27/28 (144A)	6,369,000	6,620,760
	Blue Owl Credit Income Corp, 7.7500%, 9/16/27	4,462,000	4,600,524
	OWL Rock Core Income Corp, 4.7000%, 2/8/27	743,000	701,817
	OWL Rock Core Income Corp, 7.9500%, 6/13/28 (144A)	2,886,000	2,991,396
			14,914,497
Government Sponsored – 0.3%
	Electricite de France SA, 5.7000%, 5/23/28 (144A)	2,832,000	2,930,120
	Electricite de France SA, 6.2500%, 5/23/33 (144A)	4,591,000	4,968,320
			7,898,440
Insurance – 1.3%
	Athene Global Funding, 2.7170%, 1/7/29 (144A)	7,222,000	6,278,769
	Centene Corp, 4.2500%, 12/15/27	16,614,000	16,008,474
	Centene Corp, 2.4500%, 7/15/28	7,054,000	6,282,291
	Centene Corp, 3.0000%, 10/15/30	5,571,000	4,824,728
	UnitedHealth Group Inc, 5.2500%, 2/15/28	2,771,000	2,865,409
			36,259,671
Professional Services – 0.3%
	Booz Allen Hamilton Inc, 5.9500%, 8/4/33	8,732,000	9,224,450
Real Estate Investment Trusts (REITs) – 0.9%
	Agree LP, 2.9000%, 10/1/30	7,291,000	6,245,955
	American Tower Trust I, 5.4900%, 3/15/28 (144A)	10,515,000	10,642,989
	Sun Communities Operating LP, 2.7000%, 7/15/31	8,985,000	7,486,779
			24,375,723
Technology – 3.3%
	Cadence Design Systems Inc, 4.3750%, 10/15/24	18,064,000	17,903,478
	CoStar Group Inc, 2.8000%, 7/15/30 (144A)	5,441,000	4,624,518
	Fiserv Inc, 5.4500%, 3/2/28	5,618,000	5,785,725
	Foundry JV Holdco LLC, 5.8750%, 1/25/34 (144A)	15,431,000	15,849,704
	Leidos Inc, 2.3000%, 2/15/31	1,276,000	1,068,017
	Leidos Inc, 5.7500%, 3/15/33	4,301,000	4,484,988
	Marvell Technology Inc, 1.6500%, 4/15/26	5,742,000	5,341,805
	Marvell Technology Inc, 4.8750%, 6/22/28	6,709,000	6,688,768
	Marvell Technology Inc, 5.7500%, 2/15/29	5,585,000	5,770,411
	Marvell Technology Inc, 5.9500%, 9/15/33	4,701,000	4,984,892
	Total System Services Inc, 4.8000%, 4/1/26	2,905,000	2,879,670
	Trimble Inc, 4.7500%, 12/1/24	10,216,000	10,112,500
	Trimble Inc, 4.9000%, 6/15/28	2,415,000	2,426,509
	Trimble Inc, 6.1000%, 3/15/33	1,136,000	1,215,748
			89,136,733
Transportation – 0.2%
	GXO Logistics Inc, 1.6500%, 7/15/26	6,199,000	5,587,701
Total Corporate Bonds (cost $725,208,004)			731,594,183
Mortgage-Backed Securities– 30.8%
Fannie Mae:
	3.0000%, TBA, 15 Year Maturity	20,838,597	19,650,776
	3.5000%, TBA, 15 Year Maturity	20,894,000	20,127,733
	4.0000%, TBA, 15 Year Maturity	20,519,000	20,127,928
	2.5000%, TBA, 30 Year Maturity	49,822,971	42,438,482
	4.0000%, TBA, 30 Year Maturity	3,440,284	3,253,680
	4.5000%, TBA, 30 Year Maturity	36,442	35,330

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
12	DECEMBER 31, 2023

Janus Henderson Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Fannie Mae– (continued)
	5.0000%, TBA, 30 Year Maturity	$3,487,400	$3,451,417
			109,085,346
Fannie Mae Pool:
	3.0000%, 10/1/34	19,719	18,718
	2.5000%, 11/1/34	1,861,871	1,731,811
	3.0000%, 11/1/34	114,853	109,813
	3.0000%, 12/1/34	109,352	104,417
	2.5000%, 12/1/36	2,652,375	2,459,383
	6.0000%, 2/1/37	618,515	649,045
	4.5000%, 11/1/42	640,722	640,999
	3.0000%, 1/1/43	127,703	116,222
	3.0000%, 2/1/43	207,998	189,045
	5.0000%, 7/1/44	3,197,725	3,241,401
	4.5000%, 10/1/44	1,441,290	1,447,573
	4.5000%, 3/1/45	2,255,506	2,265,339
	4.0000%, 5/1/45	206,143	199,229
	4.5000%, 6/1/45	1,127,929	1,123,458
	4.5000%, 2/1/46	2,184,375	2,171,930
	3.0000%, 2/1/47	29,999,450	27,363,434
	4.0000%, 10/1/47	1,124,437	1,082,941
	4.0000%, 11/1/47	1,638,457	1,578,017
	4.0000%, 1/1/48	912,419	878,748
	3.0000%, 2/1/48	293,275	265,302
	5.0000%, 5/1/48	569,729	572,913
	4.5000%, 6/1/48	1,101,167	1,084,604
	4.0000%, 7/1/48	1,374,122	1,320,252
	4.0000%, 8/1/48	610,222	586,300
	4.0000%, 9/1/48	1,458,512	1,404,688
	4.0000%, 10/1/48	533,900	513,840
	4.0000%, 11/1/48	1,603,507	1,540,644
	4.0000%, 12/1/48	253,755	243,807
	4.0000%, 2/1/49	941,542	904,630
	3.5000%, 5/1/49	2,717,461	2,518,611
	4.0000%, 6/1/49	205,019	196,678
	4.5000%, 6/1/49	99,225	97,538
	3.0000%, 8/1/49	1,456,302	1,291,455
	3.0000%, 8/1/49	344,846	305,811
	4.5000%, 8/1/49	138,598	136,242
	3.0000%, 9/1/49	215,293	194,463
	3.0000%, 9/1/49	12,063	10,795
	4.0000%, 9/1/49	1,030,779	988,797
	4.0000%, 11/1/49	3,367,336	3,235,325
	4.0000%, 11/1/49	298,558	287,329
	4.5000%, 1/1/50	2,677,756	2,637,479
	4.5000%, 1/1/50	186,853	183,681
	4.0000%, 3/1/50	4,933,588	4,748,223
	4.0000%, 3/1/50	2,658,930	2,554,691
	4.0000%, 3/1/50	1,027,958	987,658
	4.0000%, 4/1/50	683,981	651,627
	2.5000%, 8/1/50	776,397	674,006
	4.0000%, 8/1/50	627,090	597,427
	4.0000%, 9/1/50	5,619,948	5,391,303
	4.0000%, 10/1/50	5,383,896	5,181,419
	4.5000%, 10/1/50	3,267,216	3,218,073
	4.5000%, 12/1/50	4,696,133	4,616,418
	3.5000%, 2/1/51	2,298,826	2,130,610
	4.0000%, 3/1/51	13,887,219	13,322,225
	4.0000%, 3/1/51	266,920	256,061
	4.0000%, 3/1/51	134,594	129,317

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

Janus Henderson Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Fannie Mae Pool– (continued)
	4.0000%, 8/1/51	$2,492,828	$2,395,101
	4.0000%, 10/1/51	10,897,953	10,454,576
	4.0000%, 10/1/51	1,949,133	1,869,833
	3.0000%, 12/1/51	172,813	154,345
	2.5000%, 1/1/52	4,919,183	4,239,496
	3.5000%, 1/1/52	1,835,868	1,714,539
	2.5000%, 2/1/52	23,779,031	20,481,683
	2.5000%, 2/1/52	17,856,448	15,362,605
	3.5000%, 2/1/52	4,796,021	4,478,321
	2.5000%, 3/1/52	10,057,134	8,642,568
	2.5000%, 3/1/52	9,928,222	8,551,513
	2.5000%, 3/1/52	7,525,172	6,464,873
	2.5000%, 3/1/52	3,726,950	3,217,365
	2.5000%, 3/1/52	825,786	709,636
	2.5000%, 3/1/52	782,238	672,214
	2.5000%, 3/1/52	712,485	613,687
	2.5000%, 3/1/52	294,279	253,587
	3.0000%, 3/1/52	3,901,994	3,490,971
	3.0000%, 4/1/52	2,350,634	2,105,928
	3.0000%, 4/1/52	2,007,805	1,796,154
	3.0000%, 4/1/52	16,414	14,637
	3.5000%, 4/1/52	2,837,344	2,643,208
	3.5000%, 4/1/52	1,945,394	1,812,890
	3.5000%, 4/1/52	1,530,878	1,427,624
	3.5000%, 4/1/52	925,243	861,937
	3.5000%, 4/1/52	512,894	478,376
	3.5000%, 4/1/52	457,417	426,565
	4.0000%, 4/1/52	2,034,935	1,943,961
	4.5000%, 4/1/52	392,881	380,952
	4.5000%, 4/1/52	332,447	322,353
	4.5000%, 4/1/52	190,594	184,807
	4.5000%, 4/1/52	173,086	167,830
	4.5000%, 4/1/52	151,306	146,712
	4.5000%, 4/1/52	97,430	94,467
	3.5000%, 5/1/52	1,455,613	1,355,792
	4.5000%, 5/1/52	527,501	511,484
	3.5000%, 6/1/52	8,380,790	7,806,063
	3.5000%, 6/1/52	4,720,009	4,404,088
	3.5000%, 7/1/52	1,237,498	1,152,635
	3.5000%, 7/1/52	418,437	390,365
	4.5000%, 7/1/52	2,208,793	2,142,024
	3.5000%, 8/1/52	775,591	722,283
	4.5000%, 8/1/52	7,993,012	7,751,393
	5.0000%, 9/1/52	3,656,102	3,616,630
	5.5000%, 9/1/52	10,012,046	10,085,188
	5.0000%, 10/1/52	1,661,779	1,655,876
	5.0000%, 10/1/52	730,735	728,139
	5.0000%, 11/1/52	4,028,684	4,014,373
	5.5000%, 11/1/52	3,618,817	3,685,785
	5.0000%, 1/1/53	1,140,336	1,136,286
	5.0000%, 1/1/53	368,998	367,687
	5.0000%, 2/1/53	468,498	466,834
	5.0000%, 3/1/53	999,273	988,562
	5.0000%, 3/1/53	270,040	268,883
	5.5000%, 3/1/53	398,115	402,879
	5.0000%, 4/1/53	1,308,167	1,294,145
	5.0000%, 4/1/53	521,650	519,415
	5.0000%, 4/1/53	306,764	303,476
	5.0000%, 4/1/53	261,645	258,841

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
14	DECEMBER 31, 2023

Janus Henderson Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Fannie Mae Pool– (continued)
	5.5000%, 4/1/53	$190,125	$192,400
	5.0000%, 5/1/53	265,670	264,532
	5.5000%, 5/1/53	352,289	356,504
	5.5000%, 5/1/53	183,871	186,070
	5.0000%, 6/1/53	1,000,891	1,005,104
	5.0000%, 6/1/53	382,055	380,135
	5.0000%, 6/1/53	324,627	323,236
	5.5000%, 6/1/53	9,616,699	9,780,735
	5.5000%, 6/1/53	150,935	153,510
	4.5000%, 7/1/53	2,144,111	2,107,450
	5.0000%, 7/1/53	3,541,051	3,553,321
	5.5000%, 7/1/53	27,592,033	27,731,569
	5.5000%, 7/1/53	432,801	437,979
	5.5000%, 7/1/53	260,274	264,713
	4.5000%, 8/1/53	1,486,426	1,461,011
	5.0000%, 8/1/53	4,982,883	5,003,910
	5.0000%, 8/1/53	325,945	324,788
	5.5000%, 9/1/53	7,812,049	7,945,302
	3.5000%, 8/1/56	16,755,687	15,371,605
	3.0000%, 2/1/57	9,615,851	8,478,110
	3.0000%, 6/1/57	35,085	30,903
			362,309,092
Freddie Mac Gold Pool:
	4.0000%, 8/1/48	718,661	691,299
	4.0000%, 9/1/48	477,676	459,448
			1,150,747
Freddie Mac Pool:
	3.0000%, 5/1/31	6,837,438	6,551,812
	3.0000%, 9/1/32	228,603	217,463
	3.0000%, 10/1/32	281,716	267,709
	3.0000%, 1/1/33	155,667	147,962
	2.5000%, 12/1/33	5,739,119	5,410,139
	3.0000%, 10/1/34	50,526	48,199
	3.0000%, 10/1/34	23,646	22,446
	2.5000%, 11/1/34	1,962,647	1,825,548
	2.5000%, 11/1/34	669,720	622,937
	2.5000%, 6/1/37	7,438,262	6,872,085
	6.0000%, 4/1/40	1,062,181	1,117,135
	3.0000%, 3/1/43	651,892	594,611
	3.0000%, 6/1/43	54,891	49,329
	4.5000%, 5/1/44	1,007,500	1,003,507
	3.0000%, 1/1/46	87,797	80,098
	4.0000%, 2/1/46	2,754,771	2,658,611
	4.0000%, 3/1/47	7,110	6,871
	3.0000%, 4/1/47	844,289	762,146
	4.0000%, 4/1/48	115,027	110,518
	4.5000%, 7/1/48	670,689	660,601
	5.0000%, 9/1/48	116,997	117,543
	4.0000%, 11/1/48	144,429	138,767
	4.0000%, 12/1/48	1,779,405	1,709,682
	4.5000%, 6/1/49	111,654	109,757
	4.0000%, 7/1/49	1,371,322	1,315,470
	4.5000%, 7/1/49	922,751	907,069
	4.5000%, 7/1/49	142,010	139,596
	3.0000%, 8/1/49	447,356	396,717
	4.5000%, 8/1/49	834,587	820,403
	3.0000%, 12/1/49	664,040	594,219
	3.0000%, 12/1/49	305,720	273,575
	4.5000%, 1/1/50	565,551	555,939

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

Janus Henderson Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Freddie Mac Pool– (continued)
	4.5000%, 1/1/50	$156,991	$154,326
	4.0000%, 3/1/50	1,700,736	1,634,061
	4.0000%, 6/1/50	2,804,583	2,702,344
	2.5000%, 8/1/50	388,404	337,278
	2.5000%, 8/1/50	149,265	129,580
	2.5000%, 9/1/50	719,960	624,833
	4.5000%, 9/1/50	5,044,984	4,969,101
	4.0000%, 10/1/50	462,829	443,999
	4.5000%, 10/1/50	2,749,403	2,702,733
	4.0000%, 11/1/50	3,142,951	3,015,082
	2.5000%, 10/1/51	11,930,942	10,252,827
	2.5000%, 11/1/51	6,182,065	5,335,542
	2.5000%, 1/1/52	1,501,794	1,297,610
	2.5000%, 1/1/52	939,815	811,805
	2.5000%, 2/1/52	2,217,942	1,910,389
	3.0000%, 2/1/52	1,056,027	944,870
	3.0000%, 2/1/52	724,583	649,264
	2.5000%, 3/1/52	9,548,919	8,196,372
	2.5000%, 3/1/52	360,987	310,214
	3.0000%, 3/1/52	1,335,602	1,196,666
	4.5000%, 3/1/52	81,879	79,393
	3.5000%, 4/1/52	1,954,941	1,825,743
	3.5000%, 4/1/52	1,042,629	971,291
	3.5000%, 4/1/52	1,035,060	964,239
	3.5000%, 4/1/52	333,563	311,115
	3.5000%, 4/1/52	315,425	294,150
	2.5000%, 5/1/52	4,011,270	3,449,064
	3.0000%, 6/1/52	11,704,938	10,488,240
	4.5000%, 8/1/52	17,455,852	16,928,184
	4.5000%, 8/1/52	7,511,803	7,286,865
	4.5000%, 8/1/52	3,923,973	3,805,356
	5.5000%, 9/1/52	2,305,623	2,349,842
	4.5000%, 10/1/52	2,432,214	2,381,361
	5.0000%, 10/1/52	5,024,151	5,006,303
	5.0000%, 10/1/52	3,271,273	3,259,653
	5.0000%, 10/1/52	100,620	100,262
	5.5000%, 10/1/52	127,198	129,575
	5.0000%, 1/1/53	213,137	212,379
	5.0000%, 1/1/53	184,532	183,877
	6.0000%, 1/1/53	4,755,515	4,828,927
	5.0000%, 3/1/53	1,580,408	1,563,467
	5.0000%, 3/1/53	782,641	779,288
	5.0000%, 3/1/53	757,333	754,088
	5.0000%, 3/1/53	293,305	290,161
	5.0000%, 4/1/53	933,529	928,838
	4.5000%, 5/1/53	12,843,550	12,575,015
	5.0000%, 5/1/53	4,671,832	4,648,358
	5.0000%, 5/1/53	1,932,107	1,922,399
	5.0000%, 5/1/53	1,092,868	1,087,377
	5.0000%, 5/1/53	208,018	207,127
	5.5000%, 5/1/53	1,972,473	2,003,862
	5.5000%, 5/1/53	822,276	832,114
	5.0000%, 6/1/53	1,516,933	1,509,311
	5.0000%, 6/1/53	730,208	722,313
	5.0000%, 6/1/53	721,135	713,304
	5.0000%, 6/1/53	700,979	693,465
	5.0000%, 6/1/53	571,384	565,206
	5.0000%, 6/1/53	433,447	428,801
	5.0000%, 6/1/53	404,131	399,799

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
16	DECEMBER 31, 2023

Janus Henderson Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Freddie Mac Pool– (continued)
	5.0000%, 6/1/53	$271,391	$268,444
	5.5000%, 6/1/53	1,807,538	1,829,165
	5.5000%, 6/1/53	692,361	695,862
	5.5000%, 6/1/53	568,753	571,629
	5.5000%, 6/1/53	546,303	549,066
	5.5000%, 6/1/53	452,683	454,638
	5.0000%, 7/1/53	1,311,312	1,314,870
	5.0000%, 7/1/53	872,815	863,459
	5.5000%, 7/1/53	1,979,426	2,003,110
	5.5000%, 7/1/53	1,353,368	1,360,212
	5.5000%, 7/1/53	1,251,708	1,266,684
	6.0000%, 11/1/53	4,788,674	4,925,343
	6.5000%, 11/1/53	5,178,705	5,354,849
			202,664,803
Ginnie Mae:
	2.5000%, TBA, 30 Year Maturity	41,130,337	36,005,826
	3.5000%, TBA, 30 Year Maturity	30,213,313	28,116,902
	4.0000%, TBA, 30 Year Maturity	11,354,740	10,837,532
	4.5000%, TBA, 30 Year Maturity	9,618,566	9,385,075
	5.0000%, TBA, 30 Year Maturity	4,526,907	4,495,649
			88,840,984
Ginnie Mae I Pool:
	4.0000%, 8/15/47	429,672	414,591
	4.0000%, 11/15/47	384,144	370,661
	4.0000%, 12/15/47	1,197,902	1,155,856
			1,941,108
Ginnie Mae II Pool:
	3.0000%, 11/20/46	10,243,566	9,393,772
	4.0000%, 8/20/47	291,864	281,725
	4.0000%, 8/20/47	133,760	129,114
	4.5000%, 2/20/48	1,373,243	1,356,822
	4.0000%, 5/20/48	5,729,462	5,545,332
	4.5000%, 5/20/48	557,043	550,494
	4.0000%, 6/20/48	1,616,822	1,563,851
	5.0000%, 8/20/48	1,564,468	1,576,137
	3.5000%, 5/20/49	13,576,322	12,760,710
	2.5000%, 3/20/51	12,911,205	11,333,894
	3.0000%, 4/20/51	4,551,542	4,131,751
	3.0000%, 7/20/51	6,849,075	6,211,028
	3.0000%, 8/20/51	19,631,634	17,796,718
			72,631,348
Total Mortgage-Backed Securities (cost $856,260,420)			838,623,428
United States Treasury Notes/Bonds– 13.1%
	4.3750%, 12/15/26	5,441,000	5,494,135
	4.3750%, 11/30/28	11,874,000	12,150,442
	4.3750%, 11/30/30	25,133,500	25,844,307
	4.5000%, 11/15/33	97,857,000	102,267,121
	4.3750%, 8/15/43	55,857,000	57,017,778
	4.7500%, 11/15/43#	47,906,000	51,386,670
	4.1250%, 8/15/53	101,349,000	102,441,669
Total United States Treasury Notes/Bonds (cost $337,257,734)			356,602,122
Investment Companies– 8.6%
Money Markets – 8.6%
	Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº,£((cost $232,950,824)	232,917,515	232,964,099
Investments Purchased with Cash Collateral from Securities Lending– 2.0%
Investment Companies – 1.6%
	Janus Henderson Cash Collateral Fund LLC, 5.2936%ºº,£	43,558,930	43,558,930

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

Janus Henderson Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Investments Purchased with Cash Collateral from Securities Lending– (continued)
Time Deposits – 0.4%
	Royal Bank of Canada, 5.3100%, 1/2/24	$10,554,398	$10,554,398
Total Investments Purchased with Cash Collateral from Securities Lending (cost $54,113,328)			54,113,328
Total Investments (total cost $2,958,968,790) – 108.1%			2,942,100,885
Liabilities, net of Cash, Receivables and Other Assets – (8.1)%			(220,789,230)
Net Assets – 100%			$2,721,311,655

Summary of Investments by Country - (Long Positions) (unaudited)
		% of
		Investment
Country	Value	Securities
United States	$2,899,771,562	98.6	%
Canada	14,943,351	0.5
France	11,996,399	0.4
United Kingdom	8,045,143	0.3
Japan	7,344,430	0.2

Total $2,942,100,885 100.0 %

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
18	DECEMBER 31, 2023

Janus Henderson Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Schedules of Affiliated Investments – (% of Net Assets)

		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 12/31/23
Investment Companies - 8.6%
Money Markets - 8.6%
	Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº	$	5,621,162	$	11,558	$	(11,883)	$	232,964,099
Investments Purchased with Cash Collateral from Securities Lending - 1.6%
Investment Companies - 1.6%
	Janus Henderson Cash Collateral Fund LLC, 5.2936%ºº		361,708∆		-		-		43,558,930
Total Affiliated Investments - 10.2%		$	5,982,870	$	11,558	$	(11,883)	$	276,523,029

		Value at 6/30/23		Purchases		Sales Proceeds		Value at 12/31/23
Investment Companies - 8.6%
Money Markets - 8.6%
	Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº		251,620,828		669,092,745		(687,749,149)		232,964,099
Investments Purchased with Cash Collateral from Securities Lending - 1.6%
Investment Companies - 1.6%
	Janus Henderson Cash Collateral Fund LLC, 5.2936%ºº		678,968		280,265,356		(237,385,394)		43,558,930

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

Janus Henderson Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Schedule of Futures

Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation/(Depreciation)
Futures Long:
10 Year US Treasury Note		385	3/28/24	$	43,462,891	$	1,359,622
2 Year US Treasury Note		3,091	4/3/24		636,480,366		5,824,193
5 Year US Treasury Note		4,545	4/3/24		494,375,276		10,198,741
US Treasury Long Bond		1,194	3/28/24		149,175,375		10,587,575
Total - Futures Long							27,970,131
Futures Short:
Ultra 10-Year Treasury Note		1,562	3/28/24		(184,340,406)		(6,401,628)
Ultra Long Term US Treasury Bond		152	3/28/24		(20,306,250)		(1,202,758)
Total - Futures Short							(7,604,386)
Total						$	20,365,745

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 December 31, 2023.

Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2023
	Interest Rate Contracts
Asset Derivatives:
*Futures contracts	$27,970,131
Liability Derivatives:
*Futures contracts	$ 7,604,386
*The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the period ended December 31, 2023.

The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2023
Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative	Interest Rate Contracts
Futures contracts	$(25,932,734)
Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative	Interest Rate Contracts
Futures contracts	$ 35,858,870

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
20	DECEMBER 31, 2023

Janus Henderson Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

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

Average Ending Monthly Value of Derivative Instruments During the Period Ended December 31, 2023
Futures contracts:
Average notional amount of contracts - long	$1,429,359,417
Average notional amount of contracts - short	159,364,388

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		$	52,367,706	$	—	$	(52,367,706)	$	—
(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	21

Janus Henderson Flexible Bond Fund

Notes to Schedule of Investments and Other Information (unaudited)

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.

IBOR	Interbank Offered Rate
LLC	Limited Liability Company
LP	Limited Partnership
PLC	Public Limited Company
SOFR	Secured Overnight Financing Rate
TBA	(To Be Announced) Securities are purchased/sold on a forward commitment basis with an approximate 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 period ended December 31, 2023 is $820,319,674, which represents 30.1% of net assets.

‡ Variable or floating rate security. Rate shown is the current rate as of December 31, 2023. 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.

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.

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

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

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

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

22 DECEMBER 31, 2023

Janus Henderson Flexible Bond Fund

Notes to Schedule of Investments and Other Information (unaudited)

The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of December 31, 2023. 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		$	-	$	728,203,725	$	-
Corporate Bonds			-		731,594,183		-
Mortgage-Backed Securities			-		838,623,428		-
United States Treasury Notes/Bonds			-		356,602,122		-
Investment Companies			-		232,964,099		-
Investments Purchased with Cash Collateral from Securities Lending			-		54,113,328		-
Total Investments in Securities		$	-	$	2,942,100,885	$	-
Other Financial Instruments(a):
Futures Contracts			27,970,131		-		-
Total Assets		$	27,970,131	$	2,942,100,885	$	-
Liabilities
Other Financial Instruments(a):
Futures Contracts		$	7,604,386	$	-	$	-
(a)	Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and 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 23

Janus Henderson Flexible Bond Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2023

See footnotes at the end of the Statement.

Assets:
	Unaffiliated investments, at value (cost $2,682,459,036)(1)		$	2,665,577,856
	Affiliated investments, at value (cost $276,509,754)			276,523,029
	Deposits with brokers for futures			12,930,000
	Variation margin receivable on futures contracts			1,004,151
	Trustees' deferred compensation			74,479
	Receivables:
		Interest		18,013,370
		Investments sold		5,928,426
		Fund shares sold		2,618,349
		Dividends from affiliates		923,230
	Other assets			294,085
Total Assets				2,983,886,975
Liabilities:
	Collateral for securities loaned (Note 3)			54,113,328
	Variation margin payable on futures contracts			223,875
	Payables:			—
		TBA investments purchased		194,799,373
		Fund shares repurchased		5,957,354
		Investments purchased		4,795,591
		Dividends		1,167,875
		Advisory fees		791,299
		Transfer agent fees and expenses		315,376
		Trustees' deferred compensation fees		74,479
		12b-1 Distribution and shareholder servicing fees		54,944
		Professional fees		40,254
		Affiliated fund administration fees payable		5,903
		Custodian fees		4,807
		Trustees' fees and expenses		3,917
		Accrued expenses and other payables		226,945
Total Liabilities				262,575,320
Commitments and contingent liabilities (Note 4)
Net Assets			$	2,721,311,655

See Notes to Financial Statements.
24	DECEMBER 31, 2023

Janus Henderson Flexible Bond Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2023

Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	3,270,541,627
	Total distributable earnings (loss)		(549,229,972)
Total Net Assets		$	2,721,311,655
Net Assets - Class A Shares		$	108,135,390
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		11,438,249
Net Asset Value Per Share(2)		$	9.45
Maximum Offering Price Per Share(3)		$	9.92
Net Assets - Class C Shares		$	23,752,577
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,511,722
Net Asset Value Per Share(2)		$	9.46
Net Assets - Class D Shares		$	431,027,591
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		45,579,862
Net Asset Value Per Share		$	9.46
Net Assets - Class I Shares		$	1,335,628,187
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		141,213,730
Net Asset Value Per Share		$	9.46
Net Assets - Class N Shares		$	476,886,229
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		50,463,532
Net Asset Value Per Share		$	9.45
Net Assets - Class R Shares		$	16,775,140
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,773,601
Net Asset Value Per Share		$	9.46
Net Assets - Class S Shares		$	14,743,982
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,558,998
Net Asset Value Per Share		$	9.46
Net Assets - Class T Shares		$	314,362,559
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		33,248,153
Net Asset Value Per Share		$	9.46

(1)Includes $52,367,706 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 100/95.25 of net asset value.

See Notes to Financial Statements.
Janus Investment Fund	25

Janus Henderson Flexible Bond Fund

Statement of Operations (unaudited)

For the period ended December 31, 2023

Investment Income:
	Interest		$	62,512,177
	Dividends from affiliates			5,621,162
	Affiliated securities lending income, net			361,708
	Unaffiliated securities lending income, net			61,893
	Other income			318,372
Total Investment Income				68,875,312
Expenses:
	Advisory fees			5,684,609
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		133,214
		Class C Shares		127,190
		Class R Shares		40,836
		Class S Shares		17,706
	Transfer agent administrative fees and expenses:
		Class D Shares		244,416
		Class R Shares		20,642
		Class S Shares		17,702
		Class T Shares		397,781
	Transfer agent networking and omnibus fees:
		Class A Shares		98,387
		Class C Shares		9,612
		Class I Shares		597,311
	Other transfer agent fees and expenses:
		Class A Shares		2,643
		Class C Shares		505
		Class D Shares		37,959
		Class I Shares		30,288
		Class N Shares		8,610
		Class R Shares		238
		Class S Shares		152
		Class T Shares		1,979
	Shareholder reports expense			94,094
	Registration fees			93,527
	Professional fees			47,173
	Affiliated fund administration fees			34,591
	Custodian fees			33,976
	Trustees’ fees and expenses			28,593
	Other expenses			89,914
Total Expenses				7,893,648
Less: Excess Expense Reimbursement and Waivers				(613,567)
Net Expenses				7,280,081
Net Investment Income/(Loss)				61,595,231

See Notes to Financial Statements.
26	DECEMBER 31, 2023

Janus Henderson Flexible Bond Fund

Statement of Operations (unaudited)

For the period ended December 31, 2023

Net Realized Gain/(Loss) on Investments:
	Investments	$	(78,713,545)
	Investments in affiliates		11,558
	Futures contracts		(25,932,734)
Total Net Realized Gain/(Loss) on Investments			(104,634,721)
Change in Unrealized Net Appreciation/Depreciation:
	Investments and Trustees’ deferred compensation		107,050,341
	Investments in affiliates		(11,883)
	Futures contracts		35,858,870
Total Change in Unrealized Net Appreciation/Depreciation			142,897,328
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	99,857,838

See Notes to Financial Statements.
Janus Investment Fund	27

Janus Henderson Flexible Bond Fund

Statements of Changes in Net Assets

			Period ended December 31, 2023 (unaudited)		Year ended June 30, 2023
Operations:
	Net investment income/(loss)		$	61,595,231	$	100,730,416
	Net realized gain/(loss) on investments			(104,634,721)		(243,097,908)
	Change in unrealized net appreciation/depreciation			142,897,328		97,008,000
Net Increase/(Decrease) in Net Assets Resulting from Operations				99,857,838		(45,359,492)
Dividends and Distributions to Shareholders:
		Class A Shares		(2,300,675)		(3,658,551)
		Class C Shares		(461,628)		(869,717)
		Class D Shares		(9,390,542)		(15,693,299)
		Class I Shares		(32,031,285)		(50,800,690)
		Class N Shares		(10,536,163)		(16,123,613)
		Class R Shares		(315,791)		(508,784)
		Class S Shares		(288,615)		(439,859)
		Class T Shares		(6,909,213)		(12,017,415)
	Total Dividends and Distributions to Shareholders			(62,233,912)		(100,111,928)
	Return of Capital on Dividends and Distributions
		Class A Shares		—		(75,544)
		Class C Shares		—		(23,801)
		Class D Shares		—		(312,644)
		Class I Shares		—		(974,821)
		Class N Shares		—		(309,806)
		Class R Shares		—		(12,473)
		Class S Shares		—		(9,845)
		Class T Shares		—		(247,782)
	Total Return of Capital Dividends and Distributions			—		(1,966,716)
Net Decrease from Dividends and Distributions to Shareholders				(62,233,912)		(102,078,644)
Capital Share Transactions:
		Class A Shares		(5,933,946)		4,030,249
		Class C Shares		(5,030,558)		(13,764,677)
		Class D Shares		(18,093,765)		(31,617,091)
		Class I Shares		(170,579,368)		35,370,063
		Class N Shares		(12,043,659)		(44,483,585)
		Class R Shares		(1,092,970)		(1,560,405)
		Class S Shares		1,889		205,450
		Class T Shares		(37,876,230)		(16,923,475)
Net Increase/(Decrease) from Capital Share Transactions				(250,648,607)		(68,743,471)
Net Increase/(Decrease) in Net Assets				(213,024,681)		(216,181,607)
Net Assets:
	Beginning of period			2,934,336,336		3,150,517,943
	End of period		$	2,721,311,655	$	2,934,336,336

See Notes to Financial Statements.
28	DECEMBER 31, 2023

Janus Henderson Flexible Bond Fund

Financial Highlights

Class A Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$9.30	$9.76	$11.16	$11.14	$10.39	$10.03
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.19	0.31	0.17	0.20	0.25	0.28
		Net realized and unrealized gain/(loss)	0.16	(0.46)	(1.38)	0.04	0.76	0.37
	Total from Investment Operations		0.35	(0.15)	(1.21)	0.24	1.01	0.65
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.20)	(0.31)	(0.19)	(0.22)	(0.26)	(0.29)
		Return of capital	—	—(2)	—	—	—	—
	Total Dividends and Distributions		(0.20)	(0.31)	(0.19)	(0.22)	(0.26)	(0.29)
	Net Asset Value, End of Period		$9.45	$9.30	$9.76	$11.16	$11.14	$10.39
	Total Return*		3.83%	(1.50)%	(11.00)%	2.19%	9.90%	6.61%
	Net Assets, End of Period (in thousands)		$108,135	$112,400	$113,840	$144,886	$118,862	$115,349
	Average Net Assets for the Period (in thousands)		$106,622	$112,838	$134,145	$145,458	$114,334	$137,456
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.88%	0.89%	0.85%	0.86%	0.92%	1.01%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.71%	0.71%	0.76%	0.86%	0.88%	0.91%
		Ratio of Net Investment Income/(Loss)	4.25%	3.26%	1.59%	1.74%	2.30%	2.78%
	Portfolio Turnover Rate(3)		84%	195%	158%	132%	175%	219%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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)Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

See Notes to Financial Statements.
Janus Investment Fund	29

Janus Henderson Flexible Bond Fund

Financial Highlights

Class C Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$9.30	$9.76	$11.16	$11.14	$10.39	$10.03
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.16	0.24	0.09	0.13	0.18	0.22
		Net realized and unrealized gain/(loss)	0.16	(0.46)	(1.38)	0.05	0.77	0.37
	Total from Investment Operations		0.32	(0.22)	(1.29)	0.18	0.95	0.59
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.16)	(0.24)	(0.11)	(0.16)	(0.20)	(0.23)
		Return of capital	—	—(2)	—	—	—	—
	Total Dividends and Distributions		(0.16)	(0.24)	(0.11)	(0.16)	(0.20)	(0.23)
	Net Asset Value, End of Period		$9.46	$9.30	$9.76	$11.16	$11.14	$10.39
	Total Return*		3.55%	(2.21)%	(11.62)%	1.60%	9.23%	5.97%
	Net Assets, End of Period (in thousands)		$23,753	$28,509	$44,112	$74,867	$122,908	$135,639
	Average Net Assets for the Period (in thousands)		$25,884	$35,550	$61,758	$97,560	$123,202	$155,770
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.50%	1.51%	1.49%	1.44%	1.50%	1.52%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.43%	1.43%	1.45%	1.44%	1.50%	1.52%
		Ratio of Net Investment Income/(Loss)	3.50%	2.47%	0.88%	1.17%	1.67%	2.17%
	Portfolio Turnover Rate(3)		84%	195%	158%	132%	175%	219%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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)Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

See Notes to Financial Statements.
30	DECEMBER 31, 2023

Janus Henderson Flexible Bond Fund

Financial Highlights

Class D Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$9.30	$9.76	$11.16	$11.14	$10.39	$10.03
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.20	0.32	0.19	0.23	0.28	0.31
		Net realized and unrealized gain/(loss)	0.16	(0.45)	(1.38)	0.05	0.77	0.37
	Total from Investment Operations		0.36	(0.13)	(1.19)	0.28	1.05	0.68
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.20)	(0.33)	(0.21)	(0.26)	(0.30)	(0.32)
		Return of capital	—	—(2)	—	—	—	—
	Total Dividends and Distributions		(0.20)	(0.33)	(0.21)	(0.26)	(0.30)	(0.32)
	Net Asset Value, End of Period		$9.46	$9.30	$9.76	$11.16	$11.14	$10.39
	Total Return*		4.01%	(1.37)%	(10.83)%	2.49%	10.22%	6.93%
	Net Assets, End of Period (in thousands)		$431,028	$442,271	$496,739	$639,286	$641,920	$547,759
	Average Net Assets for the Period (in thousands)		$421,664	$466,985	$583,882	$664,448	$576,119	$538,993
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.58%	0.59%	0.57%	0.57%	0.59%	0.61%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.57%	0.57%	0.57%	0.57%	0.59%	0.61%
		Ratio of Net Investment Income/(Loss)	4.38%	3.38%	1.78%	2.03%	2.58%	3.09%
	Portfolio Turnover Rate(3)		84%	195%	158%	132%	175%	219%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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)Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

See Notes to Financial Statements.
Janus Investment Fund	31

Janus Henderson Flexible Bond Fund

Financial Highlights

Class I Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$9.30	$9.76	$11.16	$11.14	$10.39	$10.03
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.21	0.33	0.20	0.24	0.28	0.32
		Net realized and unrealized gain/(loss)	0.16	(0.45)	(1.38)	0.04	0.77	0.37
	Total from Investment Operations		0.37	(0.12)	(1.18)	0.28	1.05	0.69
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.21)	(0.34)	(0.22)	(0.26)	(0.30)	(0.33)
		Return of capital	—	—(2)	—	—	—	—
	Total Dividends and Distributions		(0.21)	(0.34)	(0.22)	(0.26)	(0.30)	(0.33)
	Net Asset Value, End of Period		$9.46	$9.30	$9.76	$11.16	$11.14	$10.39
	Total Return*		4.06%	(1.25)%	(10.75)%	2.56%	10.31%	7.02%
	Net Assets, End of Period (in thousands)		$1,335,628	$1,489,875	$1,527,891	$1,967,268	$1,746,376	$2,007,132
	Average Net Assets for the Period (in thousands)		$1,405,834	$1,456,058	$1,864,618	$1,866,732	$1,806,163	$3,245,500
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.52%	0.53%	0.51%	0.50%	0.51%	0.52%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.46%	0.46%	0.47%	0.50%	0.51%	0.52%
		Ratio of Net Investment Income/(Loss)	4.49%	3.51%	1.87%	2.10%	2.67%	3.17%
	Portfolio Turnover Rate(3)		84%	195%	158%	132%	175%	219%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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)Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

See Notes to Financial Statements.
32	DECEMBER 31, 2023

Janus Henderson Flexible Bond Fund

Financial Highlights

Class N Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$9.29	$9.76	$11.15	$11.14	$10.38	$10.02
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.21	0.33	0.21	0.24	0.29	0.33
		Net realized and unrealized gain/(loss)	0.16	(0.46)	(1.38)	0.04	0.78	0.37
	Total from Investment Operations		0.37	(0.13)	(1.17)	0.28	1.07	0.70
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.21)	(0.34)	(0.22)	(0.27)	(0.31)	(0.34)
		Return of capital	—	—(2)	—	—	—	—
	Total Dividends and Distributions		(0.21)	(0.34)	(0.22)	(0.27)	(0.31)	(0.34)
	Net Asset Value, End of Period		$9.45	$9.29	$9.76	$11.15	$11.14	$10.38
	Total Return*		4.07%	(1.35)%	(10.63)%	2.54%	10.49%	7.10%
	Net Assets, End of Period (in thousands)		$476,886	$481,188	$549,639	$487,997	$539,154	$680,664
	Average Net Assets for the Period (in thousands)		$459,615	$462,747	$485,064	$509,158	$662,412	$1,190,558
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.44%	0.45%	0.43%	0.43%	0.44%	0.45%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.44%	0.45%	0.43%	0.43%	0.44%	0.45%
		Ratio of Net Investment Income/(Loss)	4.51%	3.51%	1.94%	2.18%	2.74%	3.25%
	Portfolio Turnover Rate(3)		84%	195%	158%	132%	175%	219%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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)Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

See Notes to Financial Statements.
Janus Investment Fund	33

Janus Henderson Flexible Bond Fund

Financial Highlights

Class R Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$9.30	$9.76	$11.16	$11.15	$10.39	$10.03
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.17	0.26	0.12	0.16	0.21	0.25
		Net realized and unrealized gain/(loss)	0.16	(0.45)	(1.38)	0.04	0.78	0.37
	Total from Investment Operations		0.33	(0.19)	(1.26)	0.20	0.99	0.62
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.17)	(0.27)	(0.14)	(0.19)	(0.23)	(0.26)
		Return of capital	—	—(2)	—	—	—	—
	Total Dividends and Distributions		(0.17)	(0.27)	(0.14)	(0.19)	(0.23)	(0.26)
	Net Asset Value, End of Period		$9.46	$9.30	$9.76	$11.16	$11.15	$10.39
	Total Return*		3.68%	(1.98)%	(11.38)%	1.80%	9.65%	6.30%
	Net Assets, End of Period (in thousands)		$16,775	$17,622	$20,102	$25,664	$24,453	$27,580
	Average Net Assets for the Period (in thousands)		$16,534	$18,630	$24,638	$26,042	$25,769	$31,616
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.20%	1.21%	1.18%	1.16%	1.20%	1.21%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.19%	1.20%	1.18%	1.16%	1.20%	1.21%
		Ratio of Net Investment Income/(Loss)	3.75%	2.75%	1.16%	1.45%	1.98%	2.49%
	Portfolio Turnover Rate(3)		84%	195%	158%	132%	175%	219%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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)Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

See Notes to Financial Statements.
34	DECEMBER 31, 2023

Janus Henderson Flexible Bond Fund

Financial Highlights

Class S Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$9.30	$9.76	$11.16	$11.14	$10.39	$10.03
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.18	0.29	0.15	0.19	0.24	0.27
		Net realized and unrealized gain/(loss)	0.17	(0.46)	(1.38)	0.04	0.77	0.37
	Total from Investment Operations		0.35	(0.17)	(1.23)	0.23	1.01	0.64
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.19)	(0.29)	(0.17)	(0.21)	(0.26)	(0.28)
		Return of capital	—	—(2)	—	—	—	—
	Total Dividends and Distributions		(0.19)	(0.29)	(0.17)	(0.21)	(0.26)	(0.28)
	Net Asset Value, End of Period		$9.46	$9.30	$9.76	$11.16	$11.14	$10.39
	Total Return*		3.81%	(1.74)%	(11.17)%	2.11%	9.83%	6.56%
	Net Assets, End of Period (in thousands)		$14,744	$14,489	$15,002	$19,114	$18,630	$28,020
	Average Net Assets for the Period (in thousands)		$14,156	$14,706	$17,308	$19,517	$23,253	$30,601
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.96%	0.97%	0.95%	0.94%	0.95%	0.96%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.95%	0.95%	0.94%	0.94%	0.95%	0.96%
		Ratio of Net Investment Income/(Loss)	4.01%	3.01%	1.41%	1.66%	2.24%	2.73%
	Portfolio Turnover Rate(3)		84%	195%	158%	132%	175%	219%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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)Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

See Notes to Financial Statements.
Janus Investment Fund	35

Janus Henderson Flexible Bond Fund

Financial Highlights

Class T Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$9.30	$9.76	$11.16	$11.14	$10.39	$10.03
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.20	0.31	0.18	0.22	0.27	0.30
		Net realized and unrealized gain/(loss)	0.16	(0.45)	(1.38)	0.04	0.77	0.37
	Total from Investment Operations		0.36	(0.14)	(1.20)	0.26	1.04	0.67
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.20)	(0.32)	(0.20)	(0.24)	(0.29)	(0.31)
		Return of capital	—	—(2)	—	—	—	—
	Total Dividends and Distributions		(0.20)	(0.32)	(0.20)	(0.24)	(0.29)	(0.31)
	Net Asset Value, End of Period		$9.46	$9.30	$9.76	$11.16	$11.14	$10.39
	Total Return*		3.95%	(1.48)%	(10.93)%	2.39%	10.12%	6.84%
	Net Assets, End of Period (in thousands)		$314,363	$347,983	$383,193	$547,371	$597,879	$641,190
	Average Net Assets for the Period (in thousands)		$318,906	$370,104	$477,073	$590,025	$605,817	$736,901
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.69%	0.70%	0.68%	0.68%	0.69%	0.70%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.68%	0.69%	0.67%	0.67%	0.68%	0.69%
		Ratio of Net Investment Income/(Loss)	4.26%	3.27%	1.67%	1.94%	2.49%	3.00%
	Portfolio Turnover Rate(3)		84%	195%	158%	132%	175%	219%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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)Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

See Notes to Financial Statements.
36	DECEMBER 31, 2023

Janus Henderson Flexible Bond Fund

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Henderson Flexible Bond 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 38 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks to obtain maximum total return, consistent with preservation of capital. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.

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

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

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

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

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

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

Effective July 6, 2020, Class D Shares are available to new investors, 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 (the “Distributor”) including, but not limited to,

Janus Investment Fund 37

Janus Henderson Flexible Bond Fund

Notes to Financial Statements (unaudited)

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 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.

38 DECEMBER 31, 2023

Janus Henderson Flexible Bond Fund

Notes to Financial Statements (unaudited)

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

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

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

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

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of December 31, 2023 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 the accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

Expenses

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

Estimates

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

Indemnifications

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

Janus Investment Fund 39

Janus Henderson Flexible Bond Fund

Notes to Financial Statements (unaudited)

Dividends and Distributions

Dividends are declared daily and distributed monthly for the Fund. Realized capital gains, if any, are declared and distributed in December. 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 period ended December 31, 2023 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 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.

40 DECEMBER 31, 2023

Janus Henderson Flexible Bond Fund

Notes to Financial Statements (unaudited)

·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 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

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the Statement of Operations (if applicable), equal to the difference between the opening and closing value of the contract.

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

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

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

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

3. Other Investments and Strategies

Market Risk

The Fund may be invested in lower-rated debt securities that have a higher risk of default or loss of value since these securities may be sensitive to economic changes, political changes, or adverse developments specific to the issuer.

The value of the Fund’s portfolio may decrease if the value of one or more issuers in the Fund’s portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund’s portfolio decreases, the Fund’s NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• COVID-19 Pandemic. The effects of COVID-19 have contributed to increased volatility in global financial markets and have affected and may continue to affect certain countries, regions, issuers, industries and market sectors more dramatically than others. These conditions and events could have a significant impact on the Fund and its investments, the Fund’s ability to meet redemption requests, and the processes and operations of the Fund’s service providers, including the Adviser.

• Armed Conflict. Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global economic environment and the markets for certain securities and commodities.

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.

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

Sovereign Debt

The Fund may invest in U.S. and non-U.S. government debt securities (“sovereign debt”). Some investments in sovereign debt, such as U.S. sovereign debt, are considered low risk. However, investments in sovereign debt, especially the debt of less developed countries, can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, the relative size of its debt position in relation to its economy as a whole, the sovereign debtor’s policy toward international lenders, and local political constraints to which the governmental entity may be subject. Sovereign debtors may also be dependent on expected disbursements from foreign governments, multilateral agencies, and other entities. The failure of a sovereign debtor to implement economic reforms, achieve specified levels of economic performance, or repay principal or interest when due may result in the cancellation of third party commitments to lend funds to the sovereign debtor, which may further impair such debtor’s ability or willingness to timely service its debts. The Fund may be requested to participate in the rescheduling of such sovereign debt and to extend further loans to governmental entities, which may adversely affect the Fund’s holdings. In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not repaid. In addition, to the extent the Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.

TBA Commitments

The Fund may enter into “to be announced” or “TBA” commitments. TBAs are forward agreements for the purchase or sale of securities, including mortgage-backed securities, for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate, and mortgage terms. Although TBA securities must meet industry-accepted “good delivery” standards, there can be no assurance that a security purchased on forward commitment basis will ultimately be issued or delivered by the counterparty. During the settlement period, the Fund will still bear the risk of any decline in the value of the security to be delivered. Because TBA commitments do not require the delivery of a specific security, the characteristics of the security delivered to the Fund may be less favorable than expected. If the counterparty to a transaction fails to deliver the security, the Fund could suffer a loss. Cash collateral that has been pledged to cover the obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Collateral for To Be Announced Transactions.

When-Issued, Delayed Delivery and Forward Commitment Transactions

The Fund may purchase or sell securities on a when-issued, delayed delivery, or forward commitment basis. When purchasing a security on a when-issued, delayed delivery, or forward commitment basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. Typically, no income accrues on securities the Fund has committed to purchase prior to the time delivery of the securities is made. Because the Fund is not required to pay for the security until the delivery date, these risks are in addition to the risks associated with the Fund’s other investments. If the other party to a transaction fails to deliver the securities, the Fund could miss a favorable price or yield opportunity. If the Fund remains substantially fully invested at a time when when-issued, delayed delivery, or forward commitment purchases are outstanding, the purchases may result in a form of leverage. If the Fund remains substantially fully invested at a time

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Notes to Financial Statements (unaudited)

when when-issued, delayed delivery, or forward commitment purchases (including TBA commitments) are outstanding, the purchases may result in a form of leverage.

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

Counterparties

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

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

Securities Lending

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

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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 December 31, 2023, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $52,367,706. Gross amounts of recognized liabilities for securities lending (collateral received) as of December 31, 2023 is $54,113,328, resulting in the net amount due to the counterparty of $1,745,622.

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.

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 $300 Million	0.50
Over $300 Million	0.40

The Fund’s actual investment advisory fee rate for the reporting period was 0.41% of average annual net assets before any applicable waivers.

The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (but excluding out-of-pocket costs), brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.45%. The Adviser has agreed to continue the waivers for at least a one-year period commencing on October 27, 2023. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are

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Notes to Financial Statements (unaudited)

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 $226,421 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2023. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

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

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

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

During the reporting period, the administrative services fee rate was 0.12%.

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 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

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Notes to Financial Statements (unaudited)

class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, up to 0.50% for Class R Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.

Class A Shares include a 4.75% 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 December 31, 2023, the Distributor retained upfront sales charges of $399.

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 December 31, 2023.

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 December 31, 2023, redeeming shareholders of Class C Shares paid CDSCs of $1,289.

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 December 31, 2023 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 December 31, 2023 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 $196,900 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2023.

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 December 31, 2023 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

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5. Federal Income Tax

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

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

Accumulated capital losses noted below represent net capital loss carryovers, as of June 30, 2023, 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 June 30, 2023
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$(309,975,667)	$(157,069,416)	$ (467,045,083)

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2023 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)
$ 2,954,332,102	$ 53,571,622	$(65,802,839)	$ (12,231,217)

Information on the tax components of derivatives as of December 31, 2023 is as follows:

Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ -	$27,970,131	$ (7,604,386)	$ 20,365,745

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

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6. Capital Share Transactions

	Period ended December 31, 2023		Year ended June 30, 2023
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	1,014,005	$ 9,216,119	3,639,114	$ 34,392,871
Reinvested dividends and distributions	180,539	1,642,856	283,598	2,676,284
Shares repurchased	(1,847,520)	(16,792,921)	(3,497,255)	(33,038,906)
Net Increase/(Decrease)	(652,976)	$ (5,933,946)	425,457	$ 4,030,249
Class C Shares:
Shares sold	143,372	$ 1,309,058	628,916	$ 5,915,263
Reinvested dividends and distributions	48,084	437,538	88,943	839,879
Shares repurchased	(745,454)	(6,777,154)	(2,171,740)	(20,519,819)
Net Increase/(Decrease)	(553,998)	$ (5,030,558)	(1,453,881)	$ (13,764,677)
Class D Shares:
Shares sold	1,237,991	$ 11,223,983	1,931,504	$ 18,330,177
Reinvested dividends and distributions	960,167	8,740,046	1,585,804	14,975,373
Shares repurchased	(4,180,862)	(38,057,794)	(6,843,426)	(64,922,641)
Net Increase/(Decrease)	(1,982,704)	$ (18,093,765)	(3,326,118)	$ (31,617,091)
Class I Shares:
Shares sold	19,240,424	$ 175,733,231	61,228,049	$580,131,750
Reinvested dividends and distributions	3,042,577	27,699,340	4,664,635	44,044,317
Shares repurchased	(41,267,131)	(374,011,939)	(62,200,366)	(588,806,004)
Net Increase/(Decrease)	(18,984,130)	$(170,579,368)	3,692,318	$ 35,370,063
Class N Shares:
Shares sold	4,132,100	$ 37,511,151	13,258,201	$125,587,876
Reinvested dividends and distributions	1,020,531	9,285,421	1,522,259	14,371,001
Shares repurchased	(6,471,705)	(58,840,231)	(19,330,656)	(184,442,462)
Net Increase/(Decrease)	(1,319,074)	$ (12,043,659)	(4,550,196)	$ (44,483,585)
Class R Shares:
Shares sold	125,146	$ 1,135,490	236,065	$ 2,246,676
Reinvested dividends and distributions	34,221	311,611	54,563	515,067
Shares repurchased	(280,487)	(2,540,071)	(455,039)	(4,322,148)
Net Increase/(Decrease)	(121,120)	$ (1,092,970)	(164,411)	$ (1,560,405)
Class S Shares:
Shares sold	163,430	$ 1,490,220	379,086	$ 3,601,384
Reinvested dividends and distributions	31,649	288,239	47,513	448,580
Shares repurchased	(194,120)	(1,776,570)	(405,291)	(3,844,514)
Net Increase/(Decrease)	959	$ 1,889	21,308	$ 205,450
Class T Shares:
Shares sold	1,252,082	$ 11,435,089	5,938,312	$ 56,606,163
Reinvested dividends and distributions	748,185	6,807,769	1,282,679	12,109,110
Shares repurchased	(6,180,586)	(56,119,088)	(9,057,167)	(85,638,748)
Net Increase/(Decrease)	(4,180,319)	$ (37,876,230)	(1,836,176)	$ (16,923,475)

7. Purchases and Sales of Investment Securities

For the period ended December 31, 2023, 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
$734,673,493	$662,595,917	$ 1,414,251,514	$ 1,710,454,841

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8. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2023 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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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; and (ii) 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 and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “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.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and 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, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, 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 to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management

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Additional Information(unaudited)

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

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

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract 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 fund 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, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

Asset Allocation Funds

·For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12

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Additional Information(unaudited)

months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Fixed-Income Funds

·For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Global and International Equity Funds

·For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

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Additional Information(unaudited)

·For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·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 June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

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Additional Information(unaudited)

U.S. Equity Funds

·For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·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 June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.

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Additional Information(unaudited)

·For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.

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

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered 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 referenced its past analyses from 2022, which 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 different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with

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Additional Information(unaudited)

regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:

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 all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

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

·For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, 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 as shown were below the applicable fee limit.

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 average for certain share classes, overall the Fund’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 the Fund’s total expenses were below the peer group average for all share classes.

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

·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 average for certain share classes, 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 as shown were below the applicable fee limit.

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

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

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 average for certain share classes, overall the Fund’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 average for certain share classes, 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 as shown were below the applicable fee limit.

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Additional Information(unaudited)

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

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

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

·For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, 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 as shown were 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 average 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 certain share classes, 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 as shown were below the applicable fee limit.

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

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

·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 as shown were below the applicable fee limit.

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

Money Market Funds

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

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

Multi-Asset Funds

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

·For Janus Henderson 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 as shown were below the applicable fee limit.

U.S. Equity Funds

·For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were

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Additional Information(unaudited)

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 as shown were 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 all 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, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

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

·For Janus Henderson Forty 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, although this limit did not apply because the Fund’s total expenses as shown were 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 average for certain share classes, 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 as shown were below the applicable fee limit.

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

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

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

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

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

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

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

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

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized

Janus Investment Fund 59

Janus Henderson Flexible Bond Fund

Additional Information(unaudited)

by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser 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 charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

Economies of Scale

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.

With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and 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.

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Janus Henderson Flexible Bond Fund

Additional Information(unaudited)

Other Benefits to the Adviser

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

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Useful Information About Your Fund Report (unaudited)

Performance Overviews

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

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

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

Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund’s unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of 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. A company may be allocated to a country based on other factors such as location of the company’s principal office, the location of the principal trading market for the company’s securities, or the country where a majority of the company’s revenues are derived. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by 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.

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.

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Useful Information About Your Fund Report (unaudited)

Statement of Operations

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

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

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

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

Statements of Changes in Net Assets

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

The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund’s investment operations. The Fund’s net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund’s net assets will not be affected.

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

Financial Highlights

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

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

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

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

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

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Useful Information About Your Fund Report (unaudited)

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.

64 DECEMBER 31, 2023

Janus Henderson Flexible Bond 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 Mutual funds distributed by Janus Henderson Distributors US LLC
	125-24-93019 02-24

	SEMIANNUAL REPORT December 31, 2023
Janus Henderson Global Allocation Fund – Conservative
Janus Investment Fund

HIGHLIGHTS

·Investment strategy behind your fund

·Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Global Allocation Fund - Conservative

Fund At A Glance and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	8
Statement of Assets and Liabilities	9
Statement of Operations	11
Statements of Changes in Net Assets	12
Financial Highlights	13
Notes to Financial Statements	19
Additional Information	27
Useful Information About Your Fund Report	38

Ashwin Alankar

portfolio manager

Important Notice – Tailored Shareholder Reports

Effective January 24, 2023, the Securities and Exchange Commission (the “SEC”) adopted rule and form amendments that require mutual funds and exchange-traded funds to provide shareholders with streamlined annual and semi-annual shareholder reports that highlight key information. Other information, including financial statements, that currently appears in shareholder reports will be made available online, delivered free of charge to shareholders upon request, and filed with the SEC. The first tailored shareholder report for the Fund will be for the reporting period ending June 30, 2024. Currently, management is evaluating the impact of the rule and form amendments on the content of the Fund’s current shareholder reports.

Janus Henderson Global Allocation Fund - Conservative (unaudited)

Fund At A Glance

December 31, 2023

Holdings - (% of Net Assets)
Janus Henderson Global Bond Fund - Class N Shares	36.4	%
Janus Henderson Flexible Bond Fund - Class N Shares	11.9
Janus Henderson Adaptive Global Allocation Fund - Class N Shares	5.5
Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares	3.7
Janus Henderson Overseas Fund - Class N Shares	3.7
Janus Henderson Growth and Income Fund - Class N Shares	3.4
Janus Henderson Emerging Markets Fund - Class N Shares	3.0
Janus Henderson AAA CLO	2.9
Janus Henderson Global Equity Income Fund - Class N Shares	2.8
Janus Henderson Forty Fund - Class N Shares	2.5
Janus Henderson Small-Mid Cap Value Fund - Class N Shares	2.3
Janus Henderson Contrarian Fund - Class N Shares	2.3
Janus Henderson Enterprise Fund - Class N Shares	2.3
Janus Henderson U.S. Dividend Income Fund - Class N Shares	2.2
Janus Henderson Global Select Fund - Class N Shares	2.1
Janus Henderson European Focus Fund - Class N Shares	1.8
Janus Henderson Global Research Fund - Class N Shares	1.8
Janus Henderson Triton Fund - Class N Shares	1.6
Janus Henderson Short Duration Flexible Bond Fund - Class N Shares	1.5
Janus Henderson Global Real Estate Fund - Class N Shares	1.4
Janus Henderson Multi-Sector Income Fund - Class N Shares	1.4
Janus Henderson Asia Equity Fund - Class N Shares	1.3
Janus Henderson High-Yield Fund - Class N Shares	1.2
Janus Henderson Cash Liquidity Fund LLC	1.0

Asset Allocation - (% of Net Assets)
Fixed Income Funds	52.4%
Equity Funds	43.7%
Exchange-Traded Funds (ETFs)	2.9%
Money Markets	1.0%
Other		(0.0)%
		100.0%

Janus Investment Fund 1

Janus Henderson Global Allocation Fund - Conservative (unaudited)

Performance

See important disclosures on the next page.

Average Annual Total Return - for the periods ended December 31, 2023						Prospectus Expense Ratios
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses‡	Net Annual Fund Operating Expenses‡
Class A Shares at NAV	4.49%	9.36%	3.70%	2.86%	4.69%	1.15%	1.12%
Class A Shares at MOP	-1.54%	3.05%	2.49%	2.25%	4.35%
Class C Shares at NAV	4.06%	8.62%	2.99%	2.22%	3.99%	1.91%	1.88%
Class C Shares at CDSC	3.06%	7.62%	2.99%	2.22%	3.99%
Class D Shares	4.58%	9.53%	3.91%	3.07%	4.91%	0.95%	0.91%
Class I Shares	4.63%	9.69%	3.97%	3.13%	4.96%	0.92%	0.90%
Class S Shares	4.41%	9.28%	3.52%	2.69%	4.49%	1.33%	1.30%
Class T Shares	4.55%	9.51%	3.83%	3.00%	4.85%	1.06%	1.03%
Bloomberg Global Aggregate Bond Index	4.22%	5.72%	-0.32%	0.38%	2.42%
Global Conservative Allocation Index	5.47%	12.13%	4.60%	3.54%	4.48%
Morningstar Quartile - Class T Shares	-	3rd	4th	4th	3rd
Morningstar Ranking - based on total returns for World Allocation Funds	-	255/391	354/384	271/330	140/207

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.

2 DECEMBER 31, 2023

Janus Henderson Global Allocation Fund - Conservative (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.

Performance of the Global Allocation Funds depends on that of the underlying funds. They are subject to the volatility of the financial markets. Because Janus Henderson Investors US LLC is the adviser to the Fund and to the underlying affiliated funds held within the Fund, it is subject to certain potential conflicts of interest.

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. 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 share 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.

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.

© 2023 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.

See “Useful Information About Your Fund Report.”

*The Fund’s inception date – December 30, 2005

‡ As stated in the prospectus. Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 27, 2023. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees. See Financial Highlights for actual expense ratios during the reporting period.

Janus Investment Fund 3

Janus Henderson Global Allocation Fund - Conservative (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 (7/1/23)	Ending Account Value (12/31/23)	Expenses Paid During Period (7/1/23 - 12/31/23)†	Beginning Account Value (7/1/23)	Ending Account Value (12/31/23)	Expenses Paid During Period (7/1/23 - 12/31/23)†	Net Annualized Expense Ratio (7/1/23 - 12/31/23)††
Class A Shares		$1,000.00	$1,044.90	$2.47	$1,000.00	$1,022.72	$2.44	0.48%
Class C Shares		$1,000.00	$1,040.60	$6.16	$1,000.00	$1,019.10	$6.09	1.20%
Class D Shares		$1,000.00	$1,045.80	$1.39	$1,000.00	$1,023.78	$1.37	0.27%
Class I Shares		$1,000.00	$1,046.30	$1.29	$1,000.00	$1,023.88	$1.27	0.25%
Class S Shares		$1,000.00	$1,044.10	$3.34	$1,000.00	$1,021.87	$3.30	0.65%
Class T Shares		$1,000.00	$1,045.50	$1.75	$1,000.00	$1,023.43	$1.73	0.34%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/366 (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.
††	Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

4 DECEMBER 31, 2023

Janus Henderson Global Allocation Fund - Conservative

Schedule of Investments (unaudited)

December 31, 2023

Shares			Value
Investment Companies£– 100.0%
Equity Funds – 43.7%
	Janus Henderson Adaptive Global Allocation Fund - Class N Shares	765,608	$7,745,900
	Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares	529,341	5,217,917
	Janus Henderson Asia Equity Fund - Class N Shares	188,630	1,848,011
	Janus Henderson Contrarian Fund - Class N Shares	122,095	3,156,653
	Janus Henderson Emerging Markets Fund - Class N Shares	471,208	4,187,860
	Janus Henderson Enterprise Fund - Class N Shares	23,641	3,142,297
	Janus Henderson European Focus Fund - Class N Shares	58,658	2,559,828
	Janus Henderson Forty Fund - Class N Shares	72,574	3,549,398
	Janus Henderson Global Equity Income Fund - Class N Shares	632,787	3,865,204
	Janus Henderson Global Real Estate Fund - Class N Shares	167,431	1,961,689
	Janus Henderson Global Research Fund - Class N Shares	26,116	2,478,117
	Janus Henderson Global Select Fund - Class N Shares	171,855	2,891,617
	Janus Henderson Growth and Income Fund - Class N Shares	69,743	4,806,128
	Janus Henderson Overseas Fund - Class N Shares	119,428	5,147,353
	Janus Henderson Small-Mid Cap Value Fund - Class N Shares	218,887	3,179,631
	Janus Henderson Triton Fund - Class N Shares	84,027	2,236,143
	Janus Henderson U.S. Dividend Income Fund - Class N Shares	288,736	3,065,629
			61,039,375
Exchange-Traded Funds (ETFs) – 2.9%
	Janus Henderson AAA CLO	82,076	4,128,423
Fixed Income Funds – 52.4%
	Janus Henderson Flexible Bond Fund - Class N Shares	1,757,694	16,672,676
	Janus Henderson Global Bond Fund - Class N Shares	6,366,828	50,827,377
	Janus Henderson High-Yield Fund - Class N Shares	222,355	1,616,399
	Janus Henderson Multi-Sector Income Fund - Class N Shares	220,500	1,905,066
	Janus Henderson Short Duration Flexible Bond Fund - Class N Shares	751,099	2,149,099
			73,170,617
Money Markets – 1.0%
	Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº	1,404,716	1,404,996
Total Investments (total cost $142,196,669) – 100.0%			139,743,411
Liabilities, net of Cash, Receivables and Other Assets – (0)%			(47,210)
Net Assets – 100%			$139,696,201

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	5

Janus Henderson Global Allocation Fund - Conservative

Schedule of Investments (unaudited)

December 31, 2023

Schedules of Affiliated Investments – (% of Net Assets)

		Dividend Income		Realized Gain/(Loss)		Capital Gain Distributions from Underlying Funds		Change in Unrealized Appreciation/ Depreciation		Value at 12/31/23
Investment Companies - 100.0%
Equity Funds - 43.7%
	Janus Henderson Adaptive Global Allocation Fund - Class N Shares	$	304,832	$	(60,911)	$	-	$	149,106	$	7,745,900
	Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares		31,966		(30,018)		162,909		48,177		5,217,917
	Janus Henderson Asia Equity Fund - Class N Shares		912		(57,715)		-		44,980		1,848,011
	Janus Henderson Contrarian Fund - Class N Shares		20,030		69,688		196,183		(138,497)		3,156,653
	Janus Henderson Emerging Markets Fund - Class N Shares		32,692		(253,557)		-		238,737		4,187,860
	Janus Henderson Enterprise Fund - Class N Shares		-		(5,539)		218,762		(72,354)		3,142,297
	Janus Henderson European Focus Fund - Class N Shares		64,290		12,411		-		117,407		2,559,828
	Janus Henderson Forty Fund - Class N Shares		11,764		20,980		263,599		20,916		3,549,398
	Janus Henderson Global Equity Income Fund - Class N Shares		137,764		(22,062)		-		89,765		3,865,204
	Janus Henderson Global Real Estate Fund - Class N Shares		39,803		(28,789)		-		107,344		1,961,689
	Janus Henderson Global Research Fund - Class N Shares		23,756		4,925		96,672		66,953		2,478,117
	Janus Henderson Global Select Fund - Class N Shares		42,180		237,808		192,425		(239,066)		2,891,617
	Janus Henderson Growth and Income Fund - Class N Shares		28,959		2,241		305,857		(72,798)		4,806,128
	Janus Henderson Overseas Fund - Class N Shares		79,304		739,208		-		(720,149)		5,147,353
	Janus Henderson Small-Mid Cap Value Fund - Class N Shares		32,284		(36,435)		-		239,046		3,179,631
	Janus Henderson Triton Fund - Class N Shares		-		(16,806)		147,075		(37,061)		2,236,143
	Janus Henderson U.S. Dividend Income Fund - Class N Shares		40,341		6,247		-		106,281		3,065,629
Total Equity Funds		$	890,877	$	581,676	$	1,583,482	$	(51,213)	$	61,039,375
Exchange-Traded Funds (ETFs) - 2.9%
	Janus Henderson AAA CLO		148,465		3,359		-		29,567		4,128,423
Fixed Income Funds - 52.4%
	Janus Henderson Flexible Bond Fund - Class N Shares		409,635		(222,657)		-		400,522		16,672,676
	Janus Henderson Global Bond Fund - Class N Shares		576,111		(458,232)		-		1,931,175		50,827,377
	Janus Henderson High-Yield Fund - Class N Shares		48,303		(12,631)		-		55,507		1,616,399
	Janus Henderson Multi-Sector Income Fund - Class N Shares		51,353		(518)		-		41,223		1,905,066
	Janus Henderson Short Duration Flexible Bond Fund - Class N Shares		86,343		(68,755)		-		114,438		2,149,099
Total Fixed Income Funds		$	1,171,745	$	(762,793)	$	-	$	2,542,865	$	73,170,617
Money Markets - 1.0%
	Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº		24,314		(3)		-		-		1,404,996
Total Affiliated Investments - 100.0%		$	2,235,401	$	(177,761)	$	1,583,482	$	2,521,219	$	139,743,411

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
6	DECEMBER 31, 2023

Janus Henderson Global Allocation Fund - Conservative

Schedule of Investments (unaudited)

December 31, 2023

		Value at 6/30/23		Purchases		Sales Proceeds		Value at 12/31/23
Investment Companies - 100.0%
Equity Funds - 43.7%
	Janus Henderson Adaptive Global Allocation Fund - Class N Shares		8,294,827		329,841		(966,963)		7,745,900
	Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares		5,555,857		214,763		(570,862)		5,217,917
	Janus Henderson Asia Equity Fund - Class N Shares		2,039,935		27,271		(206,460)		1,848,011
	Janus Henderson Contrarian Fund - Class N Shares		3,523,700		225,921		(524,159)		3,156,653
	Janus Henderson Emerging Markets Fund - Class N Shares		5,623,910		46,703		(1,467,933)		4,187,860
	Janus Henderson Enterprise Fund - Class N Shares		2,580,433		951,321		(311,564)		3,142,297
	Janus Henderson European Focus Fund - Class N Shares		1,515,164		1,146,879		(232,033)		2,559,828
	Janus Henderson Forty Fund - Class N Shares		2,649,937		1,201,384		(343,819)		3,549,398
	Janus Henderson Global Equity Income Fund - Class N Shares		2,379,944		1,779,661		(362,104)		3,865,204
	Janus Henderson Global Real Estate Fund - Class N Shares		2,178,313		45,933		(341,112)		1,961,689
	Janus Henderson Global Research Fund - Class N Shares		1,751,768		891,418		(236,947)		2,478,117
	Janus Henderson Global Select Fund - Class N Shares		3,667,946		243,823		(1,018,894)		2,891,617
	Janus Henderson Growth and Income Fund - Class N Shares		2,295,680		3,006,569		(425,564)		4,806,128
	Janus Henderson Overseas Fund - Class N Shares		7,214,737		96,028		(2,182,471)		5,147,353
	Janus Henderson Small-Mid Cap Value Fund - Class N Shares		3,537,057		42,083		(602,120)		3,179,631
	Janus Henderson Triton Fund - Class N Shares		1,907,549		604,502		(222,041)		2,236,143
	Janus Henderson U.S. Dividend Income Fund - Class N Shares		3,300,923		50,274		(398,096)		3,065,629
Exchange-Traded Funds (ETFs) - 2.9%
	Janus Henderson AAA CLO		3,497,775		1,020,332		(422,610)		4,128,423
Fixed Income Funds - 52.4%
	Janus Henderson Flexible Bond Fund - Class N Shares		21,068,546		463,915		(5,037,650)		16,672,676
	Janus Henderson Global Bond Fund - Class N Shares		54,378,698		739,307		(5,763,571)		50,827,377
	Janus Henderson High-Yield Fund - Class N Shares		1,204,049		528,821		(159,347)		1,616,399
	Janus Henderson Multi-Sector Income Fund - Class N Shares		744,737		1,285,510		(165,886)		1,905,066
	Janus Henderson Short Duration Flexible Bond Fund - Class N Shares		6,602,049		93,687		(4,592,320)		2,149,099
Money Markets - 1.0%
	Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº		213,812		3,064,774		(1,873,587)		1,404,996

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	7

Janus Henderson Global Allocation Fund - Conservative

Notes to Schedule of Investments and Other Information (unaudited)

Bloomberg Global Aggregate Bond Index	Bloomberg Global Aggregate Bond Index is a broad-based measure of the global investment grade fixed-rate debt markets.
Global Conservative Allocation Index	Global Conservative Allocation Index is an internally-calculated, hypothetical combination of total returns from the Bloomberg Global Aggregate Bond Index (60%) and the MSCI All Country World IndexSM (40%).
MSCI All Country World IndexSM	MSCI All Country World IndexSM reflects the equity market performance of global developed and emerging markets.

LLC Limited Liability Company

ºº Rate shown is the 7-day yield as of 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.

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. 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:
Investment Companies
Equity Funds	$	61,039,375	$	-	$	-
Exchange-Traded Funds (ETFs)		4,128,423		-		-
Fixed Income Funds		73,170,617		-		-
Money Markets		-		1,404,996		-
Total Assets	$	138,338,415	$	1,404,996	$	-

8 DECEMBER 31, 2023

Janus Henderson Global Allocation Fund - Conservative

Statement of Assets and Liabilities (unaudited)

December 31, 2023

See footnotes at the end of the Statement.

Assets:
	Affiliated investments, at value (cost $142,196,669)		$	139,743,411
	Trustees' deferred compensation			3,833
	Receivables:
		Dividends		195,556
		Fund shares sold		110,991
		Investments sold		37,980
		Dividends from affiliates		6,383
	Other assets			1,395
Total Assets				140,099,549
Liabilities:
	Payables:			—
		Investments purchased		195,656
		Fund shares repurchased		127,426
		Professional fees		23,643
		Transfer agent fees and expenses		18,228
		Trustees' deferred compensation fees		3,833
		Custodian fees		3,597
		12b-1 Distribution and shareholder servicing fees		3,543
		Advisory fees		1,971
		Trustees' fees and expenses		169
		Accrued expenses and other payables		25,282
Total Liabilities				403,348
Commitments and contingent liabilities (Note 3)
Net Assets			$	139,696,201

See Notes to Financial Statements.
Janus Investment Fund	9

Janus Henderson Global Allocation Fund - Conservative

Statement of Assets and Liabilities (unaudited)

December 31, 2023

Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	146,563,968
	Total distributable earnings (loss)		(6,867,767)
Total Net Assets		$	139,696,201
Net Assets - Class A Shares		$	5,818,697
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		524,973
Net Asset Value Per Share(1)		$	11.08
Maximum Offering Price Per Share(2)		$	11.76
Net Assets - Class C Shares		$	2,504,098
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		231,681
Net Asset Value Per Share(1)		$	10.81
Net Assets - Class D Shares		$	119,985,138
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		10,759,841
Net Asset Value Per Share		$	11.15
Net Assets - Class I Shares		$	1,653,643
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		148,226
Net Asset Value Per Share		$	11.16
Net Assets - Class S Shares		$	59,548
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		5,367
Net Asset Value Per Share		$	11.10
Net Assets - Class T Shares		$	9,675,077
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		869,557
Net Asset Value Per Share		$	11.13

(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.
10	DECEMBER 31, 2023

Janus Henderson Global Allocation Fund - Conservative

Statement of Operations (unaudited)

For the period ended December 31, 2023

Investment Income:
	Dividends from affiliates		$	2,235,401
Total Investment Income				2,235,401
Expenses:
	Advisory fees			34,762
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		7,690
		Class C Shares		14,288
		Class S Shares		69
	Transfer agent administrative fees and expenses:
		Class D Shares		68,602
		Class S Shares		69
		Class T Shares		12,477
	Transfer agent networking and omnibus fees:
		Class A Shares		2,598
		Class C Shares		1,277
		Class I Shares		902
	Other transfer agent fees and expenses:
		Class A Shares		175
		Class C Shares		69
		Class D Shares		8,452
		Class I Shares		58
		Class S Shares		3
		Class T Shares		97
	Registration fees			43,640
	Professional fees			21,966
	Shareholder reports expense			11,270
	Custodian fees			6,046
	Trustees’ fees and expenses			1,373
	Other expenses			7,320
Total Expenses				243,203
Less: Excess Expense Reimbursement and Waivers				(30,417)
Net Expenses				212,786
Net Investment Income/(Loss)				2,022,615
Net Realized Gain/(Loss) on Investments:
	Investments in affiliates			(177,761)
	Capital gain distributions from underlying funds			1,583,482
Total Net Realized Gain/(Loss) on Investments				1,405,721
Change in Unrealized Net Appreciation/Depreciation:
	Investments in affiliates			2,521,219
Total Change in Unrealized Net Appreciation/Depreciation				2,521,219
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	5,949,555

See Notes to Financial Statements.
Janus Investment Fund	11

Janus Henderson Global Allocation Fund - Conservative

Statements of Changes in Net Assets

			Period ended December 31, 2023 (unaudited)		Year ended June 30, 2023
Operations:
	Net investment income/(loss)		$	2,022,615	$	2,320,670
	Net realized gain/(loss) on investments			1,405,721		(5,755,237)
	Change in unrealized net appreciation/depreciation			2,521,219		10,277,849
Net Increase/(Decrease) in Net Assets Resulting from Operations				5,949,555		6,843,282
Dividends and Distributions to Shareholders:
		Class A Shares		(90,046)		(131,557)
		Class C Shares		(24,375)		(74,669)
		Class D Shares		(1,981,569)		(2,866,502)
		Class I Shares		(26,674)		(59,077)
		Class S Shares		(880)		(988)
		Class T Shares		(156,405)		(236,186)
Net Decrease from Dividends and Distributions to Shareholders				(2,279,949)		(3,368,979)
Capital Share Transactions:
		Class A Shares		(856,340)		(868,840)
		Class C Shares		(1,022,328)		(2,712,685)
		Class D Shares		(8,285,250)		(7,317,963)
		Class I Shares		(231,328)		(866,985)
		Class S Shares		2,723		(42,971)
		Class T Shares		(1,236,094)		(1,930,543)
Net Increase/(Decrease) from Capital Share Transactions				(11,628,617)		(13,739,987)
Net Increase/(Decrease) in Net Assets				(7,959,011)		(10,265,684)
Net Assets:
	Beginning of period			147,655,212		157,920,896
	End of period		$	139,696,201	$	147,655,212

See Notes to Financial Statements.
12	DECEMBER 31, 2023

Janus Henderson Global Allocation Fund - Conservative

Financial Highlights

Class A Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$10.77	$10.52	$13.99	$12.28	$12.53	$12.58
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.14	0.14	0.39	0.25	0.14	0.05
		Net realized and unrealized gain/(loss)	0.34	0.33	(2.57)	2.07	0.19	0.35
	Total from Investment Operations		0.48	0.47	(2.18)	2.32	0.33	0.40
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.17)	(0.04)	(0.41)	(0.26)	(0.13)	(0.10)
		Distributions (from capital gains)	—	(0.18)	(0.88)	(0.35)	(0.45)	(0.35)
	Total Dividends and Distributions		(0.17)	(0.22)	(1.29)	(0.61)	(0.58)	(0.45)
	Net Asset Value, End of Period		$11.08	$10.77	$10.52	$13.99	$12.28	$12.53
	Total Return*		4.49%	4.54%	(17.15)%	19.10%	2.58%	3.47%
	Net Assets, End of Period (in thousands)		$5,819	$6,511	$7,213	$8,650	$4,030	$4,505
	Average Net Assets for the Period (in thousands)		$6,152	$6,745	$8,494	$6,632	$4,381	$4,379
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses(2)	0.51%	0.51%	0.47%	0.47%	0.47%	0.46%
		Ratio of Net Expenses (After Waivers and Expense Offsets)(2)	0.48%	0.48%	0.47%	0.47%	0.47%	0.46%
		Ratio of Net Investment Income/(Loss)(2)	2.69%	1.36%	3.03%	1.84%	1.13%	0.43%
	Portfolio Turnover Rate		13%	41%	43%	34%	57%	5%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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)Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.
Janus Investment Fund	13

Janus Henderson Global Allocation Fund - Conservative

Financial Highlights

Class C Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$10.49	$10.28	$13.67	$12.01	$12.26	$12.30
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.10	0.08	0.29	0.18	0.05	(0.02)
		Net realized and unrealized gain/(loss)	0.33	0.31	(2.50)	1.98	0.18	0.33
	Total from Investment Operations		0.43	0.39	(2.21)	2.16	0.23	0.31
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.11)	—	(0.30)	(0.15)	(0.03)	—(2)
		Distributions (from capital gains)	—	(0.18)	(0.88)	(0.35)	(0.45)	(0.35)
	Total Dividends and Distributions		(0.11)	(0.18)	(1.18)	(0.50)	(0.48)	(0.35)
	Net Asset Value, End of Period		$10.81	$10.49	$10.28	$13.67	$12.01	$12.26
	Total Return*		4.06%	3.88%	(17.65)%	18.20%	1.85%	2.78%
	Net Assets, End of Period (in thousands)		$2,504	$3,461	$6,096	$9,356	$10,655	$13,392
	Average Net Assets for the Period (in thousands)		$2,869	$4,472	$8,302	$9,960	$12,057	$14,347
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses(3)	1.23%	1.18%	1.18%	1.15%	1.18%	1.18%
		Ratio of Net Expenses (After Waivers and Expense Offsets)(3)	1.20%	1.15%	1.18%	1.15%	1.18%	1.18%
		Ratio of Net Investment Income/(Loss)(3)	1.86%	0.76%	2.31%	1.38%	0.41%	(0.13)%
	Portfolio Turnover Rate		13%	41%	43%	34%	57%	5%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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)Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.
14	DECEMBER 31, 2023

Janus Henderson Global Allocation Fund - Conservative

Financial Highlights

Class D Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$10.84	$10.59	$14.06	$12.34	$12.59	$12.63
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.16	0.17	0.41	0.30	0.16	0.09
		Net realized and unrealized gain/(loss)	0.34	0.32	(2.57)	2.05	0.20	0.34
	Total from Investment Operations		0.50	0.49	(2.16)	2.35	0.36	0.43
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.19)	(0.06)	(0.43)	(0.28)	(0.16)	(0.12)
		Distributions (from capital gains)	—	(0.18)	(0.88)	(0.35)	(0.45)	(0.35)
	Total Dividends and Distributions		(0.19)	(0.24)	(1.31)	(0.63)	(0.61)	(0.47)
	Net Asset Value, End of Period		$11.15	$10.84	$10.59	$14.06	$12.34	$12.59
	Total Return*		4.58%	4.78%	(16.91)%	19.27%	2.77%	3.70%
	Net Assets, End of Period (in thousands)		$119,985	$125,119	$129,498	$174,449	$147,682	$159,468
	Average Net Assets for the Period (in thousands)		$118,349	$126,365	$160,466	$162,759	$152,767	$163,822
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses(2)	0.31%	0.31%	0.27%	0.28%	0.28%	0.29%
		Ratio of Net Expenses (After Waivers and Expense Offsets)(2)	0.27%	0.27%	0.27%	0.27%	0.27%	0.27%
		Ratio of Net Investment Income/(Loss)(2)	2.93%	1.57%	3.22%	2.20%	1.32%	0.76%
	Portfolio Turnover Rate		13%	41%	43%	34%	57%	5%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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)Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.
Janus Investment Fund	15

Janus Henderson Global Allocation Fund - Conservative

Financial Highlights

Class I Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$10.84	$10.59	$14.07	$12.34	$12.58	$12.63
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.16	0.17	0.42	0.29	0.17	0.11
		Net realized and unrealized gain/(loss)	0.34	0.33	(2.58)	2.07	0.20	0.32
	Total from Investment Operations		0.50	0.50	(2.16)	2.36	0.37	0.43
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.18)	(0.07)	(0.44)	(0.28)	(0.16)	(0.13)
		Distributions (from capital gains)	—	(0.18)	(0.88)	(0.35)	(0.45)	(0.35)
	Total Dividends and Distributions		(0.18)	(0.25)	(1.32)	(0.63)	(0.61)	(0.48)
	Net Asset Value, End of Period		$11.16	$10.84	$10.59	$14.07	$12.34	$12.58
	Total Return*		4.63%	4.80%	(16.92)%	19.39%	2.89%	3.71%
	Net Assets, End of Period (in thousands)		$1,654	$1,842	$2,645	$3,830	$3,381	$3,786
	Average Net Assets for the Period (in thousands)		$1,725	$2,574	$3,502	$3,247	$3,491	$4,489
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses(2)	0.28%	0.28%	0.24%	0.22%	0.21%	0.21%
		Ratio of Net Expenses (After Waivers and Expense Offsets)(2)	0.25%	0.25%	0.24%	0.22%	0.21%	0.21%
		Ratio of Net Investment Income/(Loss)(2)	2.87%	1.56%	3.27%	2.16%	1.37%	0.92%
	Portfolio Turnover Rate		13%	41%	43%	34%	57%	5%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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)Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.
16	DECEMBER 31, 2023

Janus Henderson Global Allocation Fund - Conservative

Financial Highlights

Class S Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$10.79	$10.52	$13.97	$12.25	$12.45	$12.51
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.14	0.13	0.36	0.25	0.11	0.09
		Net realized and unrealized gain/(loss)	0.34	0.32	(2.55)	2.02	0.20	0.29
	Total from Investment Operations		0.48	0.45	(2.19)	2.27	0.31	0.38
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.17)	—	(0.38)	(0.20)	(0.06)	(0.09)
		Distributions (from capital gains)	—	(0.18)	(0.88)	(0.35)	(0.45)	(0.35)
	Total Dividends and Distributions		(0.17)	(0.18)	(1.26)	(0.55)	(0.51)	(0.44)
	Net Asset Value, End of Period		$11.10	$10.79	$10.52	$13.97	$12.25	$12.45
	Total Return*		4.41%	4.36%	(17.19)%	18.70%	2.43%	3.32%
	Net Assets, End of Period (in thousands)		$60	$55	$96	$108	$126	$765
	Average Net Assets for the Period (in thousands)		$55	$74	$107	$119	$407	$860
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses(2)	0.67%	0.69%	0.65%	0.65%	0.63%	0.56%
		Ratio of Net Expenses (After Waivers and Expense Offsets)(2)	0.65%	0.66%	0.65%	0.65%	0.63%	0.56%
		Ratio of Net Investment Income/(Loss)(2)	2.61%	1.19%	2.83%	1.88%	0.90%	0.76%
	Portfolio Turnover Rate		13%	41%	43%	34%	57%	5%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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)Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.
Janus Investment Fund	17

Janus Henderson Global Allocation Fund - Conservative

Financial Highlights

Class T Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$10.82	$10.56	$14.03	$12.32	$12.56	$12.61
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.15	0.16	0.41	0.29	0.16	0.10
		Net realized and unrealized gain/(loss)	0.34	0.33	(2.58)	2.04	0.20	0.31
	Total from Investment Operations		0.49	0.49	(2.17)	2.33	0.36	0.41
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.18)	(0.05)	(0.42)	(0.27)	(0.15)	(0.11)
		Distributions (from capital gains)	—	(0.18)	(0.88)	(0.35)	(0.45)	(0.35)
	Total Dividends and Distributions		(0.18)	(0.23)	(1.30)	(0.62)	(0.60)	(0.46)
	Net Asset Value, End of Period		$11.13	$10.82	$10.56	$14.03	$12.32	$12.56
	Total Return*		4.55%	4.76%	(17.02)%	19.12%	2.78%	3.51%
	Net Assets, End of Period (in thousands)		$9,675	$10,666	$12,373	$16,283	$15,174	$17,532
	Average Net Assets for the Period (in thousands)		$9,991	$11,245	$15,587	$16,293	$16,406	$19,653
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses(2)	0.42%	0.42%	0.39%	0.39%	0.38%	0.39%
		Ratio of Net Expenses (After Waivers and Expense Offsets)(2)	0.34%	0.35%	0.36%	0.35%	0.36%	0.37%
		Ratio of Net Investment Income/(Loss)(2)	2.81%	1.51%	3.22%	2.14%	1.27%	0.78%
	Portfolio Turnover Rate		13%	41%	43%	34%	57%	5%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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)Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.
18	DECEMBER 31, 2023

Janus Henderson Global Allocation Fund - Conservative

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Henderson Global Allocation Fund - Conservative (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 Fund operates as a “fund of funds,” meaning substantially all of the Fund’s assets will be invested in other Janus Henderson mutual funds and exchange-traded funds ("ETFs") (the “underlying funds”). The Trust offers 38 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks total return through a primary emphasis on income with a secondary emphasis on growth of capital. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.

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

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

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

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

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

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

Effective July 6, 2020, Class D Shares are available to new investors, 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 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.

Janus Investment Fund 19

Janus Henderson Global Allocation Fund - Conservative

Notes to Financial Statements (unaudited)

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.

Underlying Funds

The Fund invests in a variety of underlying funds to pursue a target allocation of equity investments, fixed-income securities, and alternative investments and may also invest in money market instruments or cash/cash equivalents. The Fund has a target allocation, which is how the Fund's investments generally will be allocated among the major asset classes over the long term, as well as normal ranges, under normal market conditions, within which the Fund's asset class allocations generally will vary over short-term periods. The Fund's long-term expected average asset allocation is as follows: 40% to equity investments, 55% to fixed-income securities and money market instruments, and 5% to alternative investments. Additional details and descriptions of the investment objectives and strategies of each of the underlying funds are available in the Fund’s and underlying funds’ prospectuses available at janushenderson.com. The Trustees of the underlying funds may change the investment objectives or strategies of the underlying funds at any time without prior notice to the Fund’s shareholders.

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

Investment Valuation

The Fund’s net asset value (“NAV”) is calculated based upon the NAV of each of the underlying funds in which the Fund invests on the day of valuation. The NAV for each class of the underlying funds is computed by dividing the total value of securities and other assets allocated to the class, less liabilities allocated to that class, by the total number of shares outstanding for the class.

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.

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.

The Fund classifies each of its investments in underlying funds as Level 1, without consideration as to the classification level of the specific investments held by the underlying funds. 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 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 held by the underlying funds 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 the accrual basis and includes

20 DECEMBER 31, 2023

Janus Henderson Global Allocation Fund - Conservative

Notes to Financial Statements (unaudited)

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.

Dividend distributions received from the underlying funds are recorded on the ex-dividend date. Upon receipt of the notification from an underlying fund, and subsequent to the ex-dividend date, a part or all of the dividend income originally recorded by the Fund may be reclassified as a tax return of capital by reducing the cost basis of the underlying fund and/or increasing the realized gain on sales of investments in the underlying fund.

Expenses

The Fund bears expenses incurred specifically on its behalf. Additionally, the Fund, as a shareholder in the underlying funds, will also indirectly bear its pro rata share of the expenses incurred by the underlying funds. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

Estimates

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

Indemnifications

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

Dividends and Distributions

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 underlying funds 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 underlying funds distribute 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. 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 0.05% of its average daily net assets.

Janus Investment Fund 21

Janus Henderson Global Allocation Fund - Conservative

Notes to Financial Statements (unaudited)

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 expenses of an underlying fund (acquired fund fees and expenses), 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, and extraordinary expenses, exceed the annual rate of 0.14% 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 October 27, 2023. 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, and is authorized to perform, or cause others to perform, the administration services necessary for the operation of the Fund. The Adviser does not receive compensation for serving as administrator and it bears the expenses related to operation of the Fund, such as, but not limited to fund accounting and tax services; shareholder servicing; and preparation of various documents filed with the SEC. The Fund bears costs related to any compensation, fees, or reimbursements paid to Trustees who are independent of the Adviser; fees and expenses of counsel to the Independent Trustees; fees and expenses of consultants to the Fund; custody fees; audit expenses; brokerage commissions and all other expenses in connection with execution of portfolio transactions; blue sky registration costs; interest; all federal, state and local taxes (including stamp, excise, income, and franchise taxes); expenses of shareholder meetings, including the preparation, printing, and distribution of proxy statements, notices, and reports to shareholders; expenses of printing and mailing to existing shareholders prospectuses, statements of additional information, shareholder reports, and other materials required to be mailed to shareholders by federal or state laws or regulations; transfer agency fees and expenses payable pursuant to a transfer agency agreement between the Trust and the Transfer Agent on behalf of the Fund; any litigation; and other extraordinary expenses. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and compliance staff are shared with the Fund. Total compensation of $226,421 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2023. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

Janus Henderson Services US LLC (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s and the underlying funds’ 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.

22 DECEMBER 31, 2023

Janus Henderson Global Allocation Fund - Conservative

Notes to Financial Statements (unaudited)

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 a distribution and shareholder servicing plan (the “Plan”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, Janus Henderson Distributors US LLC (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 Plan, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended December 31, 2023, the Distributor retained upfront sales charges of $13.

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 December 31, 2023.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class C Shares during the period ended December 31, 2023.

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 December 31, 2023 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 December 31, 2023 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 $196,900 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2023.

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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Notes to Financial Statements (unaudited)

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 December 31, 2023 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

3. Federal Income Tax

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

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

Accumulated capital losses noted below represent net capital loss carryovers, as of June 30, 2023, 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 June 30, 2023
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$(1,920,647)	$(3,562,297)	$ (5,482,944)

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2023 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)
$ 144,469,097	$ 6,013,447	$ (10,739,133)	$ (4,725,686)

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Janus Henderson Global Allocation Fund - Conservative

Notes to Financial Statements (unaudited)

4. Capital Share Transactions

	Period ended December 31, 2023		Year ended June 30, 2023
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	27,167	$ 287,688	76,211	$ 808,674
Reinvested dividends and distributions	7,151	79,449	11,370	117,336
Shares repurchased	(113,698)	(1,223,477)	(168,774)	(1,794,850)
Net Increase/(Decrease)	(79,380)	$ (856,340)	(81,193)	$ (868,840)
Class C Shares:
Shares sold	153	$ 1,600	53,348	$ 542,580
Reinvested dividends and distributions	2,228	24,131	7,366	74,253
Shares repurchased	(100,811)	(1,048,059)	(323,680)	(3,329,518)
Net Increase/(Decrease)	(98,430)	$(1,022,328)	(262,966)	$(2,712,685)
Class D Shares:
Shares sold	182,599	$ 1,951,855	606,807	$ 6,472,180
Reinvested dividends and distributions	175,584	1,963,026	274,054	2,844,684
Shares repurchased	(1,141,189)	(12,200,131)	(1,567,497)	(16,634,827)
Net Increase/(Decrease)	(783,006)	$(8,285,250)	(686,636)	$(7,317,963)
Class I Shares:
Shares sold	21,626	$ 229,617	93,951	$ 997,758
Reinvested dividends and distributions	2,367	26,465	5,670	58,799
Shares repurchased	(45,748)	(487,410)	(179,492)	(1,923,542)
Net Increase/(Decrease)	(21,755)	$ (231,328)	(79,871)	$ (866,985)
Class S Shares:
Shares sold	174	$ 1,880	522	$ 5,494
Reinvested dividends and distributions	79	880	95	988
Shares repurchased	(3)	(37)	(4,623)	(49,453)
Net Increase/(Decrease)	250	$ 2,723	(4,006)	$ (42,971)
Class T Shares:
Shares sold	126,885	$ 1,334,657	234,302	$ 2,489,430
Reinvested dividends and distributions	13,830	154,199	22,539	233,507
Shares repurchased	(257,336)	(2,724,950)	(442,216)	(4,653,480)
Net Increase/(Decrease)	(116,621)	$(1,236,094)	(185,375)	$(1,930,543)

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Notes to Financial Statements (unaudited)

5. Purchases and Sales of Investment Securities

For the period ended December 31, 2023, 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
$18,100,720	$ 28,428,113	$ -	$ -

6. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2023 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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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; and (ii) 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 and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “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.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and 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, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, 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 to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management

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Additional Information(unaudited)

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

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

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract 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 fund 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, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

Asset Allocation Funds

·For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12

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Additional Information(unaudited)

months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Fixed-Income Funds

·For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Global and International Equity Funds

·For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

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Additional Information(unaudited)

·For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·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 June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

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Additional Information(unaudited)

U.S. Equity Funds

·For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·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 June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.

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Additional Information(unaudited)

·For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.

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

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered 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 referenced its past analyses from 2022, which 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 different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with

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Additional Information(unaudited)

regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:

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 all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

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

·For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, 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 as shown were below the applicable fee limit.

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 average for certain share classes, overall the Fund’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 the Fund’s total expenses were below the peer group average for all share classes.

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

·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 average for certain share classes, 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 as shown were below the applicable fee limit.

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

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

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 average for certain share classes, overall the Fund’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 average for certain share classes, 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 as shown were below the applicable fee limit.

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Janus Henderson Global Allocation Fund - Conservative

Additional Information(unaudited)

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

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

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

·For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, 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 as shown were 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 average 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 certain share classes, 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 as shown were below the applicable fee limit.

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

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

·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 as shown were below the applicable fee limit.

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

Money Market Funds

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

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

Multi-Asset Funds

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

·For Janus Henderson 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 as shown were below the applicable fee limit.

U.S. Equity Funds

·For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were

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Additional Information(unaudited)

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 as shown were 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 all 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, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

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

·For Janus Henderson Forty 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, although this limit did not apply because the Fund’s total expenses as shown were 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 average for certain share classes, 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 as shown were below the applicable fee limit.

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

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

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

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

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

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

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

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

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized

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Additional Information(unaudited)

by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser 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 charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

Economies of Scale

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.

With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and 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.

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Additional Information(unaudited)

Other Benefits to the Adviser

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

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Useful Information About Your Fund Report (unaudited)

Performance Overviews

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

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

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

Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund’s unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of 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. A company may be allocated to a country based on other factors such as location of the company’s principal office, the location of the principal trading market for the company’s securities, or the country where a majority of the company’s revenues are derived. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by 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.

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.

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Useful Information About Your Fund Report (unaudited)

Statement of Operations

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

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

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

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

Statements of Changes in Net Assets

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

The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund’s investment operations. The Fund’s net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund’s net assets will not be affected.

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

Financial Highlights

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

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

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

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

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

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Useful Information About Your Fund Report (unaudited)

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 Allocation Fund - Conservative

Notes

NotesPage1

Janus Investment Fund 41

This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Mutual funds distributed by Janus Henderson Distributors US LLC
	125-24-93020 02-24

	SEMIANNUAL REPORT December 31, 2023
Janus Henderson Global Allocation Fund - Growth
Janus Investment Fund

HIGHLIGHTS

·Investment strategy behind your fund

·Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Global Allocation Fund - Growth

Fund At A Glance and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	8
Statement of Assets and Liabilities	9
Statement of Operations	10
Statements of Changes in Net Assets	11
Financial Highlights	12
Notes to Financial Statements	18
Additional Information	25
Useful Information About Your Fund Report	36

Ashwin Alankar

portfolio manager

Important Notice – Tailored Shareholder Reports

Effective January 24, 2023, the Securities and Exchange Commission (the “SEC”) adopted rule and form amendments that require mutual funds and exchange-traded funds to provide shareholders with streamlined annual and semi-annual shareholder reports that highlight key information. Other information, including financial statements, that currently appears in shareholder reports will be made available online, delivered free of charge to shareholders upon request, and filed with the SEC. The first tailored shareholder report for the Fund will be for the reporting period ending June 30, 2024. Currently, management is evaluating the impact of the rule and form amendments on the content of the Fund’s current shareholder reports.

Janus Henderson Global Allocation Fund - Growth (unaudited)

Fund At A Glance

December 31, 2023

Holdings - (% of Net Assets)
Janus Henderson Global Bond Fund - Class N Shares	9.9	%
Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares	8.2
Janus Henderson Overseas Fund - Class N Shares	7.6
Janus Henderson Growth and Income Fund - Class N Shares	7.0
Janus Henderson Emerging Markets Fund - Class N Shares	6.3
Janus Henderson Global Equity Income Fund - Class N Shares	6.2
Janus Henderson Adaptive Global Allocation Fund - Class N Shares	5.5
Janus Henderson Forty Fund - Class N Shares	5.4
Janus Henderson Contrarian Fund - Class N Shares	5.2
Janus Henderson Small-Mid Cap Value Fund - Class N Shares	4.7
Janus Henderson Global Select Fund - Class N Shares	4.3
Janus Henderson Enterprise Fund - Class N Shares	4.2
Janus Henderson U.S. Dividend Income Fund - Class N Shares	3.8
Janus Henderson European Focus Fund - Class N Shares	3.8
Janus Henderson Global Research Fund - Class N Shares	3.7
Janus Henderson Triton Fund - Class N Shares	3.4
Janus Henderson Flexible Bond Fund - Class N Shares	3.1
Janus Henderson Global Real Estate Fund - Class N Shares	2.9
Janus Henderson Asia Equity Fund - Class N Shares	2.7
Janus Henderson AAA CLO	0.8
Janus Henderson Short Duration Flexible Bond Fund - Class N Shares	0.4
Janus Henderson Multi-Sector Income Fund - Class N Shares	0.4
Janus Henderson High-Yield Fund - Class N Shares	0.4
Janus Henderson Cash Liquidity Fund LLC	0.1

Asset Allocation - (% of Net Assets)
Equity Funds	84.9%
Fixed Income Funds	14.2%
Exchange-Traded Funds (ETFs)	0.8%
Money Markets	0.1%
Other		(0.0)%
		100.0%

Janus Investment Fund 1

Janus Henderson Global Allocation Fund - Growth (unaudited)

Performance

See important disclosures on the next page.

Average Annual Total Return - for the periods ended December 31, 2023						Prospectus Expense Ratios
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses‡	Net Annual Fund Operating Expenses‡
Class A Shares at NAV	4.88%	13.57%	7.01%	4.80%	5.86%	1.18%	1.18%
Class A Shares at MOP	-1.15%	7.08%	5.75%	4.18%	5.52%
Class C Shares at NAV	4.46%	12.73%	6.24%	4.10%	5.11%	1.94%	1.94%
Class C Shares at CDSC	3.46%	11.73%	6.24%	4.10%	5.11%
Class D Shares	4.92%	13.71%	7.20%	4.98%	6.04%	0.99%	0.98%
Class I Shares	4.95%	13.85%	7.27%	5.05%	6.11%	0.93%	0.93%
Class S Shares	4.71%	13.36%	6.82%	4.61%	5.66%	1.34%	1.34%
Class T Shares	4.84%	13.64%	7.11%	4.91%	5.99%	1.09%	1.09%
MSCI All Country World Index	7.26%	22.20%	11.72%	7.93%	6.95%
Global Growth Allocation Index	6.67%	18.78%	9.39%	6.51%	6.21%
Morningstar Quartile - Class T Shares	-	2nd	2nd	2nd	1st
Morningstar Ranking - based on total returns for World Allocation Funds	-	108/391	118/384	97/330	44/207

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

2 DECEMBER 31, 2023

Janus Henderson Global Allocation Fund - Growth (unaudited)

Performance

potential conflicts of interest. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.

Performance of the Global Allocation Funds depends on that of the underlying funds. They are subject to the volatility of the financial markets. Because Janus Henderson Investors US LLC is the adviser to the Fund and to the underlying affiliated funds held within the Fund, it is subject to certain potential conflicts of interest.

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 share 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.

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.

© 2023 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.

See “Useful Information About Your Fund Report.”

*The Fund’s inception date – December 30, 2005

‡ As stated in the prospectus. Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 27, 2023. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees. See Financial Highlights for actual expense ratios during the reporting period.

Janus Investment Fund 3

Janus Henderson Global Allocation Fund - Growth (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 (7/1/23)	Ending Account Value (12/31/23)	Expenses Paid During Period (7/1/23 - 12/31/23)†	Beginning Account Value (7/1/23)	Ending Account Value (12/31/23)	Expenses Paid During Period (7/1/23 - 12/31/23)†	Net Annualized Expense Ratio (7/1/23 - 12/31/23)††
Class A Shares		$1,000.00	$1,048.80	$2.37	$1,000.00	$1,022.82	$2.34	0.46%
Class C Shares		$1,000.00	$1,044.60	$6.12	$1,000.00	$1,019.15	$6.04	1.19%
Class D Shares		$1,000.00	$1,049.20	$1.39	$1,000.00	$1,023.78	$1.37	0.27%
Class I Shares		$1,000.00	$1,049.50	$1.18	$1,000.00	$1,023.98	$1.17	0.23%
Class S Shares		$1,000.00	$1,047.10	$3.24	$1,000.00	$1,021.97	$3.20	0.63%
Class T Shares		$1,000.00	$1,048.40	$1.75	$1,000.00	$1,023.43	$1.73	0.34%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/366 (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.
††	Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

4 DECEMBER 31, 2023

Janus Henderson Global Allocation Fund - Growth

Schedule of Investments (unaudited)

December 31, 2023

Shares			Value
Investment Companies£– 100.0%
Equity Funds – 84.9%
	Janus Henderson Adaptive Global Allocation Fund - Class N Shares	1,232,730	$12,475,210
	Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares	1,873,353	18,467,514
	Janus Henderson Asia Equity Fund - Class N Shares	612,879	6,003,829
	Janus Henderson Contrarian Fund - Class N Shares	457,418	11,830,118
	Janus Henderson Emerging Markets Fund - Class N Shares	1,601,060	14,232,260
	Janus Henderson Enterprise Fund - Class N Shares	70,435	9,364,194
	Janus Henderson European Focus Fund - Class N Shares	197,186	8,608,005
	Janus Henderson Forty Fund - Class N Shares	247,922	12,128,243
	Janus Henderson Global Equity Income Fund - Class N Shares	2,271,319	13,876,221
	Janus Henderson Global Real Estate Fund - Class N Shares	563,531	6,603,526
	Janus Henderson Global Research Fund - Class N Shares	87,576	8,312,377
	Janus Henderson Global Select Fund - Class N Shares	578,004	9,728,127
	Janus Henderson Growth and Income Fund - Class N Shares	230,355	15,878,183
	Janus Henderson Overseas Fund - Class N Shares	400,356	17,260,574
	Janus Henderson Small-Mid Cap Value Fund - Class N Shares	726,879	10,561,765
	Janus Henderson Triton Fund - Class N Shares	290,271	7,726,075
	Janus Henderson U.S. Dividend Income Fund - Class N Shares	813,360	8,638,204
			191,694,425
Exchange-Traded Funds (ETFs) – 0.8%
	Janus Henderson AAA CLO	36,118	1,816,735
Fixed Income Funds – 14.2%
	Janus Henderson Flexible Bond Fund - Class N Shares	744,995	7,040,185
	Janus Henderson Global Bond Fund - Class N Shares	2,805,823	22,358,156
	Janus Henderson High-Yield Fund - Class N Shares	112,351	812,184
	Janus Henderson Multi-Sector Income Fund - Class N Shares	104,095	894,177
	Janus Henderson Short Duration Flexible Bond Fund - Class N Shares	335,020	954,808
			32,059,510
Money Markets – 0.1%
	Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº	239,762	239,810
Total Investments (total cost $206,706,791) – 100.0%			225,810,480
Liabilities, net of Cash, Receivables and Other Assets – (0)%			(61,738)
Net Assets – 100%			$225,748,742

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	5

Janus Henderson Global Allocation Fund - Growth

Schedule of Investments (unaudited)

December 31, 2023

Schedules of Affiliated Investments – (% of Net Assets)

		Dividend Income		Realized Gain/(Loss)		Capital Gain Distributions from Underlying Funds		Change in Unrealized Appreciation/ Depreciation		Value at 12/31/23
Investment Companies - 100.0%
Equity Funds - 84.9%
	Janus Henderson Adaptive Global Allocation Fund - Class N Shares	$	491,974	$	(71,799)	$	-	$	223,015	$	12,475,210
	Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares		112,582		(178,330)		573,763		260,908		18,467,514
	Janus Henderson Asia Equity Fund - Class N Shares		2,945		(148,478)		-		106,714		6,003,829
	Janus Henderson Contrarian Fund - Class N Shares		74,578		75,180		730,460		(289,815)		11,830,118
	Janus Henderson Emerging Markets Fund - Class N Shares		110,395		(1,549,847)		-		1,511,255		14,232,260
	Janus Henderson Enterprise Fund - Class N Shares		-		(16,093)		647,756		(228,675)		9,364,194
	Janus Henderson European Focus Fund - Class N Shares		214,788		21,242		-		422,114		8,608,005
	Janus Henderson Forty Fund - Class N Shares		39,938		44,721		894,941		123,466		12,128,243
	Janus Henderson Global Equity Income Fund - Class N Shares		486,058		(33,546)		-		280,526		13,876,221
	Janus Henderson Global Real Estate Fund - Class N Shares		132,314		(43,695)		-		318,034		6,603,526
	Janus Henderson Global Research Fund - Class N Shares		79,171		11,430		322,178		239,263		8,312,377
	Janus Henderson Global Select Fund - Class N Shares		140,990		97,568		643,199		(118,977)		9,728,127
	Janus Henderson Growth and Income Fund - Class N Shares		94,091		5,661		1,005,391		(227,574)		15,878,183
	Janus Henderson Overseas Fund - Class N Shares		264,205		158,767		-		10,871		17,260,574
	Janus Henderson Small-Mid Cap Value Fund - Class N Shares		106,689		(98,226)		-		780,134		10,561,765
	Janus Henderson Triton Fund - Class N Shares		-		(33,266)		504,940		(163,749)		7,726,075
	Janus Henderson U.S. Dividend Income Fund - Class N Shares		111,989		8,335		-		311,402		8,638,204
Total Equity Funds		$	2,462,707	$	(1,750,376)	$	5,322,628	$	3,558,912	$	191,694,425
Exchange-Traded Funds (ETFs) - 0.8%
	Janus Henderson AAA CLO		70,122		1,140		-		15,464		1,816,735
Fixed Income Funds - 14.2%
	Janus Henderson Flexible Bond Fund - Class N Shares		203,182		(255,725)		-		247,962		7,040,185
	Janus Henderson Global Bond Fund - Class N Shares		266,862		(387,455)		-		921,600		22,358,156
	Janus Henderson High-Yield Fund - Class N Shares		26,624		(3,659)		-		23,741		812,184
	Janus Henderson Multi-Sector Income Fund - Class N Shares		24,506		(16)		-		19,069		894,177
	Janus Henderson Short Duration Flexible Bond Fund - Class N Shares		43,377		(38,394)		-		58,637		954,808
Total Fixed Income Funds		$	564,551	$	(685,249)	$	-	$	1,271,009	$	32,059,510
Money Markets - 0.1%
	Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº		5,187		-		-		-		239,810
Total Affiliated Investments - 100.0%		$	3,102,567	$	(2,434,485)	$	5,322,628	$	4,845,385	$	225,810,480

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
6	DECEMBER 31, 2023

Janus Henderson Global Allocation Fund - Growth

Schedule of Investments (unaudited)

December 31, 2023

		Value at 6/30/23		Purchases		Sales Proceeds		Value at 12/31/23
Investment Companies - 100.0%
Equity Funds - 84.9%
	Janus Henderson Adaptive Global Allocation Fund - Class N Shares		12,443,914		571,470		(691,390)		12,475,210
	Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares		17,762,545		1,577,512		(955,121)		18,467,514
	Janus Henderson Asia Equity Fund - Class N Shares		6,574,368		42,567		(571,342)		6,003,829
	Janus Henderson Contrarian Fund - Class N Shares		11,934,681		879,216		(769,144)		11,830,118
	Janus Henderson Emerging Markets Fund - Class N Shares		18,554,793		204,600		(4,488,541)		14,232,260
	Janus Henderson Enterprise Fund - Class N Shares		9,119,303		970,200		(480,541)		9,364,194
	Janus Henderson European Focus Fund - Class N Shares		4,876,866		3,647,884		(360,101)		8,608,005
	Janus Henderson Forty Fund - Class N Shares		9,481,531		3,050,835		(572,310)		12,128,243
	Janus Henderson Global Equity Income Fund - Class N Shares		8,892,937		5,351,499		(615,195)		13,876,221
	Janus Henderson Global Real Estate Fund - Class N Shares		6,903,772		173,913		(748,498)		6,603,526
	Janus Henderson Global Research Fund - Class N Shares		6,288,233		2,160,758		(387,307)		8,312,377
	Janus Henderson Global Select Fund - Class N Shares		10,170,853		845,890		(1,267,207)		9,728,127
	Janus Henderson Growth and Income Fund - Class N Shares		9,300,603		7,481,943		(682,450)		15,878,183
	Janus Henderson Overseas Fund - Class N Shares		19,492,007		375,879		(2,776,950)		17,260,574
	Janus Henderson Small-Mid Cap Value Fund - Class N Shares		11,258,174		171,250		(1,549,567)		10,561,765
	Janus Henderson Triton Fund - Class N Shares		7,514,081		802,597		(393,588)		7,726,075
	Janus Henderson U.S. Dividend Income Fund - Class N Shares		8,700,249		167,759		(549,541)		8,638,204
Exchange-Traded Funds (ETFs) - 0.8%
	Janus Henderson AAA CLO		1,874,908		27,095		(101,872)		1,816,735
Fixed Income Funds - 14.2%
	Janus Henderson Flexible Bond Fund - Class N Shares		12,673,083		249,373		(5,874,508)		7,040,185
	Janus Henderson Global Bond Fund - Class N Shares		27,664,133		409,445		(6,249,567)		22,358,156
	Janus Henderson High-Yield Fund - Class N Shares		813,130		31,834		(52,862)		812,184
	Janus Henderson Multi-Sector Income Fund - Class N Shares		401,077		510,139		(36,092)		894,177
	Janus Henderson Short Duration Flexible Bond Fund - Class N Shares		3,543,268		50,119		(2,658,822)		954,808
Money Markets - 0.1%
	Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº		154,030		569,997		(484,217)		239,810

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	7

Janus Henderson Global Allocation Fund - Growth

Notes to Schedule of Investments and Other Information (unaudited)

Bloomberg Global Aggregate Bond Index	Bloomberg Global Aggregate Bond Index is a broad-based measure of the global investment grade fixed-rate debt markets.
Global Growth Allocation Index	Global Growth Allocation Index is an internally-calculated, hypothetical combination of total returns from the MSCI All Country World IndexSM (80%) and the Bloomberg Global Aggregate Bond Index (20%).
MSCI All Country World IndexSM	MSCI All Country World IndexSM reflects the equity market performance of global developed and emerging markets.

LLC Limited Liability Company

ºº Rate shown is the 7-day yield as of 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.

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. 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:
Investment Companies
Equity Funds	$	191,694,425	$	-	$	-
Exchange-Traded Funds (ETFs)		1,816,735		-		-
Fixed Income Funds		32,059,510		-		-
Money Markets		-		239,810		-
Total Assets	$	225,570,670	$	239,810	$	-

8 DECEMBER 31, 2023

Janus Henderson Global Allocation Fund - Growth

Statement of Assets and Liabilities (unaudited)

December 31, 2023

Assets:
	Affiliated investments, at value (cost $206,706,791)		$	225,810,480
	Trustees' deferred compensation			6,198
	Receivables:
		Fund shares sold		191,242
		Investments sold		182,033
		Dividends		85,914
		Dividends from affiliates		1,059
	Other assets			2,179
Total Assets				226,279,105
Liabilities:
	Payables:			—
		Fund shares repurchased		337,334
		Investments purchased		85,586
		Transfer agent fees and expenses		30,057
		Professional fees		23,156
		Advisory fees		9,607
		Trustees' deferred compensation fees		6,198
		Custodian fees		3,675
		12b-1 Distribution and shareholder servicing fees		3,511
		Trustees' fees and expenses		235
		Accrued expenses and other payables		31,004
Total Liabilities				530,363
Commitments and contingent liabilities (Note 3)
Net Assets			$	225,748,742
Net Assets Consist of:
	Capital (par value and paid-in surplus)		$	211,371,526
	Total distributable earnings (loss)			14,377,216
Total Net Assets			$	225,748,742
Net Assets - Class A Shares			$	6,177,176
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			491,228
Net Asset Value Per Share(1)			$	12.57
Maximum Offering Price Per Share(2)			$	13.34
Net Assets - Class C Shares			$	2,277,359
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			184,908
Net Asset Value Per Share(1)			$	12.32
Net Assets - Class D Shares			$	191,504,225
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			15,068,713
Net Asset Value Per Share			$	12.71
Net Assets - Class I Shares			$	12,735,629
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			1,003,077
Net Asset Value Per Share			$	12.70
Net Assets - Class S Shares			$	1,064,193
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			85,213
Net Asset Value Per Share			$	12.49
Net Assets - Class T Shares			$	11,990,160
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			944,673
Net Asset Value Per Share			$	12.69

(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	9

Janus Henderson Global Allocation Fund - Growth

Statement of Operations (unaudited)

For the period ended December 31, 2023

Investment Income:
	Dividends from affiliates		$	3,102,567
Total Investment Income				3,102,567
Expenses:
	Advisory fees			54,446
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		7,404
		Class C Shares		11,018
		Class S Shares		1,263
	Transfer agent administrative fees and expenses:
		Class D Shares		106,533
		Class S Shares		1,267
		Class T Shares		15,384
	Transfer agent networking and omnibus fees:
		Class A Shares		2,250
		Class C Shares		1,015
		Class I Shares		6,255
	Other transfer agent fees and expenses:
		Class A Shares		170
		Class C Shares		55
		Class D Shares		17,074
		Class I Shares		325
		Class S Shares		20
		Class T Shares		121
	Registration fees			42,875
	Professional fees			22,086
	Shareholder reports expense			18,532
	Custodian fees			5,192
	Trustees’ fees and expenses			2,212
	Other expenses			7,615
Total Expenses				323,112
Less: Excess Expense Reimbursement and Waivers				(3,617)
Net Expenses				319,495
Net Investment Income/(Loss)				2,783,072
Net Realized Gain/(Loss) on Investments:
	Investments in affiliates			(2,434,485)
	Capital gain distributions from underlying funds			5,322,628
Total Net Realized Gain/(Loss) on Investments				2,888,143
Change in Unrealized Net Appreciation/Depreciation:
	Investments in affiliates			4,845,385
Total Change in Unrealized Net Appreciation/Depreciation				4,845,385
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	10,516,600

See Notes to Financial Statements.
10	DECEMBER 31, 2023

Janus Henderson Global Allocation Fund - Growth

Statements of Changes in Net Assets

			Period ended December 31, 2023 (unaudited)		Year ended June 30, 2023
Operations:
	Net investment income/(loss)		$	2,783,072	$	2,835,132
	Net realized gain/(loss) on investments			2,888,143		(5,692,960)
	Change in unrealized net appreciation/depreciation			4,845,385		24,451,761
Net Increase/(Decrease) in Net Assets Resulting from Operations				10,516,600		21,593,933
Dividends and Distributions to Shareholders:
		Class A Shares		(78,984)		(230,518)
		Class C Shares		(12,756)		(86,622)
		Class D Shares		(2,757,150)		(8,037,482)
		Class I Shares		(186,334)		(588,717)
		Class S Shares		(11,693)		(54,407)
		Class T Shares		(162,020)		(545,358)
Net Decrease from Dividends and Distributions to Shareholders				(3,208,937)		(9,543,104)
Capital Share Transactions:
		Class A Shares		(98,328)		623,306
		Class C Shares		(176,012)		(768,807)
		Class D Shares		(5,181,222)		(1,068,279)
		Class I Shares		(1,358,468)		1,481,819
		Class S Shares		(2,036)		(154,959)
		Class T Shares		(1,051,531)		(1,440,925)
Net Increase/(Decrease) from Capital Share Transactions				(7,867,597)		(1,327,845)
Net Increase/(Decrease) in Net Assets				(559,934)		10,722,984
Net Assets:
	Beginning of period			226,308,676		215,585,692
	End of period		$	225,748,742	$	226,308,676

See Notes to Financial Statements.
Janus Investment Fund	11

Janus Henderson Global Allocation Fund - Growth

Financial Highlights

Class A Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$12.15	$11.54	$16.53	$12.93	$14.05	$14.28
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.14	0.13	0.48	0.18	0.17	0.15
		Net realized and unrealized gain/(loss)	0.44	0.99	(3.08)	4.12	(0.32)	0.27
	Total from Investment Operations		0.58	1.12	(2.60)	4.30	(0.15)	0.42
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.16)	(0.10)	(0.50)	(0.18)	(0.17)	(0.17)
		Distributions (from capital gains)	—	(0.41)	(1.89)	(0.52)	(0.80)	(0.48)
	Total Dividends and Distributions		(0.16)	(0.51)	(2.39)	(0.70)	(0.97)	(0.65)
	Net Asset Value, End of Period		$12.57	$12.15	$11.54	$16.53	$12.93	$14.05
	Total Return*		4.79%	10.03%	(18.53)%	33.72%	(1.48)%	3.57%
	Net Assets, End of Period (in thousands)		$6,177	$6,073	$5,148	$6,003	$4,381	$4,845
	Average Net Assets for the Period (in thousands)		$5,924	$5,533	$6,076	$4,883	$4,624	$4,564
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses(2)	0.46%	0.48%	0.45%	0.46%	0.46%	0.46%
		Ratio of Net Expenses (After Waivers and Expense Offsets)(2)	0.46%	0.48%	0.45%	0.46%	0.46%	0.46%
		Ratio of Net Investment Income/(Loss)(2)	2.38%	1.11%	3.28%	1.17%	1.29%	1.07%
	Portfolio Turnover Rate		14%	35%	32%	50%	49%	9%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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)Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.
12	DECEMBER 31, 2023

Janus Henderson Global Allocation Fund - Growth

Financial Highlights

Class C Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$11.86	$11.25	$16.16	$12.65	$13.76	$14.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.10	0.05	0.37	0.09	0.07	0.05
		Net realized and unrealized gain/(loss)	0.43	0.97	(3.01)	4.00	(0.32)	0.27
	Total from Investment Operations		0.53	1.02	(2.64)	4.09	(0.25)	0.32
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.07)	—	(0.38)	(0.06)	(0.06)	(0.08)
		Distributions (from capital gains)	—	(0.41)	(1.89)	(0.52)	(0.80)	(0.48)
	Total Dividends and Distributions		(0.07)	(0.41)	(2.27)	(0.58)	(0.86)	(0.56)
	Net Asset Value, End of Period		$12.32	$11.86	$11.25	$16.16	$12.65	$13.76
	Total Return*		4.46%	9.31%	(19.11)%	32.77%	(2.23)%	2.83%
	Net Assets, End of Period (in thousands)		$2,277	$2,373	$3,031	$4,096	$4,497	$6,586
	Average Net Assets for the Period (in thousands)		$2,219	$2,608	$3,787	$4,340	$5,700	$6,878
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses(2)	1.19%	1.14%	1.16%	1.14%	1.18%	1.20%
		Ratio of Net Expenses (After Waivers and Expense Offsets)(2)	1.19%	1.14%	1.16%	1.14%	1.18%	1.20%
		Ratio of Net Investment Income/(Loss)(2)	1.63%	0.40%	2.60%	0.64%	0.55%	0.38%
	Portfolio Turnover Rate		14%	35%	32%	50%	49%	9%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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)Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.
Janus Investment Fund	13

Janus Henderson Global Allocation Fund - Growth

Financial Highlights

Class D Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$12.29	$11.66	$16.68	$13.04	$14.17	$14.39
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.16	0.16	0.51	0.22	0.20	0.18
		Net realized and unrealized gain/(loss)	0.45	1.00	(3.12)	4.15	(0.33)	0.27
	Total from Investment Operations		0.61	1.16	(2.61)	4.37	(0.13)	0.45
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.19)	(0.12)	(0.52)	(0.21)	(0.20)	(0.19)
		Distributions (from capital gains)	—	(0.41)	(1.89)	(0.52)	(0.80)	(0.48)
	Total Dividends and Distributions		(0.19)	(0.53)	(2.41)	(0.73)	(1.00)	(0.67)
	Net Asset Value, End of Period		$12.71	$12.29	$11.66	$16.68	$13.04	$14.17
	Total Return*		4.92%	10.31%	(18.41)%	34.01%	(1.37)%	3.77%
	Net Assets, End of Period (in thousands)		$191,504	$190,497	$181,527	$233,735	$187,295	$205,433
	Average Net Assets for the Period (in thousands)		$183,714	$183,974	$218,436	$213,320	$195,360	$205,469
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses(2)	0.28%	0.29%	0.26%	0.27%	0.28%	0.29%
		Ratio of Net Expenses (After Waivers and Expense Offsets)(2)	0.27%	0.28%	0.26%	0.27%	0.28%	0.28%
		Ratio of Net Investment Income/(Loss)(2)	2.57%	1.31%	3.45%	1.45%	1.46%	1.27%
	Portfolio Turnover Rate		14%	35%	32%	50%	49%	9%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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)Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.
14	DECEMBER 31, 2023

Janus Henderson Global Allocation Fund - Growth

Financial Highlights

Class I Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$12.28	$11.65	$16.68	$13.04	$14.16	$14.39
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.15	0.16	0.54	0.23	0.22	0.19
		Net realized and unrealized gain/(loss)	0.46	1.01	(3.14)	4.14	(0.33)	0.26
	Total from Investment Operations		0.61	1.17	(2.60)	4.37	(0.11)	0.45
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.19)	(0.13)	(0.54)	(0.21)	(0.21)	(0.20)
		Distributions (from capital gains)	—	(0.41)	(1.89)	(0.52)	(0.80)	(0.48)
	Total Dividends and Distributions		(0.19)	(0.54)	(2.43)	(0.73)	(1.01)	(0.68)
	Net Asset Value, End of Period		$12.70	$12.28	$11.65	$16.68	$13.04	$14.16
	Total Return*		4.95%	10.40%	(18.42)%	34.07%	(1.24)%	3.80%
	Net Assets, End of Period (in thousands)		$12,736	$13,700	$11,359	$14,799	$11,548	$14,977
	Average Net Assets for the Period (in thousands)		$12,648	$13,019	$14,681	$12,747	$13,319	$15,240
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses(2)	0.23%	0.23%	0.21%	0.21%	0.22%	0.22%
		Ratio of Net Expenses (After Waivers and Expense Offsets)(2)	0.23%	0.23%	0.21%	0.21%	0.22%	0.22%
		Ratio of Net Investment Income/(Loss)(2)	2.53%	1.37%	3.65%	1.49%	1.59%	1.33%
	Portfolio Turnover Rate		14%	35%	32%	50%	49%	9%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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)Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.
Janus Investment Fund	15

Janus Henderson Global Allocation Fund - Growth

Financial Highlights

Class S Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$12.06	$11.45	$16.43	$12.85	$13.96	$14.20
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.13	0.12	0.48	0.16	0.18	0.13
		Net realized and unrealized gain/(loss)	0.44	0.99	(3.09)	4.08	(0.35)	0.26
	Total from Investment Operations		0.57	1.11	(2.61)	4.24	(0.17)	0.39
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.14)	(0.09)	(0.48)	(0.14)	(0.14)	(0.15)
		Distributions (from capital gains)	—	(0.41)	(1.89)	(0.52)	(0.80)	(0.48)
	Total Dividends and Distributions		(0.14)	(0.50)	(2.37)	(0.66)	(0.94)	(0.63)
	Net Asset Value, End of Period		$12.49	$12.06	$11.45	$16.43	$12.85	$13.96
	Total Return*		4.71%	9.97%	(18.71)%	33.45%	(1.67)%	3.41%
	Net Assets, End of Period (in thousands)		$1,064	$1,031	$1,134	$1,408	$1,539	$2,157
	Average Net Assets for the Period (in thousands)		$1,014	$1,153	$1,423	$1,325	$1,879	$2,446
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses(2)	0.63%	0.64%	0.62%	0.62%	0.62%	0.61%
		Ratio of Net Expenses (After Waivers and Expense Offsets)(2)	0.63%	0.64%	0.62%	0.62%	0.62%	0.61%
		Ratio of Net Investment Income/(Loss)(2)	2.21%	1.06%	3.31%	1.05%	1.30%	0.96%
	Portfolio Turnover Rate		14%	35%	32%	50%	49%	9%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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)Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.
16	DECEMBER 31, 2023

Janus Henderson Global Allocation Fund - Growth

Financial Highlights

Class T Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$12.27	$11.64	$16.65	$13.02	$14.14	$14.37
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.15	0.15	0.49	0.21	0.19	0.17
		Net realized and unrealized gain/(loss)	0.44	1.00	(3.10)	4.14	(0.32)	0.26
	Total from Investment Operations		0.59	1.15	(2.61)	4.35	(0.13)	0.43
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.17)	(0.11)	(0.51)	(0.20)	(0.19)	(0.18)
		Distributions (from capital gains)	—	(0.41)	(1.89)	(0.52)	(0.80)	(0.48)
	Total Dividends and Distributions		(0.17)	(0.52)	(2.40)	(0.72)	(0.99)	(0.66)
	Net Asset Value, End of Period		$12.69	$12.27	$11.64	$16.65	$13.02	$14.14
	Total Return*		4.84%	10.22%	(18.45)%	33.88%	(1.37)%	3.61%
	Net Assets, End of Period (in thousands)		$11,990	$12,635	$13,387	$16,385	$13,330	$16,624
	Average Net Assets for the Period (in thousands)		$12,312	$12,814	$15,962	$15,199	$15,095	$17,721
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses(2)	0.38%	0.39%	0.36%	0.37%	0.37%	0.38%
		Ratio of Net Expenses (After Waivers and Expense Offsets)(2)	0.34%	0.35%	0.34%	0.34%	0.35%	0.36%
		Ratio of Net Investment Income/(Loss)(2)	2.45%	1.24%	3.34%	1.37%	1.43%	1.20%
	Portfolio Turnover Rate		14%	35%	32%	50%	49%	9%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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)Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.
Janus Investment Fund	17

Janus Henderson Global Allocation Fund - Growth

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Henderson Global Allocation Fund - Growth (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 Fund operates as a “fund of funds,” meaning substantially all of the Fund’s assets will be invested in other Janus Henderson mutual funds and exchange-traded funds ("ETFs") (the “underlying funds”). The Trust offers 38 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks total return through a primary emphasis on growth of capital with a secondary emphasis on income. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.

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

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

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

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

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

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

Effective July 6, 2020, Class D Shares are available to new investors, 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 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.

18 DECEMBER 31, 2023

Janus Henderson Global Allocation Fund - Growth

Notes to Financial Statements (unaudited)

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.

Underlying Funds

The Fund invests in a variety of underlying funds to pursue a target allocation of equity investments, fixed-income securities, and alternative investments and may also invest in money market instruments or cash/cash equivalents. The Fund has a target allocation, which is how the Fund's investments generally will be allocated among the major asset classes over the long term, as well as normal ranges, under normal market conditions, within which the Fund's asset class allocations generally will vary over short-term periods. The Fund's long-term expected average asset allocation is as follows: 75% to equity investments, 15% to fixed-income securities and money market instruments, and 10% to alternative investments. Additional details and descriptions of the investment objectives and strategies of each of the underlying funds are available in the Fund’s and underlying funds’ prospectuses available at janushenderson.com. The Trustees of the underlying funds may change the investment objectives or strategies of the underlying funds at any time without prior notice to the Fund’s shareholders.

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

Investment Valuation

The Fund’s net asset value (“NAV”) is calculated based upon the NAV of each of the underlying funds in which the Fund invests on the day of valuation. The NAV for each class of the underlying funds is computed by dividing the total value of securities and other assets allocated to the class, less liabilities allocated to that class, by the total number of shares outstanding for the class.

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.

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.

The Fund classifies each of its investments in underlying funds as Level 1, without consideration as to the classification level of the specific investments held by the underlying funds. 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 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 held by the underlying funds 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 the accrual basis and includes

Janus Investment Fund 19

Janus Henderson Global Allocation Fund - Growth

Notes to Financial Statements (unaudited)

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.

Dividend distributions received from the underlying funds are recorded on the ex-dividend date. Upon receipt of the notification from an underlying fund, and subsequent to the ex-dividend date, a part or all of the dividend income originally recorded by the Fund may be reclassified as a tax return of capital by reducing the cost basis of the underlying fund and/or increasing the realized gain on sales of investments in the underlying fund.

Expenses

The Fund bears expenses incurred specifically on its behalf. Additionally, the Fund, as a shareholder in the underlying funds, will also indirectly bear its pro rata share of the expenses incurred by the underlying funds. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

Estimates

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

Indemnifications

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

Dividends and Distributions

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 underlying funds 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 underlying funds distribute 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. 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 0.05% of its average daily net assets.

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Janus Henderson Global Allocation Fund - Growth

Notes to Financial Statements (unaudited)

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 expenses of an underlying fund (acquired fund fees and expenses), 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, and extraordinary expenses, exceed the annual rate of 0.14% of the Fund’s average daily net assets. The Adviser has agreed to continue the waivers for at least a one-year period commencing October 27, 2023. 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, and is authorized to perform, or cause others to perform, the administration services necessary for the operation of the Fund. The Adviser does not receive compensation for serving as administrator and it bears the expenses related to operation of the Fund, such as, but not limited to fund accounting and tax services; shareholder servicing; and preparation of various documents filed with the SEC. The Fund bears costs related to any compensation, fees, or reimbursements paid to Trustees who are independent of the Adviser; fees and expenses of counsel to the Independent Trustees; fees and expenses of consultants to the Fund; custody fees; audit expenses; brokerage commissions and all other expenses in connection with execution of portfolio transactions; blue sky registration costs; interest; all federal, state and local taxes (including stamp, excise, income, and franchise taxes); expenses of shareholder meetings, including the preparation, printing, and distribution of proxy statements, notices, and reports to shareholders; expenses of printing and mailing to existing shareholders prospectuses, statements of additional information, shareholder reports, and other materials required to be mailed to shareholders by federal or state laws or regulations; transfer agency fees and expenses payable pursuant to a transfer agency agreement between the Trust and the Transfer Agent on behalf of the Fund; any litigation; and other extraordinary expenses. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and compliance staff are shared with the Fund. Total compensation of $226,421 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2023. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

Janus Henderson Services US LLC (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s and the underlying funds’ 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.

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Notes to Financial Statements (unaudited)

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 a distribution and shareholder servicing plan (the “Plan”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, Janus Henderson Distributors US LLC (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 Plan, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended December 31, 2023, the Distributor retained upfront sales charges of $106.

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 December 31, 2023.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class C Shares during the period ended December 31, 2023.

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 December 31, 2023 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 December 31, 2023 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 $196,900 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2023.

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 Global Allocation Fund - Growth

Notes to Financial Statements (unaudited)

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 December 31, 2023 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

3. Federal Income Tax

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

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

Accumulated capital losses noted below represent net capital loss carryovers, as of June 30, 2023, 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 June 30, 2023
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$(1,895,172)	$(3,030,879)	$ (4,926,051)

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2023 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)
$ 210,196,729	$21,116,762	$ (5,503,011)	$ 15,613,751

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Notes to Financial Statements (unaudited)

4. Capital Share Transactions

	Period ended December 31, 2023		Year ended June 30, 2023
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	12,514	$ 151,427	115,901	$ 1,364,485
Reinvested dividends and distributions	6,096	76,812	19,817	223,339
Shares repurchased	(27,218)	(326,567)	(82,085)	(964,518)
Net Increase/(Decrease)	(8,608)	$ (98,328)	53,633	$ 623,306
Class C Shares:
Shares sold	9,008	$ 105,447	18,242	$ 206,928
Reinvested dividends and distributions	1,033	12,756	7,846	86,622
Shares repurchased	(25,244)	(294,215)	(95,507)	(1,062,357)
Net Increase/(Decrease)	(15,203)	$ (176,012)	(69,419)	$ (768,807)
Class D Shares:
Shares sold	208,914	$ 2,513,344	502,381	$ 5,966,714
Reinvested dividends and distributions	213,674	2,722,210	697,247	7,941,664
Shares repurchased	(856,680)	(10,416,776)	(1,264,469)	(14,976,657)
Net Increase/(Decrease)	(434,092)	$(5,181,222)	(64,841)	$(1,068,279)
Class I Shares:
Shares sold	93,926	$ 1,136,716	484,618	$ 5,591,527
Reinvested dividends and distributions	14,637	186,334	51,778	588,717
Shares repurchased	(221,438)	(2,681,518)	(395,189)	(4,698,425)
Net Increase/(Decrease)	(112,875)	$(1,358,468)	141,207	$ 1,481,819
Class S Shares:
Shares sold	1,426	$ 17,093	15,078	$ 179,544
Reinvested dividends and distributions	934	11,693	4,862	54,407
Shares repurchased	(2,674)	(30,822)	(33,387)	(388,910)
Net Increase/(Decrease)	(314)	$ (2,036)	(13,447)	$ (154,959)
Class T Shares:
Shares sold	197,351	$ 2,405,947	243,469	$ 2,847,082
Reinvested dividends and distributions	12,632	160,683	47,633	541,587
Shares repurchased	(295,333)	(3,618,161)	(411,256)	(4,829,594)
Net Increase/(Decrease)	(85,350)	$(1,051,531)	(120,154)	$(1,440,925)

5. Purchases and Sales of Investment Securities

For the period ended December 31, 2023, 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
$30,323,773	$ 33,316,732	$ -	$ -

6. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2023 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 Allocation Fund - Growth

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; and (ii) 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 and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “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.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and 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, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, 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 to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management

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Additional Information(unaudited)

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

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

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract 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 fund 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, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

Asset Allocation Funds

·For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12

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Janus Henderson Global Allocation Fund - Growth

Additional Information(unaudited)

months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Fixed-Income Funds

·For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Global and International Equity Funds

·For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

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Additional Information(unaudited)

·For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·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 June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

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Additional Information(unaudited)

U.S. Equity Funds

·For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·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 June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.

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Additional Information(unaudited)

·For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.

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

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered 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 referenced its past analyses from 2022, which 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 different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with

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Additional Information(unaudited)

regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:

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 all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

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

·For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, 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 as shown were below the applicable fee limit.

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 average for certain share classes, overall the Fund’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 the Fund’s total expenses were below the peer group average for all share classes.

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

·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 average for certain share classes, 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 as shown were below the applicable fee limit.

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

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

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 average for certain share classes, overall the Fund’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 average for certain share classes, 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 as shown were below the applicable fee limit.

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Additional Information(unaudited)

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

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

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

·For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, 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 as shown were 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 average 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 certain share classes, 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 as shown were below the applicable fee limit.

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

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

·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 as shown were below the applicable fee limit.

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

Money Market Funds

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

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

Multi-Asset Funds

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

·For Janus Henderson 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 as shown were below the applicable fee limit.

U.S. Equity Funds

·For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were

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Additional Information(unaudited)

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 as shown were 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 all 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, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

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

·For Janus Henderson Forty 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, although this limit did not apply because the Fund’s total expenses as shown were 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 average for certain share classes, 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 as shown were below the applicable fee limit.

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

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

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

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

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

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

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

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

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized

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Additional Information(unaudited)

by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser 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 charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

Economies of Scale

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.

With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and 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.

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Additional Information(unaudited)

Other Benefits to the Adviser

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

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Useful Information About Your Fund Report (unaudited)

Performance Overviews

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

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

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

Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund’s unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of 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. A company may be allocated to a country based on other factors such as location of the company’s principal office, the location of the principal trading market for the company’s securities, or the country where a majority of the company’s revenues are derived. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by 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.

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.

36 DECEMBER 31, 2023

Janus Henderson Global Allocation Fund - Growth

Useful Information About Your Fund Report (unaudited)

Statement of Operations

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

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

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

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

Statements of Changes in Net Assets

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

The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund’s investment operations. The Fund’s net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund’s net assets will not be affected.

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

Financial Highlights

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

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

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

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

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

Janus Investment Fund 37

Janus Henderson Global Allocation Fund - Growth

Useful Information About Your Fund Report (unaudited)

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.

38 DECEMBER 31, 2023

Janus Henderson Global Allocation Fund - Growth

Notes

NotesPage1

Janus Investment Fund 39

Janus Henderson Global Allocation Fund - Growth

Notes

NotesPage2

40 DECEMBER 31, 2023

Janus Henderson Global Allocation Fund - Growth

Notes

NotesPage3

Janus Investment Fund 41

This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Mutual funds distributed by Janus Henderson Distributors US LLC
	125-24-93021 02-24

	SEMIANNUAL REPORT December 31, 2023
Janus Henderson Global Allocation Fund - Moderate
Janus Investment Fund

HIGHLIGHTS

·Investment strategy behind your fund

·Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Global Allocation Fund - Moderate

Fund At A Glance and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	8
Statement of Assets and Liabilities	9
Statement of Operations	10
Statements of Changes in Net Assets	11
Financial Highlights	12
Notes to Financial Statements	18
Additional Information	25
Useful Information About Your Fund Report	36

Ashwin Alankar

portfolio manager

Important Notice – Tailored Shareholder Reports

Effective January 24, 2023, the Securities and Exchange Commission (the “SEC”) adopted rule and form amendments that require mutual funds and exchange-traded funds to provide shareholders with streamlined annual and semi-annual shareholder reports that highlight key information. Other information, including financial statements, that currently appears in shareholder reports will be made available online, delivered free of charge to shareholders upon request, and filed with the SEC. The first tailored shareholder report for the Fund will be for the reporting period ending June 30, 2024. Currently, management is evaluating the impact of the rule and form amendments on the content of the Fund’s current shareholder reports.

Janus Henderson Global Allocation Fund - Moderate (unaudited)

Fund At A Glance

December 31, 2023

Holdings - (% of Net Assets)
Janus Henderson Global Bond Fund - Class N Shares	23.3	%
Janus Henderson Flexible Bond Fund - Class N Shares	7.6
Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares	6.0
Janus Henderson Overseas Fund - Class N Shares	5.7
Janus Henderson Adaptive Global Allocation Fund - Class N Shares	5.5
Janus Henderson Growth and Income Fund - Class N Shares	5.2
Janus Henderson Emerging Markets Fund - Class N Shares	4.6
Janus Henderson Global Equity Income Fund - Class N Shares	4.5
Janus Henderson Forty Fund - Class N Shares	4.0
Janus Henderson Contrarian Fund - Class N Shares	3.7
Janus Henderson Small-Mid Cap Value Fund - Class N Shares	3.4
Janus Henderson Enterprise Fund - Class N Shares	3.2
Janus Henderson Global Select Fund - Class N Shares	3.2
Janus Henderson U.S. Dividend Income Fund - Class N Shares	3.0
Janus Henderson European Focus Fund - Class N Shares	2.8
Janus Henderson Global Research Fund - Class N Shares	2.7
Janus Henderson Triton Fund - Class N Shares	2.5
Janus Henderson Global Real Estate Fund - Class N Shares	2.2
Janus Henderson Asia Equity Fund - Class N Shares	2.0
Janus Henderson AAA CLO	1.9
Janus Henderson Short Duration Flexible Bond Fund - Class N Shares	1.0
Janus Henderson Multi-Sector Income Fund - Class N Shares	0.8
Janus Henderson High-Yield Fund - Class N Shares	0.7
Janus Henderson Cash Liquidity Fund LLC	0.5

Asset Allocation - (% of Net Assets)
Equity Funds	64.2%
Fixed Income Funds	33.4%
Exchange-Traded Funds (ETFs)	1.9%
Money Markets	0.5%
Other		0.0%
		100.0%

Janus Investment Fund 1

Janus Henderson Global Allocation Fund - Moderate (unaudited)

Performance

See important disclosures on the next page.

Average Annual Total Return - for the periods ended December 31, 2023						Prospectus Expense Ratios
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses‡	Net Annual Fund Operating Expenses‡
Class A Shares at NAV	4.68%	11.50%	5.35%	3.82%	5.36%	1.13%	1.11%
Class A Shares at MOP	-1.36%	5.05%	4.12%	3.20%	5.01%
Class C Shares at NAV	4.26%	10.74%	4.59%	3.12%	4.61%	1.92%	1.90%
Class C Shares at CDSC	3.26%	9.74%	4.59%	3.12%	4.61%
Class D Shares	4.83%	11.71%	5.54%	4.01%	5.55%	0.97%	0.93%
Class I Shares	4.76%	11.64%	5.58%	4.04%	5.59%	0.90%	0.88%
Class S Shares	4.64%	11.32%	5.16%	3.64%	5.15%	1.32%	1.29%
Class T Shares	4.76%	11.66%	5.47%	3.94%	5.49%	1.07%	1.04%
MSCI All Country World Index	7.26%	22.20%	11.72%	7.93%	6.95%
Global Moderate Allocation Index	6.07%	15.43%	7.01%	5.05%	5.39%
Morningstar Quartile - Class T Shares	-	2nd	3rd	3rd	2nd
Morningstar Ranking - based on total returns for World Allocation Funds	-	193/391	274/384	202/330	81/207

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.

2 DECEMBER 31, 2023

Janus Henderson Global Allocation Fund - Moderate (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.

Performance of the Global Allocation Funds depends on that of the underlying funds. They are subject to the volatility of the financial markets. Because Janus Henderson Investors US LLC is the adviser to the Fund and to the underlying affiliated funds held within the Fund, it is subject to certain potential conflicts of interest.

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 share 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.

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.

© 2023 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.

See “Useful Information About Your Fund Report.”

*The Fund’s inception date – December 30, 2005

‡ As stated in the prospectus. Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 27, 2023. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees. See Financial Highlights for actual expense ratios during the reporting period.

Janus Investment Fund 3

Janus Henderson Global Allocation Fund - Moderate (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 (7/1/23)	Ending Account Value (12/31/23)	Expenses Paid During Period (7/1/23 - 12/31/23)†	Beginning Account Value (7/1/23)	Ending Account Value (12/31/23)	Expenses Paid During Period (7/1/23 - 12/31/23)†	Net Annualized Expense Ratio (7/1/23 - 12/31/23)††
Class A Shares		$1,000.00	$1,046.80	$2.21	$1,000.00	$1,022.97	$2.19	0.43%
Class C Shares		$1,000.00	$1,042.60	$5.90	$1,000.00	$1,019.36	$5.84	1.15%
Class D Shares		$1,000.00	$1,048.30	$1.29	$1,000.00	$1,023.88	$1.27	0.25%
Class I Shares		$1,000.00	$1,047.60	$1.18	$1,000.00	$1,023.98	$1.17	0.23%
Class S Shares		$1,000.00	$1,046.40	$3.14	$1,000.00	$1,022.07	$3.10	0.61%
Class T Shares		$1,000.00	$1,047.60	$1.70	$1,000.00	$1,023.48	$1.68	0.33%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/366 (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.
††	Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

4 DECEMBER 31, 2023

Janus Henderson Global Allocation Fund - Moderate

Schedule of Investments (unaudited)

December 31, 2023

Shares			Value
Investment Companies£– 100.0%
Equity Funds – 64.2%
	Janus Henderson Adaptive Global Allocation Fund - Class N Shares	1,040,087	$10,525,658
	Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares	1,169,325	11,529,248
	Janus Henderson Asia Equity Fund - Class N Shares	386,908	3,791,164
	Janus Henderson Contrarian Fund - Class N Shares	275,972	7,136,999
	Janus Henderson Emerging Markets Fund - Class N Shares	995,972	8,853,793
	Janus Henderson Enterprise Fund - Class N Shares	45,741	6,081,199
	Janus Henderson European Focus Fund - Class N Shares	123,318	5,383,117
	Janus Henderson Forty Fund - Class N Shares	153,963	7,531,849
	Janus Henderson Global Equity Income Fund - Class N Shares	1,388,468	8,483,020
	Janus Henderson Global Real Estate Fund - Class N Shares	352,457	4,130,429
	Janus Henderson Global Research Fund - Class N Shares	54,714	5,193,073
	Janus Henderson Global Select Fund - Class N Shares	360,772	6,071,912
	Janus Henderson Growth and Income Fund - Class N Shares	144,633	9,969,472
	Janus Henderson Overseas Fund - Class N Shares	250,147	10,784,257
	Janus Henderson Small-Mid Cap Value Fund - Class N Shares	441,804	6,419,485
	Janus Henderson Triton Fund - Class N Shares	179,975	4,790,608
	Janus Henderson U.S. Dividend Income Fund - Class N Shares	538,910	5,723,295
			122,398,578
Exchange-Traded Funds (ETFs) – 1.9%
	Janus Henderson AAA CLO	71,462	3,594,539
Fixed Income Funds – 33.4%
	Janus Henderson Flexible Bond Fund - Class N Shares	1,542,615	14,577,689
	Janus Henderson Global Bond Fund - Class N Shares	5,551,518	44,240,530
	Janus Henderson High-Yield Fund - Class N Shares	191,454	1,384,106
	Janus Henderson Multi-Sector Income Fund - Class N Shares	185,946	1,597,292
	Janus Henderson Short Duration Flexible Bond Fund - Class N Shares	654,453	1,865,127
			63,664,744
Money Markets – 0.5%
	Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº	1,034,982	1,035,189
Total Investments (total cost $183,684,424) – 100.0%			190,693,050
Liabilities, net of Cash, Receivables and Other Assets – (0)%			(50,876)
Net Assets – 100%			$190,642,174

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	5

Janus Henderson Global Allocation Fund - Moderate

Schedule of Investments (unaudited)

December 31, 2023

Schedules of Affiliated Investments – (% of Net Assets)

		Dividend Income		Realized Gain/(Loss)		Capital Gain Distributions from Underlying Funds		Change in Unrealized Appreciation/ Depreciation		Value at 12/31/23
Investment Companies - 100.0%
Equity Funds - 64.2%
	Janus Henderson Adaptive Global Allocation Fund - Class N Shares	$	414,566	$	(8,618)	$	-	$	135,089	$	10,525,658
	Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares		70,153		(61,173)		357,528		114,555		11,529,248
	Janus Henderson Asia Equity Fund - Class N Shares		1,852		(121,768)		-		99,472		3,791,164
	Janus Henderson Contrarian Fund - Class N Shares		44,823		76,556		439,017		(208,703)		7,136,999
	Janus Henderson Emerging Markets Fund - Class N Shares		68,414		(742,491)		-		724,016		8,853,793
	Janus Henderson Enterprise Fund - Class N Shares		-		(4,644)		419,047		(145,829)		6,081,199
	Janus Henderson European Focus Fund - Class N Shares		133,816		11,549		-		264,257		5,383,117
	Janus Henderson Forty Fund - Class N Shares		24,707		21,428		553,640		79,974		7,531,849
	Janus Henderson Global Equity Income Fund - Class N Shares		296,555		(18,274)		-		170,303		8,483,020
	Janus Henderson Global Real Estate Fund - Class N Shares		82,603		(28,176)		-		200,337		4,130,429
	Janus Henderson Global Research Fund - Class N Shares		49,273		4,993		200,514		150,300		5,193,073
	Janus Henderson Global Select Fund - Class N Shares		87,664		114,258		399,923		(122,921)		6,071,912
	Janus Henderson Growth and Income Fund - Class N Shares		58,962		(250)		630,170		(138,658)		9,969,472
	Janus Henderson Overseas Fund - Class N Shares		164,454		821,279		-		(733,093)		10,784,257
	Janus Henderson Small-Mid Cap Value Fund - Class N Shares		64,737		(84,896)		-		488,004		6,419,485
	Janus Henderson Triton Fund - Class N Shares		-		(19,408)		311,876		(95,698)		4,790,608
	Janus Henderson U.S. Dividend Income Fund - Class N Shares		74,062		3,149		-		207,707		5,723,295
Total Equity Funds		$	1,636,641	$	(36,486)	$	3,311,715	$	1,189,112	$	122,398,578
Exchange-Traded Funds (ETFs) - 1.9%
	Janus Henderson AAA CLO		127,603		1,284		-		27,200		3,594,539
Fixed Income Funds - 33.4%
	Janus Henderson Flexible Bond Fund - Class N Shares		358,501		(214,659)		-		362,110		14,577,689
	Janus Henderson Global Bond Fund - Class N Shares		492,828		(273,292)		-		1,566,451		44,240,530
	Janus Henderson High-Yield Fund - Class N Shares		41,931		(5,176)		-		41,667		1,384,106
	Janus Henderson Multi-Sector Income Fund - Class N Shares		42,671		(188)		-		34,604		1,597,292
	Janus Henderson Short Duration Flexible Bond Fund - Class N Shares		74,583		(57,594)		-		96,876		1,865,127
Total Fixed Income Funds		$	1,010,514	$	(550,909)	$	-	$	2,101,708	$	63,664,744
Money Markets - 0.5%
	Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº		18,317		-		-		-		1,035,189
Total Affiliated Investments - 100.0%		$	2,793,075	$	(586,111)	$	3,311,715	$	3,318,020	$	190,693,050

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
6	DECEMBER 31, 2023

Janus Henderson Global Allocation Fund - Moderate

Schedule of Investments (unaudited)

December 31, 2023

		Value at 6/30/23		Purchases		Sales Proceeds		Value at 12/31/23
Investment Companies - 100.0%
Equity Funds - 64.2%
	Janus Henderson Adaptive Global Allocation Fund - Class N Shares		10,568,203		498,260		(667,276)		10,525,658
	Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares		11,052,160		1,017,071		(593,365)		11,529,248
	Janus Henderson Asia Equity Fund - Class N Shares		4,080,932		32,627		(300,099)		3,791,164
	Janus Henderson Contrarian Fund - Class N Shares		7,313,733		537,621		(582,208)		7,136,999
	Janus Henderson Emerging Markets Fund - Class N Shares		11,363,068		140,740		(2,631,540)		8,853,793
	Janus Henderson Enterprise Fund - Class N Shares		5,506,479		1,026,434		(301,241)		6,081,199
	Janus Henderson European Focus Fund - Class N Shares		3,036,451		2,297,134		(226,274)		5,383,117
	Janus Henderson Forty Fund - Class N Shares		5,725,518		2,056,857		(351,928)		7,531,849
	Janus Henderson Global Equity Income Fund - Class N Shares		5,283,368		3,422,901		(375,278)		8,483,020
	Janus Henderson Global Real Estate Fund - Class N Shares		4,318,573		114,347		(474,652)		4,130,429
	Janus Henderson Global Research Fund - Class N Shares		3,786,506		1,490,492		(239,218)		5,193,073
	Janus Henderson Global Select Fund - Class N Shares		6,646,549		535,515		(1,101,489)		6,071,912
	Janus Henderson Growth and Income Fund - Class N Shares		5,412,270		5,119,121		(423,011)		9,969,472
	Janus Henderson Overseas Fund - Class N Shares		12,994,370		250,853		(2,549,152)		10,784,257
	Janus Henderson Small-Mid Cap Value Fund - Class N Shares		7,145,641		114,043		(1,243,307)		6,419,485
	Janus Henderson Triton Fund - Class N Shares		4,406,443		735,940		(236,669)		4,790,608
	Janus Henderson U.S. Dividend Income Fund - Class N Shares		5,691,394		121,210		(300,165)		5,723,295
Exchange-Traded Funds (ETFs) - 1.9%
	Janus Henderson AAA CLO		3,015,825		735,944		(185,714)		3,594,539
Fixed Income Funds - 33.4%
	Janus Henderson Flexible Bond Fund - Class N Shares		18,813,049		477,202		(4,860,013)		14,577,689
	Janus Henderson Global Bond Fund - Class N Shares		46,390,269		845,002		(4,287,900)		44,240,530
	Janus Henderson High-Yield Fund - Class N Shares		1,116,081		298,486		(66,952)		1,384,106
	Janus Henderson Multi-Sector Income Fund - Class N Shares		644,661		982,322		(64,107)		1,597,292
	Janus Henderson Short Duration Flexible Bond Fund - Class N Shares		5,701,280		91,403		(3,966,838)		1,865,127
Money Markets - 0.5%
	Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº		192,076		1,998,545		(1,155,432)		1,035,189

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	7

Janus Henderson Global Allocation Fund - Moderate

Notes to Schedule of Investments and Other Information (unaudited)

Bloomberg Global Aggregate Bond Index	Bloomberg Global Aggregate Bond Index is a broad-based measure of the global investment grade fixed-rate debt markets.
Global Moderate Allocation Index	Global Moderate Allocation Index is an internally-calculated, hypothetical combination of total returns from the MSCI All Country World IndexSM (60%) and the Bloomberg Global Aggregate Bond Index (40%).
MSCI All Country World IndexSM	MSCI All Country World IndexSM reflects the equity market performance of global developed and emerging markets.

LLC Limited Liability Company

ºº Rate shown is the 7-day yield as of 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.

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. 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:
Investment Companies
Equity Funds	$	122,398,578	$	-	$	-
Exchange-Traded Funds (ETFs)		3,594,539		-		-
Fixed Income Funds		63,664,744		-		-
Money Markets		-		1,035,189		-
Total Assets	$	189,657,861	$	1,035,189	$	-

8 DECEMBER 31, 2023

Janus Henderson Global Allocation Fund - Moderate

Statement of Assets and Liabilities (unaudited)

December 31, 2023

Assets:
	Affiliated investments, at value (cost $183,684,424)		$	190,693,050
	Trustees' deferred compensation			5,232
	Receivables:
		Dividends		173,859
		Fund shares sold		162,836
		Investments sold		88,331
	Other assets			1,837
Total Assets				191,125,145
Liabilities:
	Payables:			—
		Fund shares repurchased		222,286
		Investments purchased		169,128
		Transfer agent fees and expenses		24,470
		Professional fees		23,330
		Trustees' deferred compensation fees		5,232
		Custodian fees		3,653
		Advisory fees		3,439
		12b-1 Distribution and shareholder servicing fees		2,764
		Trustees' fees and expenses		207
		Accrued expenses and other payables		28,462
Total Liabilities				482,971
Commitments and contingent liabilities (Note 3)
Net Assets			$	190,642,174
Net Assets Consist of:
	Capital (par value and paid-in surplus)		$	187,817,070
	Total distributable earnings (loss)			2,825,104
Total Net Assets			$	190,642,174
Net Assets - Class A Shares			$	9,308,146
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			798,955
Net Asset Value Per Share(1)			$	11.65
Maximum Offering Price Per Share(2)			$	12.36
Net Assets - Class C Shares			$	742,818
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			64,573
Net Asset Value Per Share(1)			$	11.50
Net Assets - Class D Shares			$	165,743,777
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			14,123,286
Net Asset Value Per Share			$	11.74
Net Assets - Class I Shares			$	3,513,829
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			299,712
Net Asset Value Per Share			$	11.72
Net Assets - Class S Shares			$	483,531
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			41,843
Net Asset Value Per Share			$	11.56
Net Assets - Class T Shares			$	10,850,073
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			927,376
Net Asset Value Per Share			$	11.70

(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	9

Janus Henderson Global Allocation Fund - Moderate

Statement of Operations (unaudited)

For the period ended December 31, 2023

Investment Income:
	Dividends from affiliates		$	2,793,075
Total Investment Income				2,793,075
Expenses:
	Advisory fees			45,869
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		11,399
		Class C Shares		3,318
		Class S Shares		539
	Transfer agent administrative fees and expenses:
		Class D Shares		92,118
		Class S Shares		561
		Class T Shares		13,432
	Transfer agent networking and omnibus fees:
		Class A Shares		2,529
		Class C Shares		387
		Class I Shares		1,811
	Other transfer agent fees and expenses:
		Class A Shares		250
		Class C Shares		26
		Class D Shares		13,338
		Class I Shares		111
		Class S Shares		8
		Class T Shares		114
	Registration fees			44,279
	Professional fees			22,043
	Shareholder reports expense			15,729
	Custodian fees			5,795
	Trustees’ fees and expenses			1,846
	Other expenses			7,482
Total Expenses				282,984
Less: Excess Expense Reimbursement and Waivers				(34,158)
Net Expenses				248,826
Net Investment Income/(Loss)				2,544,249
Net Realized Gain/(Loss) on Investments:
	Investments in affiliates			(586,111)
	Capital gain distributions from underlying funds			3,311,715
Total Net Realized Gain/(Loss) on Investments				2,725,604
Change in Unrealized Net Appreciation/Depreciation:
	Investments in affiliates			3,318,020
Total Change in Unrealized Net Appreciation/Depreciation				3,318,020
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	8,587,873

See Notes to Financial Statements.
10	DECEMBER 31, 2023

Janus Henderson Global Allocation Fund - Moderate

Statements of Changes in Net Assets

			Period ended December 31, 2023 (unaudited)		Year ended June 30, 2023
Operations:
	Net investment income/(loss)		$	2,544,249	$	2,762,568
	Net realized gain/(loss) on investments			2,725,604		(6,010,036)
	Change in unrealized net appreciation/depreciation			3,318,020		17,173,033
Net Increase/(Decrease) in Net Assets Resulting from Operations				8,587,873		13,925,565
Dividends and Distributions to Shareholders:
		Class A Shares		(124,694)		(242,632)
		Class C Shares		(4,667)		(20,118)
		Class D Shares		(2,504,967)		(4,624,841)
		Class I Shares		(53,937)		(122,537)
		Class S Shares		(4,883)		(26,980)
		Class T Shares		(155,379)		(324,596)
Net Decrease from Dividends and Distributions to Shareholders				(2,848,527)		(5,361,704)
Capital Share Transactions:
		Class A Shares		(423,798)		(2,434,840)
		Class C Shares		(72,832)		(653,691)
		Class D Shares		(3,562,068)		(7,638,439)
		Class I Shares		(496,784)		(767,425)
		Class S Shares		23,770		(664,740)
		Class T Shares		(693,539)		(2,468,613)
Net Increase/(Decrease) from Capital Share Transactions				(5,225,251)		(14,627,748)
Net Increase/(Decrease) in Net Assets				514,095		(6,063,887)
Net Assets:
	Beginning of period			190,128,079		196,191,966
	End of period		$	190,642,174	$	190,128,079

See Notes to Financial Statements.
Janus Investment Fund	11

Janus Henderson Global Allocation Fund - Moderate

Financial Highlights

Class A Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$11.28	$10.79	$14.88	$12.29	$12.90	$13.07
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.14	0.14	0.43	0.22	0.16	0.09
		Net realized and unrealized gain/(loss)	0.39	0.64	(2.77)	2.98	(0.06)	0.28
	Total from Investment Operations		0.53	0.78	(2.34)	3.20	0.10	0.37
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.16)	(0.06)	(0.44)	(0.22)	(0.14)	(0.10)
		Distributions (from capital gains)	—	(0.23)	(1.31)	(0.39)	(0.57)	(0.44)
	Total Dividends and Distributions		(0.16)	(0.29)	(1.75)	(0.61)	(0.71)	(0.54)
	Net Asset Value, End of Period		$11.65	$11.28	$10.79	$14.88	$12.29	$12.90
	Total Return*		4.68%	7.37%	(17.84)%	26.39%	0.60%	3.32%
	Net Assets, End of Period (in thousands)		$9,308	$9,441	$11,371	$14,023	$8,165	$9,529
	Average Net Assets for the Period (in thousands)		$9,100	$10,004	$13,650	$11,150	$9,063	$9,899
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses(2)	0.45%	0.46%	0.43%	0.43%	0.41%	0.45%
		Ratio of Net Expenses (After Waivers and Expense Offsets)(2)	0.43%	0.44%	0.43%	0.43%	0.41%	0.45%
		Ratio of Net Investment Income/(Loss)(2)	2.58%	1.24%	3.21%	1.56%	1.29%	0.68%
	Portfolio Turnover Rate		14%	36%	43%	41%	51%	6%

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

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

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

(2)Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.
12	DECEMBER 31, 2023

Janus Henderson Global Allocation Fund - Moderate

Financial Highlights

Class C Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$11.10	$10.64	$14.66	$12.11	$12.70	$12.86
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.10	0.06	0.32	0.16	0.06	0.01
		Net realized and unrealized gain/(loss)	0.37	0.63	(2.72)	2.88	(0.05)	0.27
	Total from Investment Operations		0.47	0.69	(2.40)	3.04	0.01	0.28
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.07)	—	(0.31)	(0.10)	(0.03)	—(2)
		Distributions (from capital gains)	—	(0.23)	(1.31)	(0.39)	(0.57)	(0.44)
	Total Dividends and Distributions		(0.07)	(0.23)	(1.62)	(0.49)	(0.60)	(0.44)
	Net Asset Value, End of Period		$11.50	$11.10	$10.64	$14.66	$12.11	$12.70
	Total Return*		4.26%	6.61%	(18.40)%	25.39%	(0.06)%	2.57%
	Net Assets, End of Period (in thousands)		$743	$789	$1,387	$2,854	$4,381	$6,211
	Average Net Assets for the Period (in thousands)		$760	$1,088	$2,274	$3,487	$5,235	$6,648
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses(3)	1.17%	1.17%	1.19%	1.12%	1.18%	1.14%
		Ratio of Net Expenses (After Waivers and Expense Offsets)(3)	1.15%	1.15%	1.19%	1.11%	1.18%	1.14%
		Ratio of Net Investment Income/(Loss)(3)	1.83%	0.56%	2.42%	1.17%	0.45%	0.08%
	Portfolio Turnover Rate		14%	36%	43%	41%	51%	6%

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

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

(1)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)Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.
	13

Janus Henderson Global Allocation Fund - Moderate

Financial Highlights

Class D Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$11.37	$10.88	$14.99	$12.38	$12.98	$13.16
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.16	0.16	0.45	0.26	0.18	0.11
		Net realized and unrealized gain/(loss)	0.39	0.65	(2.79)	2.98	(0.05)	0.28
	Total from Investment Operations		0.55	0.81	(2.34)	3.24	0.13	0.39
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.18)	(0.09)	(0.46)	(0.24)	(0.16)	(0.13)
		Distributions (from capital gains)	—	(0.23)	(1.31)	(0.39)	(0.57)	(0.44)
	Total Dividends and Distributions		(0.18)	(0.32)	(1.77)	(0.63)	(0.73)	(0.57)
	Net Asset Value, End of Period		$11.74	$11.37	$10.88	$14.99	$12.38	$12.98
	Total Return*		4.83%	7.59%	(17.71)%	26.53%	0.84%	3.44%
	Net Assets, End of Period (in thousands)		$165,744	$164,312	$164,692	$213,724	$178,202	$196,873
	Average Net Assets for the Period (in thousands)		$158,855	$163,560	$199,211	$197,314	$187,271	$199,360
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses(2)	0.29%	0.30%	0.26%	0.27%	0.27%	0.29%
		Ratio of Net Expenses (After Waivers and Expense Offsets)(2)	0.25%	0.26%	0.25%	0.25%	0.26%	0.26%
		Ratio of Net Investment Income/(Loss)(2)	2.78%	1.46%	3.35%	1.84%	1.40%	0.88%
	Portfolio Turnover Rate		14%	36%	43%	41%	51%	6%

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

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

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

(2)Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.
14	DECEMBER 31, 2023

Janus Henderson Global Allocation Fund - Moderate

Financial Highlights

Class I Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$11.36	$10.86	$14.98	$12.37	$12.97	$13.15
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.15	0.17	0.53	0.25	0.19	0.11
		Net realized and unrealized gain/(loss)	0.39	0.64	(2.86)	3.00	(0.05)	0.29
	Total from Investment Operations		0.54	0.81	(2.33)	3.25	0.14	0.40
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.18)	(0.08)	(0.48)	(0.25)	(0.17)	(0.14)
		Distributions (from capital gains)	—	(0.23)	(1.31)	(0.39)	(0.57)	(0.44)
	Total Dividends and Distributions		(0.18)	(0.31)	(1.79)	(0.64)	(0.74)	(0.58)
	Net Asset Value, End of Period		$11.72	$11.36	$10.86	$14.98	$12.37	$12.97
	Total Return*		4.76%	7.65%	(17.72)%	26.62%	0.88%	3.53%
	Net Assets, End of Period (in thousands)		$3,514	$3,930	$4,528	$6,744	$4,551	$5,533
	Average Net Assets for the Period (in thousands)		$3,595	$4,247	$12,862	$5,660	$4,907	$5,905
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses(2)	0.25%	0.23%	0.22%	0.21%	0.21%	0.22%
		Ratio of Net Expenses (After Waivers and Expense Offsets)(2)	0.23%	0.21%	0.22%	0.21%	0.21%	0.22%
		Ratio of Net Investment Income/(Loss)(2)	2.70%	1.55%	3.87%	1.81%	1.47%	0.85%
	Portfolio Turnover Rate		14%	36%	43%	41%	51%	6%

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

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

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

(2)Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.
	15

Janus Henderson Global Allocation Fund - Moderate

Financial Highlights

Class S Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$11.16	$10.69	$14.75	$12.19	$12.79	$12.97
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.14	0.14	0.40	0.21	0.15	0.06
		Net realized and unrealized gain/(loss)	0.38	0.60	(2.74)	2.93	(0.07)	0.29
	Total from Investment Operations		0.52	0.74	(2.34)	3.14	0.08	0.35
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.12)	(0.04)	(0.41)	(0.19)	(0.11)	(0.09)
		Distributions (from capital gains)	—	(0.23)	(1.31)	(0.39)	(0.57)	(0.44)
	Total Dividends and Distributions		(0.12)	(0.27)	(1.72)	(0.58)	(0.68)	(0.53)
	Net Asset Value, End of Period		$11.56	$11.16	$10.69	$14.75	$12.19	$12.79
	Total Return*		4.64%	7.11%	(17.97)%	26.03%	0.47%	3.14%
	Net Assets, End of Period (in thousands)		$484	$443	$1,066	$1,385	$1,247	$2,217
	Average Net Assets for the Period (in thousands)		$449	$951	$1,322	$1,358	$1,929	$2,482
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses(2)	0.63%	0.65%	0.62%	0.62%	0.62%	0.60%
		Ratio of Net Expenses (After Waivers and Expense Offsets)(2)	0.61%	0.63%	0.62%	0.62%	0.62%	0.60%
		Ratio of Net Investment Income/(Loss)(2)	2.47%	1.30%	3.03%	1.51%	1.17%	0.51%
	Portfolio Turnover Rate		14%	36%	43%	41%	51%	6%

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

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

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

(2)Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.
16	DECEMBER 31, 2023

Janus Henderson Global Allocation Fund - Moderate

Financial Highlights

Class T Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$11.33	$10.84	$14.94	$12.34	$12.94	$13.12
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.15	0.15	0.44	0.24	0.16	0.10
		Net realized and unrealized gain/(loss)	0.39	0.64	(2.78)	2.98	(0.04)	0.28
	Total from Investment Operations		0.54	0.79	(2.34)	3.22	0.12	0.38
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.17)	(0.07)	(0.45)	(0.23)	(0.15)	(0.12)
		Distributions (from capital gains)	—	(0.23)	(1.31)	(0.39)	(0.57)	(0.44)
	Total Dividends and Distributions		(0.17)	(0.30)	(1.76)	(0.62)	(0.72)	(0.56)
	Net Asset Value, End of Period		$11.70	$11.33	$10.84	$14.94	$12.34	$12.94
	Total Return*		4.76%	7.51%	(17.77)%	26.43%	0.76%	3.38%
	Net Assets, End of Period (in thousands)		$10,850	$11,213	$13,148	$16,849	$13,981	$16,966
	Average Net Assets for the Period (in thousands)		$10,751	$12,102	$15,737	$15,516	$15,728	$17,106
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses(2)	0.39%	0.40%	0.37%	0.37%	0.37%	0.38%
		Ratio of Net Expenses (After Waivers and Expense Offsets)(2)	0.33%	0.33%	0.33%	0.32%	0.34%	0.34%
		Ratio of Net Investment Income/(Loss)(2)	2.67%	1.38%	3.27%	1.76%	1.29%	0.79%
	Portfolio Turnover Rate		14%	36%	43%	41%	51%	6%

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

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

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

(2)Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.
	17

Janus Henderson Global Allocation Fund - Moderate

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Henderson Global Allocation Fund - Moderate (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 Fund operates as a “fund of funds,” meaning substantially all of the Fund’s assets will be invested in other Janus Henderson mutual funds and exchange-traded funds ("ETFs") (the “underlying funds”). The Trust offers 38 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks total return through growth of capital and income. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.

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

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

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

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

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

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

Effective July 6, 2020, Class D Shares are available to new investors, 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 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.

18 DECEMBER 31, 2023

Janus Henderson Global Allocation Fund - Moderate

Notes to Financial Statements (unaudited)

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.

Underlying Funds

The Fund invests in a variety of underlying funds to pursue a target allocation of equity investments, fixed-income securities, and alternative investments and may also invest in money market instruments or cash/cash equivalents. The Fund has a target allocation, which is how the Fund's investments generally will be allocated among the major asset classes over the long term, as well as normal ranges, under normal market conditions, within which the Fund's asset class allocations generally will vary over short-term periods. The Fund's long-term expected average asset allocation is as follows: 55% to equity investments, 35% to fixed-income securities and money market instruments, and 10% to alternative investments. Additional details and descriptions of the investment objectives and strategies of each of the underlying funds are available in the Fund’s and underlying funds’ prospectuses available at janushenderson.com. The Trustees of the underlying funds may change the investment objectives or strategies of the underlying funds at any time without prior notice to the Fund’s shareholders.

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

Investment Valuation

The Fund’s net asset value (“NAV”) is calculated based upon the NAV of each of the underlying funds in which the Fund invests on the day of valuation. The NAV for each class of the underlying funds is computed by dividing the total value of securities and other assets allocated to the class, less liabilities allocated to that class, by the total number of shares outstanding for the class.

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.

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.

The Fund classifies each of its investments in underlying funds as Level 1, without consideration as to the classification level of the specific investments held by the underlying funds. 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 in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments.

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 held by the underlying funds 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 the accrual basis and includes

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Janus Henderson Global Allocation Fund - Moderate

Notes to Financial Statements (unaudited)

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.

Dividend distributions received from the underlying funds are recorded on the ex-dividend date. Upon receipt of the notification from an underlying fund, and subsequent to the ex-dividend date, a part or all of the dividend income originally recorded by the Fund may be reclassified as a tax return of capital by reducing the cost basis of the underlying fund and/or increasing the realized gain on sales of investments in the underlying fund.

Expenses

The Fund bears expenses incurred specifically on its behalf. Additionally, the Fund, as a shareholder in the underlying funds, will also indirectly bear its pro rata share of the expenses incurred by the underlying funds. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

Estimates

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

Indemnifications

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

Dividends and Distributions

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 underlying funds 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 underlying funds distribute 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. 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 0.05% of its average daily net assets.

20 DECEMBER 31, 2023

Janus Henderson Global Allocation Fund - Moderate

Notes to Financial Statements (unaudited)

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 expenses of an underlying fund (acquired fund fees and expenses), 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, and extraordinary expenses, exceed the annual rate of 0.12% 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 October 27, 2023. 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, and is authorized to perform, or cause others to perform, the administration services necessary for the operation of the Fund. The Adviser does not receive compensation for serving as administrator and it bears the expenses related to operation of the Fund, such as, but not limited to fund accounting and tax services; shareholder servicing; and preparation of various documents filed with the SEC. The Fund bears costs related to any compensation, fees, or reimbursements paid to Trustees who are independent of the Adviser; fees and expenses of counsel to the Independent Trustees; fees and expenses of consultants to the Fund; custody fees; audit expenses; brokerage commissions and all other expenses in connection with execution of portfolio transactions; blue sky registration costs; interest; all federal, state and local taxes (including stamp, excise, income, and franchise taxes); expenses of shareholder meetings, including the preparation, printing, and distribution of proxy statements, notices, and reports to shareholders; expenses of printing and mailing to existing shareholders prospectuses, statements of additional information, shareholder reports, and other materials required to be mailed to shareholders by federal or state laws or regulations; transfer agency fees and expenses payable pursuant to a transfer agency agreement between the Trust and the Transfer Agent on behalf of the Fund; any litigation; and other extraordinary expenses. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and compliance staff are shared with the Fund. Total compensation of $226,421 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2023. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

Janus Henderson Services US LLC (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s and the underlying funds’ 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.

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Janus Henderson Global Allocation Fund - Moderate

Notes to Financial Statements (unaudited)

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 a distribution and shareholder servicing plan (the “Plan”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, Janus Henderson Distributors US LLC (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 Plan, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended December 31, 2023, the Distributor retained upfront sales charges of $55.

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 December 31, 2023.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class C Shares during the period ended December 31, 2023.

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 December 31, 2023 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 December 31, 2023 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 $196,900 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2023.

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

22 DECEMBER 31, 2023

Janus Henderson Global Allocation Fund - Moderate

Notes to Financial Statements (unaudited)

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 December 31, 2023 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

3. Federal Income Tax

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

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

Accumulated capital losses noted below represent net capital loss carryovers, as of June 30, 2023, 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 June 30, 2023
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$(2,349,736)	$(3,566,698)	$ (5,916,434)

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2023 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)
$ 186,560,802	$13,594,997	$ (9,462,749)	$ 4,132,248

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Janus Henderson Global Allocation Fund - Moderate

Notes to Financial Statements (unaudited)

4. Capital Share Transactions

	Period ended December 31, 2023		Year ended June 30, 2023
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	9,306	$ 104,528	84,220	$ 917,214
Reinvested dividends and distributions	10,493	122,562	21,826	232,007
Shares repurchased	(57,752)	(650,888)	(322,999)	(3,584,061)
Net Increase/(Decrease)	(37,953)	$ (423,798)	(216,953)	$(2,434,840)
Class C Shares:
Shares sold	6,602	$ 70,658	28,017	$ 287,539
Reinvested dividends and distributions	399	4,595	1,918	20,118
Shares repurchased	(13,544)	(148,085)	(89,195)	(961,348)
Net Increase/(Decrease)	(6,543)	$ (72,832)	(59,260)	$ (653,691)
Class D Shares:
Shares sold	340,286	$ 3,823,196	714,673	$ 7,931,540
Reinvested dividends and distributions	208,854	2,456,124	426,840	4,571,454
Shares repurchased	(873,689)	(9,841,388)	(1,824,967)	(20,141,433)
Net Increase/(Decrease)	(324,549)	$(3,562,068)	(683,454)	$(7,638,439)
Class I Shares:
Shares sold	44,857	$ 515,539	47,600	$ 530,997
Reinvested dividends and distributions	4,590	53,937	11,452	122,537
Shares repurchased	(95,628)	(1,066,260)	(129,897)	(1,420,959)
Net Increase/(Decrease)	(46,181)	$ (496,784)	(70,845)	$ (767,425)
Class S Shares:
Shares sold	1,829	$ 20,065	6,843	$ 74,191
Reinvested dividends and distributions	422	4,883	2,562	26,980
Shares repurchased	(106)	(1,178)	(69,443)	(765,911)
Net Increase/(Decrease)	2,145	$ 23,770	(60,038)	$ (664,740)
Class T Shares:
Shares sold	192,381	$ 2,163,580	273,679	$ 2,984,463
Reinvested dividends and distributions	13,183	154,633	30,278	323,070
Shares repurchased	(267,621)	(3,011,752)	(526,952)	(5,776,146)
Net Increase/(Decrease)	(62,057)	$ (693,539)	(222,995)	$(2,468,613)

5. Purchases and Sales of Investment Securities

For the period ended December 31, 2023, 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
$24,940,071	$ 27,183,831	$ -	$ -

6. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2023 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.

24 DECEMBER 31, 2023

Janus Henderson Global Allocation Fund - Moderate

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; and (ii) 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 and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “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.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and 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, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, 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 to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management

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Janus Henderson Global Allocation Fund - Moderate

Additional Information(unaudited)

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

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

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract 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 fund 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, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

Asset Allocation Funds

·For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12

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Janus Henderson Global Allocation Fund - Moderate

Additional Information(unaudited)

months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Fixed-Income Funds

·For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Global and International Equity Funds

·For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

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Janus Henderson Global Allocation Fund - Moderate

Additional Information(unaudited)

·For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·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 June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

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Additional Information(unaudited)

U.S. Equity Funds

·For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·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 June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.

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Janus Henderson Global Allocation Fund - Moderate

Additional Information(unaudited)

·For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.

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

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered 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 referenced its past analyses from 2022, which 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 different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with

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regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:

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 all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

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

·For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, 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 as shown were below the applicable fee limit.

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 average for certain share classes, overall the Fund’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 the Fund’s total expenses were below the peer group average for all share classes.

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

·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 average for certain share classes, 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 as shown were below the applicable fee limit.

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

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

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 average for certain share classes, overall the Fund’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 average for certain share classes, 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 as shown were below the applicable fee limit.

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Janus Henderson Global Allocation Fund - Moderate

Additional Information(unaudited)

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

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

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

·For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, 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 as shown were 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 average 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 certain share classes, 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 as shown were below the applicable fee limit.

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

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

·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 as shown were below the applicable fee limit.

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

Money Market Funds

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

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

Multi-Asset Funds

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

·For Janus Henderson 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 as shown were below the applicable fee limit.

U.S. Equity Funds

·For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were

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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 as shown were 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 all 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, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

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

·For Janus Henderson Forty 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, although this limit did not apply because the Fund’s total expenses as shown were 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 average for certain share classes, 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 as shown were below the applicable fee limit.

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

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

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

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

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

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

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

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

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized

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Janus Henderson Global Allocation Fund - Moderate

Additional Information(unaudited)

by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser 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 charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

Economies of Scale

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.

With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and 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.

34 DECEMBER 31, 2023

Janus Henderson Global Allocation Fund - Moderate

Additional Information(unaudited)

Other Benefits to the Adviser

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

Janus Investment Fund 35

Janus Henderson Global Allocation Fund - Moderate

Useful Information About Your Fund Report (unaudited)

Performance Overviews

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

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

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

Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund’s unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of 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. A company may be allocated to a country based on other factors such as location of the company’s principal office, the location of the principal trading market for the company’s securities, or the country where a majority of the company’s revenues are derived. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by 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.

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.

36 DECEMBER 31, 2023

Janus Henderson Global Allocation Fund - Moderate

Useful Information About Your Fund Report (unaudited)

Statement of Operations

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

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

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

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

Statements of Changes in Net Assets

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

The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund’s investment operations. The Fund’s net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund’s net assets will not be affected.

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

Financial Highlights

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

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

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

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

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

Janus Investment Fund 37

Janus Henderson Global Allocation Fund - Moderate

Useful Information About Your Fund Report (unaudited)

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.

38 DECEMBER 31, 2023

Janus Henderson Global Allocation Fund - Moderate

Notes

NotesPage1

Janus Investment Fund 39

Janus Henderson Global Allocation Fund - Moderate

Notes

NotesPage2

40 DECEMBER 31, 2023

Janus Henderson Global Allocation Fund - Moderate

Notes

NotesPage3

Janus Investment Fund 41

This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Mutual funds distributed by Janus Henderson Distributors US LLC
	125-24-93022 02-24

	SEMIANNUAL REPORT December 31, 2023
Janus Henderson Global Bond Fund
Janus Investment Fund

HIGHLIGHTS

·Investment strategy behind your fund

·Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Global Bond Fund

Fund At A Glance 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
Additional Information	50
Useful Information About Your Fund Report	61

Jenna Barnard co-portfolio manager Helen Anthony co-portfolio manager John Pattullo co-portfolio manager

Important Notice – Tailored Shareholder Reports

Effective January 24, 2023, the Securities and Exchange Commission (the “SEC”) adopted rule and form amendments that require mutual funds and exchange-traded funds to provide shareholders with streamlined annual and semi-annual shareholder reports that highlight key information. Other information, including financial statements, that currently appears in shareholder reports will be made available online, delivered free of charge to shareholders upon request, and filed with the SEC. The first tailored shareholder report for the Fund will be for the reporting period ending June 30, 2024. Currently, management is evaluating the impact of the rule and form amendments on the content of the Fund’s current shareholder reports.

Janus Henderson Global Bond Fund (unaudited)

Fund At A Glance

December 31, 2023

Fund Profile
30-day SEC Yield*	Without Reimbursement	With Reimbursement
Class A Shares NAV	1.97%	2.67%
Class A Shares MOP	1.87%	2.54%
Class C Shares**	0.81%	1.92%
Class D Shares	2.50%	2.92%
Class I Shares	2.62%	2.96%
Class N Shares	2.74%	3.06%
Class S Shares	-2.28%	2.53%
Class T Shares	2.37%	2.81%
Weighted Average Maturity		8.5 Years
Average Effective Duration***		8.2 Years
* Yield will fluctuate.
** Does not include the 1.00% contingent deferred sales charge.
*** A theoretical measure of price volatility.

Ratings† Summary - (% of Total Investments)
AAA	2.2%
AA	35.7%
A	7.7%
BBB	11.0%
Not Rated	42.6%
Other	0.8%
† Credit ratings provided by Standard & Poor's (S&P), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality. "Other" includes cash equivalents, equity securities, and certain derivative instruments.

Significant Areas of Investment - (% of Net Assets)

Asset Allocation - (% of Net Assets)
Foreign Government Bonds	47.2%
Mortgage-Backed Securities	21.7%
Corporate Bonds	19.8%
United States Treasury Notes/Bonds	9.2%
Investment Companies	2.4%
Asset-Backed/Commercial Mortgage-Backed Securities	0.9%
Investments Purchased with Cash Collateral from Securities Lending	0.1%
Other		(1.3)%
		100.0%

Emerging markets comprised 11.4% of total net assets.

Janus Investment Fund 1

Janus Henderson Global Bond Fund (unaudited)

Performance

See important disclosures on the next page.

Average Annual Total Return - for the periods ended December 31, 2023						Prospectus Expense Ratios
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses‡	Net Annual Fund Operating Expenses‡
Class A Shares at NAV	4.21%	4.58%	-0.90%	0.05%	0.95%	1.55%	0.98%
Class A Shares at MOP	-0.79%	-0.42%	-1.86%	-0.43%	0.57%
Class C Shares at NAV	3.98%	3.98%	-1.60%	-0.68%	0.22%	2.48%	1.70%
Class C Shares at CDSC	2.98%	2.98%	-1.60%	-0.68%	0.22%
Class D Shares	4.47%	4.99%	-0.66%	0.25%	1.13%	1.06%	0.74%
Class I Shares	4.49%	5.01%	-0.62%	0.32%	1.21%	0.95%	0.71%
Class N Shares	4.42%	5.13%	-0.52%	0.41%	1.22%	0.86%	0.59%
Class S Shares	4.28%	4.58%	-1.03%	-0.03%	0.85%	6.15%	1.11%
Class T Shares	4.30%	4.75%	-0.77%	0.16%	1.04%	1.20%	0.84%
Bloomberg Global Aggregate Bond Index	4.22%	5.72%	-0.32%	0.38%	0.95%
Morningstar Quartile - Class I Shares	-	4th	3rd	2nd	2nd
Morningstar Ranking - based on total returns for World Bond Funds	-	144/192	113/178	82/160	54/146

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 4.75%. 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.

2 DECEMBER 31, 2023

Janus Henderson Global Bond 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 N Shares commenced operations on October 28, 2013. Performance shown for periods prior to October 28, 2013, reflects the 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 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.

© 2023 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.

See “Useful Information About Your Fund Report.”

*The Fund’s inception date – December 28, 2010

‡ As stated in the prospectus. Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 27, 2023. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees. See Financial Highlights for actual expense ratios during the reporting period.

Janus Investment Fund 3

Janus Henderson Global Bond 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 (7/1/23)	Ending Account Value (12/31/23)	Expenses Paid During Period (7/1/23 - 12/31/23)†	Beginning Account Value (7/1/23)	Ending Account Value (12/31/23)	Expenses Paid During Period (7/1/23 - 12/31/23)†	Net Annualized Expense Ratio (7/1/23 - 12/31/23)
Class A Shares		$1,000.00	$1,042.10	$5.08	$1,000.00	$1,020.16	$5.03	0.99%
Class C Shares		$1,000.00	$1,039.80	$8.56	$1,000.00	$1,016.74	$8.47	1.67%
Class D Shares		$1,000.00	$1,044.70	$3.80	$1,000.00	$1,021.42	$3.76	0.74%
Class I Shares		$1,000.00	$1,044.90	$3.60	$1,000.00	$1,021.62	$3.56	0.70%
Class N Shares		$1,000.00	$1,044.20	$3.08	$1,000.00	$1,022.12	$3.05	0.60%
Class S Shares		$1,000.00	$1,042.80	$5.70	$1,000.00	$1,019.56	$5.63	1.11%
Class T Shares		$1,000.00	$1,043.00	$4.26	$1,000.00	$1,020.96	$4.22	0.83%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/366 (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.

4 DECEMBER 31, 2023

Janus Henderson Global Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts				Value
Asset-Backed/Commercial Mortgage-Backed Securities– 0.9%
	JP Morgan Mortgage Trust 2019-1 A15, 4.0000%, 5/25/49 (144A)‡	$89,605		$82,216
	RMAC Securities No 1 2006-NS3X PLC,
	SONIA Interest Rate Benchmark + 0.2693%, 5.4891%, 6/12/44‡	464,147	GBP	571,869
	RMAC Securities No 1 2006-NS4X PLC,
	SONIA Interest Rate Benchmark + 0.2893%, 5.5091%, 6/12/44‡	460,905	GBP	568,307
	RMAC Securities No 1 PLC,
	SONIA Interest Rate Benchmark + 0.2693%, 5.4891%, 6/12/44‡	133,759	GBP	164,942
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $1,432,214)				1,387,334
Corporate Bonds– 19.8%
Banking – 4.8%
	American Express Co, 4.0500%, 5/3/29	467,000		462,225
	Bank of America Corp, EURIBOR 3 Month + 3.6700%, 3.6480%, 3/31/29‡	515,000	EUR	572,049
	BNP Paribas SA, 2.8750%, 2/24/29	400,000	GBP	464,727
	Credit Agricole SA/London, SOFR + 1.6760%, 1.9070%, 6/16/26 (144A)‡	372,000		352,872
	Goldman Sachs Group Inc, 0.2500%, 1/26/28	341,000	EUR	333,266
	HSBC Holdings PLC, SOFR + 1.9290%, 2.0990%, 6/4/26‡	1,100,000		1,047,175
	ING Groep NV, EURIBOR 3 Month + 0.8500%, 1.2500%, 2/16/27‡	200,000	EUR	209,878
	JPMorgan Chase & Co, EURIBOR 3 Month + 0.7600%, 1.0900%, 3/11/27‡	600,000	EUR	629,138
	JPMorgan Chase & Co, CME Term SOFR 3 Month + 3.7900%, 4.4930%, 3/24/31‡	666,000		649,349
	Morgan Stanley, SOFR + 0.9400%, 2.6300%, 2/18/26‡	791,000		765,546
	Royal Bank of Scotland Group PLC,
	UK Govt Bonds 5 Year Note Generic Bid Yield + 3.5500%, 3.6220%, 8/14/30‡	222,000	GBP	270,532
	Santander UK PLC, 3.8750%, 10/15/29	400,000	GBP	492,272
	UBS AG/London, 0.0100%, 3/31/26	500,000	EUR	513,926
	UBS Group AG, 1.2500%, 9/1/26	360,000	EUR	377,540
				7,140,495
Capital Goods – 0.6%
	Signify NV, 2.3750%, 5/11/27	837,000	EUR	895,722
Communications – 1.8%
	Crown Castle International Corp, 2.2500%, 1/15/31	470,000		389,187
	Netflix Inc, 4.6250%, 5/15/29	972,000	EUR	1,144,759
	Verizon Communications Inc, 3.0000%, 3/22/27	289,000		274,760
	Walt Disney Co, 2.6500%, 1/13/31	946,000		841,697
				2,650,403
Consumer Cyclical – 1.2%
	Amazon.com Inc, 2.7000%, 6/3/60	606,000		400,685
	Booking Holdings Inc, 4.0000%, 11/15/26	390,000	EUR	442,051
	NIKE Inc, 3.3750%, 3/27/50#	490,000		400,195
	Rentokil Initial Finance Ltd, 3.8750%, 6/27/27	447,000	EUR	502,665
				1,745,596
Consumer Non-Cyclical – 3.4%
	Agilent Technologies Inc, 2.1000%, 6/4/30	902,000		776,867
	Amgen Inc, 3.0000%, 2/22/29#	577,000		542,710
	Dentsply Sirona Inc, 3.2500%, 6/1/30	642,000		567,542
	HCA Inc, 3.5000%, 9/1/30	515,000		466,861
	Heineken NV, 1.2500%, 3/17/27	430,000	EUR	449,051
	Kraft Heinz Foods Co, 4.8750%, 10/1/49	361,000		342,053
	Mars Inc, 4.1250%, 4/1/54 (144A)	290,000		246,564
	McCormick & Co Inc/MD, 2.5000%, 4/15/30	194,000		169,472
	PepsiCo Inc, 3.2000%, 7/22/29	595,000	GBP	732,781
	Sysco Corp, 5.9500%, 4/1/30	136,000		144,545
	Takeda Pharmaceutical Co Ltd, 2.0000%, 7/9/40	251,000	EUR	219,707
	Zoetis Inc, 3.9000%, 8/20/28	399,000		390,424
				5,048,577
Electric – 0.4%
	AEP Transmission Co LLC, 3.6500%, 4/1/50	192,000		151,232
	IE2 Holdco SAU, 2.8750%, 6/1/26	400,000	EUR	437,733
				588,965

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	5

Janus Henderson Global Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts				Value
Corporate Bonds– (continued)
Government Sponsored – 1.1%
	China Development Bank, 3.3400%, 7/14/25	7,660,000	CNY	$1,096,576
	Electricite de France SA, 3.7500%, 6/5/27	400,000	EUR	450,127
				1,546,703
Insurance – 2.0%
	Anthem Inc, 2.2500%, 5/15/30	$462,000		399,997
	Aviva PLC,
	UK Govt Bonds 5 Year Note Generic Bid Yield + 4.7000%, 4.0000%, 6/3/55‡	150,000	GBP	156,962
	Centene Corp, 4.2500%, 12/15/27	460,000		443,234
	Centene Corp, 2.4500%, 7/15/28	1,167,000		1,039,330
	Health Care Service Corp, 2.2000%, 6/1/30 (144A)	572,000		487,820
	New York Life Global Funding, 0.7500%, 12/14/28	452,000	GBP	489,316
				3,016,659
Technology – 4.5%
	Apple Inc, 2.3750%, 2/8/41	940,000		686,976
	Apple Inc, 2.6500%, 5/11/50	539,000		371,014
	Equinix Inc, 2.1500%, 7/15/30	892,000		755,730
	Fiserv Inc, 1.6250%, 7/1/30	232,000	EUR	231,364
	Global Payments Inc, 2.9000%, 5/15/30	613,000		539,183
	Oracle Corp, 2.6500%, 7/15/26	471,000		446,590
	Oracle Corp, 2.9500%, 4/1/30	449,000		405,243
	Oracle Corp, 4.9000%, 2/6/33	883,000		878,983
	PayPal Holdings Inc, 2.3000%, 6/1/30	301,000		263,095
	Sage Group PLC/The, 1.6250%, 2/25/31	719,000	GBP	750,118
	Salesforce.com Inc, 1.9500%, 7/15/31	456,000		389,467
	VMware Inc, 4.6500%, 5/15/27	979,000		970,622
				6,688,385
Total Corporate Bonds (cost $31,235,701)				29,321,505
Foreign Government Bonds– 47.2%
	Australia Government Bond, 1.2500%, 5/21/32	1,500,000	AUD	829,311
	Australia Government Bond, 1.7500%, 6/21/51	916,000	AUD	368,240
	Canadian Government Bond, 2.2500%, 6/1/29	2,565,000	CAD	1,857,878
	Canadian Government Bond, 1.5000%, 12/1/31	2,007,000	CAD	1,344,595
	China Government Bond, 2.0000%, 6/15/25	33,360,000	CNY	4,689,226
	China Government Bond, 3.2900%, 5/23/29	27,060,000	CNY	3,988,323
	China Government Bond, 2.6800%, 5/21/30	34,330,000	CNY	4,874,812
	China Government Bond, 3.8600%, 7/22/49	9,010,000	CNY	1,484,859
	European Union, 0%, 10/4/30	1,910,000	EUR	1,790,166
	European Union, 0%, 7/4/31	2,085,325	EUR	1,908,364
	European Union, 0.1000%, 10/4/40	1,043,000	EUR	724,555
	Federal Republic of Germany Bond, 0%, 8/15/29	757,028	EUR	752,684
	Federal Republic of Germany Bond, 0%, 2/15/32	1,039,456	EUR	981,432
	Federal Republic of Germany Bond, 1.7000%, 8/15/32	3,691,900	EUR	3,990,170
	Federal Republic of Germany Bond, 1.8000%, 8/15/53	1,624,650	EUR	1,617,280
	French Republic Government Bond OAT, 0%, 11/25/30	3,354,226	EUR	3,164,811
	French Republic Government Bond OAT, 0%, 5/25/32	2,571,051	EUR	2,322,675
	French Republic Government Bond OAT, 4.0000%, 4/25/60	230,416	EUR	303,918
	Italy Buoni Poliennali Del Tesoro, 1.8500%, 7/1/25 (144A)	3,406,000	EUR	3,694,974
	Italy Buoni Poliennali Del Tesoro, 3.4500%, 3/1/48 (144A)	880,000	EUR	868,674
	Japan Government Forty Year Bond, 0.8000%, 3/20/58	29,800,000	JPY	162,465
	Japan Government Ten Year Bond, 0.4000%, 6/20/25	606,100,000	JPY	4,324,213
	Japan Government Ten Year Bond, 0.1000%, 6/20/29	867,050,000	JPY	6,102,868
	Japan Government Ten Year Bond, 0.1000%, 6/20/31	529,750,000	JPY	3,668,833
	Japan Government Ten Year Bond, 0.2000%, 9/20/32	528,400,000	JPY	3,640,855
	Japan Government Thirty Year Bond, 0.5000%, 9/20/46	72,000,000	JPY	412,593
	Japan Government Thirty Year Bond, 0.7000%, 6/20/48	205,500,000	JPY	1,205,625
	Kingdom of Belgium Government Bond, 2.1500%, 6/22/66 (144A)	1,176,268	EUR	1,025,800
	Mexican Bonos, 8.0000%, 11/7/47	136,200	MXN	716,803
	Spain Government Bond, 1.2500%, 10/31/30 (144A)	1,497,000	EUR	1,503,226

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
6	DECEMBER 31, 2023

Janus Henderson Global Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts				Value
Foreign Government Bonds– (continued)
	United Kingdom Gilt, 1.2500%, 7/22/27	750,703	GBP	$888,173
	United Kingdom Gilt, 1.6250%, 10/22/28	2,795,255	GBP	3,297,823
	United Kingdom Gilt, 4.2500%, 6/7/32	130,524	GBP	176,102
	United Kingdom Gilt, 1.5000%, 7/22/47	1,587,380	GBP	1,226,928
Total Foreign Government Bonds (cost $76,494,264)				69,909,254
Mortgage-Backed Securities– 21.7%
Fannie Mae:
	2.5000%, TBA, 30 Year Maturity	$18,453		15,698
	3.5000%, TBA, 30 Year Maturity	877,000		803,888
	4.0000%, TBA, 30 Year Maturity	152,246		143,988
	4.5000%, TBA, 30 Year Maturity	1,647,983		1,597,690
	5.0000%, TBA, 30 Year Maturity	179,200		177,351
				2,738,615
Fannie Mae Pool:
	2.5000%, 11/1/34	174,966		162,744
	4.5000%, 11/1/42	13,526		13,532
	3.0000%, 1/1/43	6,382		5,808
	4.5000%, 10/1/44	30,430		30,562
	4.5000%, 3/1/45	47,619		47,826
	4.5000%, 6/1/45	23,804		23,710
	4.5000%, 2/1/46	46,111		45,848
	3.0000%, 3/1/46	1,013,629		914,998
	3.0000%, 2/1/47	1,585,774		1,446,434
	4.0000%, 1/1/48	594,565		572,624
	4.5000%, 6/1/48	60,028		59,125
	4.0000%, 8/1/48	397,643		382,054
	4.0000%, 9/1/48	950,418		915,345
	4.0000%, 10/1/48	31,762		30,569
	4.0000%, 6/1/49	12,358		11,855
	4.5000%, 6/1/49	5,409		5,317
	4.5000%, 8/1/49	7,555		7,427
	3.0000%, 9/1/49	5,522		4,942
	3.0000%, 9/1/49	2,111		1,907
	4.0000%, 11/1/49	202,971		195,014
	4.0000%, 11/1/49	17,762		17,094
	4.5000%, 1/1/50	158,050		155,673
	4.5000%, 1/1/50	10,186		10,013
	4.0000%, 3/1/50	293,504		282,477
	4.0000%, 3/1/50	158,183		151,982
	4.0000%, 3/1/50	61,154		58,757
	4.0000%, 9/1/50	312,285		299,580
	4.0000%, 10/1/50	320,294		308,249
	4.5000%, 10/1/50	193,393		190,484
	4.5000%, 12/1/50	257,474		253,103
	3.5000%, 2/1/51	58,492		54,212
	4.0000%, 3/1/51	1,548,915		1,485,898
	4.0000%, 3/1/51	16,089		15,434
	4.0000%, 3/1/51	8,113		7,795
	4.0000%, 10/1/51	3,025,402		2,902,315
	3.0000%, 12/1/51	79,112		70,657
	3.5000%, 3/1/52	896,825		837,215
	3.0000%, 4/1/52	7,272		6,485
	3.5000%, 4/1/52	116,266		108,347
	4.0000%, 4/1/52	125,250		119,651
	4.5000%, 4/1/52	23,448		22,736
	4.5000%, 4/1/52	19,841		19,239
	4.5000%, 4/1/52	11,376		11,030
	4.5000%, 4/1/52	10,331		10,017
	4.5000%, 4/1/52	9,030		8,756
	4.5000%, 4/1/52	5,815		5,638

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	7

Janus Henderson Global Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Fannie Mae Pool– (continued)
	3.5000%, 5/1/52	$142,253	$131,796
	4.5000%, 5/1/52	31,483	30,527
	3.5000%, 6/1/52	282,090	263,209
	3.5000%, 7/1/52	25,922	24,183
	4.5000%, 7/1/52	134,721	130,649
	3.5000%, 8/1/52	126,134	116,823
	3.5000%, 8/1/52	48,048	44,746
	4.5000%, 8/1/52	490,695	475,862
	3.5000%, 9/1/52	235,467	218,159
	5.5000%, 9/1/52	592,632	596,961
	5.0000%, 11/1/52	223,403	222,609
	5.0000%, 3/1/53	51,502	50,950
	5.5000%, 3/1/53	69,084	69,910
	5.0000%, 4/1/53	66,913	66,196
	5.0000%, 4/1/53	15,762	15,593
	5.0000%, 4/1/53	13,444	13,300
	5.5000%, 4/1/53	32,992	33,386
	5.5000%, 5/1/53	61,131	61,863
	5.5000%, 5/1/53	31,907	32,289
	5.0000%, 6/1/53	21,992	21,881
	5.5000%, 7/1/53	1,408,802	1,415,926
	4.5000%, 8/1/53	82,269	80,862
	5.5000%, 9/1/53	172,300	175,239
	3.0000%, 2/1/57	23,987	21,149
			16,604,546
Freddie Mac Pool:
	3.0000%, 5/1/31	152,869	146,483
	3.0000%, 9/1/32	856	815
	3.0000%, 10/1/32	1,215	1,154
	3.0000%, 12/1/32	170,269	162,178
	2.5000%, 4/1/33	185,853	173,854
	2.5000%, 11/1/34	184,729	171,825
	3.0000%, 6/1/43	237	213
	4.5000%, 5/1/44	21,260	21,176
	4.0000%, 4/1/48	1,617,446	1,554,037
	4.5000%, 7/1/48	14,170	13,957
	4.0000%, 12/1/48	105,859	101,711
	4.5000%, 6/1/49	6,087	5,983
	4.5000%, 7/1/49	50,302	49,447
	4.5000%, 7/1/49	7,741	7,610
	4.5000%, 8/1/49	45,496	44,723
	3.0000%, 11/1/49	2,799,148	2,515,587
	3.0000%, 12/1/49	35,641	31,893
	3.0000%, 12/1/49	3,139	2,809
	4.5000%, 1/1/50	30,830	30,306
	4.5000%, 1/1/50	8,558	8,413
	4.0000%, 6/1/50	166,848	160,766
	4.5000%, 9/1/50	297,744	293,266
	4.0000%, 10/1/50	27,898	26,763
	4.5000%, 10/1/50	150,742	148,183
	2.5000%, 6/1/51	34,290	29,636
	4.5000%, 3/1/52	4,886	4,738
	3.0000%, 6/1/52	859,969	770,578
	3.5000%, 6/1/52	1,134,435	1,059,287
	3.5000%, 7/1/52	1,029,518	954,581
	4.5000%, 8/1/52	1,081,395	1,048,706
	4.5000%, 8/1/52	465,358	451,423
	4.5000%, 8/1/52	243,091	235,743
	5.5000%, 9/1/52	142,968	145,710

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
8	DECEMBER 31, 2023

Janus Henderson Global Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Freddie Mac Pool– (continued)
	5.0000%, 3/1/53	$81,453	$80,580
	5.0000%, 3/1/53	15,117	14,955
	5.0000%, 5/1/53	269,334	267,980
	5.0000%, 5/1/53	111,218	110,659
	5.0000%, 5/1/53	62,907	62,591
	5.5000%, 5/1/53	142,687	144,394
	5.5000%, 5/1/53	97,196	98,742
	5.0000%, 6/1/53	263,228	261,905
	5.5000%, 6/1/53	313,656	317,408
			11,732,768
Ginnie Mae:
	4.5000%, TBA, 30 Year Maturity	134,500	137,974
	5.0000%, TBA, 30 Year Maturity	107,800	107,056
	5.5000%, TBA, 30 Year Maturity	67,500	67,908
			312,938
Ginnie Mae II Pool:
	4.0000%, 5/20/48	238,630	230,961
	4.0000%, 6/20/48	559,402	541,075
			772,036
Total Mortgage-Backed Securities (cost $33,310,230)			32,160,903
United States Treasury Notes/Bonds– 9.2%
	3.8750%, 12/31/27	1,185,200	1,183,256
	4.3750%, 8/31/28	2,000,000	2,042,813
	4.0000%, 2/28/30	1,732,300	1,740,488
	2.8750%, 5/15/32	1,765,800	1,636,262
	3.8750%, 8/15/33	1,493,000	1,491,134
	1.3750%, 11/15/40	1,778,900	1,180,258
	3.3750%, 5/15/44	1,030,500	908,571
	3.3750%, 11/15/48	971,600	846,582
	3.0000%, 2/15/49	1,064,700	866,358
	2.2500%, 2/15/52	1,946,100	1,349,043
	3.6250%, 2/15/53	409,500	378,148
Total United States Treasury Notes/Bonds (cost $14,412,404)			13,622,913
Investment Companies– 2.4%
Money Markets – 2.4%
	Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº,£((cost $3,478,860)	3,478,165	3,478,860
Investments Purchased with Cash Collateral from Securities Lending– 0.1%
Investment Companies – 0.1%
	Janus Henderson Cash Collateral Fund LLC, 5.2936%ºº,£	173,336	173,336
Time Deposits – 0%
	Royal Bank of Canada, 5.3100%, 1/2/24	$43,334	43,334
Total Investments Purchased with Cash Collateral from Securities Lending (cost $216,670)			216,670
Total Investments (total cost $160,580,343) – 101.3%			150,097,439
Liabilities, net of Cash, Receivables and Other Assets – (1.3)%			(1,896,043)
Net Assets – 100%			$148,201,396

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

Janus Henderson Global Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Summary of Investments by Country - (Long Positions) (unaudited)
		% of
		Investment
Country	Value	Securities
United States	$70,195,484	46.8	%
Japan	19,737,159	13.2
China	16,133,796	10.8
United Kingdom	10,113,868	6.7
Germany	7,341,566	4.9
France	7,059,130	4.7
Italy	4,563,648	3.0
Supranational	4,423,085	2.9
Canada	3,202,473	2.1
Spain	1,940,959	1.3
Netherlands	1,554,651	1.0
Australia	1,197,551	0.8
Belgium	1,025,800	0.7
Switzerland	891,466	0.6
Mexico	716,803	0.5

Total $150,097,439 100.0 %

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
10	DECEMBER 31, 2023

Janus Henderson Global Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Schedules of Affiliated Investments – (% of Net Assets)

		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 12/31/23
Investment Companies - 2.4%
Money Markets - 2.4%
	Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº	$	136,513	$	1,144	$	(1,124)	$	3,478,860
Investments Purchased with Cash Collateral from Securities Lending - 0.1%
Investment Companies - 0.1%
	Janus Henderson Cash Collateral Fund LLC, 5.2936%ºº		496∆		-		-		173,336
Total Affiliated Investments - 2.5%		$	137,009	$	1,144	$	(1,124)	$	3,652,196

		Value at 6/30/23		Purchases		Sales Proceeds		Value at 12/31/23
Investment Companies - 2.4%
Money Markets - 2.4%
	Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº		9,894,022		17,361,476		(23,776,658)		3,478,860
Investments Purchased with Cash Collateral from Securities Lending - 0.1%
Investment Companies - 0.1%
	Janus Henderson Cash Collateral Fund LLC, 5.2936%ºº		232,500		1,172,159		(1,231,323)		173,336

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

Janus Henderson Global Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

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.:
Euro	3/1/24	(322,500)	$	347,642	$	(9,190)
Japanese Yen	3/1/24	(31,138,900)		221,910		(1,086)
						(10,276)
BNP Paribas:
Australian Dollar	3/1/24	2,500,151		(1,666,146)		40,414
British Pound	3/1/24	7,474		(9,425)		103
British Pound	3/1/24	6,570		(8,389)		(14)
British Pound	3/1/24	(3,164,850)		4,012,938		(21,399)
Canadian Dollar	3/1/24	1,101,130		(814,353)		17,489
Chinese Renminbi	3/1/24	(20,590,273)		2,902,192		14
Danish Krone	3/1/24	(206,000)		30,156		(457)
Euro	3/1/24	1,965,473		(2,143,454)		31,256
Euro	3/1/24	(165,859)		181,622		(1,894)
Hungary Forint	3/1/24	9,373,500		(26,530)		369
Israeli Shekel	3/1/24	728,400		(197,535)		4,716
Japanese Yen	3/1/24	2,637,055		(18,723)		161
Japanese Yen	3/1/24	(429,954,123)		2,969,700		(109,333)
Korean Won	3/4/24	2,220,592,300		(1,699,754)		34,000
Mexican Peso	3/1/24	2,091,410		(119,411)		2,565
New Zealand Dollar	3/1/24	(382,500)		236,594		(5,150)
Norwegian Krone	3/1/24	1,461,000		(136,558)		7,535
Polish Zloty	3/1/24	2,993,000		(748,798)		11,886
Singapore Dollar	3/1/24	1,586,271		(1,192,681)		13,019
Swedish Krona	3/1/24	4,397,891		(424,186)		13,115
Swiss Franc	3/1/24	687,500		(794,515)		28,362
						66,757
HSBC Securities (USA), Inc.:
British Pound	3/1/24	(379,726)		478,274		(5,775)
State Street Bank and Trust Company:
Euro	3/1/24	(334,972)		367,577		(3,054)
Indonesian Rupiah	3/1/24	10,341,960,000		(666,542)		607
						(2,447)
Total					$	48,259

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
12	DECEMBER 31, 2023

Janus Henderson Global Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Schedule of Futures

Description	Number of Contracts	Expiration Date		Notional Amount		Value and Unrealized Appreciation/(Depreciation)
Futures Long:
10-Year Australian Bond	36	3/15/24	$	2,861,441	$	82,895
5 Year US Treasury Note	204	4/3/24		22,189,781		543,469
Euro-Bobl	17	3/11/24		2,238,245		31,196
Euro-BTP	7	3/11/24		920,626		29,656
Euro-Buxl	8	3/11/24		1,251,446		87,871
Long Gilt	35	3/28/24		4,578,618		318,703
Total					$	1,093,790

Schedule of Centrally Cleared Interest Rate Swaps
Payments made by Fund	Payments received by Fund	Payment Frequency	Maturity Date	Notional Amount			Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)		Value
STIBOR 3M	3.2045% Fixed Rate	Quarterly	10/21/32	33,100,000	SEK	$	-	$	214,951	$	214,951

Schedule of OTC Credit Default Swaps - Buy Protection
Counterparty/ Reference Asset	Maturity Date	Notional Amount	Premiums Paid/(Received)	Unrealized Appreciation/ (Depreciation)	Swap Contracts, at Value Asset/(Liability)

Bank of America, National Association:

CNHIND 3.85 15Nov27, Fixed Rate 5.00%, Paid Quarterly	6/20/28	(390,000)	EUR	$	(74,072)	$	1,009	$	(73,063)
NXT 3.625 18May28, Fixed Rate 1.00%, Paid Quarterly	6/20/28	(390,000)	EUR		9,170		(16,352)		(7,182)
WENL 1.375 26Apr26, Fixed Rate 5.00%, Paid Quarterly	6/20/28	(390,000)	EUR		(74,986)		(1,032)		(76,018)
Total					(139,888)		(16,375)		(156,263)

BNP Paribas:

AACAP 1.625 11Mar26, Fixed Rate 5.00%, Paid Quarterly	6/20/28	(390,000)	EUR		(59,840)		(6,242)		(66,082)
ALSTOM .25 14Oct26, Fixed Rate 1.00%, Paid Quarterly	6/20/28	(390,000)	EUR		11,485		1,839		13,324
DAMLR 1.4 12Jan24, Fixed Rate 1.00%, Paid Quarterly	6/20/28	(390,000)	EUR		(5,435)		(4,479)		(9,914)
PUBFP .5 03Nov23, Fixed Rate 1.00%, Paid Quarterly	6/20/28	(390,000)	EUR		(3,812)		(5,525)		(9,337)
WPPF 2.25 22Sep26, Fixed Rate 1.00%, Paid Quarterly	6/20/28	(390,000)	EUR		(1,597)		(4,468)		(6,065)
Total					(59,199)		(18,875)		(78,074)
Total				$	(199,087)	$	(35,250)	$	(234,337)

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

Janus Henderson Global Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

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 December 31, 2023.

Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2023
	Credit Contracts	Currency Contracts	Interest Rate Contracts	Total
Asset Derivatives:
Forward foreign currency exchange contracts	$ -	$205,611	$ -	$ 205,611
Swaps - OTC, at value	13,324	-	-	$ 13,324
*Futures contracts	-	-	1,093,790	$ 1,093,790
*Swaps - centrally cleared	-	-	214,951	$ 214,951
Total Asset Derivatives	$ 13,324	$205,611	$ 1,308,741	$ 1,527,676
Liability Derivatives:
Forward foreign currency exchange contracts	$ -	$157,352	$ -	$ 157,352
Swaps - OTC, at value	247,611	-	-	$ 247,611
Total Liability Derivatives	$247,611	$157,352	$ -	$ 404,963
*The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the period ended December 31, 2023.

The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2023
Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative	Credit Contracts	Currency Contracts	Interest Rate Contracts	Total
Futures contracts	$ -	$ -	$ (1,248,258)	$ (1,248,258)
Forward foreign currency exchange contracts	-	171,770	-	$ 171,770
Swap contracts	(39,509)	-	125,186	$ 85,677
Total	$(39,509)	$171,770	$ (1,123,072)	$ (990,811)
Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative	Credit Contracts	Currency Contracts	Interest Rate Contracts	Total
Futures contracts	$ -	$ -	$ 1,565,125	$ 1,565,125
Forward foreign currency exchange contracts	-	17,823	-	$ 17,823
Swap contracts	(6,692)	-	140,402	$ 133,710
Total	$ (6,692)	$ 17,823	$ 1,705,527	$ 1,716,658

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.
14	DECEMBER 31, 2023

Janus Henderson Global Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Average Ending Monthly Value of Derivative Instruments During the Period Ended December 31, 2023
Credit default swaps:
Average notional amount - buy protection	$3,398,571
Forward foreign currency exchange contracts:
Average amounts purchased - in USD	19,359,871
Average amounts sold - in USD	20,124,656
Futures contracts:
Average notional amount of contracts - long	32,016,822
Interest rate swaps:
Average notional amount - receive fixed rate/pay floating rate	33,100,000

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

Janus Henderson Global Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

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		$	218,328	$	(218,328)	$	—	$	—
JPMorgan Chase Bank, National Association			208,667		—		(208,667)		—
State Street Bank and Trust Company			607		(607)		—		—
Total		$	427,602	$	(218,935)	$	(208,667)	$	—
Offsetting of Financial Liabilities and Derivative Liabilities
			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Liabilities		or Liability(a)		Pledged(b)		Net Amount
Bank of America, National Association		$	156,263	$	—	$	—	$	156,263
Barclays Capital, Inc.			10,276		—		—		10,276
BNP Paribas			229,645		(218,328)		—		11,317
HSBC Securities (USA), Inc.			5,775		—		—		5,775
State Street Bank and Trust Company			3,054		(607)		—		2,447
Total		$	405,013	$	(218,935)	$	—	$	186,078
(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	DECEMBER 31, 2023

Janus Henderson Global Bond Fund

Notes to Schedule of Investments and Other Information (unaudited)

Bloomberg Global Aggregate Bond Index Bloomberg Global Aggregate Bond Index is a broad-based measure of the global investment grade fixed-rate debt markets.

EURIBOR	Euro Interbank Offered Rate
LLC	Limited Liability Company
PLC	Public Limited Company
SOFR	Secured Overnight Financing Rate
SONIA	Sterling Overnight Interbank Average Rate
STIBOR	Stockholm Interbank Offered 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 period ended December 31, 2023 is $8,262,146, which represents 5.6% of net assets.

‡ Variable or floating rate security. Rate shown is the current rate as of December 31, 2023. 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.

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.

Janus Investment Fund 17

Janus Henderson Global Bond Fund

Notes to Schedule of Investments and Other Information (unaudited)

The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of December 31, 2023. 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		$	-	$	1,387,334	$	-
Corporate Bonds			-		29,321,505		-
Foreign Government Bonds			-		69,909,254		-
Mortgage-Backed Securities			-		32,160,903		-
United States Treasury Notes/Bonds			-		13,622,913		-
Investment Companies			-		3,478,860		-
Investments Purchased with Cash Collateral from Securities Lending			-		216,670		-
Total Investments in Securities		$	-	$	150,097,439	$	-
Other Financial Instruments(a):
OTC Swaps			-		2,848		-
Forward Foreign Currency Exchange Contracts			-		205,611		-
Futures Contracts			1,093,790		-		-
Centrally Cleared Swaps			-		214,951		-
Total Assets		$	1,093,790	$	150,520,849	$	-
Liabilities
Other Financial Instruments(a):
OTC Swaps		$	-	$	38,098	$	-
Forward Foreign Currency Exchange Contracts			-		157,352		-
Total Liabilities		$	-	$	195,450	$	-
(a)	Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and 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 DECEMBER 31, 2023

Janus Henderson Global Bond Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2023

See footnotes at the end of the Statement.

Assets:
	Unaffiliated investments, at value (cost $156,928,147)(1)		$	146,445,243
	Affiliated investments, at value (cost $3,652,196)			3,652,196
	Deposits with brokers for centrally cleared derivatives			137,844
	Deposits with brokers for futures			815,000
	Forward foreign currency exchange contracts			205,611
	Cash denominated in foreign currency (cost $42,242)			42,242
	OTC swap contracts, at value (premium paid $11,485)			13,324
	Variation margin receivable on futures contracts			85,863
	Trustees' deferred compensation			4,062
	Receivables:
		Interest		810,030
		Fund shares sold		102,698
		Dividends from affiliates		19,475
	Other assets			33,721
Total Assets				152,367,309
Liabilities:
	Collateral for securities loaned (Note 3)			216,670
	Forward foreign currency exchange contracts			157,352
	OTC swap contracts, at value (net premium received $210,572)			247,661
	Variation margin payable on futures contracts			85,864
	Variation margin payable on centrally cleared swaps			12,230
	Payables:			—
		TBA investments purchased		2,998,705
		Fund shares repurchased		239,015
		Professional fees		36,220
		Advisory fees		28,113
		Custodian fees		9,207
		Transfer agent fees and expenses		5,598
		Trustees' deferred compensation fees		4,062
		Dividends		1,704
		12b-1 Distribution and shareholder servicing fees		520
		Affiliated fund administration fees payable		320
		Trustees' fees and expenses		207
		Accrued expenses and other payables		122,465
Total Liabilities				4,165,913
Commitments and contingent liabilities (Note 4)
Net Assets			$	148,201,396

See Notes to Financial Statements.
Janus Investment Fund	19

Janus Henderson Global Bond Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2023

Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	187,538,982
	Total distributable earnings (loss)		(39,337,586)
Total Net Assets		$	148,201,396
Net Assets - Class A Shares		$	933,159
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		116,895
Net Asset Value Per Share(2)		$	7.98
Maximum Offering Price Per Share(3)		$	8.38
Net Assets - Class C Shares		$	363,804
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		45,549
Net Asset Value Per Share(2)		$	7.99
Net Assets - Class D Shares		$	10,709,755
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,342,890
Net Asset Value Per Share		$	7.98
Net Assets - Class I Shares		$	14,506,479
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,818,965
Net Asset Value Per Share		$	7.98
Net Assets - Class N Shares		$	119,278,154
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		14,965,545
Net Asset Value Per Share		$	7.97
Net Assets - Class S Shares		$	67,644
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		8,480
Net Asset Value Per Share		$	7.98
Net Assets - Class T Shares		$	2,342,401
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		293,859
Net Asset Value Per Share		$	7.97

(1)Includes $208,667 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 100/95.25 of net asset value.

See Notes to Financial Statements.
20	DECEMBER 31, 2023

Janus Henderson Global Bond Fund

Statement of Operations (unaudited)

For the period ended December 31, 2023

Investment Income:
	Interest		$	2,047,321
	Dividends from affiliates			136,513
	Affiliated securities lending income, net			496
	Unaffiliated securities lending income, net			126
	Other income			28,692
Total Investment Income				2,213,148
Expenses:
	Advisory fees			447,329
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		961
		Class C Shares		2,032
		Class S Shares		80
	Transfer agent administrative fees and expenses:
		Class D Shares		6,192
		Class S Shares		80
		Class T Shares		3,033
	Transfer agent networking and omnibus fees:
		Class A Shares		533
		Class C Shares		203
		Class I Shares		8,000
	Other transfer agent fees and expenses:
		Class A Shares		33
		Class C Shares		13
		Class D Shares		1,703
		Class I Shares		328
		Class N Shares		2,292
		Class S Shares		7
		Class T Shares		30
	Registration fees			72,997
	Non-affiliated fund administration fees			44,879
	Professional fees			37,042
	Custodian fees			15,966
	Shareholder reports expense			5,986
	Affiliated fund administration fees			1,863
	Trustees’ fees and expenses			1,576
	Other expenses			25,179
Total Expenses				678,337
Less: Excess Expense Reimbursement and Waivers				(208,669)
Net Expenses				469,668
Net Investment Income/(Loss)				1,743,480

See Notes to Financial Statements.
Janus Investment Fund	21

Janus Henderson Global Bond Fund

Statement of Operations (unaudited)

For the period ended December 31, 2023

Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	(1,873,876)
	Investments in affiliates		1,144
	Forward foreign currency exchange contracts		171,770
	Futures contracts		(1,248,258)
	Swap contracts		85,677
Total Net Realized Gain/(Loss) on Investments			(2,863,543)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and Trustees’ deferred compensation		5,286,449
	Investments in affiliates		(1,124)
	Forward foreign currency exchange contracts		17,823
	Futures contracts		1,565,125
	Swap contracts		133,710
Total Change in Unrealized Net Appreciation/Depreciation			7,001,983
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	5,881,920

See Notes to Financial Statements.
22	DECEMBER 31, 2023

Janus Henderson Global Bond Fund

Statements of Changes in Net Assets

			Period ended December 31, 2023 (unaudited)		Year ended June 30, 2023
Operations:
	Net investment income/(loss)		$	1,743,480	$	3,203,756
	Net realized gain/(loss) on investments			(2,863,543)		(24,033,253)
	Change in unrealized net appreciation/depreciation			7,001,983		14,919,141
Net Increase/(Decrease) in Net Assets Resulting from Operations				5,881,920		(5,910,356)
Dividends and Distributions to Shareholders:
		Class A Shares		(7,323)		—
		Class C Shares		(2,436)		—
		Class D Shares		(113,911)		—
		Class I Shares		(163,366)		—
		Class N Shares		(1,360,540)		—
		Class S Shares		(559)		—
		Class T Shares		(24,780)		—
	Total Dividends and Distributions to Shareholders			(1,672,915)		—
	Return of Capital on Dividends and Distributions
		Class A Shares		—		(16,023)
		Class C Shares		—		(5,508)
		Class D Shares		—		(232,534)
		Class I Shares		—		(594,755)
		Class N Shares		—		(2,404,377)
		Class S Shares		—		(983)
		Class T Shares		—		(53,034)
	Total Return of Capital Dividends and Distributions			—		(3,307,214)
Net Decrease from Dividends and Distributions to Shareholders				(1,672,915)		(3,307,214)
Capital Share Transactions:
		Class A Shares		89,265		(165,041)
		Class C Shares		(139,862)		(186,780)
		Class D Shares		(1,077,851)		(895,378)
		Class I Shares		(3,648,346)		(28,018,401)
		Class N Shares		(14,775,615)		15,061,426
		Class S Shares		1,346		3,774
		Class T Shares		(323,439)		(661,330)
Net Increase/(Decrease) from Capital Share Transactions				(19,874,502)		(14,861,730)
Net Increase/(Decrease) in Net Assets				(15,665,497)		(24,079,300)
Net Assets:
	Beginning of period			163,866,893		187,946,193
	End of period		$	148,201,396	$	163,866,893

See Notes to Financial Statements.
Janus Investment Fund	23

Janus Henderson Global Bond Fund

Financial Highlights

Class A Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$7.73	$8.10	$10.07	$10.10	$9.63	$9.40
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.08	0.13	0.09	0.11	0.12	0.14
		Net realized and unrealized gain/(loss)	0.24	(0.37)	(1.85)	0.22	0.47	0.23
	Total from Investment Operations		0.32	(0.24)	(1.76)	0.33	0.59	0.37
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.07)	—	(0.11)	(0.13)	(0.12)	(0.09)
		Distributions (from capital gains)	—	—	(0.05)	(0.23)	—	—
		Return of capital	—	(0.13)	(0.05)	—	—	(0.05)
	Total Dividends and Distributions		(0.07)	(0.13)	(0.21)	(0.36)	(0.12)	(0.14)
	Net Asset Value, End of Period		$7.98	$7.73	$8.10	$10.07	$10.10	$9.63
	Total Return*		4.21%	(2.93)%	(17.77)%	3.10%	6.20%	3.96%
	Net Assets, End of Period (in thousands)		$933	$821	$1,040	$1,693	$1,530	$1,364
	Average Net Assets for the Period (in thousands)		$774	$955	$1,452	$1,848	$1,532	$1,522
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.64%	1.55%	1.29%	1.25%	1.29%	1.33%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.99%	1.00%	0.96%	0.94%	0.95%	0.97%
		Ratio of Net Investment Income/(Loss)	1.97%	1.62%	0.96%	1.04%	1.21%	1.49%
	Portfolio Turnover Rate		9%(2)	79%(2)	41%(2)	63%(2)	164%(2)	248%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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.
24	DECEMBER 31, 2023

Janus Henderson Global Bond Fund

Financial Highlights

Class C Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$7.73	$8.10	$10.06	$10.11	$9.64	$9.41
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.05	0.07	0.02	0.03	0.04	0.07
		Net realized and unrealized gain/(loss)	0.25	(0.36)	(1.85)	0.20	0.48	0.23
	Total from Investment Operations		0.30	(0.29)	(1.83)	0.23	0.52	0.30
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.04)	—	(0.03)	(0.05)	(0.05)	(0.05)
		Distributions (from capital gains)	—	—	(0.08)	(0.23)	—	—
		Return of capital	—	(0.08)	(0.02)	—	—	(0.02)
	Total Dividends and Distributions		(0.04)	(0.08)	(0.13)	(0.28)	(0.05)	(0.07)
	Net Asset Value, End of Period		$7.99	$7.73	$8.10	$10.06	$10.11	$9.64
	Total Return*		3.98%	(3.64)%	(18.31)%	2.15%	5.41%	3.19%
	Net Assets, End of Period (in thousands)		$364	$495	$710	$1,243	$1,491	$1,646
	Average Net Assets for the Period (in thousands)		$414	$577	$982	$1,489	$1,525	$1,849
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.65%	2.48%	2.14%	2.01%	2.03%	2.04%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.67%	1.72%	1.71%	1.67%	1.69%	1.71%
		Ratio of Net Investment Income/(Loss)	1.27%	0.89%	0.21%	0.30%	0.46%	0.74%
	Portfolio Turnover Rate		9%(2)	79%(2)	41%(2)	63%(2)	164%(2)	248%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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	25

Janus Henderson Global Bond Fund

Financial Highlights

Class D Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$7.72	$8.09	$10.06	$10.09	$9.62	$9.39
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.08	0.15	0.11	0.13	0.13	0.16
		Net realized and unrealized gain/(loss)	0.26	(0.37)	(1.85)	0.22	0.48	0.23
	Total from Investment Operations		0.34	(0.22)	(1.74)	0.35	0.61	0.39
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.08)	—	(0.13)	(0.15)	(0.14)	(0.11)
		Distributions (from capital gains)	—	—	(0.04)	(0.23)	—	—
		Return of capital	—	(0.15)	(0.06)	—	—	(0.05)
	Total Dividends and Distributions		(0.08)	(0.15)	(0.23)	(0.38)	(0.14)	(0.16)
	Net Asset Value, End of Period		$7.98	$7.72	$8.09	$10.06	$10.09	$9.62
	Total Return*		4.47%	(2.70)%	(17.62)%	3.32%	6.43%	4.18%
	Net Assets, End of Period (in thousands)		$10,710	$11,456	$12,971	$19,754	$18,928	$10,293
	Average Net Assets for the Period (in thousands)		$10,691	$12,063	$16,457	$21,961	$13,105	$10,705
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.08%	1.06%	0.93%	0.92%	0.93%	1.00%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.74%	0.76%	0.75%	0.73%	0.74%	0.76%
		Ratio of Net Investment Income/(Loss)	2.21%	1.87%	1.17%	1.24%	1.37%	1.68%
	Portfolio Turnover Rate		9%(2)	79%(2)	41%(2)	63%(2)	164%(2)	248%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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.
26	DECEMBER 31, 2023

Janus Henderson Global Bond Fund

Financial Highlights

Class I Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$7.72	$8.09	$10.08	$10.09	$9.62	$9.39
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.09	0.15	0.12	0.14	0.14	0.16
		Net realized and unrealized gain/(loss)	0.25	(0.37)	(1.88)	0.23	0.48	0.23
	Total from Investment Operations		0.34	(0.22)	(1.76)	0.37	0.62	0.39
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.08)	—	(0.13)	(0.15)	(0.15)	(0.11)
		Distributions (from capital gains)	—	—	(0.04)	(0.23)	—	—
		Return of capital	—	(0.15)	(0.06)	—	—	(0.05)
	Total Dividends and Distributions		(0.08)	(0.15)	(0.23)	(0.38)	(0.15)	(0.16)
	Net Asset Value, End of Period		$7.98	$7.72	$8.09	$10.08	$10.09	$9.62
	Total Return*		4.49%	(2.67)%	(17.74)%	3.55%	6.47%	4.24%
	Net Assets, End of Period (in thousands)		$14,506	$17,799	$47,991	$66,581	$29,927	$22,953
	Average Net Assets for the Period (in thousands)		$15,115	$31,004	$60,579	$40,487	$21,968	$22,886
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.98%	0.95%	0.83%	0.85%	0.85%	0.88%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.70%	0.72%	0.71%	0.70%	0.70%	0.71%
		Ratio of Net Investment Income/(Loss)	2.24%	1.85%	1.22%	1.33%	1.45%	1.74%
	Portfolio Turnover Rate		9%(2)	79%(2)	41%(2)	63%(2)	164%(2)	248%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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	27

Janus Henderson Global Bond Fund

Financial Highlights

Class N Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$7.72	$8.08	$10.05	$10.09	$9.61	$9.39
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.09	0.16	0.13	0.14	0.15	0.17
		Net realized and unrealized gain/(loss)	0.25	(0.36)	(1.86)	0.21	0.49	0.22
	Total from Investment Operations		0.34	(0.20)	(1.73)	0.35	0.64	0.39
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.09)	—	(0.14)	(0.16)	(0.16)	(0.11)
		Distributions (from capital gains)	—	—	(0.03)	(0.23)	—	—
		Return of capital	—	(0.16)	(0.07)	—	—	(0.06)
	Total Dividends and Distributions		(0.09)	(0.16)	(0.24)	(0.39)	(0.16)	(0.17)
	Net Asset Value, End of Period		$7.97	$7.72	$8.08	$10.05	$10.09	$9.61
	Total Return*		4.42%	(2.44)%	(17.51)%	3.36%	6.69%	4.23%
	Net Assets, End of Period (in thousands)		$119,278	$130,636	$121,761	$145,333	$158,474	$166,397
	Average Net Assets for the Period (in thousands)		$119,780	$115,649	$152,358	$148,263	$161,595	$170,128
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.86%	0.86%	0.72%	0.74%	0.74%	0.77%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.60%	0.62%	0.60%	0.60%	0.60%	0.61%
		Ratio of Net Investment Income/(Loss)	2.35%	2.02%	1.34%	1.38%	1.55%	1.83%
	Portfolio Turnover Rate		9%(2)	79%(2)	41%(2)	63%(2)	164%(2)	248%

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

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

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

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

See Notes to Financial Statements.
28	DECEMBER 31, 2023

Janus Henderson Global Bond Fund

Financial Highlights

Class S Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$7.72	$8.09	$10.00	$10.10	$9.64	$9.41
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.07	0.12	0.08	0.08	0.11	0.13
		Net realized and unrealized gain/(loss)	0.26	(0.37)	(1.80)	0.16	0.46	0.23
	Total from Investment Operations		0.33	(0.25)	(1.72)	0.24	0.57	0.36
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.07)	—	(0.09)	(0.11)	(0.11)	(0.09)
		Distributions (from capital gains)	—	—	(0.06)	(0.23)	—	—
		Return of capital	—	(0.12)	(0.04)	—	—	(0.04)
	Total Dividends and Distributions		(0.07)	(0.12)	(0.19)	(0.34)	(0.11)	(0.13)
	Net Asset Value, End of Period		$7.98	$7.72	$8.09	$10.00	$10.10	$9.64
	Total Return*		4.28%	(3.07)%	(17.44)%	2.19%	5.92%	3.93%
	Net Assets, End of Period (in thousands)		$68	$64	$63	$20	$133	$319
	Average Net Assets for the Period (in thousands)		$64	$63	$59	$41	$89	$375
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	6.07%	6.15%	6.35%	8.61%	4.64%	2.01%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.11%	1.14%	1.13%	1.11%	1.10%	1.01%
		Ratio of Net Investment Income/(Loss)	1.85%	1.50%	0.85%	0.77%	1.09%	1.43%
	Portfolio Turnover Rate		9%(2)	79%(2)	41%(2)	63%(2)	164%(2)	248%

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

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

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

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

See Notes to Financial Statements.
Janus Investment Fund	29

Janus Henderson Global Bond Fund

Financial Highlights

Class T Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$7.72	$8.09	$9.91	$10.10	$9.63	$9.40
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.08	0.14	0.10	0.11	0.13	0.15
		Net realized and unrealized gain/(loss)	0.25	(0.37)	(1.70)	0.07	0.47	0.23
	Total from Investment Operations		0.33	(0.23)	(1.60)	0.18	0.60	0.38
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.08)	—	(0.12)	(0.14)	(0.13)	(0.10)
		Distributions (from capital gains)	—	—	(0.04)	(0.23)	—	—
		Return of capital	—	(0.14)	(0.06)	—	—	(0.05)
	Total Dividends and Distributions		(0.08)	(0.14)	(0.22)	(0.37)	(0.13)	(0.15)
	Net Asset Value, End of Period		$7.97	$7.72	$8.09	$9.91	$10.10	$9.63
	Total Return*		4.30%	(2.79)%	(16.43)%	1.56%	6.32%	4.09%
	Net Assets, End of Period (in thousands)		$2,342	$2,596	$3,410	$9,280	$29,055	$5,048
	Average Net Assets for the Period (in thousands)		$2,431	$2,902	$6,162	$33,807	$6,485	$5,509
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.23%	1.20%	1.02%	1.00%	1.03%	1.07%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.83%	0.85%	0.83%	0.84%	0.85%	0.85%
		Ratio of Net Investment Income/(Loss)	2.12%	1.76%	1.06%	1.10%	1.32%	1.60%
	Portfolio Turnover Rate		9%(2)	79%(2)	41%(2)	63%(2)	164%(2)	248%

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

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

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

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

See Notes to Financial Statements.
30	DECEMBER 31, 2023

Janus Henderson Global Bond Fund

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Henderson Global Bond 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 38 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks total return, consistent with preservation of capital. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.

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

Shareholders, including 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 (the “Distributor”) including, but not limited to,

Janus Investment Fund 31

Janus Henderson Global Bond Fund

Notes to Financial Statements (unaudited)

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 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

32 DECEMBER 31, 2023

Janus Henderson Global Bond Fund

Notes to Financial Statements (unaudited)

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 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 the accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

Expenses

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

Estimates

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

Indemnifications

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

Janus Investment Fund 33

Janus Henderson Global Bond Fund

Notes to Financial Statements (unaudited)

Foreign Currency Translations

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

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

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

Dividends and Distributions

Dividends are declared daily and distributed monthly for the Fund. Realized capital gains, if any, are declared and distributed in December. 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 period ended December 31, 2023 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

34 DECEMBER 31, 2023

Janus Henderson Global Bond Fund

Notes to Financial Statements (unaudited)

securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case. Derivatives can be volatile and may involve significant risks.

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

·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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currency exchange rates on foreign portfolio holdings and locking in the U.S. dollar cost of firm purchase and sale commitments for securities denominated in or exposed to foreign currencies. The Fund may also invest in forward currency contracts for non-hedging purposes such as seeking to enhance returns. The Fund is subject to currency risk and counterparty risk in the normal course of pursuing its investment objective through its investments in forward currency contracts.

Forward currency contracts are valued by converting the foreign value to U.S. dollars by using the current spot U.S. dollar exchange rate and/or forward rate for that currency. Exchange and forward rates as of the close of the NYSE are used to value the forward currency contracts. The unrealized appreciation/(depreciation) for forward currency contracts is reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations for the change in unrealized net appreciation/depreciation (if applicable). The realized gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing a forward currency contract is reported on the Statement of Operations (if applicable).

During the period, the Fund entered into forward currency contracts with the obligation to purchase foreign currencies in the future at an agreed upon rate in order to take a positive outlook on the related currency. These forward contracts seek to increase exposure to currency risk.

During the period, the Fund entered into forward currency contracts with the obligation to purchase foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.

During the period, the Fund entered into forward currency contracts with the obligation to sell foreign currencies in the future at an agreed upon rate in order to take a negative outlook on the related currency. These forward contracts seek to increase exposure to currency risk.

During the period, the Fund entered into forward currency contracts with the obligation to sell foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.

Futures Contracts

A futures contract is an exchange-traded agreement to take or make delivery of an underlying asset at a specific time in the future for a specific predetermined negotiated price. The Fund may enter into futures contracts to gain exposure to the stock market or other markets pending investment of cash balances or to meet liquidity needs. The Fund is subject to interest rate risk, equity risk, and currency risk in the normal course of pursuing its investment objective through its investments in futures contracts. The Fund may also use such derivative instruments to hedge or protect from adverse movements in securities prices, currency rates or interest rates. The use of futures contracts may involve risks such as the possibility of illiquid markets or imperfect correlation between the values of the contracts and the underlying securities, or that the counterparty will fail to perform its obligations.

Futures contracts are valued at the settlement price on valuation date on the exchange as reported by an approved vendor. Mini contracts, as defined in the description of the contract, shall be valued using the Actual Settlement Price or “ASET” price type as reported by an approved vendor. In the event that foreign futures trade when the foreign equity markets are closed, the last foreign futures trade price shall be used. Futures contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities (if applicable). The change in unrealized net appreciation/depreciation is reported on the Statement of Operations (if applicable). When a contract is closed, a realized gain or loss is reported on the Statement of Operations (if applicable), equal to the difference between the opening and closing value of the contract. Securities held by the Fund that are designated as collateral for market value on futures contracts are noted on the Schedule of Investments (if applicable). Such collateral is in the possession of the Fund’s futures commission merchant.

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

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

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

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Swaps

Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year to exchange one set of cash flows for another. The most significant factor in the performance of swap agreements is the change in value of the specific index, security, or currency, or other factors that determine the amounts of payments due to and from the Fund. The use of swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Swap transactions may in some instances involve the delivery of securities or other underlying assets by the Fund or its counterparty to collateralize obligations under the swap. If the other party to a swap that is not collateralized defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. Swap agreements entail the risk that a party will default on its payment obligations to the Fund. If the other party to a swap defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. If the Fund utilizes a swap at the wrong time or judges market conditions incorrectly, the swap may result in a loss to the Fund and reduce the Fund’s total return.

Swap agreements also bear the risk that the Fund will not be able to meet its obligation to the counterparty. Swap agreements are typically privately negotiated and entered into in the OTC market. However, certain swap agreements are required to be cleared through a clearinghouse and traded on an exchange or swap execution facility. Swaps that are required to be cleared are required to post initial and variation margins in accordance with the exchange requirements. Regulations enacted require the Fund to centrally clear certain interest rate and credit default index swaps through a clearinghouse or central counterparty (“CCP”). To clear a swap with a CCP, the Fund will submit the swap to, and post collateral with, a futures clearing merchant (“FCM”) that is a clearinghouse member. Alternatively, the Fund may enter into a swap with a financial institution other than the FCM (the “Executing Dealer”) and arrange for the swap to be transferred to the FCM for clearing. The Fund may also enter into a swap with the FCM itself. The CCP, the FCM, and the Executing Dealer are all subject to regulatory oversight by the U.S. Commodity Futures Trading Commission (“CFTC”). A default or failure by a CCP or an FCM, or the failure of a swap to be transferred from an Executing Dealer to the FCM for clearing, may expose the Fund to losses, increase its costs, or prevent the Fund from entering or exiting swap positions, accessing collateral, or fully implementing its investment strategies. The regulatory requirement to clear certain swaps could, either temporarily or permanently, reduce the liquidity of cleared swaps or increase the costs of entering into those swaps.

Index swaps, interest rate swaps, inflation swaps and credit default swaps are valued using an approved vendor supplied price. Basket swaps are valued using a broker supplied price. Equity swaps that consist of a single underlying equity are valued either at the closing price, the latest bid price, or the last sale price on the primary market or exchange it trades. The market value of swap contracts are aggregated by positive and negative values and are disclosed separately as an asset or liability on the Fund’s Statement of Assets and Liabilities (if applicable). Realized gains and losses are reported on the Fund’s Statement of Operations (if applicable). The change in unrealized net appreciation or depreciation during the period is included in the Statement of Operations (if applicable).

The Fund’s maximum risk of loss from counterparty risk or credit risk is the discounted value of the payments to be received from/paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to cover the Fund’s exposure to the counterparty.

The Fund may enter into various types of credit default swap agreements, including OTC credit default swap agreements, for investment purposes, to add leverage to its Fund, or to hedge against widening credit spreads on high-yield/high-risk bonds. Credit default swaps are a specific kind of counterparty agreement that allow the transfer of third party credit risk from one party to the other. One party in the swap is a lender and faces credit risk from a third party, and the counterparty in the credit default swap agrees to insure this risk in exchange for regular periodic payments. Credit default swaps could result in losses if the Fund does not correctly evaluate the creditworthiness of the company or companies on which the credit default swap is based. Credit default swap agreements may involve greater risks than if the Fund had invested in the reference obligation directly since, in addition to risks relating to the reference obligation, credit default swaps are subject to illiquidity risk, counterparty risk, and credit risk. The Fund will generally incur a greater degree of risk when it sells a credit default swap than when it purchases a credit default swap. As a buyer of a credit default swap, the Fund may lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. As seller of a credit default swap, if a credit event were to occur, the value of any deliverable

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obligation received by the Fund, coupled with the upfront or periodic payments previously received, may be less than what it pays to the buyer, resulting in a loss of value to the Fund.

As a buyer of credit protection, the Fund is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation from the counterparty to the contract in the event of a default or other credit event by a third party, such as a U.S. or foreign issuer, on the debt obligation. In return, the Fund as buyer would pay to the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund would have spent the stream of payments and potentially received no benefit from the contract.

If the Fund is the seller of credit protection against a particular security, the Fund would receive an up-front or periodic payment to compensate against potential credit events. As the seller in a credit default swap contract, the Fund would be required to pay the par value (the “notional value”) (or other agreed-upon value) of a referenced debt obligation to the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the debt obligation. In return, the Fund would receive from the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Fund would keep the stream of payments and would have no payment obligations. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional value of the swap. The maximum potential amount of future payments (undiscounted) that the Fund as a seller could be required to make in a credit default transaction would be the notional amount of the agreement.

The Fund may invest in single-name credit default swaps (“CDS”) to buy or sell credit protection to hedge its credit exposure, gain issuer exposure without owning the underlying security, or increase the Fund’s total return. Single-name CDS enable the Fund to buy or sell protection against a credit event of a specific issuer. When the Fund buys a single-name CDS, the Fund will receive a return on its investment only in the event of a credit event, such as default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). If a single-name CDS transaction is particularly large, or if the relevant market is illiquid, it may not be possible for the Fund to initiate a single-name CDS transaction or to liquidate its position at an advantageous time or price, which may result in significant losses. Moreover, the Fund bears the risk of loss of the amount expected to be received under a single-name CDS in the event of the default or bankruptcy of the counterparty. The risks associated with cleared single-name CDS may be lower than that for uncleared single-name CDS because for cleared single-name CDS, the counterparty is a clearinghouse (to the extent such a trading market is available). However, there can be no assurance that a clearinghouse or its members will satisfy their obligations to the Fund.

The Fund may invest in CDXs. A CDX is a swap on an index of credit default swaps. CDXs allow an investor to manage credit risk or take a position on a basket of credit entities (such as credit default swaps or commercial mortgage-backed securities) in a more efficient manner than transacting in a single-name CDS. If a credit event occurs in one of the underlying companies, the protection is paid out via the delivery of the defaulted bond by the buyer of protection in return for a payment of notional value of the defaulted bond by the seller of protection or it may be settled through a cash settlement between the two parties. The underlying company is then removed from the index. If the Fund holds a long position in a CDX, the Fund would indirectly bear its proportionate share of any expenses paid by a CDX. A Fund holding a long position in CDXs typically receives income from principal or interest paid on the underlying securities. By investing in CDXs, the Fund could be exposed to illiquidity risk, counterparty risk, and credit risk of the issuers of the underlying loan obligations and of the CDX markets. If there is a default by the CDX counterparty, the Fund will have contractual remedies pursuant to the agreements related to the transaction. CDXs also bear the risk that the Fund will not be able to meet its obligation to the counterparty.

During the period, the Fund sold protection via the credit default swap market in order to gain credit risk exposure to individual corporates, countries and/or credit indices where gaining this exposure via the cash bond market was less attractive.

During the period, the Fund purchased protection via the credit default swap market in order to reduce credit risk exposure to individual corporates, countries and/or credit indices where reducing this exposure via the cash bond market was less attractive.

The Fund’s use of interest rate swaps involves investment techniques and risks different from those associated with ordinary portfolio security transactions. Interest rate swaps do not involve the delivery of securities, other underlying assets, or principal. Interest rate swaps involve the exchange by two parties of their respective commitments to pay or

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receive interest (e.g., an exchange of floating rate payments for fixed rate payments). Interest rate swaps may result in potential losses if interest rates do not move as expected or if the counterparties are unable to satisfy their obligations. Interest rate swaps are generally entered into on a net basis. Accordingly, the risk of loss with respect to interest rate swaps is limited to the net amount of interest payments that the Fund is contractually obligated to make.

During the period, the Fund entered into interest rate swaps paying a floating interest rate and receiving a fixed interest rate in order to increase interest rate risk (duration) exposure. As interest rates fall, the Fund benefits by paying a lower future floating rate, while receiving a fixed rate that has not decreased.

During the period, the Fund entered into interest rate swaps paying a fixed interest rate and receiving a floating interest rate in order to decrease interest rate risk (duration) exposure. As interest rates rise, the Fund benefits by receiving a higher expected future floating rate, while paying a fixed rate that has not increased.

3. Other Investments and Strategies

Market Risk

The Fund may be invested in lower-rated debt securities that have a higher risk of default or loss of value since these securities may be sensitive to economic changes, political changes, or adverse developments specific to the issuer.

The value of the Fund’s portfolio may decrease if the value of one or more issuers in the Fund’s portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund’s portfolio decreases, the Fund’s NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• COVID-19 Pandemic. The effects of COVID-19 have contributed to increased volatility in global financial markets and have affected and may continue to affect certain countries, regions, issuers, industries and market sectors more dramatically than others. These conditions and events could have a significant impact on the Fund and its investments, the Fund’s ability to meet redemption requests, and the processes and operations of the Fund’s service providers, including the Adviser.

• Armed Conflict. Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global economic environment and the markets for certain securities and commodities.

Emerging Market Investing

Within the parameters of its specific investment policies, the Fund may invest in securities of issuers or companies from or with exposure to one or more “developing countries” or “emerging market countries.” Such countries include but are not limited to countries included in the MSCI Emerging Markets Index^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

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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.

Mortgage- and Asset-Backed Securities

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

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

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

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the governmental entity may be subject. Sovereign debtors may also be dependent on expected disbursements from foreign governments, multilateral agencies, and other entities. The failure of a sovereign debtor to implement economic reforms, achieve specified levels of economic performance, or repay principal or interest when due may result in the cancellation of third party commitments to lend funds to the sovereign debtor, which may further impair such debtor’s ability or willingness to timely service its debts. The Fund may be requested to participate in the rescheduling of such sovereign debt and to extend further loans to governmental entities, which may adversely affect the Fund’s holdings. In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not repaid. In addition, to the extent the Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.

TBA Commitments

The Fund may enter into “to be announced” or “TBA” commitments. TBAs are forward agreements for the purchase or sale of securities, including mortgage-backed securities, for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate, and mortgage terms. Although TBA securities must meet industry-accepted “good delivery” standards, there can be no assurance that a security purchased on forward commitment basis will ultimately be issued or delivered by the counterparty. During the settlement period, the Fund will still bear the risk of any decline in the value of the security to be delivered. Because TBA commitments do not require the delivery of a specific security, the characteristics of the security delivered to the Fund may be less favorable than expected. If the counterparty to a transaction fails to deliver the security, the Fund could suffer a loss. Cash collateral that has been pledged to cover the obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Collateral for To Be Announced Transactions.

When-Issued, Delayed Delivery and Forward Commitment Transactions

The Fund may purchase or sell securities on a when-issued, delayed delivery, or forward commitment basis. When purchasing a security on a when-issued, delayed delivery, or forward commitment basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. Typically, no income accrues on securities the Fund has committed to purchase prior to the time delivery of the securities is made. Because the Fund is not required to pay for the security until the delivery date, these risks are in addition to the risks associated with the Fund’s other investments. If the other party to a transaction fails to deliver the securities, the Fund could miss a favorable price or yield opportunity. If the Fund remains substantially fully invested at a time when when-issued, delayed delivery, or forward commitment purchases are outstanding, the purchases may result in a form of leverage. If the Fund remains substantially fully invested at a time when when-issued, delayed delivery, or forward commitment purchases (including TBA commitments) are outstanding, the purchases may result in a form of leverage.

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

Counterparties

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

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial

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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 December 31, 2023, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $208,667. Gross amounts of recognized liabilities for securities lending (collateral received) as of December 31, 2023 is $216,670, resulting in the net amount due to the counterparty of $8,003.

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.

42 DECEMBER 31, 2023

Janus Henderson Global Bond Fund

Notes to Financial Statements (unaudited)

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 December 31, 2023” table located in the Fund’s Schedule of Investments.

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

The Fund generally does not exchange collateral on its forward foreign currency contracts with its counterparties; however, all liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund’s commitment with respect to these contracts. Certain securities may be segregated at the Fund’s custodian. These segregated securities are denoted on the accompanying Schedule of Investments and are evaluated daily to ensure their cover and/or market value equals or exceeds the Fund’s corresponding forward foreign currency exchange contract's obligation value.

4. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The 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	0.60
Next $1 Billion	0.55
Over $2 Billion	0.50

The Fund’s actual investment advisory fee rate for the reporting period was 0.60% of average annual net assets before any applicable waivers.

The Adviser has entered into a personnel-sharing arrangement with its foreign (non-U.S.) affiliate, Janus Capital International Limited (UK) (“JCIL”), pursuant to which one or more employees of JCIL may also serve as “associated persons” of the Adviser. In this capacity, such employees of JCIL 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 responsibilities of both the Adviser and JCIL under the participating affiliate arrangement are documented in a memorandum of understanding between the two entities.

The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to the management fee, 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 fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.59% for at least a one-year period

Janus Investment Fund 43

Janus Henderson Global Bond Fund

Notes to Financial Statements (unaudited)

commencing on October 27, 2023. 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 $226,421 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2023. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

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

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

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

During the reporting period, the administrative services fee rate was 0.12%.

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 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

44 DECEMBER 31, 2023

Janus Henderson Global Bond Fund

Notes to Financial Statements (unaudited)

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 4.75% 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 December 31, 2023, the Distributor retained upfront sales charges of $28.

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 December 31, 2023.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class C Shares during the period ended December 31, 2023.

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 December 31, 2023 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 December 31, 2023 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 $196,900 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2023.

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

Janus Investment Fund 45

Janus Henderson Global Bond Fund

Notes to Financial Statements (unaudited)

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 December 31, 2023 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

As of December 31, 2023, 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	98		79
Class S Shares	-		-
Class T Shares	-		-

5. Federal Income Tax

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

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

Accumulated capital losses noted below represent net capital loss carryovers, as of June 30, 2023, 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 June 30, 2023
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$(9,448,123)	$(10,497,044)	$ (19,945,167)

46 DECEMBER 31, 2023

Janus Henderson Global Bond Fund

Notes to Financial Statements (unaudited)

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2023 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals, straddle deferrals, and investments in partnerships.

Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 160,863,546	$ 1,162,737	$(11,928,844)	$ (10,766,107)

Information on the tax components of derivatives as of December 31, 2023 is as follows:

Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$(199,087)	$ 1,517,200	$ (195,450)	$ 1,321,750

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

Janus Investment Fund 47

Janus Henderson Global Bond Fund

Notes to Financial Statements (unaudited)

6. Capital Share Transactions

	Period ended December 31, 2023		Year ended June 30, 2023
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	29,664	$ 233,877	76,407	$ 622,005
Reinvested dividends and distributions	783	5,932	1,622	12,649
Shares repurchased	(19,707)	(150,544)	(100,242)	(799,695)
Net Increase/(Decrease)	10,740	$ 89,265	(22,213)	$ (165,041)
Class C Shares:
Shares sold	797	$ 5,730	8,198	$ 64,318
Reinvested dividends and distributions	320	2,422	699	5,458
Shares repurchased	(19,613)	(148,014)	(32,490)	(256,556)
Net Increase/(Decrease)	(18,496)	$ (139,862)	(23,593)	$ (186,780)
Class D Shares:
Shares sold	84,313	$ 643,055	208,273	$ 1,643,778
Reinvested dividends and distributions	14,316	108,295	28,670	223,578
Shares repurchased	(239,289)	(1,829,201)	(356,755)	(2,762,734)
Net Increase/(Decrease)	(140,660)	$ (1,077,851)	(119,812)	$ (895,378)
Class I Shares:
Shares sold	77,392	$ 585,332	455,081	$ 3,544,074
Reinvested dividends and distributions	21,578	163,173	76,340	594,066
Shares repurchased	(584,806)	(4,396,851)	(4,159,382)	(32,156,541)
Net Increase/(Decrease)	(485,836)	$ (3,648,346)	(3,627,961)	$(28,018,401)
Class N Shares:
Shares sold	116,938	$ 877,010	4,146,831	$ 32,849,587
Reinvested dividends and distributions	179,735	1,359,550	308,685	2,404,109
Shares repurchased	(2,259,355)	(17,012,175)	(2,587,689)	(20,192,270)
Net Increase/(Decrease)	(1,962,682)	$(14,775,615)	1,867,827	$ 15,061,426
Class S Shares:
Shares sold	203	$ 1,536	399	$ 3,129
Reinvested dividends and distributions	74	559	126	983
Shares repurchased	(96)	(749)	(43)	(338)
Net Increase/(Decrease)	181	$ 1,346	482	$ 3,774
Class T Shares:
Shares sold	40,678	$ 312,448	23,432	$ 184,809
Reinvested dividends and distributions	2,706	20,468	5,912	46,065
Shares repurchased	(85,910)	(656,355)	(114,641)	(892,204)
Net Increase/(Decrease)	(42,526)	$ (323,439)	(85,297)	$ (661,330)

7. Purchases and Sales of Investment Securities

For the period ended December 31, 2023, 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
$ 9,222,278	$ 18,122,944	$ 3,837,604	$ 8,218,097

48 DECEMBER 31, 2023

Janus Henderson Global Bond Fund

Notes to Financial Statements (unaudited)

8. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2023 and through the date of issuance of the Fund’s financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements other than the following:

On December 15, 2023, the Trustees approved a plan to liquidate and terminate the Fund, with such liquidation effective on or about February 29, 2024, or at such other time as may be authorized by the Trustees (the “Liquidation Date”). The termination of the Fund is expected to occur as soon as practicable following the Liquidation Date. Effective January 2, 2024, the Fund is no longer accepting investments by new shareholders.

Janus Investment Fund 49

Janus Henderson Global Bond 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; and (ii) 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 and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “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.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and 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, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, 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 to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management

50 DECEMBER 31, 2023

Janus Henderson Global Bond Fund

Additional Information(unaudited)

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

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

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract 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 fund 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, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

Asset Allocation Funds

·For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12

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months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Fixed-Income Funds

·For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Global and International Equity Funds

·For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

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Additional Information(unaudited)

·For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·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 June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

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U.S. Equity Funds

·For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·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 June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.

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Additional Information(unaudited)

·For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.

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

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered 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 referenced its past analyses from 2022, which 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 different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with

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regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:

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 all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

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

·For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, 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 as shown were below the applicable fee limit.

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 average for certain share classes, overall the Fund’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 the Fund’s total expenses were below the peer group average for all share classes.

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

·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 average for certain share classes, 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 as shown were below the applicable fee limit.

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

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

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 average for certain share classes, overall the Fund’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 average for certain share classes, 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 as shown were below the applicable fee limit.

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Additional Information(unaudited)

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

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

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

·For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, 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 as shown were 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 average 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 certain share classes, 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 as shown were below the applicable fee limit.

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

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

·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 as shown were below the applicable fee limit.

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

Money Market Funds

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

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

Multi-Asset Funds

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

·For Janus Henderson 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 as shown were below the applicable fee limit.

U.S. Equity Funds

·For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were

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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 as shown were 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 all 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, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

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

·For Janus Henderson Forty 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, although this limit did not apply because the Fund’s total expenses as shown were 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 average for certain share classes, 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 as shown were below the applicable fee limit.

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

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

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

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

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

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

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

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

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized

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Additional Information(unaudited)

by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser 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 charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

Economies of Scale

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.

With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and 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.

Janus Investment Fund 59

Janus Henderson Global Bond Fund

Additional Information(unaudited)

Other Benefits to the Adviser

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

60 DECEMBER 31, 2023

Janus Henderson Global Bond Fund

Useful Information About Your Fund Report (unaudited)

Performance Overviews

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

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

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

Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund’s unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of 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. A company may be allocated to a country based on other factors such as location of the company’s principal office, the location of the principal trading market for the company’s securities, or the country where a majority of the company’s revenues are derived. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by 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.

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

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

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

Janus Investment Fund 61

Janus Henderson Global Bond Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

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

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

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

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

Statements of Changes in Net Assets

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

The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund’s investment operations. The Fund’s net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund’s net assets will not be affected.

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

Financial Highlights

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

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

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

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

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

62 DECEMBER 31, 2023

Janus Henderson Global Bond Fund

Useful Information About Your Fund Report (unaudited)

portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.

Janus Investment Fund 63

Janus Henderson Global Bond Fund

Notes

NotesPage1

64 DECEMBER 31, 2023

Janus Henderson Global Bond 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 Mutual funds distributed by Janus Henderson Distributors US LLC
	125-24-93023 02-24

	SEMIANNUAL REPORT December 31, 2023
Janus Henderson Government Money Market Fund
Janus Investment Fund

Table of Contents

Janus Henderson Government Money Market Fund

Schedule of Investments	1
Notes to Schedule of Investments and Other Information	6
Statement of Assets and Liabilities	7
Statement of Operations	8
Statements of Changes in Net Assets	9
Financial Highlights	10
Notes to Financial Statements	12
Additional information	18
Useful Information About Your Fund Report	29

Important Notice - Tailored Shareholder Reports

Effective January 24, 2023, the Securities and Exchange Commission (the “SEC”) adopted rule and form amendments that require mutual funds and exchange-traded funds to provide shareholders with streamlined annual and semi-annual shareholder reports that highlight key information. Other information, including financial statements, that currently appears in shareholder reports will be made available online, delivered free of charge to shareholders upon request, and filed with the SEC. The first tailored shareholder report for the Fund will be for the reporting period ending June 30, 2024. Currently, management is evaluating the impact of the rule and form amendments on the content of the Fund’s current shareholder reports.

Janus Henderson Government Money Market Fund (unaudited)

Performance

Vince Ahn co-portfolio manager Garrett Strum co-portfolio manager

Average Annual Total Return		Seven-Day Current Yield
For the periods ended December 31, 2023		Class D Shares
Class D Shares		With Reimbursement	4.82%
Fiscal Year-to-Date	2.42%	Without Reimbursement	4.82%
1 Year	4.56%	Class T Shares
5 Year	1.51%	With Reimbursement	4.80%
10 Year	0.91%	Without Reimbursement	4.80%
Since Inception (February 14, 1995)	2.06%	Prospectus Expense Ratios
Class T Shares		Class D Shares
Fiscal Year-to-Date	2.41%	Total Annual Fund Operating Expenses‡	0.58%
1 Year	4.54%	Class T Shares
5 Year	1.50%	Total Annual Fund Operating Expenses‡	0.60%
10 Year	0.90%
Since Inception (February 14, 1995)	2.06%

Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. 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).

For Janus Henderson Government Money Market Fund: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.

Returns include reinvestment of all dividends and distributions.

The yield more closely reflects the current earnings of the money market fund than the total return.

Class D Shares of the Fund 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, the initial share class (renamed Class T Shares effective February 16, 2010), calculated using the fees and expenses in effect during the periods shown, net of any applicable fee and expense limitations or waivers.

If Class D Shares of the Fund had been available during periods prior to February 16, 2010, the performance shown may have been different. The performance shown for periods following the Fund’s commencement of Class D Shares reflects the fees and expenses of Class D Shares, net of any applicable fee and expense limitations or waivers. Please refer to the Fund’s prospectuses for further details concerning historical performance.

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

See “Useful Information About Your Fund Report.”

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

Janus Investment Fund 1

Janus Henderson Government Money Market Fund (unaudited)

Expense Examples

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management 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 either 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 (7/1/23)	Ending Account Value (12/31/23)	Expenses Paid During Period (7/1/23 - 12/31/23)†	Beginning Account Value (7/1/23)	Ending Account Value (12/31/23)	Expenses Paid During Period (7/1/23 - 12/31/23)†	Net Annualized Expense Ratio (7/1/23 - 12/31/23)
Class D Shares		$1,000.00	$1,024.20	$2.90	$1,000.00	$1,022.27	$2.90	0.57%
Class T Shares		$1,000.00	$1,024.10	$3.00	$1,000.00	$1,022.17	$3.00	0.59%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/366 (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.

2 DECEMBER 31, 2023

Janus Henderson Government Money Market Fund

Schedule of Investments (unaudited)

December 31, 2023

Principal Amounts			Value
U.S. Government Agency Notes– 37.2%
Federal Home Loan Bank Discount Notes:
	5.3150%, 1/3/24	$6,000,000	$5,999,094
	5.2918%, 1/5/24	5,000,000	4,997,749
	5.2863%, 1/10/24	6,000,000	5,992,909
	5.2500%, 1/12/24	6,000,000	5,991,241
	5.2792%, 1/17/24	6,000,000	5,986,714
	5.3450%, 1/19/24	5,000,000	4,987,294
	5.2701%, 1/24/24	5,000,000	4,983,813
	5.2622%, 1/26/24	6,000,000	5,978,846
	5.3300%, 1/31/24	6,000,000	5,974,119
	5.2523%, 2/2/24	6,000,000	5,972,742
	5.2177%, 2/9/24	5,000,000	4,971,938
	5.1999%, 2/14/24	6,000,000	5,962,601
	5.3600%, 2/16/24	6,000,000	5,959,577
	5.2450%, 2/21/24	6,000,000	5,956,285
	5.2630%, 2/23/24	6,000,000	5,954,267
	5.2028%, 3/1/24	5,000,000	4,956,595
	5.2500%, 3/6/24	6,000,000	5,943,894
	5.2750%, 3/7/24	6,000,000	5,942,621
	5.2082%, 3/15/24	5,000,000	4,947,013
	5.2450%, 3/20/24	6,000,000	5,931,670
	5.2100%, 3/27/24	5,000,000	4,938,481
	5.2400%, 4/1/24	6,000,000	5,921,193
	5.1894%, 4/5/24	6,000,000	5,918,546
	5.1914%, 4/10/24	6,000,000	5,914,212
	5.1616%, 4/12/24	5,000,000	4,926,325
Total U.S. Government Agency Notes (cost $141,009,739)			141,009,739
U.S. Treasury Debt– 8.6%
	United States Treasury Bill, 5.2900%, 1/2/24	6,000,000	6,000,000
	United States Treasury Bill, 5.2944%, 2/6/24	6,000,000	5,968,942
	United States Treasury Bill, 5.2443%, 2/13/24	6,000,000	5,963,215
	United States Treasury Bill, 5.2484%, 3/5/24	5,000,000	4,953,884
	United States Treasury Bill, 5.2352%, 3/14/24	5,000,000	4,947,613
	United States Treasury Bill, 5.2550%, 3/26/24	5,000,000	4,938,534
Total U.S. Treasury Debt (cost $32,772,188)			32,772,188
Variable Rate Demand Notes¶– 16.5%
	6213 Montezuma LLC (LOC: FHLB of San Francisco), 5.4600%, 2/1/62	2,200,000	2,200,000
	Alberta Street Development LLC (LOC: FHLB of San Francisco),
	5.4600%, 3/1/61	2,000,000	2,000,000
	Bryan W Kelley 2019 Irrevocable Insurance Trust (LOC: FHLB of Dallas),
	5.4500%, 7/1/70	2,980,000	2,980,000
	Cypress Bend Real Estate Development Co LLC (LOC: FHLB of Dallas),
	5.4500%, 4/1/33	9,000,000	9,000,000
	Irvine Inn Apartments LP (LOC: FHLB of San Francisco), 5.4600%, 2/1/60	4,000,000	4,000,000
	John H Smith Irrevocable Insurance Trust of 2017/The (LOC: FHLB of Dallas),
	5.4500%, 2/1/41	5,820,000	5,820,000
	Johnson Capital Management LLC (LOC: FHLB of Indianapolis), 5.7600%, 6/3/47	2,845,000	2,845,000
	LML Trust (LOC: FHLB of Dallas), 5.4500%, 2/1/41	4,500,000	4,500,000
	Olivetree Apartments LP (LOC: FHLB of San Francisco), 5.4600%, 6/2/59	10,000,000	10,000,000
	Rieber Life Insurance Trust/The (LOC: FHLB of Dallas), 5.4500%, 5/1/42	4,000,000	4,000,000
	SIL Irrevocable Trust (LOC: FHLB of Dallas), 5.4500%, 6/1/43	6,150,000	6,150,000
	SMZ Holdings LLC (LOC: FHLB of Dallas), 5.4500%, 6/1/40	4,240,000	4,240,000
	Ventana Housing LP (LOC: FHLB of San Francisco), 5.4600%, 6/1/60	5,000,000	5,000,000
Total Variable Rate Demand Notes (cost $62,735,000)			62,735,000
Repurchase Agreementsë– 37.4%
	Credit Agricole, New York, Joint repurchase agreement, 5.2900%, dated 12/29/23, maturing 1/2/24 to be repurchased at $5,002,939 collateralized by $5,774,410 in U.S. Treasuries 1.0000%, 7/31/28 with a value of $5,100,001	5,000,000	5,000,000

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	3

Janus Henderson Government Money Market Fund

Schedule of Investments (unaudited)

December 31, 2023

Principal Amounts			Value
Repurchase Agreementsë– (continued)
	Goldman Sachs & Co., Joint repurchase agreement, 5.2000%, dated 12/29/23, maturing 1/2/24 to be repurchased at $35,020,222 collateralized by $35,515,835 in U.S. Government Agencies 2.9783% - 6.8377%, 3/20/46 - 11/20/53 with a value of $35,700,000	$35,000,000	$35,000,000
	HSBC Securities (USA), Inc., Joint repurchase agreement, 5.2700%, dated 12/29/23, maturing 1/2/24 to be repurchased at $10,005,856 collateralized by $11,135,580 in U.S. Treasuries 0% - 6.1250%, 2/28/27 - 8/15/44 with a value of $10,200,001	10,000,000	10,000,000
	ING Financial Markets LLC, Joint repurchase agreement, 5.3000%, dated 12/29/23, maturing 1/2/24 to be repurchased at $20,011,778 collateralized by $22,436,432 in U.S. Government Agencies 2.0000% - 7.0000%, 6/1/29 - 1/1/57 with a value of $20,412,139	20,000,000	20,000,000
	ING Financial Markets LLC, Joint repurchase agreement, 5.3000%, dated 12/29/23, maturing 1/2/24 to be repurchased at $5,002,944 collateralized by $5,197,447 in U.S. Treasuries 0% - 5.0000%, 1/15/24 - 11/15/53 with a value of $5,103,007	5,000,000	5,000,000
	Royal Bank of Canada, NY Branch, Joint repurchase agreement, 5.2900%, dated 12/29/23, maturing 1/2/24 to be repurchased at $10,005,878 collateralized by $10,520,675 in U.S. Treasuries 2.1250%, 5/15/25 with a value of $10,205,998	10,000,000	10,000,000
	Royal Bank of Canada, NY Branch, Joint repurchase agreement, 5.3000%, dated 12/29/23, maturing 1/2/24 to be repurchased at $56,733,390 collateralized by $36,105,637 in U.S. Government Agencies 3.0000% - 7.5000%, 9/1/26 - 7/20/63 and $21,762,481 in U.S. Treasuries 0% - 4.1250%, 1/11/24 - 8/15/32 with a value of $57,868,063	56,700,000	56,700,000
Total Repurchase Agreements (cost $141,700,000)			141,700,000
Total Investments (total cost $378,216,927) – 99.7%			378,216,927
Cash, Receivables and Other Assets, net of Liabilities – 0.3%			1,075,432
Net Assets – 100%			$379,292,359

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
4	DECEMBER 31, 2023

Janus Henderson Government Money Market Fund

Schedule of Investments (unaudited)

December 31, 2023

Offsetting of Financial Assets and Derivative Assets
			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Assets		or Liability(a)		Pledged(b)		Net Amount
Credit Agricole, New York		$	5,000,000	$	—	$	(5,000,000)	$	—
Goldman Sachs & Co.			35,000,000		—		(35,000,000)		—
HSBC Securities (USA), Inc.			10,000,000		—		(10,000,000)		—
ING Financial Markets LLC			25,000,000		—		(25,000,000)		—
Royal Bank of Canada, NY Branch			66,700,000		—		(66,700,000)		—
Total		$	141,700,000	$	—	$	(141,700,000)	$	—
(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.
Janus Investment Fund	5

Janus Henderson Government Money Market Fund

Notes to Schedule of Investments and Other Information (unaudited)

LLC	Limited Liability Company
LOC	Letter of Credit
LP	Limited Partnership

Money market funds may hold securities with stated maturities of greater than 397 days when those securities have features that allow a fund to “put” back the security to the issuer or to a third party within 397 days of acquisition. The maturity dates shown in the security descriptions are the stated maturity dates.

¶ Variable rate demand notes are not based on a published reference rate and spread; they are determined by the issuer or remarketing agent and current market conditions. The reference rate in the security description is as of December 31, 2023.

ë The Fund may have elements of risk due to concentration of investments. Such concentrations may subject the Fund to additional risks.

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. 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:
U.S. Government Agency Notes	$	-	$	141,009,739	$	-
U.S. Treasury Debt		-		32,772,188		-
Variable Rate Demand Notes		-		62,735,000		-
Repurchase Agreements		-		141,700,000		-
Total Assets	$	-	$	378,216,927	$	-

6 DECEMBER 31, 2023

Janus Henderson Government Money Market Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2023

Assets:
	Investments, at value (cost $236,516,927)		$	236,516,927
	Repurchase agreements, at value (cost $141,700,000)			141,700,000
	Cash			235,517
	Trustees' deferred compensation			10,344
	Receivables:
		Fund shares sold		1,229,534
		Interest		378,654
Total Assets				380,070,976
Liabilities:
	Payables:			—
		Fund shares repurchased		549,697
		Administration services fees		118,930
		Advisory fees		66,010
		Professional fees		23,745
		Trustees' deferred compensation fees		10,344
		Dividends		9,405
		Trustees' fees and expenses		486
Total Liabilities				778,617
Net Assets			$	379,292,359
Net Assets Consist of:
	Capital (par value and paid-in surplus)		$	379,297,420
	Total distributable earnings (loss)			(5,061)
Total Net Assets			$	379,292,359
Net Assets - Class D Shares			$	373,102,837
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			373,111,958
Net Asset Value Per Share			$	1.00
Net Assets - Class T Shares			$	6,189,522
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			6,189,795
Net Asset Value Per Share			$	1.00

See Notes to Financial Statements.
Janus Investment Fund	7

Janus Henderson Government Money Market Fund

Statement of Operations (unaudited)

For the period ended December 31, 2023

Investment Income:
	Interest		$	10,221,805
	Other income			31
Total Investment Income				10,221,836
Expenses:
	Advisory fees			380,925
	Administration services fees:
		Class D Shares		674,490
		Class T Shares		11,797
	Professional fees			25,405
	Trustees’ fees and expenses			3,862
Total Expenses				1,096,479
Net Investment Income/(Loss)				9,125,357
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	9,125,357

See Notes to Financial Statements.
8	DECEMBER 31, 2023

Janus Henderson Government Money Market Fund

Statements of Changes in Net Assets

			Period ended December 31, 2023 (unaudited)		Year ended June 30, 2023
Operations:
	Net investment income/(loss)		$	9,125,357	$	12,934,389
Net Increase/(Decrease) in Net Assets Resulting from Operations				9,125,357		12,934,389
Dividends and Distributions to Shareholders:
		Class D Shares		(8,977,232)		(12,672,152)
		Class T Shares		(148,125)		(274,409)
Net Decrease from Dividends and Distributions to Shareholders				(9,125,357)		(12,946,561)
Capital Share Transactions:
		Class D Shares		(10,776,632)		(23,016,362)
		Class T Shares		(74,284)		(2,602,317)
Net Increase/(Decrease) from Capital Share Transactions				(10,850,916)		(25,618,679)
Net Increase/(Decrease) in Net Assets				(10,850,916)		(25,630,851)
Net Assets:
	Beginning of period			390,143,275		415,774,126
	End of period		$	379,292,359	$	390,143,275

See Notes to Financial Statements.
Janus Investment Fund	9

Janus Henderson Government Money Market Fund

Financial Highlights

Class D Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.02	0.03	—(2)	—(2)	0.01	0.02
		Net realized and unrealized gain/(loss)(2)	—	—	—	—	—	—
	Total from Investment Operations		0.02	0.03	—	—	0.01	0.02
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.02)	(0.03)	—(2)	—(2)	(0.01)	(0.02)
		Distributions (from capital gains)	—	—(2)	—	—	—	—
	Total Dividends and Distributions		(0.02)	(0.03)	—	—	(0.01)	(0.02)
	Net Asset Value, End of Period		$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
	Total Return*		2.42%	3.27%	0.00%	0.00%	0.96%	1.71%
	Net Assets, End of Period (in thousands)		$373,103	$383,879	$406,908	$343,130	$324,601	$202,580
	Average Net Assets for the Period (in thousands)		$374,874	$395,495	$356,187	$344,963	$252,388	$197,526
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.57%	0.58%	0.57%	0.57%	0.63%	0.69%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.57%	0.58%	0.25%	0.09%	0.49%	0.59%
		Ratio of Net Investment Income/(Loss)	4.76%	3.20%	0.00%(3)	0.00%(3)	0.84%	1.70%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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.
10	DECEMBER 31, 2023

Janus Henderson Government Money Market Fund

Financial Highlights

Class T Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.02	0.03	—(2)	—(2)	0.01	0.02
		Net realized and unrealized gain/(loss)(2)	—	—	—	—	—	—
	Total from Investment Operations		0.02	0.03	—	—	0.01	0.02
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.02)	(0.03)	—(2)	—(2)	(0.01)	(0.02)
		Distributions (from capital gains)	—	—(2)	—	—	—	—
	Total Dividends and Distributions		(0.02)	(0.03)	—	—	(0.01)	(0.02)
	Net Asset Value, End of Period		$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
	Total Return*		2.41%	3.25%	0.00%	0.00%	0.94%	1.70%
	Net Assets, End of Period (in thousands)		$6,190	$6,264	$8,866	$6,846	$7,384	$7,849
	Average Net Assets for the Period (in thousands)		$6,202	$8,717	$6,856	$7,040	$7,745	$8,055
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.59%	0.60%	0.59%	0.59%	0.66%	0.71%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.59%	0.60%	0.26%	0.09%	0.53%	0.61%
		Ratio of Net Investment Income/(Loss)	4.75%	3.14%	0.00%(3)	0.00%(3)	0.98%	1.67%

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

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

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

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

(3)Less than 0.005%.

See Notes to Financial Statements.
Janus Investment Fund	11

Janus Henderson Government Money Market Fund

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Henderson Government Money Market Fund (the “Fund”) is a series fund. The Fund is part 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 38 Funds which include multiple series of shares, with differing investment objectives and policies. The Fund seeks capital preservation and liquidity with current income as a secondary objective. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.

The Fund offers two 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 both classes of shares.

The Fund operates as a “government money market fund” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended. As a government money market fund, the Fund pursues its investment objectives by normally investing at least 99.5% of its total assets in cash, U.S. Government securities, and/or repurchase agreements that are collateralized fully (i.e., collateralized by cash and/or government securities).

As a government money market fund, the Fund is not required to impose a liquidity fee and/or a redemption gate on fund redemptions. The Trustees have determined not to subject the Fund to a liquidity fee and/or a redemption gate on fund redemptions. The Trustees have reserved its ability to change this determination with respect to liquidity fees and/or redemption gates, but only after providing appropriate prior notice to shareholders.

Shareholders, including 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")).

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 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.

Liquidity

The Fund has adopted liquidity requirements (measured at the time of purchase) as noted:

The Fund will limit its investments in illiquid securities to 5% or less of its total assets.

Daily liquidity. The Fund will invest at least 10% of its total assets in “daily liquid assets,” which generally include cash (including demand deposits), direct obligations of the U.S. Government, securities (including repurchase agreements) that will mature or are subject to a demand feature that is exercisable and payable within one business day, and/or amounts receivable and due unconditionally within one business day on pending sales of portfolio securities.

Weekly liquidity. The Fund will invest at least 30% of its assets in “weekly liquid assets,” which generally include cash (including demand deposits), direct obligations of the U.S. Government, agency discount notes with remaining maturities of 60 days or less, and securities (including repurchase agreements) that will mature or are subject to a demand feature that is exercisable and payable within five business days.

12 DECEMBER 31, 2023

Janus Henderson Government Money Market Fund

Notes to Financial Statements (unaudited)

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”). Investments held by the Fund are valued utilizing the amortized cost method of valuation permitted in accordance with Rule 2a-7 under the 1940 Act and certain conditions therein. Under the amortized cost method, which does not take into account unrealized capital gains or losses, an instrument is initially valued at its cost and thereafter assumes a constant accretion/amortization to maturity of any discount or premium.

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.

Periodic review and monitoring of the valuation of short-term securities is performed in an effort to ensure that amortized cost approximates market value. 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 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 the 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.

Janus Investment Fund 13

Janus Henderson Government Money Market Fund

Notes to Financial Statements (unaudited)

Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

Expenses

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

Estimates

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

Indemnifications

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

Dividends and Distributions

Dividends, if any, are declared daily and distributed monthly for the Fund. Realized capital gains, if any, are declared and distributed in December. 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 the 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

Market Risk

The value of the Fund’s portfolio may decrease if the value of one or more issuers in the Fund’s portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund’s portfolio decreases, the Fund’s NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• COVID-19 Pandemic. The effects of COVID-19 have contributed to increased volatility in global financial markets and have affected and may continue to affect certain countries, regions, issuers, industries and market sectors more dramatically than others. These conditions and events could have a significant impact on the Fund and its investments,

14 DECEMBER 31, 2023

Janus Henderson Government Money Market Fund

Notes to Financial Statements (unaudited)

the Fund’s ability to meet redemption requests, and the processes and operations of the Fund’s service providers, including the Adviser.

• Armed Conflict. Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global economic environment and the markets for certain securities and commodities.

Repurchase Agreements

The Fund and other funds advised by the Adviser or its affiliates may transfer daily uninvested cash balances into one or more joint trading accounts. Assets in the joint trading accounts are invested in money market instruments and the proceeds are allocated to the participating funds on a pro rata basis.

Repurchase agreements held by the Fund are fully collateralized, and such collateral is in the possession of the Fund’s custodian or, for tri-party agreements, the custodian designated by the agreement. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements, including accrued interest. In the event of default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings.

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.

Variable and Floating Rate Notes

The Fund also may purchase variable and floating rate demand notes of corporations and other entities, which are unsecured obligations redeemable upon not more than 30 days’ notice. The Fund may purchase variable and floating rate demand notes of U.S. Government issuers or commercial banks. These obligations include master demand notes that permit investment of fluctuating amounts at varying rates of interest pursuant to direct arrangements with the issuer of the instrument. The issuer of these obligations often has the right, after a given period, to prepay the outstanding principal amount of the obligations upon a specified number of days’ notice. These obligations generally are not traded, nor generally is there an established secondary market for these obligations. To the extent a demand note does not have a seven day or shorter demand feature and there is no readily available market for the obligation, it is treated as an illiquid investment. The rate of interest on securities purchased by the Fund may be tied to short-term Treasury or other government securities or indices on securities that are permissible investments of the Fund, as well as other money market rates of interest. The Fund will not purchase securities whose values are tied to interest rates or indices that are not appropriate for the duration and volatility standards of a money market fund.

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

Janus Investment Fund 15

Janus Henderson Government Money Market Fund

Notes to Financial Statements (unaudited)

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

The Fund may be exposed to counterparty risk through its investments in certain securities, including, but not limited to, repurchase agreements and debt securities. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.

Offsetting Assets and Liabilities

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

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.

All repurchase agreements are transacted under legally enforceable master repurchase agreements that give the Fund, in the event of default by the counterparty, the right to liquidate securities held and to offset receivables and payables with the counterparty. For financial reporting purposes, the Fund does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. Repurchase agreements held by the Fund are fully collateralized, and such collateral is in the possession of the Fund’s custodian or, for tri-party agreements, the custodian designated by the agreement. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements, including accrued interest.

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 0.20% of its average daily net assets.

The Adviser may voluntarily waive and/or reimburse additional fees to the extent necessary to assist the Fund in attempting to maintain a yield of at least 0.00%. These waivers and reimbursements are voluntary and could change or be terminated at any time at the discretion of the Adviser. There is no guarantee that the Fund will maintain a positive yield. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement” on the Statement of Operations.

Class D Shares and Class T Shares of the Fund compensate the Adviser at an annual rate of 0.36% and 0.38%, respectively, of average daily net assets for providing certain administration services including, but not limited to, oversight and coordination of the Fund’s service providers, recordkeeping and registration functions and also to pay for costs such as shareholder servicing and custody. These amounts are disclosed as “Administration services fees” on the Statement of Operations. A portion of the Fund’s administration fee is paid to BNP Paribas Financial Services ("BPFS"). BPFS provides certain administrative services to the Fund, including services related to Fund accounting, calculation of the Fund’s daily NAV, and Fund audit, tax, and reporting obligations, pursuant to a sub-administration agreement with the Adviser on behalf of the Fund. The Adviser does not receive any additional compensation, beyond the administration services fee for serving as administrator.

The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of

16 DECEMBER 31, 2023

Janus Henderson Government Money Market Fund

Notes to Financial Statements (unaudited)

December 31, 2023 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 December 31, 2023 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 $196,900 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2023.

4. Federal Income Tax

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from accounting principles generally accepted in the United States of America. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

5. Capital Share Transactions

	Period ended December 31, 2023		Year ended June 30, 2023
	Shares	Amount	Shares	Amount
Class D Shares:
Shares sold	59,187,691	$ 59,187,690	138,981,154	$138,981,797
Reinvested dividends and distributions	8,863,414	8,863,414	12,522,215	12,522,215
Shares repurchased	(78,827,736)	(78,827,736)	(174,520,374)	(174,520,374)
Net Increase/(Decrease)	(10,776,631)	$(10,776,632)	(23,017,005)	$ (23,016,362)
Class T Shares:
Shares sold	4,101,540	$ 4,101,540	9,837,496	$ 9,837,512
Reinvested dividends and distributions	147,817	147,817	272,793	272,793
Shares repurchased	(4,323,641)	(4,323,641)	(12,712,622)	(12,712,622)
Net Increase/(Decrease)	(74,284)	$ (74,284)	(2,602,333)	$ (2,602,317)

6. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2023 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 17

Janus Henderson Government Money Market 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.

Monthly Portfolio Holdings

The Fund files its complete holdings in a monthly report on Form N-MFP within 5 business days after each month end. These 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).

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

The Trustees of Janus Aspen Series and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “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.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and 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, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, 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 to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, 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

18 DECEMBER 31, 2023

Janus Henderson Government Money Market Fund

Additional Information(unaudited)

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

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

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract 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 fund 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, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

Asset Allocation Funds

·For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Janus Investment Fund 19

Janus Henderson Government Money Market 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 second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Global and International Equity Funds

·For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

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Janus Henderson Government Money Market Fund

Additional Information(unaudited)

·For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·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 June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

U.S. Equity Funds

·For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Janus Investment Fund 21

Janus Henderson Government Money Market Fund

Additional Information(unaudited)

·For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·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 June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.

·For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as

22 DECEMBER 31, 2023

Janus Henderson Government Money Market Fund

Additional Information(unaudited)

applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.

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

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered 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 referenced its past analyses from 2022, which 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 different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:

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 all share classes, overall the Fund’s total expenses were

Janus Investment Fund 23

Janus Henderson Government Money Market Fund

Additional Information(unaudited)

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 as shown were below the applicable fee limit.

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

·For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, 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 as shown were below the applicable fee limit.

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 average for certain share classes, overall the Fund’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 the Fund’s total expenses were below the peer group average for all share classes.

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

·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 average for certain share classes, 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 as shown were below the applicable fee limit.

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

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

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 average for certain share classes, overall the Fund’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 average for certain share classes, 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 as shown were below the applicable fee limit.

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

·For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The

24 DECEMBER 31, 2023

Janus Henderson Government Money Market Fund

Additional Information(unaudited)

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 as shown were below the applicable fee limit.

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

·For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, 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 as shown were 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 average 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 certain share classes, 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 as shown were below the applicable fee limit.

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

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

·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 as shown were below the applicable fee limit.

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

Money Market Funds

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

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

Multi-Asset Funds

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

·For Janus Henderson 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 as shown were below the applicable fee limit.

U.S. Equity Funds

·For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, 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 as shown were 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 all 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, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

Janus Investment Fund 25

Janus Henderson Government Money Market Fund

Additional Information(unaudited)

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

·For Janus Henderson Forty 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, although this limit did not apply because the Fund’s total expenses as shown were 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 average for certain share classes, 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 as shown were below the applicable fee limit.

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

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

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

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

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

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

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

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

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual

26 DECEMBER 31, 2023

Janus Henderson Government Money Market Fund

Additional Information(unaudited)

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 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 charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

Economies of Scale

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.

With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and 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 other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the

Janus Investment Fund 27

Janus Henderson Government Money Market Fund

Additional Information(unaudited)

Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser’s ability to serve the Janus Henderson Funds.

28 DECEMBER 31, 2023

Janus Henderson Government Money Market Fund

Useful Information About Your Fund Report (unaudited)

Performance Overviews

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

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

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

Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund’s unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of 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. A company may be allocated to a country based on other factors such as location of the company’s principal office, the location of the principal trading market for the company’s securities, or the country where a majority of the company’s revenues are derived. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by 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.

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

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

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

Janus Investment Fund 29

Janus Henderson Government Money Market Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

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

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

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

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

Statements of Changes in Net Assets

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

The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund’s investment operations. The Fund’s net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund’s net assets will not be affected.

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

Financial Highlights

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

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

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

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

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

30 DECEMBER 31, 2023

Janus Henderson Government Money Market Fund

Useful Information About Your Fund Report (unaudited)

portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.

Janus Investment Fund 31

Janus Henderson Government Money Market Fund

Notes

NotesPage1

32 DECEMBER 31, 2023

Janus Henderson Government Money Market Fund

Notes

NotesPage2

Janus Investment Fund 33

This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Mutual funds distributed by Janus Henderson Distributors US LLC
	125-24-93025 02-24

	SEMIANNUAL REPORT December 31, 2023
Janus Henderson High-Yield Fund
Janus Investment Fund

HIGHLIGHTS

·Investment strategy behind your fund

·Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson High-Yield Fund

Fund At A Glance and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	11
Statement of Assets and Liabilities	13
Statement of Operations	15
Statements of Changes in Net Assets	17
Financial Highlights	18
Notes to Financial Statements	26
Additional Information	39
Useful Information About Your Fund Report	50

Tom Ross co-portfolio manager Seth Meyer co-portfolio manager Brent Olson co-portfolio manager

Important Notice – Tailored Shareholder Reports

Effective January 24, 2023, the Securities and Exchange Commission (the “SEC”) adopted rule and form amendments that require mutual funds and exchange-traded funds to provide shareholders with streamlined annual and semi-annual shareholder reports that highlight key information. Other information, including financial statements, that currently appears in shareholder reports will be made available online, delivered free of charge to shareholders upon request, and filed with the SEC. The first tailored shareholder report for the Fund will be for the reporting period ending June 30, 2024. Currently, management is evaluating the impact of the rule and form amendments on the content of the Fund’s current shareholder reports.

Janus Henderson High-Yield Fund (unaudited)

Fund At A Glance

December 31, 2023

Fund Profile
30-day SEC Yield*	Without Reimbursement	With Reimbursement
Class A Shares NAV	7.13%	7.16%
Class A Shares MOP	6.79%	6.81%
Class C Shares**	6.23%	6.34%
Class D Shares	7.27%	7.30%
Class I Shares	7.31%	7.33%
Class N Shares	7.41%	7.42%
Class R Shares	6.60%	6.66%
Class S Shares	6.64%	6.91%
Class T Shares	7.15%	7.16%
Weighted Average Maturity		5.3 Years
Average Effective Duration***		3.3 Years
* Yield will fluctuate.
** Does not include the 1.00% contingent deferred sales charge.
*** A theoretical measure of price volatility.

Ratings† Summary - (% of Total Investments)
BBB	1.6%
BB	48.3%
B	32.9%
CCC	10.2%
Not Rated	3.8%
Other	3.2%
† Credit ratings provided by Standard & Poor's (S&P), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality. "Other" includes cash equivalents, equity securities, and certain derivative instruments.

Significant Areas of Investment - (% of Net Assets)

Asset Allocation - (% of Net Assets)
Corporate Bonds	91.5%
Asset-Backed/Commercial Mortgage-Backed Securities	3.1%
Common Stocks	2.2%
Investments Purchased with Cash Collateral from Securities Lending	2.1%
Bank Loans and Mezzanine Loans	0.7%
Convertible Preferred Stocks	0.5%
Preferred Stocks	0.3%
Investment Companies	0.3%
Foreign Government Bonds	0.2%
Other		(0.9)%
		100.0%

Janus Investment Fund 1

Janus Henderson High-Yield Fund (unaudited)

Performance

See important disclosures on the next page.

Average Annual Total Return - for the periods ended December 31, 2023						Prospectus Expense Ratios
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses‡	Net Annual Fund Operating Expenses‡
Class A Shares at NAV	5.88%	11.53%	3.89%	3.31%	6.36%	1.01%	0.98%
Class A Shares at MOP	0.87%	6.29%	2.87%	2.80%	6.17%
Class C Shares at NAV	5.58%	10.68%	3.18%	2.61%	5.62%	1.79%	1.70%
Class C Shares at CDSC	4.58%	9.68%	3.18%	2.61%	5.62%
Class D Shares	5.98%	11.59%	4.11%	3.53%	6.49%	0.80%	0.77%
Class I Shares	6.14%	11.77%	4.18%	3.59%	6.53%	0.76%	0.74%
Class N Shares	6.05%	11.73%	4.25%	3.68%	6.55%	0.65%	0.63%
Class R Shares	5.66%	10.92%	3.44%	2.87%	5.89%	1.45%	1.38%
Class S Shares	5.78%	11.18%	3.71%	3.14%	6.16%	1.35%	1.13%
Class T Shares	5.93%	11.48%	4.01%	3.44%	6.44%	0.90%	0.88%
Bloomberg U.S. Corporate High-Yield Bond Index	7.66%	13.44%	5.37%	4.60%	6.55%
Morningstar Quartile - Class T Shares	-	3rd	4th	3rd	1st
Morningstar Ranking - based on total returns for High Yield Bond Funds	-	452/675	476/610	362/533	23/187

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 4.75%. 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.

2 DECEMBER 31, 2023

Janus Henderson High-Yield 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 share 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 of the Fund 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 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.

© 2023 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.

See “Useful Information About Your Fund Report.”

*The Fund’s inception date – December 29, 1995

‡ As stated in the prospectus. Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 27, 2023. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees. See Financial Highlights for actual expense ratios during the reporting period.

Janus Investment Fund 3

Janus Henderson High-Yield 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 (7/1/23)	Ending Account Value (12/31/23)	Expenses Paid During Period (7/1/23 - 12/31/23)†	Beginning Account Value (7/1/23)	Ending Account Value (12/31/23)	Expenses Paid During Period (7/1/23 - 12/31/23)†	Net Annualized Expense Ratio (7/1/23 - 12/31/23)
Class A Shares		$1,000.00	$1,058.80	$4.97	$1,000.00	$1,020.31	$4.88	0.96%
Class C Shares		$1,000.00	$1,055.80	$8.16	$1,000.00	$1,017.19	$8.01	1.58%
Class D Shares		$1,000.00	$1,059.80	$3.94	$1,000.00	$1,021.32	$3.86	0.76%
Class I Shares		$1,000.00	$1,061.40	$3.83	$1,000.00	$1,021.42	$3.76	0.74%
Class N Shares		$1,000.00	$1,060.50	$3.31	$1,000.00	$1,021.92	$3.25	0.64%
Class R Shares		$1,000.00	$1,056.60	$7.13	$1,000.00	$1,018.20	$7.00	1.38%
Class S Shares		$1,000.00	$1,057.80	$5.85	$1,000.00	$1,019.46	$5.74	1.13%
Class T Shares		$1,000.00	$1,059.30	$4.45	$1,000.00	$1,020.81	$4.37	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 184/366 (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.

4 DECEMBER 31, 2023

Janus Henderson High-Yield Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– 3.1%
	Amercian Airlines Inc / AAdvantage Loyalty IP Ltd, 5.7500%, 4/20/29 (144A)	$2,712,200	$2,643,751
	BX Commercial Mortgage Trust 2021-ARIA F,
	CME Term SOFR 1 Month + 2.7080%, 8.0700%, 10/15/36 (144A)‡	6,000,000	5,673,797
	JP Morgan Chase Commercial Mortgage Sec Trust 2020-ACE C,
	3.6942%, 1/10/37 (144A)‡	5,000,000	4,665,851
	MED Trust 2021-MDLN F,
	CME Term SOFR 1 Month + 4.1145%, 9.4765%, 11/15/38 (144A)‡	5,476,379	5,276,557
	New Economy Assets Phase 1 Issuer LLC 2021-1 B1, 2.4100%, 10/20/61 (144A)	5,000,000	4,053,630
	VASA Trust 2021-VASA F,
	CME Term SOFR 1 Month + 4.0145%, 9.3765%, 7/15/39 (144A)‡	3,083,000	1,693,542
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $24,346,700)			24,007,128
Bank Loans and Mezzanine Loans– 0.7%
Consumer Cyclical – 0.7%
	Mic Glen LLC, CME Term SOFR 1 Month + 6.7500%, 12.2060%, 7/20/29‡	2,303,342	2,234,242
	Tacala Investment Corp, CME Term SOFR 1 Month + 8.0000%, 13.4704%, 2/4/28‡	3,481,080	3,465,868
Total Bank Loans and Mezzanine Loans (cost $5,672,194)			5,700,110
Corporate Bonds– 91.5%
Basic Industry – 6.3%
	Compass Minerals International Inc, 6.7500%, 12/1/27 (144A)	5,053,000	5,002,470
	First Quantum Minerals Ltd, 6.8750%, 10/15/27 (144A)	4,353,000	3,699,375
	First Quantum Minerals Ltd, 8.6250%, 6/1/31 (144A)	4,439,000	3,762,052
	FMG Resources (August 2006) Pty Ltd, 4.3750%, 4/1/31 (144A)	8,264,000	7,557,542
	FMG Resources (August 2006) Pty Ltd, 6.1250%, 4/15/32 (144A)	2,913,000	2,933,985
	Hudbay Minerals Inc, 4.5000%, 4/1/26 (144A)	5,548,000	5,366,451
	Hudbay Minerals Inc, 6.1250%, 4/1/29 (144A)	9,594,000	9,406,714
	Mineral Resources Ltd, 9.2500%, 10/1/28 (144A)	7,023,000	7,470,857
	Verde Purchaser LLC, 10.5000%, 11/30/30 (144A)	3,726,000	3,754,504
			48,953,950
Brokerage – 0.2%
	Artec Group Inc, 10.0000%, 8/15/30 (144A)	1,505,000	1,599,288
Capital Goods – 10.9%
	ARD Finance SA, 6.5000% (6.50% Cash or 7.25% PIK), 6/30/27 (144A)Ø	10,884,028	5,084,800
	Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc,
	5.2500%, 8/15/27 (144A)	6,942,000	5,392,995
	Bombardier Inc, 7.5000%, 2/1/29 (144A)#	4,109,000	4,177,119
	Bombardier Inc, 8.7500%, 11/15/30 (144A)	3,966,000	4,222,612
	Builders FirstSource Inc, 4.2500%, 2/1/32 (144A)	5,573,000	5,026,737
	Builders FirstSource Inc, 6.3750%, 6/15/32 (144A)	4,413,000	4,506,445
	Chart Industries Inc, 7.5000%, 1/1/30 (144A)	1,887,000	1,972,381
	JELD-WEN Inc, 4.8750%, 12/15/27 (144A)	4,114,000	3,887,730
	LABL Escrow Issuer LLC, 10.5000%, 7/15/27 (144A)#	4,323,000	4,145,955
	LABL Inc, 5.8750%, 11/1/28 (144A)	3,041,000	2,755,222
	LABL Inc, 8.2500%, 11/1/29 (144A)	9,788,000	8,246,390
	Standard Industries Inc/NJ, 3.3750%, 1/15/31 (144A)	13,599,000	11,761,753
	TransDigm Inc, 4.8750%, 5/1/29	10,596,000	9,903,914
	Trinity Industries Inc, 7.7500%, 7/15/28 (144A)	2,901,000	2,996,968
	Trivium Packaging Finance BV, 8.5000%, 8/15/27 (144A)	7,550,000	7,402,766
	Vertical US Newco Inc, 5.2500%, 7/15/27 (144A)	3,245,000	3,187,748
			84,671,535
Communications – 2.4%
	CCO Holdings LLC / CCO Holdings Capital Corp, 4.2500%, 2/1/31 (144A)	2,586,000	2,259,984
	Connect Finco Sarl / Connect US Finco LLC, 6.7500%, 10/1/26 (144A)	4,770,000	4,741,427
	Univision Communications Inc, 8.0000%, 8/15/28 (144A)	4,883,000	5,037,400
	Univision Communications Inc, 4.5000%, 5/1/29 (144A)	3,380,000	3,015,814
	Univision Communications Inc, 7.3750%, 6/30/30 (144A)	3,398,000	3,388,255
			18,442,880
Consumer Cyclical – 21.9%
	Allied Universal Holdco LLC / Allied Universal Finance Corp,
	6.0000%, 6/1/29 (144A)	4,822,000	3,931,348

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	5

Janus Henderson High-Yield Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Consumer Cyclical– (continued)
	Arches Buyer Inc, 4.2500%, 6/1/28 (144A)	$10,153,000	$9,194,909
	Arches Buyer Inc, 6.1250%, 12/1/28 (144A)	3,824,000	3,307,760
	Carnival Corp, 6.0000%, 5/1/29 (144A)	22,063,000	21,229,140
	Century Communities Inc, 3.8750%, 8/15/29 (144A)	2,794,000	2,529,061
	Colt Merger Sub Inc, 8.1250%, 7/1/27 (144A)	6,370,000	6,529,881
	EG Global Finance PLC, 12.0000%, 11/30/28 (144A)	3,401,000	3,622,167
	Foot Locker Inc, 4.0000%, 10/1/29 (144A)#	5,870,000	4,857,425
	Full House Resorts Inc, 8.2500%, 2/15/28 (144A)#	9,555,000	8,981,700
	Garda World Security Corp, 7.7500%, 2/15/28 (144A)	2,193,000	2,268,898
	Garda World Security Corp, 6.0000%, 6/1/29 (144A)	3,242,000	2,906,056
	JB Poindexter & Co Inc, 8.7500%, 12/15/31 (144A)	2,517,000	2,567,340
	Kohl's Corp, 4.6250%, 5/1/31Ç	8,171,000	6,414,244
	LGI Homes Inc, 4.0000%, 7/15/29 (144A)	4,398,000	3,793,275
	Life Time Inc, 8.0000%, 4/15/26 (144A)	7,039,000	7,103,002
	LSF9 Atlantis Holdings LLC / Victra Finance Corp, 7.7500%, 2/15/26 (144A)	9,208,000	8,832,820
	Macy's Retail Holdings LLC, 5.8750%, 4/1/29 (144A)#	9,284,000	8,912,048
	Michaels Cos Inc/The, 5.2500%, 5/1/28 (144A)#	4,712,000	3,725,236
	Midwest Gaming Borrower LLC, 4.8750%, 5/1/29 (144A)	3,782,000	3,517,260
	Penn Entertainment Inc, 4.1250%, 7/1/29 (144A)	6,264,000	5,355,713
	Service Corp International/US, 3.3750%, 8/15/30	9,221,000	8,041,597
	Shea Homes LP / Shea Homes Funding Corp, 4.7500%, 4/1/29	5,825,000	5,359,000
	Station Casinos LLC, 4.6250%, 12/1/31 (144A)	4,194,000	3,781,623
	Sugarhouse HSP Gaming Prop Mezz LP / Sugarhouse HSP Gaming Finance Corp,
	5.8750%, 5/15/25 (144A)	5,182,000	5,147,817
	Travel + Leisure Co, 4.6250%, 3/1/30 (144A)	5,448,000	4,872,146
	Weekley Homes LLC / Weekly Finance Corp, 4.8750%, 9/15/28 (144A)	5,869,000	5,468,132
	Wyndham Destinations Inc, 6.6250%, 7/31/26 (144A)	3,425,000	3,454,990
	Wynn Macau Ltd, 5.6250%, 8/26/28 (144A)	8,629,000	7,991,528
	Wynn Macau Ltd, 5.1250%, 12/15/29 (144A)	2,947,000	2,618,315
	Wynn Resorts Finance LLC / Wynn Resorts Capital Corp,
	7.1250%, 2/15/31 (144A)	3,070,000	3,197,166
			169,511,597
Consumer Non-Cyclical – 13.2%
	AdaptHealth LLC, 5.1250%, 3/1/30 (144A)	4,167,000	3,250,568
	AMN Healthcare Inc, 4.0000%, 4/15/29 (144A)	6,253,000	5,639,666
	Atlas LuxCo 4 Sarl / Allied Universal Holdco LLC / Allied Universal Finance Corp,
	4.6250%, 6/1/28 (144A)	491,000	448,708
	BellRing Brands Inc, 7.0000%, 3/15/30 (144A)	5,250,000	5,433,592
	Chobani LLC / Chobani Finance Corp Inc, 4.6250%, 11/15/28 (144A)	1,761,000	1,646,200
	Hadrian Merger Sub Inc, 8.5000%, 5/1/26 (144A)	8,398,000	8,272,030
	Heartland Dental LLC / Heartland Dental Finance Corp,
	10.5000%, 4/30/28 (144A)	6,370,000	6,609,128
	HLF Financing Sarl LLC / Herbalife International Inc,
	4.8750%, 6/1/29 (144A)	8,824,000	6,928,693
	LifePoint Health Inc, 9.8750%, 8/15/30 (144A)	6,883,000	6,955,896
	Mozart Debt Merger Sub Inc, 5.2500%, 10/1/29 (144A)	15,202,000	14,329,046
	Organon Finance 1 LLC, 5.1250%, 4/30/31 (144A)	12,955,000	11,074,513
	Owens & Minor Inc, 4.5000%, 3/31/29 (144A)#	2,554,000	2,252,807
	Post Holdings Inc, 4.5000%, 9/15/31 (144A)	2,706,000	2,424,972
	Star Parent Inc, 9.0000%, 10/1/30 (144A)	5,574,000	5,874,177
	Surgery Center Holdings Inc, 10.0000%, 4/15/27 (144A)	3,084,000	3,114,840
	Tenet Healthcare Corp, 4.2500%, 6/1/29	4,659,000	4,337,519
	Tenet Healthcare Corp, 6.1250%, 6/15/30	5,237,000	5,295,063
	Thor Industries Inc, 4.0000%, 10/15/29 (144A)	9,578,000	8,543,001
			102,430,419
Electric – 2.3%
	NextEra Energy Operating Partners LP, 7.2500%, 1/15/29 (144A)	2,370,000	2,481,170
	TerraForm Power Operating LLC, 4.7500%, 1/15/30 (144A)	7,280,000	6,770,400
	Vistra Operations Co LLC, 4.3750%, 5/1/29 (144A)	3,110,000	2,903,212

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
6	DECEMBER 31, 2023

Janus Henderson High-Yield Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Electric– (continued)
	Vistra Operations Co LLC, 7.7500%, 10/15/31 (144A)	$5,167,000	$5,366,389
			17,521,171
Energy – 9.1%
	Archrock Partners LP / Archrock Partners Finance Corp,
	6.8750%, 4/1/27 (144A)	2,282,000	2,287,705
	Civitas Resources Inc, 8.3750%, 7/1/28 (144A)	4,444,000	4,639,292
	DT Midstream Inc, 4.1250%, 6/15/29 (144A)	8,337,000	7,669,902
	DT Midstream Inc, 4.3750%, 6/15/31 (144A)	3,488,000	3,146,295
	FTAI Infra Escrow Holdings LLC, 10.5000%, 6/1/27 (144A)	11,150,000	11,566,360
	Howard Midstream Energy Partners LLC, 6.7500%, 1/15/27 (144A)	4,233,000	4,185,898
	Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp,
	6.0000%, 8/1/26 (144A)	5,522,000	5,383,950
	Southwestern Energy Co, 5.3750%, 3/15/30	2,895,000	2,826,829
	Sunoco LP / Sunoco Finance Corp, 4.5000%, 4/30/30	9,538,000	8,830,398
	Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp,
	5.5000%, 1/15/28 (144A)	6,723,000	6,353,292
	Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp,
	6.0000%, 9/1/31 (144A)	5,238,000	4,844,786
	Venture Global LNG Inc, 8.1250%, 6/1/28 (144A)	8,782,000	8,868,915
			70,603,622
Finance Companies – 6.4%
	Blue Owl Credit Income Corp, 7.7500%, 9/16/27	4,518,000	4,658,263
	Fortress Transportation and Infrastructure Investors LLC,
	9.7500%, 8/1/27 (144A)	4,281,000	4,452,240
	Macquarie Airfinance Holdings Ltd, 8.1250%, 3/30/29 (144A)	5,300,000	5,539,679
	Navient Corp, 9.3750%, 7/25/30	4,148,000	4,345,764
	Navient Corp, 5.6250%, 8/1/33	3,496,000	2,867,946
	OneMain Finance Corp, 4.0000%, 9/15/30	4,302,000	3,681,460
	OWL Rock Core Income Corp, 7.9500%, 6/13/28 (144A)	3,114,000	3,227,723
	PennyMac Financial Services Inc, 5.7500%, 9/15/31 (144A)	11,884,000	10,998,420
	Quicken Loans LLC, 3.8750%, 3/1/31 (144A)	5,248,000	4,615,595
	SLM Corp, 3.1250%, 11/2/26	2,762,000	2,575,385
	Springleaf Finance Corp, 5.3750%, 11/15/29	2,959,000	2,770,803
			49,733,278
Financial Institutions – 1.9%
	Burford Capital Global Finance LLC, 6.2500%, 4/15/28 (144A)	1,955,000	1,874,715
	Burford Capital Global Finance LLC, 6.8750%, 4/15/30 (144A)	4,210,000	4,062,953
	GGAM Finance Ltd, 8.0000%, 6/15/28 (144A)	8,140,000	8,421,636
			14,359,304
Industrial – 1.2%
	KBR Inc, 4.7500%, 9/30/28 (144A)	3,564,000	3,302,945
	TopBuild Corp, 4.1250%, 2/15/32 (144A)	6,706,000	5,965,538
			9,268,483
Insurance – 1.6%
	Broadstreet Partners Inc, 5.8750%, 4/15/29 (144A)	9,898,000	9,239,280
	HUB International Ltd, 5.6250%, 12/1/29 (144A)	2,498,000	2,383,021
	USI Inc/NY, 7.5000%, 1/15/32 (144A)	860,000	880,468
			12,502,769
Specialty Retail – 0.3%
	Burlington Stores Inc, 2.2500%, 4/15/25	1,989,000	2,138,175
Technology – 9.3%
	Ciena Corp, 4.0000%, 1/31/30 (144A)	3,818,000	3,474,591
	Entegris Escrow Corp, 5.9500%, 6/15/30 (144A)#	2,434,000	2,419,488
	Entegris Inc, 3.6250%, 5/1/29 (144A)#	8,936,000	8,071,263
	ION Trading Technologies Sarl, 5.7500%, 5/15/28 (144A)	3,550,000	3,131,561
	Iron Mountain Inc, 5.2500%, 7/15/30 (144A)	13,361,000	12,718,436
	McAfee Corp, 7.3750%, 2/15/30 (144A)	6,759,000	6,172,667
	NortonLifeLock Inc, 6.7500%, 9/30/27 (144A)	7,181,000	7,305,440
	RingCentral Inc, 8.5000%, 8/15/30 (144A)	8,880,000	9,079,800

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	7

Janus Henderson High-Yield Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Technology– (continued)
	Seagate HDD Cayman, 4.1250%, 1/15/31	$4,990,000	$4,457,437
	Seagate HDD Cayman, 9.6250%, 12/1/32	10,557,840	12,072,890
	Western Digital Corp, 4.7500%, 2/15/26	3,109,000	3,049,986
			71,953,559
Transportation – 4.5%
	American Airlines Inc, 7.2500%, 2/15/28 (144A)#	6,502,000	6,576,318
	American Airlines Inc, 8.5000%, 5/15/29 (144A)	2,530,000	2,671,677
	Cargo Aircraft Management Inc, 4.7500%, 2/1/28 (144A)	12,476,000	11,418,160
	Rand Parent LLC, 8.5000%, 2/15/30 (144A)	7,823,000	7,481,335
	Watco Cos LLC / Watco Finance Corp, 6.5000%, 6/15/27 (144A)	6,904,000	6,904,000
			35,051,490
Total Corporate Bonds (cost $708,321,919)			708,741,520
Foreign Government Bonds– 0.2%
	Republic of Uzbekistan Government Bond, 7.8500%, 10/12/28 (144A)((cost $1,306,823)	1,321,000	1,379,626
Common Stocks– 2.2%
Containers & Packaging – 0.1%
	Ardagh Metal Packaging SA	239,777	920,744
Health Care Equipment & Supplies – 0.3%
	Hologic Inc*	30,602	2,186,513
Hotels, Restaurants & Leisure – 0.8%
	Caesars Entertainment Inc*	39,653	1,858,933
	Churchill Downs Inc	13,149	1,774,195
	Wynn Resorts Ltd	27,897	2,541,696
			6,174,824
Metals & Mining – 0.6%
	Freeport-McMoRan Inc	82,301	3,503,554
	Hudbay Minerals Inc	159,538	880,650
			4,384,204
Semiconductor & Semiconductor Equipment – 0.4%
	Entegris Inc	25,087	3,005,924
Total Common Stocks (cost $16,011,298)			16,672,209
Preferred Stocks– 0.3%
Consumer Cyclical – 0.3%
	Quiksilver Inc¢((cost $2,633,063)	3,097,721	2,633,063
Convertible Preferred Stocks– 0.5%
Machinery – 0.5%
	Chart Industries Inc, 6.7500%, 12/15/25((cost $3,503,538)	70,038	3,892,712
Investment Companies– 0.3%
Money Markets – 0.3%
	Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº,£((cost $2,489,976)	2,489,478	2,489,976
Investments Purchased with Cash Collateral from Securities Lending– 2.1%
Investment Companies – 1.7%
	Janus Henderson Cash Collateral Fund LLC, 5.2936%ºº,£	13,227,122	13,227,122
Time Deposits – 0.4%
	Royal Bank of Canada, 5.3100%, 1/2/24	$3,306,780	3,306,780
Total Investments Purchased with Cash Collateral from Securities Lending (cost $16,533,902)			16,533,902
Total Investments (total cost $780,819,413) – 100.9%			782,050,246
Liabilities, net of Cash, Receivables and Other Assets – (0.9)%			(7,077,118)
Net Assets – 100%			$774,973,128

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
8	DECEMBER 31, 2023

Janus Henderson High-Yield Fund

Schedule of Investments (unaudited)

December 31, 2023

Summary of Investments by Country - (Long Positions) (unaudited)
		% of
		Investment
Country	Value	Securities
United States	$673,355,938	86.1	%
Australia	17,962,384	2.3
Peru	14,773,165	1.9
Canada	14,455,335	1.8
United Kingdom	13,903,273	1.8
Macao	10,609,843	1.4
Ireland	9,342,380	1.2
Luxembourg	8,216,361	1.0
Zambia	7,461,427	1.0
Netherlands	7,402,766	0.9
Germany	3,187,748	0.4
Uzbekistan	1,379,626	0.2

Total $782,050,246 100.0 %

Schedules of Affiliated Investments – (% of Net Assets)

		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 12/31/23
Investment Companies - 0.3%
Money Markets - 0.3%
	Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº	$	549,030	$	875	$	(1,013)	$	2,489,976
Investments Purchased with Cash Collateral from Securities Lending - 1.7%
Investment Companies - 1.7%
	Janus Henderson Cash Collateral Fund LLC, 5.2936%ºº		157,617∆		-		-		13,227,122
Total Affiliated Investments - 2.0%		$	706,647	$	875	$	(1,013)	$	15,717,098

		Value at 6/30/23		Purchases		Sales Proceeds		Value at 12/31/23
Investment Companies - 0.3%
Money Markets - 0.3%
	Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº		23,555,617		177,955,082		(199,020,585)		2,489,976
Investments Purchased with Cash Collateral from Securities Lending - 1.7%
Investment Companies - 1.7%
	Janus Henderson Cash Collateral Fund LLC, 5.2936%ºº		26,971,853		81,901,054		(95,645,785)		13,227,122

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

Janus Henderson High-Yield Fund

Schedule of Investments (unaudited)

December 31, 2023

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		$	15,906,739	$	—	$	(15,906,739)	$	—
(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	DECEMBER 31, 2023

Janus Henderson High-Yield Fund

Notes to Schedule of Investments and Other Information (unaudited)

Bloomberg U.S. Corporate High-Yield Bond Index Bloomberg U.S. Corporate High Yield Bond Index measures the US dollar-denominated, high yield, fixed-rate corporate bond market.

LLC	Limited Liability Company
LP	Limited Partnership
PIK	Pay-in-kind (PIK) bonds give the issuer an option to make the interest payment in cash or additional securities.
PLC	Public Limited Company
SOFR	Secured Overnight Financing Rate

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 $640,501,601, which represents 82.6% of net assets.

* Non-income producing security.

‡ Variable or floating rate security. Rate shown is the current rate as of December 31, 2023. 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.

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.

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

Ø Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

¢ Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the period ended December 31, 2023 is $2,633,063, which represents 0.3% 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.

Janus Investment Fund 11

Janus Henderson High-Yield Fund

Notes to Schedule of Investments and Other Information (unaudited)

The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of December 31, 2023. 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	$	-	$	24,007,128	$	-
Bank Loans and Mezzanine Loans		-		5,700,110		-
Corporate Bonds		-		708,741,520		-
Foreign Government Bonds		-		1,379,626		-
Common Stocks		16,672,209		-		-
Preferred Stocks		-		-		2,633,063
Convertible Preferred Stocks		3,892,712		-		-
Investment Companies		-		2,489,976		-
Investments Purchased with Cash Collateral from Securities Lending		-		16,533,902		-
Total Assets	$	20,564,921	$	758,852,262	$	2,633,063

12 DECEMBER 31, 2023

Janus Henderson High-Yield Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2023

See footnotes at the end of the Statement.

Assets:
	Unaffiliated investments, at value (cost $765,102,315)(1)		$	766,333,148
	Affiliated investments, at value (cost $15,717,098)			15,717,098
	Cash			37,752
	Trustees' deferred compensation			21,285
	Receivables:
		Interest		12,301,355
		Investments sold		3,115,197
		Fund shares sold		1,033,818
		Dividends from affiliates		103,963
		Dividends		5,023
	Other assets			158,401
Total Assets				798,827,040
Liabilities:
	Collateral for securities loaned (Note 2)			16,533,902
	Payables:			—
		Fund shares repurchased		6,239,264
		Advisory fees		395,257
		Dividends		368,392
		Transfer agent fees and expenses		115,619
		Professional fees		34,017
		Trustees' deferred compensation fees		21,285
		12b-1 Distribution and shareholder servicing fees		12,062
		Custodian fees		3,101
		Affiliated fund administration fees payable		1,762
		Trustees' fees and expenses		971
		Accrued expenses and other payables		128,280
Total Liabilities				23,853,912
Commitments and contingent liabilities (Note 3)
Net Assets			$	774,973,128

See Notes to Financial Statements.
Janus Investment Fund	13

Janus Henderson High-Yield Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2023

Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	1,087,408,065
	Total distributable earnings (loss)		(312,434,937)
Total Net Assets		$	774,973,128
Net Assets - Class A Shares		$	27,408,894
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,790,187
Net Asset Value Per Share(2)		$	7.23
Maximum Offering Price Per Share(3)		$	7.59
Net Assets - Class C Shares		$	3,663,850
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		506,435
Net Asset Value Per Share(2)		$	7.23
Net Assets - Class D Shares		$	292,049,739
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		40,369,619
Net Asset Value Per Share		$	7.23
Net Assets - Class I Shares		$	128,753,645
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		17,791,378
Net Asset Value Per Share		$	7.24
Net Assets - Class N Shares		$	94,595,206
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		13,079,343
Net Asset Value Per Share		$	7.23
Net Assets - Class R Shares		$	7,605,625
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,052,456
Net Asset Value Per Share		$	7.23
Net Assets - Class S Shares		$	1,242,381
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		171,509
Net Asset Value Per Share		$	7.24
Net Assets - Class T Shares		$	219,653,788
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		30,363,938
Net Asset Value Per Share		$	7.23

(1)Includes $15,906,739 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 100/95.25 of net asset value.

See Notes to Financial Statements.
14	DECEMBER 31, 2023

Janus Henderson High-Yield Fund

Statement of Operations (unaudited)

For the period ended December 31, 2023

Investment Income:
	Interest		$	28,869,017
	Dividends from affiliates			549,030
	Affiliated securities lending income, net			157,617
	Dividends			120,167
	Unaffiliated securities lending income, net			35,205
	Foreign tax withheld			(7,370)
Total Investment Income				29,723,666
Expenses:
	Advisory fees			2,364,157
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		28,506
		Class C Shares		15,890
		Class R Shares		17,909
		Class S Shares		1,542
	Transfer agent administrative fees and expenses:
		Class D Shares		162,854
		Class R Shares		8,955
		Class S Shares		1,543
		Class T Shares		322,168
	Transfer agent networking and omnibus fees:
		Class A Shares		7,759
		Class C Shares		1,154
		Class I Shares		72,785
	Other transfer agent fees and expenses:
		Class A Shares		581
		Class C Shares		83
		Class D Shares		20,908
		Class I Shares		3,154
		Class N Shares		1,892
		Class R Shares		82
		Class S Shares		27
		Class T Shares		1,707
	Registration fees			81,078
	Shareholder reports expense			39,092
	Professional fees			38,487
	Affiliated fund administration fees			10,065
	Trustees’ fees and expenses			8,014
	Custodian fees			3,794
	Other expenses			76,963
Total Expenses				3,291,149
Less: Excess Expense Reimbursement and Waivers				(82,491)
Net Expenses				3,208,658
Net Investment Income/(Loss)				26,515,008

See Notes to Financial Statements.
Janus Investment Fund	15

Janus Henderson High-Yield Fund

Statement of Operations (unaudited)

For the period ended December 31, 2023

Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	(24,504,717)
	Investments in affiliates		875
Total Net Realized Gain/(Loss) on Investments			(24,503,842)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and Trustees’ deferred compensation		44,834,304
	Investments in affiliates		(1,013)
Total Change in Unrealized Net Appreciation/Depreciation			44,833,291
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	46,844,457

See Notes to Financial Statements.
16	DECEMBER 31, 2023

Janus Henderson High-Yield Fund

Statements of Changes in Net Assets

			Period ended December 31, 2023 (unaudited)		Year ended June 30, 2023
Operations:
	Net investment income/(loss)		$	26,515,008	$	54,756,517
	Net realized gain/(loss) on investments			(24,503,842)		(111,397,713)
	Change in unrealized net appreciation/depreciation			44,833,291		116,786,959
Net Increase/(Decrease) in Net Assets Resulting from Operations				46,844,457		60,145,763
Dividends and Distributions to Shareholders:
		Class A Shares		(732,028)		(1,386,629)
		Class C Shares		(111,063)		(251,395)
		Class D Shares		(9,278,302)		(17,165,352)
		Class I Shares		(4,460,180)		(9,540,829)
		Class N Shares		(3,241,775)		(8,447,921)
		Class R Shares		(214,554)		(360,959)
		Class S Shares		(38,502)		(87,915)
		Class T Shares		(8,385,128)		(16,647,404)
Net Decrease from Dividends and Distributions to Shareholders				(26,461,532)		(53,888,404)
Capital Share Transactions:
		Class A Shares		6,095,147		(4,060,462)
		Class C Shares		(661,240)		(1,003,230)
		Class D Shares		1,224,018		1,921,557
		Class I Shares		(19,121,252)		(20,613,843)
		Class N Shares		(7,422,303)		(67,136,855)
		Class R Shares		335,071		674,281
		Class S Shares		(47,678)		(202,744)
		Class T Shares		(53,511,672)		(18,864,030)
Net Increase/(Decrease) from Capital Share Transactions				(73,109,909)		(109,285,326)
Net Increase/(Decrease) in Net Assets				(52,726,984)		(103,027,967)
Net Assets:
	Beginning of period			827,700,112		930,728,079
	End of period		$	774,973,128	$	827,700,112

See Notes to Financial Statements.
Janus Investment Fund	17

Janus Henderson High-Yield Fund

Financial Highlights

Class A Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$7.05	$6.99	$8.64	$7.77	$8.34	$8.18
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.22	0.42	0.36	0.39	0.41	0.43
		Net realized and unrealized gain/(loss)	0.18	0.06	(1.64)	0.88	(0.57)	0.16
	Total from Investment Operations		0.40	0.48	(1.28)	1.27	(0.16)	0.59
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.22)	(0.42)	(0.37)	(0.40)	(0.41)	(0.43)
	Total Dividends and Distributions		(0.22)	(0.42)	(0.37)	(0.40)	(0.41)	(0.43)
	Net Asset Value, End of Period		$7.23	$7.05	$6.99	$8.64	$7.77	$8.34
	Total Return*		5.88%	6.99%	(15.31)%	16.69%	(1.95)%	7.48%
	Net Assets, End of Period (in thousands)		$27,409	$20,698	$24,533	$38,432	$32,937	$28,510
	Average Net Assets for the Period (in thousands)		$22,749	$23,632	$32,275	$36,570	$35,108	$27,131
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.98%	1.01%	0.98%	0.97%	0.98%	1.04%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.96%	0.98%	0.98%	0.97%	0.98%	1.04%
		Ratio of Net Investment Income/(Loss)	6.41%	5.97%	4.41%	4.71%	5.09%	5.23%
	Portfolio Turnover Rate		34%	73%	81%	120%	146%	110%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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	DECEMBER 31, 2023

Janus Henderson High-Yield Fund

Financial Highlights

Class C Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$7.05	$6.99	$8.63	$7.77	$8.34	$8.18
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.20	0.37	0.31	0.34	0.36	0.37
		Net realized and unrealized gain/(loss)	0.18	0.06	(1.63)	0.86	(0.57)	0.17
	Total from Investment Operations		0.38	0.43	(1.32)	1.20	(0.21)	0.54
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.20)	(0.37)	(0.32)	(0.34)	(0.36)	(0.38)
	Total Dividends and Distributions		(0.20)	(0.37)	(0.32)	(0.34)	(0.36)	(0.38)
	Net Asset Value, End of Period		$7.23	$7.05	$6.99	$8.63	$7.77	$8.34
	Total Return*		5.58%	6.24%	(15.81)%	15.73%	(2.64)%	6.78%
	Net Assets, End of Period (in thousands)		$3,664	$4,249	$5,200	$7,519	$12,402	$23,026
	Average Net Assets for the Period (in thousands)		$3,820	$4,863	$7,124	$9,532	$15,009	$27,890
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.67%	1.77%	1.71%	1.70%	1.69%	1.70%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.58%	1.70%	1.68%	1.69%	1.69%	1.70%
		Ratio of Net Investment Income/(Loss)	5.73%	5.28%	3.71%	4.03%	4.37%	4.57%
	Portfolio Turnover Rate		34%	73%	81%	120%	146%	110%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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 High-Yield Fund

Financial Highlights

Class D Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$7.05	$6.99	$8.64	$7.77	$8.34	$8.18
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.23	0.44	0.38	0.41	0.43	0.45
		Net realized and unrealized gain/(loss)	0.18	0.05	(1.64)	0.88	(0.57)	0.16
	Total from Investment Operations		0.41	0.49	(1.26)	1.29	(0.14)	0.61
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.23)	(0.43)	(0.39)	(0.42)	(0.43)	(0.45)
	Total Dividends and Distributions		(0.23)	(0.43)	(0.39)	(0.42)	(0.43)	(0.45)
	Net Asset Value, End of Period		$7.23	$7.05	$6.99	$8.64	$7.77	$8.34
	Total Return*		5.98%	7.23%	(15.13)%	16.93%	(1.73)%	7.74%
	Net Assets, End of Period (in thousands)		$292,050	$283,345	$279,111	$347,855	$309,023	$348,041
	Average Net Assets for the Period (in thousands)		$280,713	$280,360	$333,960	$330,438	$337,185	$339,785
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.79%	0.80%	0.76%	0.76%	0.77%	0.80%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.76%	0.77%	0.76%	0.76%	0.77%	0.80%
		Ratio of Net Investment Income/(Loss)	6.59%	6.21%	4.64%	4.92%	5.31%	5.49%
	Portfolio Turnover Rate		34%	73%	81%	120%	146%	110%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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	DECEMBER 31, 2023

Janus Henderson High-Yield Fund

Financial Highlights

Class I Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$7.05	$7.00	$8.64	$7.77	$8.34	$8.19
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.23	0.44	0.39	0.42	0.44	0.45
		Net realized and unrealized gain/(loss)	0.19	0.04	(1.64)	0.88	(0.57)	0.16
	Total from Investment Operations		0.42	0.48	(1.25)	1.30	(0.13)	0.61
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.23)	(0.43)	(0.39)	(0.43)	(0.44)	(0.46)
	Total Dividends and Distributions		(0.23)	(0.43)	(0.39)	(0.43)	(0.44)	(0.46)
	Net Asset Value, End of Period		$7.24	$7.05	$7.00	$8.64	$7.77	$8.34
	Total Return*		6.14%	7.10%	(14.98)%	16.99%	(1.69)%	7.68%
	Net Assets, End of Period (in thousands)		$128,754	$144,956	$165,462	$264,363	$258,255	$289,574
	Average Net Assets for the Period (in thousands)		$135,105	$156,144	$232,609	$258,975	$277,116	$323,343
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.75%	0.75%	0.72%	0.71%	0.72%	0.73%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.74%	0.74%	0.72%	0.71%	0.72%	0.73%
		Ratio of Net Investment Income/(Loss)	6.58%	6.22%	4.66%	4.97%	5.34%	5.54%
	Portfolio Turnover Rate		34%	73%	81%	120%	146%	110%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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 High-Yield Fund

Financial Highlights

Class N Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$7.05	$6.99	$8.64	$7.77	$8.34	$8.18
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.24	0.45	0.39	0.42	0.44	0.46
		Net realized and unrealized gain/(loss)	0.18	0.05	(1.64)	0.88	(0.57)	0.16
	Total from Investment Operations		0.42	0.50	(1.25)	1.30	(0.13)	0.62
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.24)	(0.44)	(0.40)	(0.43)	(0.44)	(0.46)
	Total Dividends and Distributions		(0.24)	(0.44)	(0.40)	(0.43)	(0.44)	(0.46)
	Net Asset Value, End of Period		$7.23	$7.05	$6.99	$8.64	$7.77	$8.34
	Total Return*		6.05%	7.37%	(15.01)%	17.09%	(1.59)%	7.90%
	Net Assets, End of Period (in thousands)		$94,595	$99,579	$165,384	$149,967	$129,944	$124,803
	Average Net Assets for the Period (in thousands)		$96,346	$136,839	$176,304	$139,565	$129,946	$170,511
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.65%	0.65%	0.63%	0.62%	0.62%	0.65%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.64%	0.64%	0.63%	0.62%	0.62%	0.65%
		Ratio of Net Investment Income/(Loss)	6.71%	6.27%	4.80%	5.05%	5.47%	5.61%
	Portfolio Turnover Rate		34%	73%	81%	120%	146%	110%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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	DECEMBER 31, 2023

Janus Henderson High-Yield Fund

Financial Highlights

Class R Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$7.04	$6.99	$8.63	$7.76	$8.33	$8.18
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.21	0.39	0.33	0.35	0.38	0.39
		Net realized and unrealized gain/(loss)	0.19	0.05	(1.63)	0.89	(0.57)	0.15
	Total from Investment Operations		0.40	0.44	(1.30)	1.24	(0.19)	0.54
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.21)	(0.39)	(0.34)	(0.37)	(0.38)	(0.39)
	Total Dividends and Distributions		(0.21)	(0.39)	(0.34)	(0.37)	(0.38)	(0.39)
	Net Asset Value, End of Period		$7.23	$7.04	$6.99	$8.63	$7.76	$8.33
	Total Return*		5.80%	6.41%	(15.56)%	16.20%	(2.41)%	6.89%
	Net Assets, End of Period (in thousands)		$7,606	$7,071	$6,351	$7,788	$1,551	$1,623
	Average Net Assets for the Period (in thousands)		$7,156	$6,544	$7,434	$3,865	$1,538	$1,397
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.43%	1.45%	1.41%	1.45%	1.57%	1.62%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.38%	1.39%	1.38%	1.39%	1.45%	1.48%
		Ratio of Net Investment Income/(Loss)	5.97%	5.60%	4.02%	4.20%	4.64%	4.82%
	Portfolio Turnover Rate		34%	73%	81%	120%	146%	110%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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 High-Yield Fund

Financial Highlights

Class S Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$7.06	$7.00	$8.65	$7.78	$8.35	$8.19
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.22	0.41	0.35	0.38	0.40	0.41
		Net realized and unrealized gain/(loss)	0.18	0.06	(1.64)	0.88	(0.57)	0.17
	Total from Investment Operations		0.40	0.47	(1.29)	1.26	(0.17)	0.58
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.22)	(0.41)	(0.36)	(0.39)	(0.40)	(0.42)
	Total Dividends and Distributions		(0.22)	(0.41)	(0.36)	(0.39)	(0.40)	(0.42)
	Net Asset Value, End of Period		$7.24	$7.06	$7.00	$8.65	$7.78	$8.35
	Total Return*		5.78%	6.83%	(15.42)%	16.47%	(2.14)%	7.29%
	Net Assets, End of Period (in thousands)		$1,242	$1,260	$1,449	$2,237	$1,859	$1,496
	Average Net Assets for the Period (in thousands)		$1,235	$1,534	$1,946	$2,057	$1,687	$1,833
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.38%	1.35%	1.28%	1.27%	1.30%	1.31%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.13%	1.13%	1.13%	1.15%	1.19%	1.22%
		Ratio of Net Investment Income/(Loss)	6.21%	5.83%	4.25%	4.53%	4.90%	5.07%
	Portfolio Turnover Rate		34%	73%	81%	120%	146%	110%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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	DECEMBER 31, 2023

Janus Henderson High-Yield Fund

Financial Highlights

Class T Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$7.05	$6.99	$8.64	$7.77	$8.34	$8.18
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.23	0.43	0.37	0.40	0.42	0.44
		Net realized and unrealized gain/(loss)	0.18	0.05	(1.64)	0.88	(0.57)	0.16
	Total from Investment Operations		0.41	0.48	(1.27)	1.28	(0.15)	0.60
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.23)	(0.42)	(0.38)	(0.41)	(0.42)	(0.44)
	Total Dividends and Distributions		(0.23)	(0.42)	(0.38)	(0.41)	(0.42)	(0.44)
	Net Asset Value, End of Period		$7.23	$7.05	$6.99	$8.64	$7.77	$8.34
	Total Return*		5.93%	7.12%	(15.21)%	16.82%	(1.83)%	7.64%
	Net Assets, End of Period (in thousands)		$219,654	$266,544	$283,236	$372,314	$349,513	$442,866
	Average Net Assets for the Period (in thousands)		$258,348	$277,063	$351,039	$364,038	$411,154	$460,568
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.89%	0.90%	0.87%	0.87%	0.87%	0.89%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.86%	0.87%	0.86%	0.85%	0.86%	0.89%
		Ratio of Net Investment Income/(Loss)	6.47%	6.10%	4.53%	4.82%	5.21%	5.39%
	Portfolio Turnover Rate		34%	73%	81%	120%	146%	110%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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 High-Yield Fund

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Henderson High-Yield 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 38 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks to obtain high current income. Capital appreciation is a secondary investment objective when consistent with its primary investment objective. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.

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

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

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

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

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

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

Effective July 6, 2020, Class D Shares are available to new investors, 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 (the “Distributor”) including, but not limited to,

26 DECEMBER 31, 2023

Janus Henderson High-Yield Fund

Notes to Financial Statements (unaudited)

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 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.

Janus Investment Fund 27

Janus Henderson High-Yield Fund

Notes to Financial Statements (unaudited)

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

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

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

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

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

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 the 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

28 DECEMBER 31, 2023

Janus Henderson High-Yield Fund

Notes to Financial Statements (unaudited)

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

Dividends are declared daily and distributed monthly for the Fund. Realized capital gains, if any, are declared and distributed in December. 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

Market Risk

The Fund may be invested in lower-rated debt securities that have a higher risk of default or loss of value since these securities may be sensitive to economic changes, political changes, or adverse developments specific to the issuer.

The value of the Fund’s portfolio may decrease if the value of one or more issuers in the Fund’s portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund’s portfolio decreases, the Fund’s NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and

Janus Investment Fund 29

Janus Henderson High-Yield Fund

Notes to Financial Statements (unaudited)

economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• COVID-19 Pandemic. The effects of COVID-19 have contributed to increased volatility in global financial markets and have affected and may continue to affect certain countries, regions, issuers, industries and market sectors more dramatically than others. These conditions and events could have a significant impact on the Fund and its investments, the Fund’s ability to meet redemption requests, and the processes and operations of the Fund’s service providers, including the Adviser.

• Armed Conflict. Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global economic environment and the markets for certain securities and commodities.

Loans

The Fund may invest in various commercial loans, including bank loans, bridge loans, debtor-in-possession (“DIP”) loans, mezzanine loans, and other fixed and floating rate loans. These loans may be acquired through loan participations and assignments or on a when-issued basis. Commercial loans will comprise no more than 20% of the Fund’s total assets. Below are descriptions of the types of loans held by the Fund as of December 31, 2023.

·Bank Loans -Bank loans are obligations of companies or other entities entered into in connection with recapitalizations, acquisitions, and refinancings. The Fund’s investments in bank loans are generally acquired as a participation interest in, or assignment of, loans originated by a lender or other financial institution. These investments may include institutionally-traded floating and fixed-rate debt securities.

·Floating Rate Loans – Floating rate loans are debt securities that have floating interest rates, that adjust periodically, and are tied to a benchmark lending rate, such as London Interbank Offered Rate (“LIBOR”). In other cases, the lending rate could be tied to the prime rate offered by one or more major U.S. banks or the rate paid on large certificates of deposit traded in the secondary markets. If the benchmark lending rate changes, the rate payable to lenders under the loan will change at the next scheduled adjustment date specified in the loan agreement. Floating rate loans are typically issued to companies (‘‘borrowers’’) in connection with recapitalizations, acquisitions, and refinancings. Floating rate loan investments are generally below investment grade. Senior floating rate loans are secured by specific collateral of a borrower and are senior in the borrower’s capital structure. The senior position in the borrower’s capital structure generally gives holders of senior loans a claim on certain of the borrower’s assets that is senior to subordinated debt and preferred and common stock in the case of a borrower’s default. Floating rate loan investments may involve foreign borrowers, and investments may be denominated in foreign currencies. Floating rate loans often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged. The Fund may invest in obligations of borrowers who are in bankruptcy proceedings. While the Fund generally expects to invest in fully funded term loans, certain of the loans in which the Fund may invest include revolving loans, bridge loans, and delayed draw term loans.

Purchasers of floating rate loans may pay and/or receive certain fees. The Fund may receive fees such as covenant waiver fees or prepayment penalty fees. The Fund may pay fees such as facility fees. Such fees may affect the Fund’s return.

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

Mortgage- and Asset-Backed Securities

Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer and commercial loans or receivables. The Fund may purchase fixed or variable rate commercial or residential mortgage-backed securities issued by the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), the Federal Home Loan Mortgage

30 DECEMBER 31, 2023

Janus Henderson High-Yield Fund

Notes to Financial Statements (unaudited)

Corporation (“Freddie Mac”), or other governmental or government-related entities. Ginnie Mae’s guarantees are backed as to the timely payment of principal and interest by the full faith and credit of the U.S. Government. Fannie Mae and Freddie Mac securities are not backed by the full faith and credit of the U.S. Government. In September 2008, the Federal Housing Finance Agency (“FHFA”), an agency of the U.S. Government, placed Fannie Mae and Freddie Mac under conservatorship. Since that time, Fannie Mae and Freddie Mac have received capital support through U.S. Treasury preferred stock purchases and Treasury and Federal Reserve purchases of their mortgage-backed securities. The FHFA and the U.S. Treasury have imposed strict limits on the size of these entities’ mortgage portfolios. The FHFA has the power to cancel any contract entered into by Fannie Mae and Freddie Mac prior to FHFA’s appointment as conservator or receiver, including the guarantee obligations of Fannie Mae and Freddie Mac.

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

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.

Counterparties

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

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial

Janus Investment Fund 31

Janus Henderson High-Yield Fund

Notes to Financial Statements (unaudited)

transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.

Securities Lending

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the 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 December 31, 2023, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $15,906,739. Gross amounts of recognized liabilities for securities lending (collateral received) as of December 31, 2023 is $16,533,902, resulting in the net amount due to the counterparty of $627,163.

Offsetting Assets and Liabilities

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

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Janus Henderson High-Yield Fund

Notes to Financial Statements (unaudited)

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

3. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays the Adviser an investment advisory fee 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 $300 Million	0.65
Over $300 Million	0.55

The Fund’s actual investment advisory fee rate for the reporting period was 0.58% of average annual net assets before any applicable waivers.

The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to the management fee, 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 fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.63% for at least a one-year period commencing October 27, 2023. 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 $226,421 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2023. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

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

Janus Investment Fund 33

Janus Henderson High-Yield Fund

Notes to Financial Statements (unaudited)

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

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

During the reporting period, the administrative services fee rate was 0.12%.

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 R Shares, Class S Shares, and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares, and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R Shares, Class S Shares, and Class T Shares.

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

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

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

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

Class A Shares include a 4.75% 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 December 31, 2023, the Distributor retained upfront sales charges of $192.

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

34 DECEMBER 31, 2023

Janus Henderson High-Yield Fund

Notes to Financial Statements (unaudited)

no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the period ended December 31, 2023.

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 December 31, 2023, redeeming shareholders of Class C Shares paid CDSCs of $210.

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 December 31, 2023 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 December 31, 2023 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 $196,900 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2023.

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 December 31, 2023 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

Janus Investment Fund 35

Janus Henderson High-Yield Fund

Notes to Financial Statements (unaudited)

4. Federal Income Tax

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

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

Accumulated capital losses noted below represent net capital loss carryovers, as of June 30, 2023, 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 June 30, 2023
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$(103,405,253)	$(184,905,182)	$ (288,310,435)

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2023 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)
$ 781,407,938	$21,545,837	$(20,903,529)	$ 642,308

36 DECEMBER 31, 2023

Janus Henderson High-Yield Fund

Notes to Financial Statements (unaudited)

5. Capital Share Transactions

	Period ended December 31, 2023		Year ended June 30, 2023
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	1,415,479	$ 10,059,543	1,135,338	$ 7,980,217
Reinvested dividends and distributions	95,205	666,234	173,565	1,218,687
Shares repurchased	(657,457)	(4,630,630)	(1,881,514)	(13,259,366)
Net Increase/(Decrease)	853,227	$ 6,095,147	(572,611)	$ (4,060,462)
Class C Shares:
Shares sold	63,071	$ 450,961	81,372	$ 574,356
Reinvested dividends and distributions	15,132	105,892	33,592	236,205
Shares repurchased	(174,385)	(1,218,093)	(255,979)	(1,813,791)
Net Increase/(Decrease)	(96,182)	$ (661,240)	(141,015)	$ (1,003,230)
Class D Shares:
Shares sold	1,667,295	$ 11,665,894	2,871,686	$ 20,254,591
Reinvested dividends and distributions	1,145,434	8,015,777	2,114,246	14,863,752
Shares repurchased	(2,635,001)	(18,457,653)	(4,713,898)	(33,196,786)
Net Increase/(Decrease)	177,728	$ 1,224,018	272,034	$ 1,921,557
Class I Shares:
Shares sold	3,804,898	$ 26,677,850	12,148,011	$ 87,074,770
Reinvested dividends and distributions	537,582	3,764,723	1,161,912	8,174,225
Shares repurchased	(7,104,373)	(49,563,825)	(16,407,506)	(115,862,838)
Net Increase/(Decrease)	(2,761,893)	$(19,121,252)	(3,097,583)	$(20,613,843)
Class N Shares:
Shares sold	897,497	$ 6,260,272	4,511,701	$ 31,774,790
Reinvested dividends and distributions	459,183	3,213,141	1,196,622	8,415,423
Shares repurchased	(2,406,072)	(16,895,716)	(15,232,813)	(107,327,068)
Net Increase/(Decrease)	(1,049,392)	$ (7,422,303)	(9,524,490)	$(67,136,855)
Class R Shares:
Shares sold	172,437	$ 1,207,788	229,273	$ 1,612,535
Reinvested dividends and distributions	30,681	214,481	51,315	360,367
Shares repurchased	(154,683)	(1,087,198)	(185,753)	(1,298,621)
Net Increase/(Decrease)	48,435	$ 335,071	94,835	$ 674,281
Class S Shares:
Shares sold	8,038	$ 55,659	47,388	$ 333,679
Reinvested dividends and distributions	5,478	38,389	12,473	87,801
Shares repurchased	(20,484)	(141,726)	(88,313)	(624,224)
Net Increase/(Decrease)	(6,968)	$ (47,678)	(28,452)	$ (202,744)
Class T Shares:
Shares sold	2,819,284	$ 19,812,747	5,921,426	$ 42,279,328
Reinvested dividends and distributions	1,182,154	8,270,856	2,331,829	16,393,060
Shares repurchased	(11,447,930)	(81,595,275)	(10,944,960)	(77,536,418)
Net Increase/(Decrease)	(7,446,492)	$(53,511,672)	(2,691,705)	$(18,864,030)

6. Purchases and Sales of Investment Securities

For the period ended December 31, 2023, 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
$266,726,431	$ 320,415,349	$ -	$ -

Janus Investment Fund 37

Janus Henderson High-Yield Fund

Notes to Financial Statements (unaudited)

7. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2023 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.

38 DECEMBER 31, 2023

Janus Henderson High-Yield 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; and (ii) 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 and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “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.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and 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, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, 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 to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management

Janus Investment Fund 39

Janus Henderson High-Yield Fund

Additional Information(unaudited)

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

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

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract 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 fund 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, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

Asset Allocation Funds

·For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12

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months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Fixed-Income Funds

·For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Global and International Equity Funds

·For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

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·For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·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 June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

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U.S. Equity Funds

·For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·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 June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.

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·For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.

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

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered 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 referenced its past analyses from 2022, which 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 different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with

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regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:

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 all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

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

·For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, 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 as shown were below the applicable fee limit.

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 average for certain share classes, overall the Fund’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 the Fund’s total expenses were below the peer group average for all share classes.

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

·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 average for certain share classes, 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 as shown were below the applicable fee limit.

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

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

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 average for certain share classes, overall the Fund’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 average for certain share classes, 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 as shown were below the applicable fee limit.

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Additional Information(unaudited)

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

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

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

·For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, 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 as shown were 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 average 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 certain share classes, 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 as shown were below the applicable fee limit.

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

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

·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 as shown were below the applicable fee limit.

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

Money Market Funds

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

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

Multi-Asset Funds

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

·For Janus Henderson 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 as shown were below the applicable fee limit.

U.S. Equity Funds

·For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were

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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 as shown were 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 all 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, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

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

·For Janus Henderson Forty 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, although this limit did not apply because the Fund’s total expenses as shown were 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 average for certain share classes, 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 as shown were below the applicable fee limit.

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

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

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

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

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

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

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

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

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized

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Additional Information(unaudited)

by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser 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 charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

Economies of Scale

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.

With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and 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.

48 DECEMBER 31, 2023

Janus Henderson High-Yield Fund

Additional Information(unaudited)

Other Benefits to the Adviser

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

Janus Investment Fund 49

Janus Henderson High-Yield Fund

Useful Information About Your Fund Report (unaudited)

Performance Overviews

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

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

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

Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund’s unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of 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. A company may be allocated to a country based on other factors such as location of the company’s principal office, the location of the principal trading market for the company’s securities, or the country where a majority of the company’s revenues are derived. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by 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.

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.

50 DECEMBER 31, 2023

Janus Henderson High-Yield Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

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

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

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

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

Statements of Changes in Net Assets

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

The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund’s investment operations. The Fund’s net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund’s net assets will not be affected.

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

Financial Highlights

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

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

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

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

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

Janus Investment Fund 51

Janus Henderson High-Yield Fund

Useful Information About Your Fund Report (unaudited)

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 DECEMBER 31, 2023

Janus Henderson High-Yield Fund

Notes

NotesPage1

Janus Investment Fund 53

This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Mutual funds distributed by Janus Henderson Distributors US LLC
	125-24-93026 02-24

	SEMIANNUAL REPORT December 31, 2023
Janus Henderson Mid Cap Value Fund
Janus Investment Fund

HIGHLIGHTS

·Investment strategy behind your fund

·Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Mid Cap Value Fund

Fund At A Glance and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	10
Statement of Assets and Liabilities	11
Statement of Operations	13
Statements of Changes in Net Assets	14
Financial Highlights	15
Notes to Financial Statements	24
Additional Information	35
Useful Information About Your Fund Report	46

Kevin Preloger co-portfolio manager Justin Tugman co-portfolio manager

Important Notice – Tailored Shareholder Reports

Effective January 24, 2023, the Securities and Exchange Commission (the “SEC”) adopted rule and form amendments that require mutual funds and exchange-traded funds to provide shareholders with streamlined annual and semi-annual shareholder reports that highlight key information. Other information, including financial statements, that currently appears in shareholder reports will be made available online, delivered free of charge to shareholders upon request, and filed with the SEC. The first tailored shareholder report for the Fund will be for the reporting period ending June 30, 2024. Currently, management is evaluating the impact of the rule and form amendments on the content of the Fund’s current shareholder reports.

Janus Henderson Mid Cap Value Fund (unaudited)

Fund At A Glance

December 31, 2023

5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
Activision Blizzard Inc	1.26%	0.42%	Globus Medical Inc	1.83%	-0.35%
PNC Financial Services Group Inc/The	1.82%	0.36%	Chesapeake Energy Corp	2.31%	-0.31%
Black Knight Inc	0.36%	0.31%	Fox Corp - Class B	1.54%	-0.28%
Toll Brothers Inc	1.55%	0.26%	Envista Holdings Corp	0.62%	-0.28%
Jefferies Financial Group Inc	1.66%	0.25%	Kellanova	1.42%	-0.26%

	5 Top Contributors - Sectors*
		Relative	Fund	Russell Midcap Value Index
		Contribution	Average Weight	Average Weight
	Consumer Discretionary	0.57%	7.72%	9.20%
	Information Technology	0.50%	7.47%	9.47%
	Communication Services	0.34%	2.79%	3.32%
	Consumer Staples	0.29%	4.50%	3.98%
	Utilities	0.21%	4.80%	7.50%
	5 Top Detractors - Sectors*
		Relative	Fund	Russell Midcap Value Index
		Contribution	Average Weight	Average Weight
	Energy	-0.54%	7.81%	5.55%
	Materials	-0.41%	9.02%	7.73%
	Financials	-0.34%	15.67%	16.95%
	Industrials	-0.26%	19.15%	18.87%
	Other**	-0.10%	1.56%	0.00%
	Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.
*	Based on sector classification according to the Global Industry Classification Standard (“GICS”) codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
**	Not a GICS classified sector.

Janus Investment Fund 1

Janus Henderson Mid Cap Value Fund (unaudited)

Fund At A Glance

December 31, 2023

5 Largest Equity Holdings -(% of Net Assets)
Hartford Financial Services Group Inc
Insurance	2.8%
Alliant Energy Corp
Electric Utilities	2.5%
PNC Financial Services Group Inc/The
Banks	2.4%
Freeport-McMoRan Inc
Metals & Mining	2.4%
Entergy Corp
Electric Utilities	2.3%
	12.4%

Asset Allocation - (% of Net Assets)
Common Stocks	99.0%
Repurchase Agreements	1.0%
Other		(0.0)%
		100.0%

Top Country Allocations - Long Positions -(% of Investment Securities)
As of December 31, 2023	As of June 30, 2023

2 DECEMBER 31, 2023

Janus Henderson Mid Cap Value Fund (unaudited)

Performance

See important disclosures on the next page.

Average Annual Total Return - for the periods ended December 31, 2023						Prospectus Expense Ratios
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses‡
Class A Shares at NAV	7.10%	11.06%	9.88%	6.90%	10.19%	0.91%
Class A Shares at MOP	0.94%	4.70%	8.59%	6.27%	9.93%
Class C Shares at NAV	6.70%	10.34%	9.17%	6.24%	9.48%	1.62%
Class C Shares at CDSC	5.72%	9.34%	9.17%	6.24%	9.48%
Class D Shares	7.20%	11.42%	10.19%	7.21%	10.42%	0.63%
Class I Shares	7.21%	11.42%	10.24%	7.24%	10.45%	0.59%
Class L Shares(1)	7.18%	11.29%	10.18%	7.23%	10.51%	0.81%
Class N Shares	7.31%	11.54%	10.35%	7.36%	10.48%	0.49%
Class R Shares	6.90%	10.72%	9.52%	6.56%	9.85%	1.25%
Class S Shares	6.97%	10.92%	9.79%	6.82%	10.10%	0.99%
Class T Shares	7.16%	11.26%	10.07%	7.11%	10.37%	0.74%
Russell Midcap Value Index	7.11%	12.71%	11.16%	8.26%	9.25%
Morningstar Quartile - Class T Shares	-	3rd	4th	3rd	1st
Morningstar Ranking - based on total returns for Mid-Cap Value Funds	-	242/400	302/382	226/334	25/128

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.

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

Janus Investment Fund 3

Janus Henderson Mid Cap Value 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 reflects the performance of the Fund’s Class J Shares (formerly named Investor Shares), from April 21, 2003 to July 6, 2009, calculated using the fees and expenses of the corresponding class, without the effect of any fee and expense limitations or waivers. For periods prior to April 21, 2003, the performance shown for each class reflects the historical performance of Berger Mid Cap Value Fund – Investor Shares (as a result of a prior reorganization of Berger Mid Cap Value Fund – Investor Shares into the Fund’s former Class J Shares), calculated using the fees and expenses of the corresponding class respectively, without the effect of any fee and expense limitations or waivers.

Class D Shares commenced operations on February 16, 2010, as a result of the restructuring of Class J Shares, the predecessor share class. Performance shown for periods prior to February 16, 2010, reflects the performance of the Fund’s former Class J Shares (formerly named Investor Shares). For the periods prior to April 21, 2003, the performance shown for Class D Shares reflects the historical performance of Berger Mid Cap Value Fund – Investor Shares (as a result of a separate prior reorganization).

Class I Shares commenced operations on July 6, 2009. Performance shown reflects the performance of the Fund’s Class J Shares (formerly named Investor Shares) from April 21, 2003 to July 6, 2009, calculated using the fees and expenses of Class J Shares, net of any applicable fee and expense limitations or waivers. For the periods prior to April 21, 2003, the performance shown for Class I Shares reflects the historical performance of Berger Mid Cap Value Fund – Investor Shares (as a result of a separate prior reorganization), calculated using the fees and expenses of Class J Shares, net of any applicable fee and expense limitations or waivers.

Class L Shares commenced operations on April 21, 2003. Performance shown for periods following April 21, 2003, reflects the fees and expenses of Class L Shares (formerly named Institutional Shares), net of any applicable fee and expense limitations or waivers. The performance shown for Class L Shares for the periods from May 17, 2002 to April 17, 2003, reflects the historical performance of Berger Mid Cap Value Fund – Institutional Shares (as a result of a prior reorganization of Berger Mid Cap Value Fund – Institutional Shares into the Fund’s Class L Shares). For the periods prior to May 17, 2002, the performance shown reflects the historical performance of Berger Mid Cap Value Fund – Investor Shares.

Class N Shares of the Fund commenced operations on May 31, 2012. Performance shown for Class N Shares reflects the performance of the Fund’s Class T Shares from July 6, 2009 to May 31, 2012, calculated using the fees and expenses of Class T Shares, net of any applicable fee and expense limitations or waivers. For the period from April 21, 2003 to July 6, 2009, the performance shown for Class N Shares reflects the performance of Class J Shares (formerly named Investor Shares), calculated using the fees and expenses of Class J Shares, net of any applicable fee and expense limitations or waivers. For the periods prior to April 21, 2003, the performance shown for Class N Shares reflects the historical performance of Berger Mid Cap Value Fund – Investor Shares (as a result of a separate prior reorganization), calculated using the fees and expenses of Class J Shares, net of any applicable fee and expense limitations or waivers.

Class T Shares (formerly named Class J Shares) commenced operations with the Fund’s inception. Performance shown for periods following April 21, 2003, reflects the fees and expenses of Class T Shares in effect during the periods shown, net of any applicable fee and expense limitations or waivers. For the periods prior to April 21, 2003, the performance shown for Class T Shares reflects the historical performance of Berger Mid Cap Value Fund – Investor Shares (as a result of a separate prior reorganization).

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.

© 2023 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.

See “Useful Information About Your Fund Report.”

*The predecessor Fund’s inception date – August 12, 1998

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

(1) Closed to new investors.

4 DECEMBER 31, 2023

Janus Henderson Mid Cap Value 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 (7/1/23)	Ending Account Value (12/31/23)	Expenses Paid During Period (7/1/23 - 12/31/23)†	Beginning Account Value (7/1/23)	Ending Account Value (12/31/23)	Expenses Paid During Period (7/1/23 - 12/31/23)†	Net Annualized Expense Ratio (7/1/23 - 12/31/23)
Class A Shares		$1,000.00	$1,071.00	$4.84	$1,000.00	$1,020.46	$4.72	0.93%
Class C Shares		$1,000.00	$1,067.00	$8.21	$1,000.00	$1,017.19	$8.01	1.58%
Class D Shares		$1,000.00	$1,072.00	$3.49	$1,000.00	$1,021.77	$3.40	0.67%
Class I Shares		$1,000.00	$1,072.10	$3.28	$1,000.00	$1,021.97	$3.20	0.63%
Class L Shares		$1,000.00	$1,071.80	$3.59	$1,000.00	$1,021.67	$3.51	0.69%
Class N Shares		$1,000.00	$1,073.10	$2.76	$1,000.00	$1,022.47	$2.69	0.53%
Class R Shares		$1,000.00	$1,069.00	$6.66	$1,000.00	$1,018.70	$6.50	1.28%
Class S Shares		$1,000.00	$1,069.70	$5.36	$1,000.00	$1,019.96	$5.23	1.03%
Class T Shares		$1,000.00	$1,071.60	$3.96	$1,000.00	$1,021.32	$3.86	0.76%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.

Janus Investment Fund 5

Janus Henderson Mid Cap Value Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Common Stocks– 99.0%
Aerospace & Defense – 3.0%
	BWX Technologies Inc	319,283	$24,498,585
	L3Harris Technologies Inc	176,159	37,102,609
			61,601,194
Auto Components – 1.4%
	Aptiv PLC*	167,290	15,009,259
	Autoliv Inc	125,615	13,841,517
			28,850,776
Banks – 5.4%
	PNC Financial Services Group Inc/The	311,281	48,201,863
	Popular Inc	300,253	24,641,764
	Synovus Financial Corp	173,434	6,529,790
	Wintrust Financial Corp	314,886	29,205,676
			108,579,093
Building Products – 3.7%
	Carlisle Cos Inc	113,300	35,398,319
	Fortune Brands Home & Security Inc	518,757	39,498,158
			74,896,477
Capital Markets – 4.1%
	Jefferies Financial Group Inc	871,040	35,198,726
	Lazard Ltd*	304,857	10,609,024
	State Street Corp	486,093	37,652,764
			83,460,514
Chemicals – 3.0%
	Ashland Global Holdings Inc	181,951	15,340,289
	Corteva Inc	647,088	31,008,457
	Westlake Chemical Corp	99,375	13,908,525
			60,257,271
Commercial Services & Supplies – 1.5%
	Waste Connections Inc	199,124	29,723,239
Construction Materials – 1.6%
	Martin Marietta Materials Inc	66,215	33,035,326
Containers & Packaging – 2.7%
	Ball Corp	445,606	25,631,257
	Graphic Packaging Holding Co	1,164,893	28,714,612
			54,345,869
Diversified Financial Services – 2.1%
	Fidelity National Information Services Inc	699,053	41,992,114
Electric Utilities – 4.8%
	Alliant Energy Corp	966,397	49,576,166
	Entergy Corp	467,897	47,346,497
			96,922,663
Electrical Equipment – 2.0%
	AMETEK Inc	249,115	41,076,572
Electronic Equipment, Instruments & Components – 3.3%
	Insight Enterprises Inc*	126,291	22,377,502
	Keysight Technologies Inc*	109,712	17,454,082
	Vontier Corp	807,124	27,886,134
			67,717,718
Energy Equipment & Services – 1.2%
	Baker Hughes Co	730,039	24,952,733
Food & Staples Retailing – 3.0%
	Casey's General Stores Inc	164,732	45,258,470
	Target Corp	102,277	14,566,290
			59,824,760
Food Products – 1.7%
	Kellanova	427,806	23,918,633
	Lamb Weston Holdings Inc	101,332	10,952,976
			34,871,609

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
6	DECEMBER 31, 2023

Janus Henderson Mid Cap Value Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Common Stocks– (continued)
Health Care Equipment & Supplies – 2.9%
	Envista Holdings Corp*	513,241	$12,348,578
	Globus Medical Inc*	683,245	36,410,126
	Teleflex Inc	39,410	9,826,489
			58,585,193
Health Care Providers & Services – 5.8%
	Amedisys Inc*	214,116	20,353,867
	Cardinal Health Inc	458,576	46,224,461
	Humana Inc	45,015	20,608,317
	Laboratory Corp of America Holdings	134,844	30,648,693
			117,835,338
Household Durables – 1.6%
	Toll Brothers Inc	309,711	31,835,194
Industrial Real Estate Investment Trusts (REITs) – 1.3%
	STAG Industrial Inc	655,110	25,719,619
Insurance – 5.5%
	Globe Life Inc	294,656	35,865,528
	Hartford Financial Services Group Inc	705,559	56,712,832
	RenaissanceRe Holdings Ltd	91,140	17,863,440
			110,441,800
Life Sciences Tools & Services – 2.1%
	Avantor Inc*	1,160,363	26,491,087
	Charles River Laboratories International Inc*	27,604	6,525,586
	PerkinElmer Inc	86,876	9,496,416
			42,513,089
Machinery – 4.1%
	Hillenbrand Inc	617,897	29,566,371
	Lincoln Electric Holdings Inc	140,312	30,512,248
	Oshkosh Corp	203,233	22,032,490
			82,111,109
Marine – 0.8%
	Kirby Corp*	196,990	15,459,775
Media – 1.3%
	Fox Corp - Class B	982,578	27,168,282
Metals & Mining – 2.4%
	Freeport-McMoRan Inc	1,125,248	47,901,807
Oil, Gas & Consumable Fuels – 5.7%
	Chesapeake Energy Corp	547,082	42,092,489
	Marathon Oil Corp	1,685,872	40,730,668
	Pioneer Natural Resources Co	145,674	32,759,169
			115,582,326
Real Estate Management & Development – 1.4%
	CBRE Group Inc*	301,968	28,110,201
Residential Real Estate Investment Trusts (REITs) – 1.3%
	Equity LifeStyle Properties Inc	388,774	27,424,118
Retail Real Estate Investment Trusts (REITs) – 1.4%
	Agree Realty Corp	449,221	28,278,462
Road & Rail – 1.9%
	Canadian Pacific Kansas City Ltd	237,253	18,757,222
	Landstar System Inc	100,381	19,438,781
			38,196,003
Semiconductor & Semiconductor Equipment – 3.5%
	Lam Research Corp	26,073	20,421,938
	Microchip Technology Inc	326,995	29,488,409
	Teradyne Inc	187,200	20,314,944
			70,225,291
Software – 1.0%
	Nice Ltd (ADR)*	102,568	20,463,342

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	7

Janus Henderson Mid Cap Value Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Common Stocks– (continued)
Specialized Real Estate Investment Trusts (REITs) – 3.1%
	Lamar Advertising Co	410,533	$43,631,447
	PotlatchDeltic Corp	404,861	19,878,675
			63,510,122
Specialty Retail – 4.7%
	AutoZone Inc*	7,660	19,805,773
	Bath & Body Works Inc	641,876	27,703,368
	Burlington Stores Inc*	143,690	27,944,831
	O'Reilly Automotive Inc*	21,124	20,069,490
			95,523,462
Trading Companies & Distributors – 2.7%
	GATX Corp	203,235	24,432,912
	MSC Industrial Direct Co Inc	289,893	29,354,565
			53,787,477
Total Common Stocks (cost $1,448,839,676)			2,002,779,938
Repurchase Agreements– 1.0%
	ING Financial Markets LLC, Joint repurchase agreement, 5.3000%, dated 12/29/23, maturing 1/2/24 to be repurchased at $11,006,478 collateralized by $11,451,621 in U.S. Treasuries 0.1250% - 4.8750%, 1/31/25 - 11/15/53 with a value of $11,226,620	$11,000,000	11,000,000
	Royal Bank of Canada, NY Branch, Joint repurchase agreement, 5.2900%, dated 12/29/23, maturing 1/2/24 to be repurchased at $10,005,878 collateralized by $10,520,675 in U.S. Treasuries 2.1250%, 5/15/25 with a value of $10,205,998	10,000,000	10,000,000
Total Repurchase Agreements (cost $21,000,000)			21,000,000
Total Investments (total cost $1,469,839,676) – 100.0%			2,023,779,938
Liabilities, net of Cash, Receivables and Other Assets – (0)%			(331,214)
Net Assets – 100%			$2,023,448,724

Summary of Investments by Country - (Long Positions) (unaudited)
		% of
		Investment
Country	Value	Securities
United States	$1,970,717,857	97.4	%
Israel	20,463,342	1.0
Canada	18,757,222	0.9
Sweden	13,841,517	0.7

Total $2,023,779,938 100.0 %

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
8	DECEMBER 31, 2023

Janus Henderson Mid Cap Value Fund

Schedule of Investments (unaudited)

December 31, 2023

Offsetting of Financial Assets and Derivative Assets
			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Assets		or Liability(a)		Pledged(b)		Net Amount
ING Financial Markets LLC		$	11,000,000	$	—	$	(11,000,000)	$	—
Royal Bank of Canada, NY Branch			10,000,000		—		(10,000,000)		—
Total		$	21,000,000	$	—	$	(21,000,000)	$	—
(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.
Janus Investment Fund	9

Janus Henderson Mid Cap Value Fund

Notes to Schedule of Investments and Other Information (unaudited)

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

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

* Non-income producing security.

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. 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	$	2,002,779,938	$	-	$	-
Repurchase Agreements		-		21,000,000		-
Total Assets	$	2,002,779,938	$	21,000,000	$	-

10 DECEMBER 31, 2023

Janus Henderson Mid Cap Value Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2023

See footnotes at the end of the Statement.

Assets:
	Investments, at value (cost $1,448,839,676)		$	2,002,779,938
	Repurchase agreements, at value (cost $21,000,000)			21,000,000
	Trustees' deferred compensation			55,559
	Receivables:
		Dividends		1,970,054
		Fund shares sold		1,036,848
		Investments sold		957,663
		Interest		12,356
	Other assets			20,489
Total Assets				2,027,832,907
Liabilities:
	Due to custodian			7,648
	Payables:			—
		Fund shares repurchased		2,674,673
		Advisory fees		1,116,236
		Transfer agent fees and expenses		310,012
		Trustees' deferred compensation fees		55,559
		12b-1 Distribution and shareholder servicing fees		47,729
		Professional fees		31,735
		Affiliated fund administration fees payable		4,360
		Trustees' fees and expenses		2,283
		Custodian fees		112
		Accrued expenses and other payables		133,836
Total Liabilities				4,384,183
Commitments and contingent liabilities (Note 3)
Net Assets			$	2,023,448,724

See Notes to Financial Statements.
Janus Investment Fund	11

Janus Henderson Mid Cap Value Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2023

Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	1,433,220,061
	Total distributable earnings (loss)		590,228,663
Total Net Assets		$	2,023,448,724
Net Assets - Class A Shares		$	56,714,001
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,688,669
Net Asset Value Per Share(1)		$	15.38
Maximum Offering Price Per Share(2)		$	16.32
Net Assets - Class C Shares		$	7,559,318
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		509,823
Net Asset Value Per Share(1)		$	14.83
Net Assets - Class D Shares		$	693,016,288
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		46,399,248
Net Asset Value Per Share		$	14.94
Net Assets - Class I Shares		$	199,079,197
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		13,291,732
Net Asset Value Per Share		$	14.98
Net Assets - Class L Shares		$	3,735,794
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		239,143
Net Asset Value Per Share		$	15.62
Net Assets - Class N Shares		$	187,790,242
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		12,628,577
Net Asset Value Per Share		$	14.87
Net Assets - Class R Shares		$	35,006,199
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,329,821
Net Asset Value Per Share		$	15.03
Net Assets - Class S Shares		$	64,257,368
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,174,517
Net Asset Value Per Share		$	15.39
Net Assets - Class T Shares		$	776,290,317
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		51,458,351
Net Asset Value Per Share		$	15.09

(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.
12	DECEMBER 31, 2023

Janus Henderson Mid Cap Value Fund

Statement of Operations (unaudited)

For the period ended December 31, 2023

Investment Income:
	Dividends		$	18,626,404
	Interest			750,976
	Foreign tax withheld			(50,759)
Total Investment Income				19,326,621
Expenses:
	Advisory fees			4,895,839
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		68,009
		Class C Shares		35,029
		Class R Shares		84,083
		Class S Shares		79,110
	Transfer agent administrative fees and expenses:
		Class D Shares		384,317
		Class L Shares		4,619
		Class R Shares		42,156
		Class S Shares		79,123
		Class T Shares		941,235
	Transfer agent networking and omnibus fees:
		Class A Shares		39,214
		Class C Shares		3,214
		Class I Shares		99,536
	Other transfer agent fees and expenses:
		Class A Shares		1,446
		Class C Shares		199
		Class D Shares		47,692
		Class I Shares		4,779
		Class L Shares		50
		Class N Shares		3,607
		Class R Shares		456
		Class S Shares		1,064
		Class T Shares		4,717
	Shareholder reports expense			83,122
	Registration fees			77,841
	Professional fees			35,147
	Affiliated fund administration fees			24,478
	Trustees’ fees and expenses			19,408
	Custodian fees			6,799
	Other expenses			64,402
Total Expenses				7,130,691
Less: Excess Expense Reimbursement and Waivers				(43,872)
Net Expenses				7,086,819
Net Investment Income/(Loss)				12,239,802
Net Realized Gain/(Loss) on Investments:
	Investments			98,125,898
Total Net Realized Gain/(Loss) on Investments				98,125,898
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and Trustees’ deferred compensation			25,436,509
Total Change in Unrealized Net Appreciation/Depreciation				25,436,509
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	135,802,209

See Notes to Financial Statements.
Janus Investment Fund	13

Janus Henderson Mid Cap Value Fund

Statements of Changes in Net Assets

			Period ended December 31, 2023 (unaudited)		Year ended June 30, 2023
Operations:
	Net investment income/(loss)		$	12,239,802	$	25,076,728
	Net realized gain/(loss) on investments			98,125,898		120,849,434
	Change in unrealized net appreciation/depreciation			25,436,509		80,841,432
Net Increase/(Decrease) in Net Assets Resulting from Operations				135,802,209		226,767,594
Dividends and Distributions to Shareholders:
		Class A Shares		(4,753,717)		(3,376,569)
		Class C Shares		(615,241)		(449,643)
		Class D Shares		(61,083,222)		(42,385,456)
		Class I Shares		(17,906,507)		(13,114,124)
		Class L Shares		(323,764)		(255,037)
		Class N Shares		(16,971,420)		(11,696,613)
		Class R Shares		(2,891,861)		(2,021,571)
		Class S Shares		(5,284,966)		(3,877,081)
		Class T Shares		(67,684,534)		(48,220,026)
Net Decrease from Dividends and Distributions to Shareholders				(177,515,232)		(125,396,120)
Capital Share Transactions:
		Class A Shares		979,218		(5,420,912)
		Class C Shares		(296,413)		(368,440)
		Class D Shares		22,245,708		(11,086,647)
		Class I Shares		(4,769,629)		(9,281,807)
		Class L Shares		(212,239)		(565,821)
		Class N Shares		4,684,602		(15,139,006)
		Class R Shares		505,246		(2,967,403)
		Class S Shares		(3,172,966)		(4,943,133)
		Class T Shares		9,972,873		(72,795,412)
Net Increase/(Decrease) from Capital Share Transactions				29,936,400		(122,568,581)
Net Increase/(Decrease) in Net Assets				(11,776,623)		(21,197,107)
Net Assets:
	Beginning of period			2,035,225,347		2,056,422,454
	End of period		$	2,023,448,724	$	2,035,225,347

See Notes to Financial Statements.
14	DECEMBER 31, 2023

Janus Henderson Mid Cap Value Fund

Financial Highlights

Class A Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$15.71	$14.97	$18.02	$13.29	$15.33	$16.96
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.08	0.15	0.13	0.12	0.13	0.17
		Net realized and unrealized gain/(loss)	0.98	1.50	(1.17)	4.73	(1.82)	0.12
	Total from Investment Operations		1.06	1.65	(1.04)	4.85	(1.69)	0.29
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.14)	(0.14)	(0.04)	(0.12)	(0.12)	(0.13)
		Distributions (from capital gains)	(1.25)	(0.77)	(1.97)	—	(0.23)	(1.79)
	Total Dividends and Distributions		(1.39)	(0.91)	(2.01)	(0.12)	(0.35)	(1.92)
	Net Asset Value, End of Period		$15.38	$15.71	$14.97	$18.02	$13.29	$15.33
	Total Return*		7.10%	11.30%	(6.84)%	36.65%	(11.47)%	3.99%
	Net Assets, End of Period (in thousands)		$56,714	$56,731	$59,218	$73,118	$59,211	$74,864
	Average Net Assets for the Period (in thousands)		$54,418	$59,394	$69,576	$67,847	$71,147	$75,623
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.93%	0.91%	0.93%	0.97%	1.19%	1.06%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.93%	0.91%	0.93%	0.97%	1.19%	1.05%
		Ratio of Net Investment Income/(Loss)	1.04%	0.98%	0.78%	0.76%	0.90%	1.09%
	Portfolio Turnover Rate		19%	54%	52%	46%	37%	42%

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

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

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

See Notes to Financial Statements.
Janus Investment Fund	15

Janus Henderson Mid Cap Value Fund

Financial Highlights

Class C Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$15.15	$14.46	$17.55	$12.93	$14.91	$16.49
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.03	0.05	0.01	0.04	0.05	0.07
		Net realized and unrealized gain/(loss)	0.93	1.45	(1.13)	4.58	(1.80)	0.14
	Total from Investment Operations		0.96	1.50	(1.12)	4.62	(1.75)	0.21
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.03)	(0.04)	—	—(2)	—	—
		Distributions (from capital gains)	(1.25)	(0.77)	(1.97)	—	(0.23)	(1.79)
	Total Dividends and Distributions		(1.28)	(0.81)	(1.97)	—	(0.23)	(1.79)
	Net Asset Value, End of Period		$14.83	$15.15	$14.46	$17.55	$12.93	$14.91
	Total Return*		6.70%	10.65%	(7.50)%	35.76%	(12.02)%	3.40%
	Net Assets, End of Period (in thousands)		$7,559	$7,998	$7,974	$10,436	$15,768	$31,418
	Average Net Assets for the Period (in thousands)		$7,486	$8,269	$9,508	$12,833	$22,689	$41,945
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.58%	1.54%	1.62%	1.64%	1.78%	1.64%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.58%	1.54%	1.62%	1.64%	1.78%	1.64%
		Ratio of Net Investment Income/(Loss)	0.38%	0.35%	0.09%	0.24%	0.32%	0.47%
	Portfolio Turnover Rate		19%	54%	52%	46%	37%	42%

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

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

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

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

See Notes to Financial Statements.
16	DECEMBER 31, 2023

Janus Henderson Mid Cap Value Fund

Financial Highlights

Class D Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$15.33	$14.63	$17.67	$13.03	$15.04	$16.70
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.10	0.19	0.18	0.17	0.17	0.21
		Net realized and unrealized gain/(loss)	0.95	1.47	(1.15)	4.64	(1.79)	0.11
	Total from Investment Operations		1.05	1.66	(0.97)	4.81	(1.62)	0.32
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.19)	(0.19)	(0.10)	(0.17)	(0.16)	(0.19)
		Distributions (from capital gains)	(1.25)	(0.77)	(1.97)	—	(0.23)	(1.79)
	Total Dividends and Distributions		(1.44)	(0.96)	(2.07)	(0.17)	(0.39)	(1.98)
	Net Asset Value, End of Period		$14.94	$15.33	$14.63	$17.67	$13.03	$15.04
	Total Return*		7.20%	11.65%	(6.58)%	37.11%	(11.24)%	4.27%
	Net Assets, End of Period (in thousands)		$693,016	$685,186	$663,819	$752,405	$615,270	$763,597
	Average Net Assets for the Period (in thousands)		$662,673	$687,765	$738,640	$680,218	$715,784	$765,452
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.67%	0.63%	0.64%	0.66%	0.89%	0.73%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.67%	0.63%	0.64%	0.66%	0.89%	0.73%
		Ratio of Net Investment Income/(Loss)	1.30%	1.26%	1.07%	1.07%	1.18%	1.39%
	Portfolio Turnover Rate		19%	54%	52%	46%	37%	42%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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 Mid Cap Value Fund

Financial Highlights

Class I Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$15.37	$14.66	$17.71	$13.06	$15.07	$16.73
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.10	0.20	0.19	0.18	0.18	0.22
		Net realized and unrealized gain/(loss)	0.95	1.47	(1.16)	4.65	(1.79)	0.10
	Total from Investment Operations		1.05	1.67	(0.97)	4.83	(1.61)	0.32
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.19)	(0.19)	(0.11)	(0.18)	(0.17)	(0.19)
		Distributions (from capital gains)	(1.25)	(0.77)	(1.97)	—	(0.23)	(1.79)
	Total Dividends and Distributions		(1.44)	(0.96)	(2.08)	(0.18)	(0.40)	(1.98)
	Net Asset Value, End of Period		$14.98	$15.37	$14.66	$17.71	$13.06	$15.07
	Total Return*		7.21%	11.75%	(6.60)%	37.15%	(11.16)%	4.33%
	Net Assets, End of Period (in thousands)		$199,079	$208,187	$207,292	$359,761	$310,803	$364,502
	Average Net Assets for the Period (in thousands)		$199,048	$210,750	$289,382	$338,794	$342,719	$386,284
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.63%	0.59%	0.60%	0.62%	0.85%	0.68%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.63%	0.59%	0.60%	0.62%	0.85%	0.68%
		Ratio of Net Investment Income/(Loss)	1.33%	1.30%	1.11%	1.13%	1.20%	1.46%
	Portfolio Turnover Rate		19%	54%	52%	46%	37%	42%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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	DECEMBER 31, 2023

Janus Henderson Mid Cap Value Fund

Financial Highlights

Class L Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$15.96	$15.19	$18.28	$13.47	$15.54	$17.18
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.10	0.20	0.18	0.17	0.18	0.22
		Net realized and unrealized gain/(loss)	0.99	1.52	(1.20)	4.81	(1.86)	0.12
	Total from Investment Operations		1.09	1.72	(1.02)	4.98	(1.68)	0.34
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.18)	(0.18)	(0.10)	(0.17)	(0.16)	(0.19)
		Distributions (from capital gains)	(1.25)	(0.77)	(1.97)	—	(0.23)	(1.79)
	Total Dividends and Distributions		(1.43)	(0.95)	(2.07)	(0.17)	(0.39)	(1.98)
	Net Asset Value, End of Period		$15.62	$15.96	$15.19	$18.28	$13.47	$15.54
	Total Return*		7.18%	11.66%	(6.66)%	37.14%	(11.27)%	4.32%
	Net Assets, End of Period (in thousands)		$3,736	$4,014	$4,372	$4,995	$4,231	$6,038
	Average Net Assets for the Period (in thousands)		$3,708	$4,331	$4,881	$4,679	$5,336	$6,333
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.85%	0.81%	0.81%	0.83%	1.05%	0.88%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.69%	0.64%	0.65%	0.67%	0.89%	0.72%
		Ratio of Net Investment Income/(Loss)	1.26%	1.25%	1.06%	1.08%	1.20%	1.41%
	Portfolio Turnover Rate		19%	54%	52%	46%	37%	42%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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 Mid Cap Value Fund

Financial Highlights

Class N Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$15.27	$14.58	$17.62	$12.99	$15.00	$16.66
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.11	0.21	0.20	0.19	0.20	0.23
		Net realized and unrealized gain/(loss)	0.95	1.46	(1.14)	4.63	(1.80)	0.11
	Total from Investment Operations		1.06	1.67	(0.94)	4.82	(1.60)	0.34
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.21)	(0.21)	(0.13)	(0.19)	(0.18)	(0.21)
		Distributions (from capital gains)	(1.25)	(0.77)	(1.97)	—	(0.23)	(1.79)
	Total Dividends and Distributions		(1.46)	(0.98)	(2.10)	(0.19)	(0.41)	(2.00)
	Net Asset Value, End of Period		$14.87	$15.27	$14.58	$17.62	$12.99	$15.00
	Total Return*		7.31%	11.78%	(6.47)%	37.34%	(11.14)%	4.47%
	Net Assets, End of Period (in thousands)		$187,790	$187,335	$193,017	$506,429	$422,894	$619,969
	Average Net Assets for the Period (in thousands)		$180,897	$188,816	$471,571	$483,187	$595,473	$617,269
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.53%	0.49%	0.50%	0.52%	0.75%	0.59%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.53%	0.49%	0.50%	0.52%	0.75%	0.59%
		Ratio of Net Investment Income/(Loss)	1.44%	1.40%	1.20%	1.24%	1.36%	1.54%
	Portfolio Turnover Rate		19%	54%	52%	46%	37%	42%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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	DECEMBER 31, 2023

Janus Henderson Mid Cap Value Fund

Financial Highlights

Class R Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$15.36	$14.65	$17.70	$13.04	$15.06	$16.68
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.05	0.10	0.08	0.08	0.09	0.12
		Net realized and unrealized gain/(loss)	0.96	1.46	(1.16)	4.65	(1.82)	0.13
	Total from Investment Operations		1.01	1.56	(1.08)	4.73	(1.73)	0.25
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.09)	(0.08)	—	(0.07)	(0.06)	(0.08)
		Distributions (from capital gains)	(1.25)	(0.77)	(1.97)	—	(0.23)	(1.79)
	Total Dividends and Distributions		(1.34)	(0.85)	(1.97)	(0.07)	(0.29)	(1.87)
	Net Asset Value, End of Period		$15.03	$15.36	$14.65	$17.70	$13.04	$15.06
	Total Return*		6.90%	10.94%	(7.20)%	36.38%	(11.83)%	3.70%
	Net Assets, End of Period (in thousands)		$35,006	$35,107	$36,305	$43,893	$38,246	$55,536
	Average Net Assets for the Period (in thousands)		$33,728	$36,655	$42,298	$41,183	$48,448	$57,426
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.28%	1.25%	1.26%	1.26%	1.50%	1.34%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.28%	1.25%	1.26%	1.26%	1.50%	1.34%
		Ratio of Net Investment Income/(Loss)	0.68%	0.65%	0.45%	0.49%	0.59%	0.79%
	Portfolio Turnover Rate		19%	54%	52%	46%	37%	42%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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 Mid Cap Value Fund

Financial Highlights

Class S Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$15.72	$14.97	$18.03	$13.28	$15.33	$16.90
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.07	0.14	0.12	0.11	0.12	0.17
		Net realized and unrealized gain/(loss)	0.97	1.50	(1.18)	4.74	(1.83)	0.12
	Total from Investment Operations		1.04	1.64	(1.06)	4.85	(1.71)	0.29
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.12)	(0.12)	(0.03)	(0.10)	(0.11)	(0.07)
		Distributions (from capital gains)	(1.25)	(0.77)	(1.97)	—	(0.23)	(1.79)
	Total Dividends and Distributions		(1.37)	(0.89)	(2.00)	(0.10)	(0.34)	(1.86)
	Net Asset Value, End of Period		$15.39	$15.72	$14.97	$18.03	$13.28	$15.33
	Total Return*		6.97%	11.26%	(6.97)%	36.67%	(11.58)%	3.93%
	Net Assets, End of Period (in thousands)		$64,257	$68,572	$70,035	$97,606	$99,159	$110,404
	Average Net Assets for the Period (in thousands)		$63,345	$69,673	$86,513	$91,479	$107,902	$148,179
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.03%	0.99%	1.01%	1.02%	1.25%	1.09%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.03%	0.99%	1.01%	1.02%	1.25%	1.09%
		Ratio of Net Investment Income/(Loss)	0.93%	0.90%	0.70%	0.72%	0.79%	1.07%
	Portfolio Turnover Rate		19%	54%	52%	46%	37%	42%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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	DECEMBER 31, 2023

Janus Henderson Mid Cap Value Fund

Financial Highlights

Class T Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$15.46	$14.74	$17.79	$13.12	$15.14	$16.78
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.09	0.18	0.16	0.16	0.16	0.20
		Net realized and unrealized gain/(loss)	0.96	1.48	(1.16)	4.66	(1.80)	0.12
	Total from Investment Operations		1.05	1.66	(1.00)	4.82	(1.64)	0.32
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.17)	(0.17)	(0.08)	(0.15)	(0.15)	(0.17)
		Distributions (from capital gains)	(1.25)	(0.77)	(1.97)	—	(0.23)	(1.79)
	Total Dividends and Distributions		(1.42)	(0.94)	(2.05)	(0.15)	(0.38)	(1.96)
	Net Asset Value, End of Period		$15.09	$15.46	$14.74	$17.79	$13.12	$15.14
	Total Return*		7.16%	11.57%	(6.72)%	36.95%	(11.31)%	4.22%
	Net Assets, End of Period (in thousands)		$776,290	$782,095	$814,391	$1,010,187	$896,622	$1,204,382
	Average Net Assets for the Period (in thousands)		$753,086	$811,301	$947,426	$971,268	$1,089,574	$1,281,003
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.77%	0.74%	0.75%	0.77%	0.99%	0.84%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.76%	0.73%	0.74%	0.76%	0.99%	0.83%
		Ratio of Net Investment Income/(Loss)	1.20%	1.17%	0.96%	1.00%	1.09%	1.30%
	Portfolio Turnover Rate		19%	54%	52%	46%	37%	42%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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 Mid Cap Value Fund

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Henderson Mid Cap Value 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 38 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks capital appreciation. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.

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

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

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

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, 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 L Shares are designed for pension and profit-sharing plans, employee benefit trusts, endowments, foundations and corporations, as well as high net worth individuals and financial intermediaries who are willing to maintain a minimum account balance of $250,000.

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

24 DECEMBER 31, 2023

Janus Henderson Mid Cap Value Fund

Notes to Financial Statements (unaudited)

intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the “Distributor”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

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

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

Janus Investment Fund 25

Janus Henderson Mid Cap Value Fund

Notes to Financial Statements (unaudited)

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 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 the 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

26 DECEMBER 31, 2023

Janus Henderson Mid Cap Value Fund

Notes to Financial Statements (unaudited)

would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

Foreign Currency Translations

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

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

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

Dividends and Distributions

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

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

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

Market Risk

The value of the Fund’s portfolio may decrease if the value of one or more issuers in the Fund’s portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund’s portfolio decreases, the Fund’s NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

Janus Investment Fund 27

Janus Henderson Mid Cap Value Fund

Notes to Financial Statements (unaudited)

• COVID-19 Pandemic. The effects of COVID-19 have contributed to increased volatility in global financial markets and have affected and may continue to affect certain countries, regions, issuers, industries and market sectors more dramatically than others. These conditions and events could have a significant impact on the Fund and its investments, the Fund’s ability to meet redemption requests, and the processes and operations of the Fund’s service providers, including the Adviser.

• Armed Conflict. Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global economic environment and the markets for certain securities and commodities.

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.

Repurchase Agreements

The Fund and other funds advised by the Adviser or its affiliates may transfer daily uninvested cash balances into one or more joint trading accounts. Assets in the joint trading accounts are invested in money market instruments and the proceeds are allocated to the participating funds on a pro rata basis.

Repurchase agreements held by the Fund are fully collateralized, and such collateral is in the possession of the Fund’s custodian or, for tri-party agreements, the custodian designated by the agreement. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements, including accrued interest. In the event of default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings.

Counterparties

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

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

Offsetting Assets and Liabilities

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

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

28 DECEMBER 31, 2023

Janus Henderson Mid Cap Value Fund

Notes to Financial Statements (unaudited)

counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the Fund's Schedule of Investments.

All repurchase agreements are transacted under legally enforceable master repurchase agreements that give the Fund, in the event of default by the counterparty, the right to liquidate securities held and to offset receivables and payables with the counterparty. For financial reporting purposes, the Fund does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. Repurchase agreements held by the Fund are fully collateralized, and such collateral is in the possession of the Fund’s custodian or, for tri-party agreements, the custodian designated by the agreement. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements, including accrued interest.

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 Midcap^® Value 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 period ended December 31, 2023, 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 advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to the management fee, 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 fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.83% for at least a one-year period commencing October 27, 2023. 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

Janus Investment Fund 29

Janus Henderson Mid Cap Value Fund

Notes to Financial Statements (unaudited)

administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (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 $226,421 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2023. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

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

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

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

During the reporting period, the administrative services fee rate was 0.12%.

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 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.

The Transfer Agent receives an administrative fee based on the average daily net assets Class L Shares of the Fund based on the average proportion of the Fund’s total net assets sold directly and the average proportion of the Fund’s net assets sold through financial intermediaries on a monthly basis. The asset-weighted fee is calculated by applying a blended annual fee rate of 0.12% on average net assets for the proportion of assets sold directly and 0.25% on average net assets for the proportion of assets sold through financial intermediaries. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations. The Transfer Agent has agreed to waive all or a portion of this fee. Such waiver is voluntary and could change or be terminated at any time at the discretion of the Transfer Agent or the Adviser without prior notification to shareholders. Removal of this fee waiver may have a significant impact on Class L Shares’ total expense ratio. If applicable, amounts waived to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

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.

30 DECEMBER 31, 2023

Janus Henderson Mid Cap Value Fund

Notes to Financial Statements (unaudited)

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 L Shares and Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

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

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended December 31, 2023, the Distributor retained upfront sales charges of $471.

A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. During the period ended December 31, 2023, redeeming shareholders of Class A Shares paid CDSCs of $704 to the Distributor.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class C Shares during the period ended December 31, 2023.

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 December 31, 2023 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 December 31, 2023 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 $196,900 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2023.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended December 31, 2023 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

Janus Investment Fund 31

Janus Henderson Mid Cap Value Fund

Notes to Financial Statements (unaudited)

4. Federal Income Tax

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

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

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2023 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)
$ 1,474,265,951	$580,073,409	$(30,559,422)	$ 549,513,987

32 DECEMBER 31, 2023

Janus Henderson Mid Cap Value Fund

Notes to Financial Statements (unaudited)

5. Capital Share Transactions

	Period ended December 31, 2023		Year ended June 30, 2023
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	170,742	$ 2,613,254	316,306	$ 4,884,230
Reinvested dividends and distributions	280,508	4,140,304	196,023	2,942,303
Shares repurchased	(373,403)	(5,774,340)	(858,181)	(13,247,445)
Net Increase/(Decrease)	77,847	$ 979,218	(345,852)	$ (5,420,912)
Class C Shares:
Shares sold	19,321	$ 285,112	97,675	$ 1,456,626
Reinvested dividends and distributions	40,115	571,240	29,072	421,842
Shares repurchased	(77,646)	(1,152,765)	(150,288)	(2,246,908)
Net Increase/(Decrease)	(18,210)	$ (296,413)	(23,541)	$ (368,440)
Class D Shares:
Shares sold	355,622	$ 5,364,437	1,432,517	$ 21,898,738
Reinvested dividends and distributions	4,142,428	59,360,998	2,815,147	41,157,447
Shares repurchased	(2,807,397)	(42,479,727)	(4,922,699)	(74,142,832)
Net Increase/(Decrease)	1,690,653	$22,245,708	(675,035)	$(11,086,647)
Class I Shares:
Shares sold	725,246	$10,851,571	2,080,493	$ 31,615,667
Reinvested dividends and distributions	1,173,097	16,857,405	846,464	12,400,700
Shares repurchased	(2,154,870)	(32,478,605)	(3,514,919)	(53,298,174)
Net Increase/(Decrease)	(256,527)	$(4,769,629)	(587,962)	$ (9,281,807)
Class L Shares:
Shares sold	166	$ 2,524	129	$ 1,986
Reinvested dividends and distributions	21,410	320,935	16,638	253,234
Shares repurchased	(33,950)	(535,698)	(52,974)	(821,041)
Net Increase/(Decrease)	(12,374)	$ (212,239)	(36,207)	$ (565,821)
Class N Shares:
Shares sold	1,171,610	$17,598,553	2,552,662	$ 38,423,059
Reinvested dividends and distributions	1,027,729	14,665,689	716,344	10,429,961
Shares repurchased	(1,835,154)	(27,579,640)	(4,241,789)	(63,992,026)
Net Increase/(Decrease)	364,185	$ 4,684,602	(972,783)	$(15,139,006)
Class R Shares:
Shares sold	108,506	$ 1,642,641	316,092	$ 4,805,866
Reinvested dividends and distributions	200,390	2,889,630	137,432	2,020,246
Shares repurchased	(264,704)	(4,027,025)	(646,438)	(9,793,515)
Net Increase/(Decrease)	44,192	$ 505,246	(192,914)	$ (2,967,403)
Class S Shares:
Shares sold	203,919	$ 3,147,198	832,331	$ 12,926,292
Reinvested dividends and distributions	357,805	5,284,782	258,120	3,876,964
Shares repurchased	(750,019)	(11,604,946)	(1,405,850)	(21,746,389)
Net Increase/(Decrease)	(188,295)	$(3,172,966)	(315,399)	$ (4,943,133)
Class T Shares:
Shares sold	892,947	$13,589,807	2,212,621	$ 33,902,575
Reinvested dividends and distributions	4,635,599	67,123,473	3,240,578	47,798,527
Shares repurchased	(4,669,128)	(70,740,407)	(10,100,502)	(154,496,514)
Net Increase/(Decrease)	859,418	$ 9,972,873	(4,647,303)	$(72,795,412)

Janus Investment Fund 33

Janus Henderson Mid Cap Value Fund

Notes to Financial Statements (unaudited)

6. Purchases and Sales of Investment Securities

For the period ended December 31, 2023, 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
$361,981,699	$493,432,850	$ -	$ -

7. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2023 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.

34 DECEMBER 31, 2023

Janus Henderson Mid Cap Value 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; and (ii) 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 and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “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.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and 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, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, 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 to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management

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

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

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract 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 fund 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, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

Asset Allocation Funds

·For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12

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months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Fixed-Income Funds

·For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Global and International Equity Funds

·For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

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·For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·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 June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

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U.S. Equity Funds

·For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·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 June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.

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·For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.

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

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered 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 referenced its past analyses from 2022, which 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 different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with

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regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:

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 all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

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

·For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, 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 as shown were below the applicable fee limit.

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 average for certain share classes, overall the Fund’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 the Fund’s total expenses were below the peer group average for all share classes.

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

·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 average for certain share classes, 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 as shown were below the applicable fee limit.

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

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

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 average for certain share classes, overall the Fund’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 average for certain share classes, 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 as shown were below the applicable fee limit.

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Additional Information(unaudited)

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

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

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

·For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, 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 as shown were 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 average 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 certain share classes, 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 as shown were below the applicable fee limit.

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

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

·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 as shown were below the applicable fee limit.

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

Money Market Funds

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

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

Multi-Asset Funds

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

·For Janus Henderson 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 as shown were below the applicable fee limit.

U.S. Equity Funds

·For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were

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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 as shown were 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 all 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, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

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

·For Janus Henderson Forty 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, although this limit did not apply because the Fund’s total expenses as shown were 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 average for certain share classes, 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 as shown were below the applicable fee limit.

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

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

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

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

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

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

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

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

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized

Janus Investment Fund 43

Janus Henderson Mid Cap Value Fund

Additional Information(unaudited)

by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser 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 charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

Economies of Scale

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.

With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and 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.

44 DECEMBER 31, 2023

Janus Henderson Mid Cap Value Fund

Additional Information(unaudited)

Other Benefits to the Adviser

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

Janus Investment Fund 45

Janus Henderson Mid Cap Value Fund

Useful Information About Your Fund Report (unaudited)

Performance Overviews

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

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

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

Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund’s unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of 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. A company may be allocated to a country based on other factors such as location of the company’s principal office, the location of the principal trading market for the company’s securities, or the country where a majority of the company’s revenues are derived. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by 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.

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.

46 DECEMBER 31, 2023

Janus Henderson Mid Cap Value Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

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

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

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

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

Statements of Changes in Net Assets

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

The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund’s investment operations. The Fund’s net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund’s net assets will not be affected.

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

Financial Highlights

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

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

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

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

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

Janus Investment Fund 47

Janus Henderson Mid Cap Value Fund

Useful Information About Your Fund Report (unaudited)

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.

48 DECEMBER 31, 2023

Janus Henderson Mid Cap Value Fund

Notes

NotesPage1

Janus Investment Fund 49

This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Mutual funds distributed by Janus Henderson Distributors US LLC
	125-24-93032 02-24

	SEMIANNUAL REPORT December 31, 2023
Janus Henderson Money Market Fund
Janus Investment Fund

Table of Contents

Janus Henderson Money Market Fund

Schedule of Investments	1
Notes to Schedule of Investments and Other Information	6
Statement of Assets and Liabilities	7
Statement of Operations	8
Statements of Changes in Net Assets	9
Financial Highlights	10
Notes to Financial Statements	12
Additional Information	19
Useful Information About Your Fund Report	30

Important Notice - Tailored Shareholder Reports

Effective January 24, 2023, the Securities and Exchange Commission (the “SEC”) adopted rule and form amendments that require mutual funds and exchange-traded funds to provide shareholders with streamlined annual and semi-annual shareholder reports that highlight key information. Other information, including financial statements, that currently appears in shareholder reports will be made available online, delivered free of charge to shareholders upon request, and filed with the SEC. The first tailored shareholder report for the Fund will be for the reporting period ending June 30, 2024. Currently, management is evaluating the impact of the rule and form amendments on the content of the Fund’s current shareholder reports.

Janus Henderson Money Market Fund (unaudited)

Performance

Vincent Ahn co-portfolio manager Garrett Strum co-portfolio manager

Average Annual Total Return		Seven-Day Current Yield
For the periods ended December 31, 2023		Class D Shares
Class D Shares		With Reimbursement	4.90%
Fiscal Year-to-Date	2.45%	Without Reimbursement	4.90%
1 Year	4.63%	Class T Shares
5 Year	1.56%	With Reimbursement	4.88%
10 Year	0.97%	Without Reimbursement	4.88%
Since Inception (February 14, 1995)	2.13%	Prospectus Expense Ratios
Class T Shares		Class D Shares
Fiscal Year-to-Date	2.44%	Total Annual Fund Operating Expenses‡	0.57%
1 Year	4.60%	Class T Shares
5 Year	1.54%	Total Annual Fund Operating Expenses‡	0.59%
10 Year	0.94%
Since Inception (February 14, 1995)	2.12%

Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. 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).

For Janus Henderson Money Market Fund: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares if the Fund’s board believes such fee is in the best interests of the Fund. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.

Returns include reinvestment of all dividends and distributions.

The yield more closely reflects the current earnings of the money market fund than the total return.

Class D Shares of the Fund 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, the initial share class (renamed Class T Shares effective February 16, 2010), calculated using the fees and expenses in effect during the periods shown, net of any applicable fee and expense limitations or waivers.

If Class D Shares of the Fund had been available during periods prior to February 16, 2010, the performance shown may have been different. The performance shown for periods following the Fund’s commencement of Class D Shares reflects the fees and expenses of Class D Shares, net of any applicable fee and expense limitations or waivers. Please refer to the Fund’s prospectuses for further details concerning historical performance.

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

See “Useful Information About Your Fund Report.”

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

Janus Investment Fund 1

Janus Henderson Money Market Fund (unaudited)

Expense Examples

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management 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 either 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 (7/1/23)	Ending Account Value (12/31/23)	Expenses Paid During Period (7/1/23 - 12/31/23)†	Beginning Account Value (7/1/23)	Ending Account Value (12/31/23)	Expenses Paid During Period (7/1/23 - 12/31/23)†	Net Annualized Expense Ratio (7/1/23 - 12/31/23)
Class D Shares		$1,000.00	$1,024.50	$2.85	$1,000.00	$1,022.32	$2.85	0.56%
Class T Shares		$1,000.00	$1,024.40	$2.95	$1,000.00	$1,022.22	$2.95	0.58%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/366 (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.

2 DECEMBER 31, 2023

Janus Henderson Money Market Fund

Schedule of Investments (unaudited)

December 31, 2023

Principal Amounts			Value
Certificates of Deposit– 2.2%
	Mizuho Bank Ltd/New York NY, 5.5700%, 1/26/24((cost $25,000,000)	$25,000,000	$25,000,000
Commercial Paper– 35.1%
	ANZ New Zealand Int'l Ltd/London, 5.1655%, 1/10/24 (Section 4(2))	15,000,000	14,982,788
	Atlantic Asset Securitization LLC, 5.4800%, 1/8/24 (Section 4(2))	15,000,000	14,986,252
	Atlantic Asset Securitization LLC, 5.5500%, 1/18/24 (Section 4(2))	10,000,000	9,975,252
	Atlantic Asset Securitization LLC, 5.3800%, 1/23/24 (Section 4(2))	5,300,000	5,283,366
	Atlantic Asset Securitization LLC, 5.4100%, 2/6/24 (Section 4(2))	13,000,000	12,931,591
	Australia & New Zealand Banking Group Ltd, 5.4200%, 3/5/24 (Section 4(2))	20,000,000	19,810,062
	Bank of Montreal, 5.5000%, 2/9/24	20,000,000	19,883,590
	Bank of Montreal, 5.4700%, 2/20/24	25,000,000	24,813,454
	Gotham Funding Corp, 5.4500%, 3/4/24 (Section 4(2))	20,000,000	19,812,032
	Gotham Funding Corp, 5.4200%, 3/14/24 (Section 4(2))	10,000,000	9,891,508
	Manhattan Asset Funding Co LLC, 5.4000%, 1/2/24 (Section 4(2))	15,000,000	15,000,000
	Manhattan Asset Funding Co LLC, 5.3500%, 1/8/24 (Section 4(2))	20,000,000	19,982,171
	Mizuho Bank Ltd/New York NY, 5.4700%, 5/1/24 (Section 4(2))	15,000,000	14,725,963
	Nieuw Amsterdam Receivables Corp BV, 5.3800%, 1/17/24 (Section 4(2))	20,000,000	19,955,149
	Nieuw Amsterdam Receivables Corp BV, 5.2577%, 1/18/24 (Section 4(2))	20,000,000	19,953,247
	Nieuw Amsterdam Receivables Corp BV, 5.4000%, 2/7/24 (Section 4(2))	10,000,000	9,945,971
	Royal Bank of Canada, 5.4600%, 4/2/24 (Section 4(2))	15,000,000	14,792,586
	Skandinaviska Enskilda Banken AB, 5.4100%, 3/1/24 (Section 4(2))	15,000,000	14,866,857
	Societe Generale SA, 5.4200%, 1/31/24 (Section 4(2))	20,000,000	19,912,614
	Svenska Handelsbanken AB, 5.6200%, 4/10/24 (Section 4(2))	15,000,000	14,767,167
	Svenska Handelsbanken AB, 5.6100%, 5/2/24 (Section 4(2))	10,000,000	9,810,716
	Toronto-Dominion Bank/The, 5.4600%, 2/26/24 (Section 4(2))	15,000,000	14,874,670
	Toronto-Dominion Bank/The, 5.5100%, 3/1/24 (Section 4(2))	20,000,000	19,818,778
	Toronto-Dominion Bank/The, 5.4900%, 3/11/24 (Section 4(2))	15,000,000	14,841,703
	Victory Receivables Corp, 5.4600%, 2/28/24 (Section 4(2))	20,000,000	19,826,872
Total Commercial Paper (cost $395,444,359)			395,444,359
U.S. Government Agency Notes– 7.1%
Federal Home Loan Bank Discount Notes:
	5.2500%, 1/12/24	10,000,000	9,985,401
	5.3300%, 1/17/24	10,000,000	9,977,641
	5.2701%, 1/24/24	10,000,000	9,967,628
	5.2550%, 1/31/24	10,000,000	9,957,590
	5.2177%, 2/9/24	10,000,000	9,943,877
	5.2028%, 3/1/24	10,000,000	9,913,191
	5.2082%, 3/15/24	10,000,000	9,894,027
	5.2400%, 4/1/24	10,000,000	9,868,654
Total U.S. Government Agency Notes (cost $79,508,008)			79,508,009
U.S. Treasury Debt– 2.6%
	United States Treasury Bill, 5.2900%, 1/2/24	10,000,000	10,000,000
	United States Treasury Bill, 5.2944%, 2/6/24	10,000,000	9,948,236
	United States Treasury Bill, 5.2550%, 3/26/24	10,000,000	9,877,068
Total U.S. Treasury Debt (cost $29,825,305)			29,825,304
Variable Rate Demand Notes¶– 15.0%
	Alper Drive Apts LLC (LOC: The Northern Trust Company), 5.4900%, 8/1/61	12,600,000	12,600,000
	Bellevue 10 Apartments LLC (LOC: The Northern Trust Company),
	5.4900%, 4/1/60	3,450,000	3,450,000
	Breckenridge Terrace LLC (LOC: Bank of America NA), 5.5600%, 5/2/39	14,980,000	14,980,000
	Breckenridge Terrace LLC (LOC: Bank of America NA), 5.5600%, 5/2/39	4,000,000	4,000,000
	Cellmark Inc (LOC: Swedbank AB NY), 5.4500%, 6/1/38	10,000,000	10,000,000
	CG-USA Simi Valley LP (LOC: FHLB of San Francisco), 5.4600%, 10/1/60	6,900,000	6,900,000
	County of Eagle CO (LOC: Bank of America NA), 5.5600%, 6/1/27	9,100,000	9,100,000
	County of Eagle CO (LOC: Bank of America NA), 5.5600%, 5/2/39	8,000,000	8,000,000
	Dorfman 2020 Family Trust (LOC: FHLB of Dallas), 5.4500%, 8/1/40	5,285,000	5,285,000
	Drummond Family Life Insurance LLC (LOC: FHLB of Dallas), 5.4500%, 6/1/72	14,575,000	14,575,000
	Encinitas Senior Living LP (LOC: FHLB of San Francisco), 5.4600%, 8/1/59	3,370,000	3,370,000
	Griffin-Spalding County Development Authority (LOC: Bank of America NA),
	5.4500%, 8/1/28	3,750,000	3,750,000

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	3

Janus Henderson Money Market Fund

Schedule of Investments (unaudited)

December 31, 2023

Principal Amounts			Value
Variable Rate Demand Notes¶– (continued)
	Jefferson Centerpointe LLC (LOC: FHLB of San Francisco), 5.4600%, 12/1/60	$22,285,000	$22,285,000
	Lodi LV Loca LP (LOC: FHLB of San Francisco), 5.4600%, 8/1/59	13,500,000	13,500,000
	Mississippi Business Finance Corp (LOC: FHLB of Dallas), 5.5100%, 12/1/42	8,905,000	8,905,000
	Phoenix Realty Special Account-U LP (LOC: The Northern Trust Company),
	5.6400%, 4/1/25	1,675,000	1,675,000
	Rieber Life Insurance Trust/The (LOC: FHLB of Dallas), 5.4500%, 5/1/42	11,645,000	11,645,000
	Susan D Travers Heritage Trust (LOC: FHLB of Topeka), 5.4500%, 7/1/43	8,825,000	8,825,000
	Tenderfoot Seasonal Housing LLC (LOC: Bank of America NA), 5.5600%, 7/2/35	5,700,000	5,700,000
Total Variable Rate Demand Notes (cost $168,545,000)			168,545,000
Repurchase Agreementsë– 36.0%
	Credit Agricole, New York, Joint repurchase agreement, 5.2900%, dated 12/29/23, maturing 1/2/24 to be repurchased at $20,011,756 collateralized by $23,097,640 in U.S. Treasuries 1.0000%, 7/31/28 with a value of $20,400,003	20,000,000	20,000,000
	Goldman Sachs & Co., Joint repurchase agreement, 5.2000%, dated 12/29/23, maturing 1/2/24 to be repurchased at $105,060,667 collateralized by $106,547,505 in U.S. Government Agencies 2.9783% - 6.8377%, 3/20/46 - 11/20/53 with a value of $107,100,000	105,000,000	105,000,000
	HSBC Securities (USA), Inc., Joint repurchase agreement, 5.2700%, dated 12/29/23, maturing 1/2/24 to be repurchased at $25,014,639 collateralized by $27,838,950 in U.S. Treasuries 0% - 6.1250%, 2/28/27 - 8/15/44 with a value of $25,500,003	25,000,000	25,000,000
	ING Financial Markets LLC, Joint repurchase agreement, 5.3000%, dated 12/29/23, maturing 1/2/24 to be repurchased at $50,029,444 collateralized by $56,091,080 in U.S. Government Agencies 2.0000% - 7.0000%, 6/1/29 - 1/1/57 with a value of $51,030,347	50,000,000	50,000,000
	ING Financial Markets LLC, Joint repurchase agreement, 5.3000%, dated 12/29/23, maturing 1/2/24 to be repurchased at $20,011,778 collateralized by $20,789,790 in U.S. Treasuries 0% - 5.0000%, 1/15/24 - 11/15/53 with a value of $20,412,027	20,000,000	20,000,000
	Royal Bank of Canada, NY Branch, Joint repurchase agreement, 5.2900%, dated 12/29/23, maturing 1/2/24 to be repurchased at $30,017,633 collateralized by $31,562,025 in U.S. Treasuries 2.1250%, 5/15/25 with a value of $30,617,995	30,000,000	30,000,000
	Royal Bank of Canada, NY Branch, Joint repurchase agreement, 5.3000%, dated 12/29/23, maturing 1/2/24 to be repurchased at $155,191,337 collateralized by $98,765,157 in U.S. Government Agencies 3.0000% - 7.5000%, 9/1/26 - 7/20/63 and $59,530,172 in U.S. Treasuries 0% - 4.1250%, 1/11/24 - 8/15/32 with a value of $158,295,178	155,100,000	155,100,000
Total Repurchase Agreements (cost $405,100,000)			405,100,000
Time Deposits– 1.8%
	Credit Agricole, 5.3000%, 1/2/24((cost $20,000,000)	20,000,000	20,000,000
Total Investments (total cost $1,123,422,672) – 99.8%			1,123,422,672
Cash, Receivables and Other Assets, net of Liabilities – 0.2%			2,510,939
Net Assets – 100%			$1,125,933,611

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
4	DECEMBER 31, 2023

Janus Henderson Money Market Fund

Schedule of Investments (unaudited)

December 31, 2023

Offsetting of Financial Assets and Derivative Assets
			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Assets		or Liability(a)		Pledged(b)		Net Amount
Credit Agricole, New York		$	20,000,000	$	—	$	(20,000,000)	$	—
Goldman Sachs & Co.			105,000,000		—		(105,000,000)		—
HSBC Securities (USA), Inc.			25,000,000		—		(25,000,000)		—
ING Financial Markets LLC			70,000,000		—		(70,000,000)		—
Royal Bank of Canada, NY Branch			185,100,000		—		(185,100,000)		—
Total		$	405,100,000	$	—	$	(405,100,000)	$	—
(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.
Janus Investment Fund	5

Janus Henderson Money Market Fund

Notes to Schedule of Investments and Other Information (unaudited)

LLC	Limited Liability Company
LOC	Letter of Credit
LP	Limited Partnership

Money market funds may hold securities with stated maturities of greater than 397 days when those securities have features that allow a fund to “put” back the security to the issuer or to a third party within 397 days of acquisition. The maturity dates shown in the security descriptions are the stated maturity dates.

4(2) Securities sold under Section 4(2) 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 4(2) securities as of the period ended December 31, 2023 is $350,747,315, which represents 31.2% of net assets.

¶ Variable rate demand notes are not based on a published reference rate and spread; they are determined by the issuer or remarketing agent and current market conditions. The reference rate in the security description is as of December 31, 2023.

ë The Fund may have elements of risk due to concentration of investments. Such concentrations may subject the Fund to additional risks.

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. 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:
Certificates of Deposit	$	-	$	25,000,000	$	-
Commercial Paper		-		395,444,359		-
U.S. Government Agency Notes		-		79,508,009		-
U.S. Treasury Debt		-		29,825,304		-
Variable Rate Demand Notes		-		168,545,000		-
Repurchase Agreements		-		405,100,000		-
Time Deposits		-		20,000,000		-
Total Assets	$	-	$	1,123,422,672	$	-

6 DECEMBER 31, 2023

Janus Henderson Money Market Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2023

Assets:
	Investments, at value (cost $718,322,672)		$	718,322,672
	Repurchase agreements, at value (cost $405,100,000)			405,100,000
	Cash			232,091
	Trustees' deferred compensation			30,716
	Receivables:
		Fund shares sold		3,471,578
		Interest		1,304,435
Total Assets				1,128,461,492
Liabilities:
	Payables:			—
		Fund shares repurchased		1,870,953
		Administration services fees		352,692
		Advisory fees		195,816
		Dividends		51,922
		Trustees' deferred compensation fees		30,716
		Professional fees		24,419
		Trustees' fees and expenses		1,363
Total Liabilities				2,527,881
Net Assets			$	1,125,933,611
Net Assets Consist of:
	Capital (par value and paid-in surplus)		$	1,125,951,870
	Total distributable earnings (loss)			(18,259)
Total Net Assets			$	1,125,933,611
Net Assets - Class D Shares			$	1,113,440,364
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			1,113,454,949
Net Asset Value Per Share			$	1.00
Net Assets - Class T Shares			$	12,493,247
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			12,501,356
Net Asset Value Per Share			$	1.00

See Notes to Financial Statements.
Janus Investment Fund	7

Janus Henderson Money Market Fund

Statement of Operations (unaudited)

For the period ended December 31, 2023

Investment Income:
	Interest		$	30,531,117
	Other income			55
Total Investment Income				30,531,172
Expenses:
	Advisory fees			1,126,762
	Administration services fees:
		Class D Shares		2,004,398
		Class T Shares		25,094
	Professional fees			27,663
	Trustees’ fees and expenses			11,374
Total Expenses				3,195,291
Net Investment Income/(Loss)				27,335,881
Net Realized Gain/(Loss) on Investments:
	Investments			8
Total Net Realized Gain/(Loss) on Investments				8
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	27,335,889

See Notes to Financial Statements.
8	DECEMBER 31, 2023

Janus Henderson Money Market Fund

Statements of Changes in Net Assets

			Period ended December 31, 2023 (unaudited)		Year ended June 30, 2023
Operations:
	Net investment income/(loss)		$	27,335,881	$	38,752,612
	Net realized gain/(loss) on investments			8		(110)
Net Increase/(Decrease) in Net Assets Resulting from Operations				27,335,889		38,752,502
Dividends and Distributions to Shareholders:
		Class D Shares		(27,016,778)		(38,304,476)
		Class T Shares		(319,104)		(471,872)
Net Decrease from Dividends and Distributions to Shareholders				(27,335,882)		(38,776,348)
Capital Share Transactions:
		Class D Shares		(18,767,864)		(61,835,136)
		Class T Shares		(417,350)		(3,027,737)
Net Increase/(Decrease) from Capital Share Transactions				(19,185,214)		(64,862,873)
Net Increase/(Decrease) in Net Assets				(19,185,207)		(64,886,719)
Net Assets:
	Beginning of period			1,145,118,818		1,210,005,537
	End of period		$	1,125,933,611	$	1,145,118,818

See Notes to Financial Statements.
Janus Investment Fund	9

Janus Henderson Money Market Fund

Financial Highlights

Class D Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.02	0.03	—(2)	—(2)	0.01	0.02
		Net realized and unrealized gain/(loss)(2)	—	—	—	—	—	—
	Total from Investment Operations		0.02	0.03	—	—	0.01	0.02
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.02)	(0.03)	—(2)	—(2)	(0.01)	(0.02)
		Distributions (from capital gains)	—	—(2)	—	—	—	—
	Total Dividends and Distributions		(0.02)	(0.03)	—	—	(0.01)	(0.02)
	Net Asset Value, End of Period		$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
	Total Return*		2.45%	3.36%	0.00%	0.00%	1.05%	1.80%
	Net Assets, End of Period (in thousands)		$1,113,440	$1,132,208	$1,194,067	$1,149,942	$1,155,176	$910,866
	Average Net Assets for the Period (in thousands)		$1,113,785	$1,160,934	$1,134,774	$1,202,890	$1,006,448	$886,310
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.56%	0.57%	0.57%	0.57%	0.62%	0.67%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.56%	0.57%	0.28%	0.13%	0.53%	0.57%
		Ratio of Net Investment Income/(Loss)	4.82%	3.30%	0.00%(3)	0.00%(3)	0.98%	1.79%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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.
10	DECEMBER 31, 2023

Janus Henderson Money Market Fund

Financial Highlights

Class T Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.02	0.03	—(2)	—(2)	0.01	0.02
		Net realized and unrealized gain/(loss)(2)	—	—	—	—	—	—
	Total from Investment Operations		0.02	0.03	—	—	0.01	0.02
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.02)	(0.03)	—(2)	—(2)	(0.01)	(0.02)
		Distributions (from capital gains)	—	—(2)	—	—	—	—
	Total Dividends and Distributions		(0.02)	(0.03)	—	—	(0.01)	(0.02)
	Net Asset Value, End of Period		$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
	Total Return*		2.44%	3.34%	0.00%	0.00%	1.03%	1.79%
	Net Assets, End of Period (in thousands)		$12,493	$12,911	$15,939	$15,795	$13,158	$12,045
	Average Net Assets for the Period (in thousands)		$13,206	$14,523	$16,109	$14,191	$13,238	$11,795
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.58%	0.59%	0.58%	0.59%	0.65%	0.69%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.58%	0.59%	0.28%	0.13%	0.55%	0.59%
		Ratio of Net Investment Income/(Loss)	4.81%	3.25%	0.00%(3)	0.00%(3)	1.02%	1.76%

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

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

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

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

(3)Less than 0.005%.

See Notes to Financial Statements.
Janus Investment Fund	11

Janus Henderson Money Market Fund

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Henderson Money Market Fund (the “Fund”) is a series fund. The Fund is part 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 38 Funds which include multiple series of shares, with differing investment objectives and policies. The Fund seeks capital preservation and liquidity with current income as a secondary objective. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.

The Fund offers two 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 both classes of shares.

The Fund is classified as a “retail money market fund,” as such term is defined in or interpreted under the rules governing money market funds. A retail money market fund is a money market fund that has policies and procedures reasonably designed to limit all beneficial owners of the Fund to natural persons, which means that the Fund’s Shares can only be held through individual investors. In order to make an initial investment in the Fund, the Fund requires that a shareholder provide certain information (e.g., Social Security number or government-issued identification) that confirms your eligibility to invest in the Fund. Accounts that are not beneficially owned by natural persons, such as business and limited liability company accounts, charitable or financial organizations, and corporate and S-Corp accounts, are not eligible to invest in the Fund, and will be involuntarily redeemed from the Fund after having been provided sufficient notice.

As a retail money market fund, the Fund may be subject to liquidity fees and/or redemption gates on fund redemptions if the Fund’s liquidity falls below required minimums because of market conditions or other factors. Liquidity fees and redemption gates are most likely to be imposed during times of extraordinary market stress. Pursuant to Rule 2a-7 under the 1940 Act, the Trustees are permitted to impose a liquidity fee on redemptions from the Fund (up to 2%) or a redemption gate to temporarily restrict redemptions from the Fund for up to 10 business days (in any 90-day period) in the event that the Fund’s weekly liquid assets fall below certain designated thresholds.

If the Fund’s weekly liquid assets fall below 30% of the Fund’s total assets, the Trustees are permitted, but not required, to (i) impose a liquidity fee of no more than 2% of the amount redeemed and/or (ii) impose a redemption gate to temporarily suspend the right of redemption. If the Fund’s weekly liquid assets fall below 10% of the Fund’s total assets, the Fund will impose, generally as of the beginning of the next business day, a liquidity fee of 1% of the amount redeemed unless the Trustees determine that such a fee would not be in the best interests of the Fund or determines that a lower or higher fee (subject to the 2% limit) would be in the best interests of the Fund. A liquidity fee or redemption gate may be imposed as early as the same day that the Fund's weekly liquid assets fall below the 30% or 10% thresholds.

Shareholders, including 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")).

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 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.

12 DECEMBER 31, 2023

Janus Henderson Money Market Fund

Notes to Financial Statements (unaudited)

Liquidity

The Fund has adopted liquidity requirements (measured at the time of purchase) as noted:

The Fund will limit its investments in illiquid securities to 5% or less of its total assets.

Daily liquidity. The Fund will invest at least 10% of its total assets in “daily liquid assets,” which generally include cash (including demand deposits), direct obligations of the U.S. Government, securities (including repurchase agreements) that will mature or are subject to a demand feature that is exercisable and payable within one business day, and/or amounts receivable and due unconditionally within one business day on pending sales of portfolio securities.

Weekly liquidity. The Fund will invest at least 30% of its assets in “weekly liquid assets,” which generally include cash (including demand deposits), direct obligations of the U.S. Government, agency discount notes with remaining maturities of 60 days or less, and securities (including repurchase agreements) that will mature or are subject to a demand feature that is exercisable and payable within five business days.

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”). Investments held by the Fund are valued utilizing the amortized cost method of valuation permitted in accordance with Rule 2a-7 under the 1940 Act and certain conditions therein. Under the amortized cost method, which does not take into account unrealized capital gains or losses, an instrument is initially valued at its cost and thereafter assumes a constant accretion/amortization to maturity of any discount or premium.

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.

Periodic review and monitoring of the valuation of short-term securities is performed in an effort to ensure that amortized cost approximates market value. 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.

Janus Investment Fund 13

Janus Henderson Money Market Fund

Notes to Financial Statements (unaudited)

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 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 the accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

Expenses

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

Estimates

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

Indemnifications

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

Dividends and Distributions

Dividends, if any, are declared daily and distributed monthly for the Fund. Realized capital gains, if any, are declared and distributed in December. 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 the 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

Market Risk

The value of the Fund’s portfolio may decrease if the value of one or more issuers in the Fund’s portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also

14 DECEMBER 31, 2023

Janus Henderson Money Market Fund

Notes to Financial Statements (unaudited)

decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund’s portfolio decreases, the Fund’s NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• COVID-19 Pandemic. The effects of COVID-19 have contributed to increased volatility in global financial markets and have affected and may continue to affect certain countries, regions, issuers, industries and market sectors more dramatically than others. These conditions and events could have a significant impact on the Fund and its investments, the Fund’s ability to meet redemption requests, and the processes and operations of the Fund’s service providers, including the Adviser.

• Armed Conflict. Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global economic environment and the markets for certain securities and commodities.

Repurchase Agreements

The Fund and other funds advised by the Adviser or its affiliates may transfer daily uninvested cash balances into one or more joint trading accounts. Assets in the joint trading accounts are invested in money market instruments and the proceeds are allocated to the participating funds on a pro rata basis.

Repurchase agreements held by the Fund are fully collateralized, and such collateral is in the possession of the Fund’s custodian or, for tri-party agreements, the custodian designated by the agreement. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements, including accrued interest. In the event of default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings.

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.

Janus Investment Fund 15

Janus Henderson Money Market Fund

Notes to Financial Statements (unaudited)

Variable and Floating Rate Notes

The Fund also may purchase variable and floating rate demand notes of corporations and other entities, which are unsecured obligations redeemable upon not more than 30 days’ notice. The Fund may purchase variable and floating rate demand notes of U.S. Government issuers or commercial banks. These obligations include master demand notes that permit investment of fluctuating amounts at varying rates of interest pursuant to direct arrangements with the issuer of the instrument. The issuer of these obligations often has the right, after a given period, to prepay the outstanding principal amount of the obligations upon a specified number of days’ notice. These obligations generally are not traded, nor generally is there an established secondary market for these obligations. To the extent a demand note does not have a seven day or shorter demand feature and there is no readily available market for the obligation, it is treated as an illiquid investment. The rate of interest on securities purchased by the Fund may be tied to short-term Treasury or other government securities or indices on securities that are permissible investments of the Fund, as well as other money market rates of interest. The Fund will not purchase securities whose values are tied to interest rates or indices that are not appropriate for the duration and volatility standards of a money market fund.

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 its investments in certain securities, including, but not limited to, repurchase agreements and debt securities. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.

Offsetting Assets and Liabilities

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

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.

All repurchase agreements are transacted under legally enforceable master repurchase agreements that give the Fund, in the event of default by the counterparty, the right to liquidate securities held and to offset receivables and payables with the counterparty. For financial reporting purposes, the Fund does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. Repurchase agreements held by the Fund are fully collateralized, and such collateral is in the possession of the Fund’s custodian or, for tri-party agreements, the custodian designated by the agreement. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements, including accrued interest.

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 0.20% of its average daily net assets.

The Adviser may voluntarily waive and/or reimburse additional fees to the extent necessary to assist the Fund in attempting to maintain a yield of at least 0.00%. These waivers and reimbursements are voluntary and could change or be terminated at any time at the discretion of the Adviser. There is no guarantee that the Fund will maintain a positive yield. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement” on the Statement of Operations.

16 DECEMBER 31, 2023

Janus Henderson Money Market Fund

Notes to Financial Statements (unaudited)

Class D Shares and Class T Shares of the Fund compensate the Adviser at an annual rate of 0.36% and 0.38%, respectively, of average daily net assets for providing certain administration services including, but not limited to, oversight and coordination of the Fund’s service providers, recordkeeping and registration functions and also to pay for costs such as shareholder servicing and custody. These amounts are disclosed as “Administration services fees” on the Statement of Operations. A portion of the Fund’s administration fee is paid to BNP Paribas Financial Services ("BPFS"). BPFS provides certain administrative services to the Fund, including services related to Fund accounting, calculation of the Fund’s daily NAV, and Fund audit, tax, and reporting obligations, pursuant to a sub-administration agreement with the Adviser on behalf of the Fund. The Adviser does not receive any additional compensation, beyond the administration services fee for serving as administrator.

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 December 31, 2023 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 December 31, 2023 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 $196,900 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2023.

4. Federal Income Tax

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from accounting principles generally accepted in the United States of America. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

Accumulated capital losses noted below represent net capital loss carryovers, as of June 30, 2023, 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 June 30, 2023
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$ (110)	$ -	$ (110)

Janus Investment Fund 17

Janus Henderson Money Market Fund

Notes to Financial Statements (unaudited)

5. Capital Share Transactions

	Period ended December 31, 2023		Year ended June 30, 2023
	Shares	Amount	Shares	Amount
Class D Shares:
Shares sold	184,205,675	$184,205,676	390,659,510	$390,661,189
Reinvested dividends and distributions	26,513,203	26,513,203	37,664,610	37,664,610
Shares repurchased	(229,486,743)	(229,486,743)	(490,160,934)	(490,160,935)
Net Increase/(Decrease)	(18,767,865)	$(18,767,864)	(61,836,814)	$(61,835,136)
Class T Shares:
Shares sold	8,224,075	$ 8,224,074	23,339,683	$ 23,339,704
Reinvested dividends and distributions	317,071	317,071	471,765	471,765
Shares repurchased	(8,958,495)	(8,958,495)	(26,839,205)	(26,839,206)
Net Increase/(Decrease)	(417,349)	$ (417,350)	(3,027,757)	$ (3,027,737)

6. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2023 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.

18 DECEMBER 31, 2023

Janus Henderson Money Market 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.

Monthly Portfolio Holdings

The Fund files its complete holdings in a monthly report on Form N-MFP within 5 business days after each month end. These 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).

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

The Trustees of Janus Aspen Series and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “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.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and 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, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, 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 to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management

Janus Investment Fund 19

Janus Henderson Money Market Fund

Additional Information(unaudited)

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

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

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract 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 fund 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, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

Asset Allocation Funds

·For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12

20 DECEMBER 31, 2023

Janus Henderson Money Market Fund

Additional Information(unaudited)

months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Fixed-Income Funds

·For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Global and International Equity Funds

·For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Janus Investment Fund 21

Janus Henderson Money Market Fund

Additional Information(unaudited)

·For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·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 June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

22 DECEMBER 31, 2023

Janus Henderson Money Market Fund

Additional Information(unaudited)

U.S. Equity Funds

·For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·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 June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.

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Additional Information(unaudited)

·For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.

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

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered 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 referenced its past analyses from 2022, which 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 different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with

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Additional Information(unaudited)

regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:

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 all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

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

·For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, 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 as shown were below the applicable fee limit.

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 average for certain share classes, overall the Fund’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 the Fund’s total expenses were below the peer group average for all share classes.

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

·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 average for certain share classes, 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 as shown were below the applicable fee limit.

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

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

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 average for certain share classes, overall the Fund’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 average for certain share classes, 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 as shown were below the applicable fee limit.

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Janus Henderson Money Market Fund

Additional Information(unaudited)

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

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

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

·For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, 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 as shown were 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 average 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 certain share classes, 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 as shown were below the applicable fee limit.

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

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

·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 as shown were below the applicable fee limit.

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

Money Market Funds

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

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

Multi-Asset Funds

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

·For Janus Henderson 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 as shown were below the applicable fee limit.

U.S. Equity Funds

·For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were

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Janus Henderson Money Market Fund

Additional Information(unaudited)

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 as shown were 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 all 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, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

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

·For Janus Henderson Forty 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, although this limit did not apply because the Fund’s total expenses as shown were 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 average for certain share classes, 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 as shown were below the applicable fee limit.

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

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

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

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

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

·For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Venture Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

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 numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized

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Janus Henderson Money Market Fund

Additional Information(unaudited)

by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser 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 charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

Economies of Scale

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.

With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and 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.

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Janus Henderson Money Market Fund

Additional Information(unaudited)

Other Benefits to the Adviser

The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser’s ability to serve the Janus Henderson Funds.

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Janus Henderson Money Market Fund

Useful Information About Your Fund Report (unaudited)

Performance Overviews

Performance overview graphs compare the performance of a hypothetical $10,000 investment in the Fund with one or more widely used market indices. When comparing the performance of the Fund with an index, keep in mind that market indices are not available for investment and do not reflect deduction of expenses.

Average annual total returns are quoted for a Fund with more than one year of performance history. Average annual total return is calculated by taking the growth or decline in value of an investment over a period of time, including reinvestment of dividends and distributions, then calculating the annual compounded percentage rate that would have produced the same result had the rate of growth been constant throughout the period. Average annual total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Cumulative total returns are quoted for a Fund with less than one year of performance history. Cumulative total return is the growth or decline in value of an investment over time, independent of the period of time involved. Cumulative total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund’s unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of 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. A company may be allocated to a country based on other factors such as location of the company’s principal office, the location of the principal trading market for the company’s securities, or the country where a majority of the company’s revenues are derived. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by 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.

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.

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Janus Henderson Money Market Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

This statement details the Fund’s income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled “Investment Income,” reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

The next section reports the expenses incurred by the Fund, including the advisory fee paid to the investment adviser, transfer agent fees and expenses, and printing and postage for mailing statements, financial reports and prospectuses. Expense offsets and expense reimbursements, if any, are also shown.

The last section lists the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign currency-denominated assets and liabilities. The Fund will realize a gain (or loss) when it sells its position in a particular security. A change in unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Fund during the reporting period. “Net Realized and Unrealized Gain/(Loss) on Investments” is affected both by changes in the market value of Fund holdings and by gains (or losses) realized during the reporting period.

Statements of Changes in Net Assets

These statements report the increase or decrease in the Fund’s net assets during the reporting period. Changes in the Fund’s net assets are attributable to investment operations, dividends and distributions to investors, and capital share transactions. This is important to investors because it shows exactly what caused the Fund’s net asset size to change during the period.

The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund’s investment operations. The Fund’s net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund’s net assets will not be affected.

The reinvestment of dividends and distributions is included under “Capital Share Transactions.” “Capital Shares” refers to the money investors contribute to the Fund through purchases or withdrawals via redemptions. The Fund’s net assets will increase and decrease in value as investors purchase and redeem shares from the Fund.

Financial Highlights

This schedule provides a per-share breakdown of the components that affect the Fund’s NAV for current and past reporting periods as well as total return, asset size, ratios, and portfolio turnover rate.

The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund’s expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.

The ratio of net investment income/(loss) summarizes the income earned less expenses, divided by the average net assets of the Fund during the reporting period. Do not confuse this ratio with the Fund’s yield. The net investment income ratio is not a true measure of the Fund’s yield because it does not take into account the dividends distributed to the Fund’s investors.

The next figure is the portfolio turnover rate, which measures the buying and selling activity in the Fund. Portfolio turnover is affected by market conditions, changes in the asset size of the Fund, fluctuating volume of shareholder purchase and redemption orders, the nature of the Fund’s investments, and the investment style and/or outlook of the 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

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Janus Henderson Money Market Fund

Useful Information About Your Fund Report (unaudited)

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 Money Market Fund

Notes

NotesPage1

Janus Investment Fund 33

This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Mutual funds distributed by Janus Henderson Distributors US LLC
	125-24-93027 02-24

	SEMIANNUAL REPORT December 31, 2023
Janus Henderson Multi-Sector Income Fund
Janus Investment Fund

HIGHLIGHTS

·Investment strategy behind your fund

·Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Multi-Sector Income Fund

Fund At A Glance and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	25
Statement of Assets and Liabilities	27
Statement of Operations	29
Statements of Changes in Net Assets	31
Financial Highlights	32
Notes to Financial Statements	39
Additional Information	57
Useful Information About Your Fund Report	68

John Kerschner co-portfolio manager John Lloyd co-portfolio manager Seth Meyer co-portfolio manager

Important Notice – Tailored Shareholder Reports

Effective January 24, 2023, the Securities and Exchange Commission (the “SEC”) adopted rule and form amendments that require mutual funds and exchange-traded funds to provide shareholders with streamlined annual and semi-annual shareholder reports that highlight key information. Other information, including financial statements, that currently appears in shareholder reports will be made available online, delivered free of charge to shareholders upon request, and filed with the SEC. The first tailored shareholder report for the Fund will be for the reporting period ending June 30, 2024. Currently, management is evaluating the impact of the rule and form amendments on the content of the Fund’s current shareholder reports.

Janus Henderson Multi-Sector Income Fund (unaudited)

Fund At A Glance

December 31, 2023

Fund Profile
30-day SEC Yield*	Without Reimbursement	With Reimbursement
Class A Shares NAV	7.15%	7.15%
Class A Shares MOP	6.80%	6.80%
Class C Shares**	6.37%	6.37%
Class D Shares	7.33%	7.33%
Class I Shares	7.39%	7.39%
Class N Shares	7.48%	7.48%
Class S Shares	6.87%	6.95%
Class T Shares	7.22%	7.22%
Weighted Average Maturity		5.3 Years
Average Effective Duration***		4.2 Years
* Yield will fluctuate.
** Does not include the 1.00% contingent deferred sales charge.
*** A theoretical measure of price volatility.

Ratings† Summary - (% of Total Investments)
AAA	2.0%
AA	28.5%
A	4.9%
BBB	13.1%
BB	12.0%
B	9.1%
CCC	1.7%
CC	0.1%
D	0.1%
Not Rated	44.9%
Other	-16.4%
† Credit ratings provided by Standard & Poor's (S&P), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality. "Other" includes cash equivalents, equity securities, and certain derivative instruments.

Significant Areas of Investment - (% of Net Assets)

Asset Allocation - (% of Net Assets)
Asset-Backed/Commercial Mortgage-Backed Securities	56.6%
Mortgage-Backed Securities	26.9%
Corporate Bonds	24.6%
Investment Companies	5.8%
Bank Loans and Mezzanine Loans	4.4%
Foreign Government Bonds	2.2%
Investments Purchased with Cash Collateral from Securities Lending	0.5%
Preferred Stocks	0.0%
Common Stocks	0.0%
Other		(21.0)%
		100.0%

Janus Investment Fund 1

Janus Henderson Multi-Sector Income Fund (unaudited)

Performance

See important disclosures on the next page.

Average Annual Total Return - for the periods ended December 31, 2023					Prospectus Expense Ratios
	Fiscal Year-to-Date	One Year	Five Year	Since Inception*	Total Annual Fund Operating Expenses‡	Net Annual Fund Operating Expenses‡
Class A Shares at NAV	5.31%	10.09%	3.08%	3.39%	0.93%	0.93%
Class A Shares at MOP	0.31%	4.81%	2.08%	2.88%
Class C Shares at NAV	4.90%	9.28%	2.31%	2.63%	1.70%	1.70%
Class C Shares at CDSC	3.90%	8.28%	2.31%	2.63%
Class D Shares	5.40%	10.28%	3.25%	3.55%	0.77%	0.77%
Class I Shares	5.42%	10.33%	3.30%	3.65%	0.72%	0.72%
Class N Shares	5.47%	10.44%	3.39%	3.70%	0.62%	0.62%
Class S Shares	5.07%	9.73%	2.98%	3.30%	1.34%	1.14%
Class T Shares	5.35%	10.17%	3.15%	3.47%	0.86%	0.86%
Bloomberg U.S. Aggregate Bond Index	3.37%	5.53%	1.10%	1.63%
Morningstar Quartile - Class I Shares	-	1st	2nd	1st
Morningstar Ranking - based on total returns for Multisector Bond Funds	-	60/364	115/285	18/212

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 4.75%. 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.

2 DECEMBER 31, 2023

Janus Henderson Multi-Sector Income 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.

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.

© 2023 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.

See “Useful Information About Your Fund Report.”

*The Fund’s inception date – February 28, 2014

‡ As stated in the prospectus. Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 27, 2023. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees. See Financial Highlights for actual expense ratios during the reporting period.

Janus Investment Fund 3

Janus Henderson Multi-Sector 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 (7/1/23)	Ending Account Value (12/31/23)	Expenses Paid During Period (7/1/23 - 12/31/23)†	Beginning Account Value (7/1/23)	Ending Account Value (12/31/23)	Expenses Paid During Period (7/1/23 - 12/31/23)†	Net Annualized Expense Ratio (7/1/23 - 12/31/23)
Class A Shares		$1,000.00	$1,053.10	$4.70	$1,000.00	$1,020.56	$4.62	0.91%
Class C Shares		$1,000.00	$1,049.00	$8.55	$1,000.00	$1,016.79	$8.42	1.66%
Class D Shares		$1,000.00	$1,054.00	$3.82	$1,000.00	$1,021.42	$3.76	0.74%
Class I Shares		$1,000.00	$1,054.20	$3.56	$1,000.00	$1,021.67	$3.51	0.69%
Class N Shares		$1,000.00	$1,054.70	$3.10	$1,000.00	$1,022.12	$3.05	0.60%
Class S Shares		$1,000.00	$1,050.70	$5.88	$1,000.00	$1,019.41	$5.79	1.14%
Class T Shares		$1,000.00	$1,053.50	$4.28	$1,000.00	$1,020.96	$4.22	0.83%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/366 (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.

4 DECEMBER 31, 2023

Janus Henderson Multi-Sector Income Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– 56.6%
	A&D Mortgage Trust 2023-NQM4 A3, 8.1000%, 9/25/68 (144A)Ç	$5,731,794	$5,833,888
	Aaset 2019-2 Trust, 6.4130%, 10/16/39 (144A)	4,723,808	1,073,739
	ACC Auto Trust 2021-A C, 3.7900%, 4/15/27 (144A)	6,000,000	5,931,071
	ACC Auto Trust 2021-A D, 6.1000%, 6/15/29 (144A)	3,700,000	3,571,788
	ACHV Trust 2023-1PL D, 8.4700%, 3/18/30 (144A)	2,750,000	2,810,871
	AGL CLO 1 Ltd 2021-10A D,
	CME Term SOFR 3 Month + 3.1616%, 8.5555%, 4/15/34 (144A)‡	8,000,000	7,854,808
	Alaska Airlines 2020-1 Class A Pass Through Trust, 4.8000%, 8/15/27 (144A)	6,282,356	6,104,536
	AMSR Trust 2023-SFR1 F, 4.0000%, 4/17/40 (144A)	5,000,000	4,073,155
	Auxilior Term Funding LLC 2023-1A E, 10.9700%, 12/15/32 (144A)	2,550,000	2,582,899
	Avis Budget Rental Car Funding AESOP LLC 2018-2A D, 3.0400%, 3/20/25 (144A)	6,500,000	6,448,673
	Avis Budget Rental Car Funding AESOP LLC 2019-2A D, 3.0400%, 9/22/25 (144A)	5,000,000	4,851,967
	Avis Budget Rental Car Funding AESOP LLC 2021-1A D, 3.7100%, 8/20/27 (144A)	6,000,000	5,326,408
	Benefit Street Partners CLO Ltd 2016-10A CRR,
	CME Term SOFR 3 Month + 3.7616%, 9.1774%, 4/20/34 (144A)‡	6,750,000	6,614,737
	Blue Ridge Funding LLC 2023-1A D, 15.0000%, 11/15/30 (144A)	1,743,000	1,689,532
	BlueMountain CLO XXVI Ltd 2019-25A D2R,
	CME Term SOFR 3 Month + 4.4116%, 9.8055%, 7/15/36 (144A)‡	6,250,000	6,218,125
	BlueMountain CLO XXVI Ltd 2021-28A A,
	CME Term SOFR 3 Month + 1.5216%, 6.9155%, 4/15/34 (144A)‡	5,000,000	5,000,265
	BPR Trust 2022-OANA D,
	CME Term SOFR 1 Month + 3.6950%, 9.0568%, 4/15/37 (144A)‡	10,000,000	9,586,352
	BPR Trust 2023-BRK2 A, 6.8990%, 11/5/28 (144A)‡	13,809,000	14,459,679
	Business Jet Securities LLC 2020-1A B, 3.9670%, 11/15/35 (144A)	2,394,980	2,281,469
	Business Jet Securities LLC 2021-1A B, 2.9180%, 4/15/36 (144A)	1,577,082	1,441,184
	Business Jet Securities LLC 2021-1A C, 5.0670%, 4/15/36 (144A)	1,227,374	1,157,691
	Business Jet Securities LLC 2022-1A C, 6.4130%, 6/15/37 (144A)	3,274,173	2,991,055
	BX Commercial Mortgage Trust 2019-MMP D,
	CME Term SOFR 1 Month + 1.6440%, 7.0060%, 8/15/36 (144A)‡	3,482,573	3,324,317
	BX Commercial Mortgage Trust 2019-MMP F,
	CME Term SOFR 1 Month + 2.8361%, 8.1981%, 8/15/36 (144A)‡	13,930,290	13,060,310
	BX Commercial Mortgage Trust 2019-XL,
	CME Term SOFR 1 Month + 2.7645%, 8.1263%, 10/15/36 (144A)‡	24,288,750	23,540,661
	BX Commercial Mortgage Trust 2021-ARIA E,
	CME Term SOFR 1 Month + 2.3590%, 7.7210%, 10/15/36 (144A)‡	10,000,000	9,454,840
	BX Commercial Mortgage Trust 2021-ARIA F,
	CME Term SOFR 1 Month + 2.7080%, 8.0700%, 10/15/36 (144A)‡	10,000,000	9,456,329
	BX Commercial Mortgage Trust 2021-BXMF G,
	CME Term SOFR 1 Month + 3.4640%, 8.8260%, 10/15/26 (144A)‡	13,320,574	12,502,711
	BX Commercial Mortgage Trust 2021-SOAR G,
	CME Term SOFR 1 Month + 2.9145%, 8.2765%, 6/15/38 (144A)‡	6,591,675	6,276,447
	BX Commercial Mortgage Trust 2021-SOAR J,
	CME Term SOFR 1 Month + 3.8645%, 9.2265%, 6/15/38 (144A)‡	8,633,237	8,116,916
	BX Commercial Mortgage Trust 2021-VINO G,
	CME Term SOFR 1 Month + 4.0668%, 9.4288%, 5/15/38 (144A)‡	9,069,941	8,637,217
	BX Commercial Mortgage Trust 2021-VOLT F,
	CME Term SOFR 1 Month + 2.5145%, 7.8763%, 9/15/36 (144A)‡	8,440,000	7,947,152
	BX Commercial Mortgage Trust 2021-VOLT G,
	CME Term SOFR 1 Month + 2.9645%, 8.3263%, 9/15/36 (144A)‡	6,000,000	5,576,141
	BX Commercial Mortgage Trust 2022-FOX2 A2,
	CME Term SOFR 1 Month + 0.7492%, 6.1110%, 4/15/39 (144A)‡	8,316,890	8,079,907
	BXHPP Trust 2021-FILM B,
	CME Term SOFR 1 Month + 1.0145%, 6.3765%, 8/15/36 (144A)‡	12,698,000	11,648,402
	Carlyle Global Markets Strategies 2022-2A C,
	CME Term SOFR 3 Month + 3.5500%, 8.9658%, 4/20/35 (144A)‡	5,000,000	4,966,280
	CarMax Auto Owner Trust 2022-3 D, 6.2000%, 1/16/29	6,250,000	6,235,662
	Carvana Auto Receivables Trust 2019-2A XS, 0%, 4/15/26 (144A)‡,¤	47,399,440	294,217
	Carvana Auto Receivables Trust 2019-4A XS, 0%, 10/15/26 (144A)‡,¤	37,078,318	274,676
	Carvana Auto Receivables Trust 2021-N3 E, 3.1600%, 6/12/28 (144A)	12,890,000	11,414,053
	Carvana Auto Receivables Trust 2023-P4 N, 8.0500%, 10/10/30 (144A)	1,059,288	1,058,886

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	5

Janus Henderson Multi-Sector Income Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts				Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	Carvana Auto Receivables Trust 2023-P5 N, 8.0200%, 12/10/30 (144A)	$1,579,000		$1,578,547
	Castlelake Aircraft Securitization Trust 2018-1, 6.6250%, 6/15/43 (144A)	3,830,196		1,168,478
	Cathedral Lake LTD 2018-5A C,
	CME Term SOFR 3 Month + 2.7116%, 8.1235%, 10/21/30 (144A)‡	2,000,000		1,963,910
	CBAM CLO Management 2021-14A A,
	CME Term SOFR 3 Month + 1.3616%, 6.7774%, 4/20/34 (144A)‡	15,000,000		14,958,780
	CENT Trust 2023-CITY A,
	CME Term SOFR 1 Month + 2.6200%, 7.9818%, 9/15/38 (144A)‡	6,529,000		6,562,755
	CF Hippolyta Issuer LLC 2022-1A A1, 5.9700%, 8/15/62 (144A)	23,189,260		23,074,900
	CF Hippolyta Issuer LLC 2022-1A A2, 6.1100%, 8/15/62 (144A)	21,702,067		21,237,873
	CFIP CLO Ltd 2017-1A CR,
	CME Term SOFR 3 Month + 2.8616%, 8.1715%, 10/18/34 (144A)‡	7,700,000		7,508,216
	Chase Auto Credit Linked Note 2021-3 E, 2.1020%, 2/26/29 (144A)	583,450		566,794
	Chase Auto Credit Linked Notes 2021-1 E, 2.3650%, 9/25/28 (144A)	423,462		417,513
	Chase Auto Credit Linked Notes 2021-1 F, 4.2800%, 9/25/28 (144A)	3,337,000		3,270,125
	Chase Mortgage Finance Corp 2021-CL1 M4,
	US 30 Day Average SOFR + 2.6500%, 7.9874%, 2/25/50 (144A)‡	2,331,511		2,125,196
	Chase Mortgage Finance Corp 2021-CL1 M5,
	US 30 Day Average SOFR + 3.2500%, 8.5874%, 2/25/50 (144A)‡	932,720		827,489
	CIM Trust 2021-NR1 A1, 2.5690%, 7/25/55 (144A)Ç	3,313,795		3,244,904
	Citigroup Commercial Mortgage Trust 2018-C5, 0.6659%, 6/10/51‡,¤	32,438,644		829,951
	Citigroup Commercial Mortgage Trust 2021-PRM2 E,
	CME Term SOFR 1 Month + 2.5145%, 7.8765%, 10/15/38 (144A)‡	2,000,000		1,920,791
	Citigroup Commercial Mortgage Trust 2021-PRM2 F,
	CME Term SOFR 1 Month + 3.8645%, 9.2265%, 10/15/38 (144A)‡	6,000,000		5,849,524
	Citigroup Commercial Mortgage Trust 2021-PRM2 G,
	CME Term SOFR 1 Month + 4.6145%, 9.9765%, 10/15/38 (144A)‡	6,000,000		5,734,639
	Citigroup Commercial Mortgage Trust 2021-PRM2 J,
	CME Term SOFR 1 Month + 5.5145%, 10.8765%, 10/15/36 (144A)‡	6,000,000		5,737,837
	Coinstar Funding LLC 2017-1A A2, 5.2160%, 4/25/47 (144A)	12,608,475		10,941,771
	Cold Storage Trust 2020-ICE5 F,
	CME Term SOFR 1 Month + 3.6070%, 8.9644%, 11/15/37 (144A)‡	12,828,026		12,566,149
	Cologix Data Centers Issuer LLC 2022-1CAN A2, 4.9400%, 1/25/52 (144A)	5,000,000	CAD	3,516,265
	COLT Funding LLC 2021-3R B1, 3.5630%, 12/25/64 (144A)‡	2,547,000		1,758,520
	Commercial Mortgage Pass-through Certificate 2022-LPF2 E,
	CME Term SOFR 1 Month + 5.9400%, 11.3018%, 10/15/39 (144A)‡	2,843,000		2,731,469
	Commercial Mortgage Pass-through Certificates 2022-LPF2 D,
	CME Term SOFR 1 Month + 4.1920%, 9.5538%, 10/15/39 (144A)‡	5,000,000		4,899,639
	Connecticut Avenue Securities Trust 2017-C05 1M2C,
	US 30 Day Average SOFR + 2.3145%, 7.6519%, 1/25/30‡	11,211,032		11,361,722
	Connecticut Avenue Securities Trust 2018-R07 1B1,
	US 30 Day Average SOFR + 4.4645%, 9.8019%, 4/25/31 (144A)‡	4,000,000		4,265,930
	Connecticut Avenue Securities Trust 2019-R02,
	US 30 Day Average SOFR + 4.2645%, 9.6019%, 8/25/31 (144A)‡	24,865,213		26,091,971
	Connecticut Avenue Securities Trust 2019-R03 1B1,
	US 30 Day Average SOFR + 4.2145%, 9.5519%, 9/25/31 (144A)‡	15,133,006		15,902,210
	Connecticut Avenue Securities Trust 2019-R04 2B1,
	US 30 Day Average SOFR + 5.3645%, 10.7019%, 6/25/39 (144A)‡	4,585,598		4,838,058
	Connecticut Avenue Securities Trust 2019-R05,
	US 30 Day Average SOFR + 4.2145%, 9.5519%, 7/25/39 (144A)‡	7,317,621		7,539,498
	Connecticut Avenue Securities Trust 2021-R01 1B1,
	US 30 Day Average SOFR + 3.1000%, 8.4374%, 10/25/41 (144A)‡	19,588,000		19,751,271
	Connecticut Avenue Securities Trust 2021-R01 1M1,
	US 30 Day Average SOFR + 0.7500%, 6.0874%, 10/25/41 (144A)‡	200,666		200,089
	Connecticut Avenue Securities Trust 2021-R02 2B1,
	US 30 Day Average SOFR + 3.3000%, 8.6374%, 11/25/41 (144A)‡	7,600,000		7,631,335
	Connecticut Avenue Securities Trust 2021-R02 2M2,
	US 30 Day Average SOFR + 2.0000%, 7.3374%, 11/25/41 (144A)‡	16,305,770		16,150,380
	Connecticut Avenue Securities Trust 2021-R03 1B1,
	US 30 Day Average SOFR + 2.7500%, 8.0781%, 12/25/41 (144A)‡	3,442,000		3,457,449

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
6	DECEMBER 31, 2023

Janus Henderson Multi-Sector Income Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	Connecticut Avenue Securities Trust 2022-R01 1B1,
	US 30 Day Average SOFR + 3.1500%, 8.4874%, 12/25/41 (144A)‡	$13,477,000	$13,616,722
	Connecticut Avenue Securities Trust 2022-R02 2B1,
	US 30 Day Average SOFR + 4.5000%, 9.8374%, 1/25/42 (144A)‡	17,053,000	17,557,034
	Connecticut Avenue Securities Trust 2023-R06 1M2,
	US 30 Day Average SOFR + 2.7000%, 8.0374%, 7/25/43 (144A)‡	8,123,000	8,222,909
	CPF IV LLC / CP EF Asset Securitization LLC 2023-1A B,
	7.7700%, 3/15/32 (144A)	6,524,000	6,693,784
	CPF IV LLC / CP EF Asset Securitization LLC 2023-1A C,
	7.5600%, 3/15/32 (144A)	5,750,000	5,395,779
	Credit Suisse Commercial Mortgage Trust 2019-ICE4 F,
	CME Term SOFR 1 Month + 2.6970%, 8.0590%, 5/15/36 (144A)‡	14,164,760	14,040,688
	Credit Suisse Commercial Mortgage Trust 2021-WEHO A,
	CME Term SOFR 1 Month + 4.0838%, 9.4458%, 4/15/26 (144A)‡	13,193,967	12,973,741
	CSAIL 2021-C20 XA, 0.9938%, 3/15/54‡,¤	58,486,060	2,921,753
	DBCCRE Mortgage Trust 2014-ARCP D, 4.9345%, 1/10/34 (144A)‡	1,713,000	1,697,638
	DBCCRE Mortgage Trust 2014-ARCP E, 4.9345%, 1/10/34 (144A)‡	6,147,000	6,070,159
	DBCCRE Mortgage Trust 2014-ARCP F, 4.9345%, 1/10/34 (144A)‡	12,042,000	11,856,200
	DBGS Mortgage Trust 2018-BIOD F,
	CME Term SOFR 1 Month + 2.2960%, 7.6580%, 5/15/35 (144A)‡	1,414,505	1,371,134
	DC Commercial Mortgage Trust 2023-DC D, 7.1405%, 9/12/40 (144A)‡	10,000,000	9,851,506
	Diamond Infrastructure Funding LLC 2021-1A B, 2.3550%, 4/15/49 (144A)	4,000,000	3,499,703
	Diamond Infrastructure Funding LLC 2021-1A C, 3.4750%, 4/15/49 (144A)	3,420,000	2,957,513
	Diamond Issuer LLC 2021-1A C, 3.7870%, 11/20/51 (144A)	5,000,000	4,173,269
	Diamond Resorts Owner Trust 2021-1A D, 3.8300%, 11/21/33 (144A)	414,330	384,600
	DROP Mortgage Trust 2021-FILE A,
	CME Term SOFR 1 Month + 1.2645%, 6.6265%, 10/15/43 (144A)‡	2,650,000	2,451,334
	DROP Mortgage Trust 2021-FILE D,
	CME Term SOFR 1 Month + 2.8645%, 8.2265%, 10/15/43 (144A)‡	15,000,000	11,210,568
	Dryden Senior Loan Fund 2020-83A D,
	CME Term SOFR 3 Month + 3.7616%, 9.0715%, 1/18/32 (144A)‡	6,000,000	5,939,550
	Dryden Senior Loan Fund 2023-105A D,
	CME Term SOFR 3 Month + 5.2000%, 10.5950%, 4/18/36 (144A)‡	6,000,000	6,043,590
	ECAF I Ltd, 5.8020%, 6/15/40 (144A)	3,163,638	806,728
	Elmwood CLO VIII Ltd 2021-1A A,
	CME Term SOFR 3 Month + 1.5016%, 6.9174%, 1/20/34 (144A)‡	5,000,000	4,999,930
	Elmwood CLO VIII Ltd 2021-1A D,
	CME Term SOFR 3 Month + 3.2616%, 8.6774%, 1/20/34 (144A)‡	3,000,000	2,993,580
	Exeter Automobile Receivables Trust 2020-2A E, 7.1900%, 9/15/27 (144A)	6,794,000	6,800,947
	Exeter Automobile Receivables Trust 2023-1A E, 12.0700%, 9/16/30 (144A)	3,000,000	3,269,338
	Extended Stay America Trust 2021-ESH E,
	CME Term SOFR 1 Month + 2.9645%, 8.3265%, 7/15/38 (144A)‡	4,937,898	4,837,425
	Extended Stay America Trust 2021-ESH F,
	CME Term SOFR 1 Month + 3.8145%, 9.1765%, 7/15/38 (144A)‡	9,203,718	8,941,983
	ExteNet Issuer LLC, 5.2190%, 7/25/49 (144A)	4,000,000	3,891,804
	Fannie Mae REMICS, US 30 Day Average SOFR + 53.7407%, 0%, 10/25/40‡	588,203	883,875
	Fannie Mae REMICS, 3.0000%, 5/25/48	13,529	12,232
	Fannie Mae REMICS, US 30 Day Average SOFR + 5.9355%, 0.5981%, 8/25/48‡,¤	6,325,650	695,197
	Flagship Credit Auto Trust 2022-4 E, 12.6600%, 1/15/30 (144A)	5,000,000	5,343,575
	Flagship Credit Auto Trust 2023-1 E, 11.4400%, 4/15/30 (144A)	8,000,000	8,355,776
	Flagship Credit Auto Trust 2023-3 E, 9.7400%, 6/17/30 (144A)	3,250,000	3,309,045
	Flagstar Mortgage Trust 2021-13IN A17, 3.0000%, 12/30/51 (144A)‡	15,019,536	12,437,905
	Flagstar Mortgage Trust 2021-13IN A2, 3.0000%, 12/30/51 (144A)‡	38,692,736	32,934,567
	Foundation Finance Trust 2023-2A D, 9.1000%, 6/15/49 (144A)	3,000,000	3,090,444
	Freddie Mac Multifamily Structured Credit Risk 2021-MN3 M2,
	US 30 Day Average SOFR + 4.0000%, 9.3374%, 11/25/51 (144A)‡	10,000,000	9,261,676
	Freddie Mac Structured Agency Credit Risk Debt Notes 2020-DNA3 B1,
	US 30 Day Average SOFR + 5.2145%, 10.5519%, 6/25/50 (144A)‡	4,821,001	5,271,143
	Freddie Mac Structured Agency Credit Risk Debt Notes 2020-HQA4 B1,
	US 30 Day Average SOFR + 5.3645%, 10.7019%, 9/25/50 (144A)‡	7,856,182	8,543,399

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	7

Janus Henderson Multi-Sector Income Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	Freddie Mac Structured Agency Credit Risk Debt Notes 2020-HQA5 B1,
	US 30 Day Average SOFR + 4.0000%, 9.3374%, 11/25/50 (144A)‡	$5,551,430	$6,012,800
	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA1 B1,
	US 30 Day Average SOFR + 2.6500%, 7.9874%, 1/25/51 (144A)‡	7,550,000	7,501,295
	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA2 B2,
	US 30 Day Average SOFR + 6.0000%, 11.3374%, 8/25/33 (144A)‡	12,308,000	13,356,967
	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA2 M2,
	US 30 Day Average SOFR + 2.3000%, 7.6374%, 8/25/33 (144A)‡	1,306,297	1,314,862
	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA3 B2,
	US 30 Day Average SOFR + 6.2500%, 11.5874%, 10/25/33 (144A)‡	20,836,000	22,427,781
	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA5 B1,
	US 30 Day Average SOFR + 3.0500%, 8.3874%, 1/25/34 (144A)‡	6,624,000	6,665,204
	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA6 M2,
	US 30 Day Average SOFR + 1.5000%, 6.8374%, 10/25/41 (144A)‡	1,000,000	991,589
	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA7 B1,
	US 30 Day Average SOFR + 3.6500%, 8.9874%, 11/25/41 (144A)‡	4,632,546	4,675,099
	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-HQA1 M2,
	US 30 Day Average SOFR + 2.2500%, 7.5874%, 8/25/33 (144A)‡	14,258,027	14,217,470
	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-HQA3 M2,
	US 30 Day Average SOFR + 2.1000%, 7.4374%, 9/25/41 (144A)‡	20,515,000	20,155,229
	Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA3 M2,
	US 30 Day Average SOFR + 3.3500%, 8.6874%, 11/25/43 (144A)‡	13,490,866	13,732,655
	Freddiemac Strip 375 C1, 2.5000%, 1/25/51¤	191,858,637	28,198,769
	Freddiemac Strip 377 C4, 2.0000%, 1/25/51¤	57,917,046	7,218,889
	FREMF Mortgage Trust 2018-KF45,
	US 30 Day Average SOFR + 2.0645%, 7.3952%, 3/25/25 (144A)‡	297,760	287,548
	FREMF Mortgage Trust 2018-KL2P BPZ,
	US 30 Day Average SOFR + 2.6145%, 7.9452%, 1/25/28 (144A)‡	5,597,272	5,553,396
	FREMF Mortgage Trust 2018-KSW4 C,
	US 30 Day Average SOFR + 5.1145%, 10.4452%, 10/25/28‡	18,042,207	15,691,080
	FREMF Mortgage Trust 2019-KF70 C,
	US 30 Day Average SOFR + 6.1145%, 11.4452%, 9/25/29 (144A)‡	16,224,917	15,851,770
	FREMF Mortgage Trust 2019-KF72,
	US 30 Day Average SOFR + 2.2145%, 7.5452%, 11/25/26 (144A)‡	2,679,587	2,596,948
	FREMF Mortgage Trust 2021-KF98 CS,
	US 30 Day Average SOFR + 8.5000%, 13.8307%, 12/25/30 (144A)‡	4,256,700	4,214,092
	Gam Resecuritization Trust 2021-FRR2 BK74, 0%, 9/27/51 (144A)◊	11,000,000	7,832,330
	Gam Resecuritization Trust 2021-FRR2 CK74, 0%, 9/27/51 (144A)◊	18,068,494	12,311,075
	GCAT 2022-INV1 A26, 3.0000%, 12/25/51 (144A)‡	16,254,396	13,460,566
	Government National Mortgage Association,
	CME Term SOFR 1 Month + 5.4355%, 0.0776%, 1/20/44‡,¤	328,031	28,077
	Government National Mortgage Association,
	CME Term SOFR 1 Month + 6.0355%, 0.6773%, 10/16/55‡,¤	476,775	40,729
	Government National Mortgage Association, 0.2547%, 1/16/60‡,¤	10,267,784	257,812
	Gracie Point International Funding 2023-1A B,
	US 90 Day Average SOFR + 2.6000%, 7.8325%, 9/1/26 (144A)‡	3,000,000	2,999,724
	Gracie Point International Funding 2023-1A C,
	US 90 Day Average SOFR + 3.1000%, 8.3235%, 9/1/26 (144A)‡	3,000,000	2,999,688
	Gracie Point International Funding 2023-2A B,
	US 90 Day Average SOFR + 4.0000%, 9.3201%, 3/1/27 (144A)‡	7,438,000	7,437,055
	Gracie Point International Funding 2023-2A C,
	US 90 Day Average SOFR + 5.4000%, 10.7201%, 3/1/27 (144A)‡	5,000,000	4,999,162
	Great Wolf Trust,
	CME Term SOFR 1 Month + 2.8465%, 8.4085%, 12/15/36 (144A)‡	15,500,000	15,313,282
	GS Mortgage Securities Trust 2017-SLP G, 4.5913%, 10/10/32 (144A)‡	8,331,000	7,598,748
	Hertz Vehicle Financing LLC 2021-1A D, 3.9800%, 12/26/25 (144A)	15,000,000	14,375,098
	HGI CRE CLO Ltd 2021-FL1 D,
	CME Term SOFR 1 Month + 2.4645%, 7.8227%, 6/16/36 (144A)‡	5,000,000	4,662,690
	Hilton Grand Vacations Trust 2022-1D D, 6.7900%, 6/20/34 (144A)	1,680,028	1,634,527
	Home Partners of America Trust 2021-2 F, 3.7990%, 12/17/26 (144A)	19,244,784	16,760,694

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
8	DECEMBER 31, 2023

Janus Henderson Multi-Sector Income Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	Home Partners of America Trust 2021-3 F, 4.2420%, 1/17/41 (144A)	$4,593,103	$3,702,735
	Hotwire Funding LLC 2021-1 C, 4.4590%, 11/20/51 (144A)	3,000,000	2,579,167
	Hudson Bay Simon JV Trust 2015-HB7 A7, 3.9141%, 8/5/34 (144A)	7,027,733	6,311,499
	Hudsons Bay Simon JV Trust 2015-HB7 B7, 4.6662%, 8/5/34 (144A)	3,000,000	2,583,965
	JP Morgan Chase Commercial Mortgage Sec Trust 2020-ACE A,
	3.2865%, 1/10/37 (144A)	13,800,000	13,242,642
	JP Morgan Chase Commercial Mortgage Sec Trust 2020-ACE C,
	3.6942%, 1/10/37 (144A)‡	1,000,000	933,170
	JP Morgan Chase Commercial Mortgage Sec Trust 2022-NLP D,
	CME Term SOFR 1 Month + 2.1664%, 7.5282%, 4/15/37 (144A)‡	13,960,798	11,481,747
	Kayne CLO 10 Ltd 2021-10A A,
	CME Term SOFR 3 Month + 1.4316%, 6.8435%, 4/23/34 (144A)‡	22,500,000	22,499,617
	KNDL Mortgage Trust 2019-KNSQ E,
	CME Term SOFR 1 Month + 1.9960%, 7.3580%, 5/15/36 (144A)‡	7,208,000	7,107,643
	KNDL Mortgage Trust 2019-KNSQ F,
	CME Term SOFR 1 Month + 2.1960%, 7.5580%, 5/15/36 (144A)‡	1,250,000	1,217,613
	LCM LP XIV, CME Term SOFR 3 Month + 1.3016%, 6.7174%, 7/20/31 (144A)‡	4,060,783	4,056,832
	Lendbuzz Securitization Trust 2021-1A A, 4.2200%, 5/17/27 (144A)‡	2,142,823	2,089,084
	Lendbuzz Securitization Trust 2021-1A A, 5.9900%, 12/15/28 (144A)‡	5,594,000	5,475,352
	Lendbuzz Securitization Trust 2023-2A B, 8.6900%, 6/15/29 (144A)	9,826,000	10,228,255
	LFS LLC 2022-A B, 8.0000%, 5/15/34 (144A)	4,000,000	3,813,992
	Life Financial Services Trust 2021-BMR E,
	CME Term SOFR 1 Month + 1.8645%, 7.2265%, 3/15/38 (144A)‡	17,693,463	16,898,930
	Life Financial Services Trust 2022-BMR2 D,
	CME Term SOFR 1 Month + 2.5419%, 7.9037%, 5/15/39 (144A)‡	10,000,000	9,469,238
	LoanMe Trust SBL 2019-1, 10.0000%, 8/15/30 (144A)Ç	4,740,235	3,952,438
	Luxury Lease Partners Auto Trust 2021-ARC2 A, 3.0000%, 7/15/27 (144A)	149,478	148,938
	Madison Park Funding Ltd 2016-22A DR,
	CME Term SOFR 3 Month + 3.7616%, 9.1555%, 1/15/33 (144A)‡	8,500,000	8,499,320
	Madison Park Funding Ltd 2018-32A A1R,
	CME Term SOFR 3 Month + 1.2616%, 6.6735%, 1/22/31 (144A)‡	10,000,000	9,999,460
	Madison Park Funding Ltd 2018-32A DR,
	CME Term SOFR 3 Month + 3.4616%, 8.8735%, 1/22/31 (144A)‡	7,000,000	6,950,398
	Marlette Funding Trust 2023-3A D, 8.0400%, 9/15/33 (144A)	9,571,000	9,796,033
	MED Trust 2021-MDLN F,
	CME Term SOFR 1 Month + 4.1145%, 9.4765%, 11/15/38 (144A)‡	7,696,065	7,415,251
	MED Trust 2021-MDLN G,
	CME Term SOFR 1 Month + 5.3645%, 10.7265%, 11/15/38 (144A)‡	14,928,355	14,227,459
	Mello Mortgage Capital Acceptance Trust 2021-INV4 A3,
	2.5000%, 12/25/51 (144A)‡	3,381,483	2,767,142
	Mercury Financial Credit Card Master Trust 2023-1A A,
	8.0400%, 9/20/27 (144A)	8,000,000	8,005,803
	MHC Commercial Mortgage Trust 2021-MHC G,
	CME Term SOFR 1 Month + 3.3154%, 8.6774%, 4/15/38 (144A)‡	9,796,854	9,423,126
	Mission Lane Credit Card Master Trust 2023-A B, 8.1500%, 7/17/28 (144A)	3,000,000	3,034,547
	Mission Lane Credit Card Master Trust 2023-A C, 10.0300%, 7/17/28 (144A)	3,250,000	3,292,665
	Mission Lane Credit Card Master Trust 2023-B C, 9.6700%, 11/15/28 (144A)	4,750,000	4,857,633
	Mission Lane Credit Card Master Trust 2023-B D, 11.9700%, 11/15/28 (144A)	6,976,000	7,103,828
	MKT Mortgage Trust 2020-525M F, 2.9406%, 2/12/40 (144A)‡	11,900,000	3,535,901
	Morgan Stanley Capital I Trust 2019-MEAD D, 3.1771%, 11/10/36 (144A)‡	2,825,000	2,377,395
	Multifamily Connecticut Avenue Securities Trust 2019-01,
	US 30 Day Average SOFR + 3.3645%, 8.7019%, 10/25/49 (144A)‡	26,855,307	25,884,574
	Multifamily Connecticut Avenue Securities Trust 2020-01,
	US 30 Day Average SOFR + 3.8645%, 9.2019%, 3/25/50 (144A)‡	15,402,654	14,844,750
	Multifamily Connecticut Avenue Securities Trust 2020-01 CE,
	US 30 Day Average SOFR + 7.6145%, 12.9519%, 3/25/50 (144A)‡	2,000,000	1,870,558
	MVW Owner Trust 2021-1WA D, 3.1700%, 1/22/41 (144A)	1,482,720	1,352,357
	Nassau Ltd 2019-IA BR,
	CME Term SOFR 3 Month + 2.8616%, 8.2555%, 4/15/31 (144A)‡	8,500,000	8,274,291
	NBC Funding LLC 2021-1 B, 4.9700%, 7/30/51 (144A)	3,000,000	2,579,769

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	9

Janus Henderson Multi-Sector Income Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts				Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	NCMF Trust 2022-MFP F,
	CME Term SOFR 1 Month + 4.4310%, 9.7928%, 3/15/39 (144A)‡	$5,000,000		$4,771,737
	Neuberger Berman CLO Ltd 2023-53A D,
	CME Term SOFR 3 Month + 4.5000%, 0%, 10/24/32 (144A)‡	5,500,000		5,511,198
	New Residential Mortgage Loan Trust 2022-SFR1 F, 4.4430%, 2/17/39 (144A)	10,500,000		9,236,174
	NW Re-Remic Trust 2021-FRR1 BK88, 2.6574%, 12/18/51 (144A)‡	20,000,000		15,821,976
	Oak Hill Credit Partners 2012-7A AR3,
	CME Term SOFR 3 Month + 1.3316%, 6.6987%, 2/20/34 (144A)‡	5,000,000		4,983,735
	Oak Street Investment Grade Net Lease Fund 2020-1A B1,
	5.1100%, 11/20/50 (144A)	4,499,000		4,096,662
	Oak Street Investment Grade Net Lease Fund 2021-1A B1,
	4.2300%, 1/20/51 (144A)	6,250,000		5,334,665
	Oasis Securitization 2021-2A A, 2.1430%, 10/15/33 (144A)	1,306,886		1,295,241
	Oasis Securitization 2021-2A B, 5.1470%, 10/15/33 (144A)	1,308,085		1,292,922
	Oasis Securitization 2022-2A B, 8.8500%, 10/15/34 (144A)	4,457,363		4,430,619
	Oasis Securitization 2023-1A B, 10.2500%, 2/15/35 (144A)	4,276,918		4,276,918
	OCP CLO Ltd, CME Term SOFR 3 Month + 3.2616%, 8.6601%, 4/24/29 (144A)‡	6,000,000		6,000,204
	Octagon 61 Ltd 2023-2A D,
	CME Term SOFR 3 Month + 5.5000%, 10.9158%, 4/20/36 (144A)‡	7,100,000		7,125,184
	Octagon Investment Partners 42 Ltd 2019-3A AR,
	CME Term SOFR 3 Month + 1.4016%, 6.7955%, 7/15/34 (144A)‡	10,000,000		9,992,960
	Octagon Investment Partners 58 Ltd 2022-1A D,
	CME Term SOFR 3 Month + 3.5500%, 8.9439%, 7/15/37 (144A)‡	7,750,000		7,720,558
	Ondeck Asset Securitization Trust LLC 2021-1A C, 2.9700%, 5/17/27 (144A)	3,000,000		2,879,285
	Ondeck Asset Securitization Trust LLC 2023-1A B, 8.2500%, 8/19/30 (144A)	6,250,000		6,342,818
	Onslow Bay Financial LLC 2021-INV3 A3, 2.5000%, 10/25/51 (144A)‡	5,042,592		4,127,042
	OPEN Trust 2023-AIR D,
	CME Term SOFR 1 Month + 6.6838%, 12.0456%, 10/15/28 (144A)‡	14,812,836		14,737,393
	Pagaya AI Debt Selection Trust 2021-1 B, 2.1300%, 11/15/27 (144A)	3,508,248		3,486,199
	Pagaya AI Debt Selection Trust 2021-1 CERT, 0%, 11/15/27 (144A)‡,¤	1,846,154		13,846
	Pagaya AI Debt Selection Trust 2022-1 C, 4.8880%, 10/15/29 (144A)	3,679,513		3,188,837
	Palmer Square European Loan Funding 2023-1A D,
	EURIBOR 3 Month + 5.7500%, 9.7520%, 11/15/32 (144A)‡	6,941,000	EUR	7,671,799
	Pawnee Equipment Receivables 2022-1 D, 7.2300%, 7/17/28 (144A)	5,000,000		4,883,276
	Pawnee Equipment Receivables 2022-1 E, 9.5000%, 9/17/29 (144A)	5,379,000		5,310,212
	Pawnee Equipment Receivables Series 2020-1 LLC, 5.4300%, 7/15/27 (144A)	6,165,000		6,132,330
	Prestige Auto Receivables Trust 2023-1A E, 9.8800%, 5/15/30 (144A)	6,000,000		6,092,106
	Preston Ridge Partners Mortgage Trust 2021-10 A1, 2.4870%, 10/25/26 (144A)Ç	7,914,318		7,470,176
	Preston Ridge Partners Mortgage Trust 2021-9 A1, 2.3630%, 10/25/26 (144A)Ç	9,634,562		9,098,101
	Preston Ridge Partners Mortgage Trust 2022-2 A1, 5.0000%, 3/25/27 (144A)Ç	6,829,325		6,649,752
	Pretium Mortgage Credit Partners LLC 2021-RN4 A1, 2.4871%, 10/25/51 (144A)‡	15,245,195		14,148,721
	Pretium Mortgage Credit Partners LLC 2023-RN1 A1, 8.2321%, 9/25/53 (144A)Ç	6,982,760		7,124,413
	Pretium Mortgage Credit Partners LLC 2023-RN2 A1, 8.1115%, 11/25/53 (144A)Ç	4,437,387		4,465,151
	PRIMA Capital Ltd, 4.2500%, 12/25/50 (144A)	10,500,000		8,750,373
	PRIMA Capital Ltd 2021-9A C,
	CME Term SOFR 1 Month + 2.4645%, 7.8202%, 12/15/37 (144A)‡	15,000,000		14,468,403
	Progress Residential Trust 2021-SFR11 F, 4.4200%, 1/17/39 (144A)	4,885,000		3,995,179
	Progress Residential Trust 2022-SFR1 F, 4.8800%, 2/17/41 (144A)	9,000,000		7,693,882
	Progress Residential Trust 2022-SFR3 F, 6.6000%, 4/17/39 (144A)	2,500,000		2,343,237
	Project Silver, 6.9000%, 7/15/44 (144A)‡	898,315		174,769
	Rad CLO Ltd 2023-18A D,
	CME Term SOFR 3 Month + 5.2500%, 10.6439%, 4/15/36 (144A)‡	6,588,000		6,669,724
	Rad CLO Ltd 2023-19A D,
	CME Term SOFR 3 Month + 5.7500%, 11.1658%, 4/20/35 (144A)‡	7,000,000		7,014,672
	Rad CLO Ltd 2023-21A D,
	CME Term SOFR 3 Month + 4.4000%, 0%, 1/25/33 (144A)‡	8,000,000		7,994,088
	Raptor Aircraft Finance I LLC, 4.2130%, 8/23/44 (144A)	9,660,316		7,764,566
	Reach Financial LLC 2022-2A D, 9.0000%, 5/15/30 (144A)	8,000,000		7,950,964
	ReadyCap Lending 2023-3 A,
	Prime Rate by Country United States + 0.0700%, 8.5700%, 4/25/48 (144A)‡	9,944,790		9,963,022

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
10	DECEMBER 31, 2023

Janus Henderson Multi-Sector Income Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	Rockford Tower CLO Ltd 2020-1A D,
	CME Term SOFR 3 Month + 4.0116%, 9.4274%, 1/20/32 (144A)‡	$3,000,000	$2,999,904
	Saluda Grade Alternative Mortgage Trust 2023-FIG3 C,
	8.9480%, 8/25/53 (144A)	2,849,937	2,945,926
	Saluda Grade Alternative Mortgage Trust 2023-FIG4 C,
	8.0070%, 11/25/53 (144A)	6,700,000	6,699,882
	Sand Trust 2021-1A D,
	CME Term SOFR 3 Month + 3.8116%, 9.2055%, 10/15/34 (144A)‡	8,000,000	7,832,704
	Santander Bank Auto Credit-Linked Notes 2022-B E, 8.6810%, 8/16/32 (144A)	1,995,043	1,973,617
	Santander Bank Auto Credit-Linked Notes 2022-C E, 11.3660%, 12/15/32 (144A)	2,417,830	2,442,204
	Santander Bank Auto Credit-Linked Notes 2023-A E, 10.0680%, 6/15/33 (144A)	713,906	714,599
	Santander Bank Auto Credit-Linked Notes 2023-B E, 8.4080%, 12/15/33 (144A)	2,500,000	2,502,298
	Santander Bank Auto Credit-Linked Notes 2023-B F, 12.2400%, 12/15/33 (144A)	7,000,000	7,006,028
	Santander Bank Auto Credit-Linked Notes 2023-B G, 17.1280%, 12/15/33 (144A)	4,500,000	4,509,535
	Santander Consumer Auto Receivables Trust 2020-BA, 4.1300%, 1/15/27 (144A)	1,500,000	1,459,211
	Santander Consumer Auto Receivables Trust 2021-AA E,
	3.2800%, 3/15/27 (144A)	1,750,000	1,645,177
	SB Multifamily Repack Trust 2020-FRR2 A2, 6.7428%, 12/27/39 (144A)‡	17,304,797	16,692,043
	SEB Funding LLC 2021-1A A2, 4.9690%, 1/30/52 (144A)	13,712,633	12,665,399
	Sierra Receivables Funding Co LLC 2020-2A D, 6.5900%, 7/20/37 (144A)	1,447,455	1,417,341
	Sierra Receivables Funding Co LLC 2021-1A D, 3.1700%, 11/20/37 (144A)	3,037,183	2,832,449
	Sierra Receivables Funding Co LLC 2022-3A C, 7.6300%, 7/20/39 (144A)	1,256,742	1,284,966
	Sierra Receivables Funding Co LLC 2023-1A C, 7.0000%, 1/20/40 (144A)	1,655,087	1,669,474
	Sierra Receivables Funding Co LLC 2023-3A D, 9.4400%, 9/20/40 (144A)	2,746,779	2,766,275
	Sierra Timeshare 2019-1 Receivables Funding LLC, 4.7500%, 1/20/36 (144A)	828,189	817,789
	Sierra Timeshare 2019-2 Receivables Funding LLC, 4.5400%, 5/20/36 (144A)	1,793,992	1,749,989
	Signal Peak CLO LLC 2022-12A A1, 6.8910%, 7/10/28‡	6,723,000	7,028,309
	SMRT 2022-MINI E, CME Term SOFR 1 Month + 2.7000%, 8.0620%, 1/15/39 (144A)‡	7,000,000	6,584,910
	SMRT 2022-MINI F, CME Term SOFR 1 Month + 3.3500%, 8.7120%, 1/15/39 (144A)‡	3,787,000	3,471,703
	Sprite Limited 2021-1 B, 5.1000%, 11/15/46 (144A)	4,535,971	3,748,838
	Sprite Limited 2021-1 C, 8.8350%, 11/15/46 (144A)	6,333,380	5,315,578
	Steele Creek CLO Ltd 2019-2A CR,
	CME Term SOFR 3 Month + 2.9116%, 8.2196%, 7/15/32 (144A)‡	4,000,000	3,926,828
	Summit Issuer LLC 2020-1A B, 3.1790%, 12/20/50 (144A)	2,500,000	2,254,730
	Tesla Auto Lease Trust 2021-A E, 2.6400%, 3/20/25 (144A)	14,850,000	14,798,401
	THE 2023-MIC Trust 2023-MIC A, 8.4366%, 12/5/38 (144A)‡	10,000,000	10,526,269
	Theorem Funding Trust 2022-3A A, 7.6000%, 4/15/29 (144A)	4,729,672	4,762,683
	Thrust Engine Leasing 2021-1A A, 4.1630%, 7/15/40 (144A)	8,908,130	7,655,514
	Thunderbolt Aircraft Lease Ltd 2017-A B, 5.7500%, 5/17/32 (144A)Ç	2,172,422	1,878,169
	Tricolor Auto Securitization Trust 2022-1A E, 7.7900%, 8/16/27 (144A)	10,870,000	10,873,957
	Tricolor Auto Securitization Trust 2023-1A D, 8.5600%, 7/15/27 (144A)	5,750,000	5,874,446
	TVEST LLC 2021-A B, 0%, 9/15/33 (144A)	6,550,000	5,399,034
	Upstart Securitization Trust 2019-3 C, 5.3810%, 1/21/30 (144A)	1,717,348	1,714,877
	Upstart Securitization Trust 2020-3 C, 6.2500%, 11/20/30 (144A)	11,140,624	11,045,688
	Upstart Securitization Trust 2021-1 C, 4.0600%, 3/20/31 (144A)	8,480,489	8,283,320
	Upstart Securitization Trust 2023-1 B, 8.3500%, 2/20/33 (144A)	6,235,000	6,338,409
	Upstart Securitization Trust 2023-3 B, 8.2500%, 10/20/33 (144A)	10,000,000	10,365,665
	US Bank National Association 2023-1 C, 9.7850%, 8/25/32 (144A)	3,750,000	3,760,055
	VASA Trust 2021-VASA D,
	CME Term SOFR 1 Month + 2.2145%, 7.5765%, 7/15/39 (144A)‡	7,000,000	4,835,765
	VASA Trust 2021-VASA F,
	CME Term SOFR 1 Month + 4.0145%, 9.3765%, 7/15/39 (144A)‡	5,500,000	3,021,240
	VB-S1 Issuer LLC 2020-2A B, 3.2290%, 9/15/50 (144A)	5,750,000	5,401,097
	VB-S1 Issuer LLC 2020-2A C, 4.4590%, 9/15/50 (144A)	12,000,000	11,259,374
	Venture CDO Ltd 2013-15A CR3,
	CME Term SOFR 3 Month + 2.9116%, 8.3055%, 7/15/32 (144A)‡	5,000,000	4,884,215
	Venture CDO Ltd 2017-28AA CR,
	CME Term SOFR 3 Month + 2.6616%, 8.0774%, 10/20/34 (144A)‡	3,174,000	3,117,036

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	11

Janus Henderson Multi-Sector Income Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts				Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	Wellfleet CLO Ltd 2020-1A B,
	CME Term SOFR 3 Month + 2.8116%, 8.2055%, 4/15/33 (144A)‡	$3,750,000		$3,720,540
	Wells Fargo Commercial Mortgage Trust 2021-C61 XA, 1.3597%, 11/15/54‡,¤	80,837,601		5,236,074
	Westgate Resorts 2022-1A D, 3.8380%, 8/20/36 (144A)	5,713,543		5,394,262
	Westlake Automobile Receivable Trust 2021-3A E, 3.4200%, 4/15/27 (144A)	5,000,000		4,738,670
	Willis Engine Securitization Trust 2020-A B, 4.2120%, 3/15/45 (144A)	5,388,637		4,519,895
	Willis Engine Securitization Trust 2020-A C, 6.6570%, 3/15/45 (144A)	1,267,124		975,673
	Woodward Capital Management 2017-280P B,
	CME Term SOFR 1 Month + 1.3800%, 6.7380%, 9/15/34 (144A)‡	5,400,000		5,054,281
	Worldwide Plaza Trust 2017-WWP F, 3.5955%, 11/10/36 (144A)‡	4,305,008		314,849
	Z Capital Credit Partners CLO 2018-1 Ltd,
	ICE LIBOR USD 3 Month + 2.4500%, 8.1055%, 1/16/31 (144A)‡	1,250,000		1,243,925
	Z Capital Credit Partners CLO 2018-1A A2 Ltd,
	ICE LIBOR USD 3 Month + 1.5600%, 7.2155%, 1/16/31 (144A)‡	2,144,278		2,144,600
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $2,037,834,091)				1,961,411,302
Bank Loans and Mezzanine Loans– 4.4%
Basic Industry – 0.4%
	Aruba Investments Holdings LLC,
	CME Term SOFR 1 Month + 7.7500%, 13.2060%, 11/24/28‡	5,786,000		5,402,677
	Herens US Holdco Corp, CME Term SOFR 3 Month + 3.9250%, 9.3731%, 7/3/28‡	7,502,102		6,791,377
	SK Neptune Husky Group Sarl,
	CME Term SOFR 3 Month + 10.0000%, 15.6394%, 4/30/24ƒ,‡	841,331		811,884
				13,005,938
Brokerage – 0.1%
	Aretec Group Inc, CME Term SOFR 1 Month + 4.5000%, 9.9560%, 8/9/30‡	3,907,365		3,908,721
Capital Goods – 0.5%
	Arcline FM Holdings LLC,
	CME Term SOFR 3 Month + 8.2500%, 13.8598%, 6/25/29‡	8,009,010		7,628,582
	Covanta Holding Corp, CME Term SOFR 1 Month + 3.0000%, 8.3598%, 11/30/28‡	1,658,823		1,663,397
	Covanta Holding Corp, CME Term SOFR 1 Month + 3.0000%, 8.3598%, 11/30/28‡	130,730		130,763
	Standard Industries Inc, CME Term SOFR 1 Month + 2.2500%, 7.7214%, 9/22/28‡	7,788,298		7,800,136
	Summit Materials LLC, CME Term SOFR 6 Month + 3.0000%, 8.5712%, 12/14/27‡	703,890		706,197
				17,929,075
Commercial Services – 0.1%
	Lernen Bidco Ltd, EURIBOR 3 Month + 4.7500%, 8.6330%, 4/25/29‡	2,860,000	EUR	3,143,329
Communications – 0.3%
	Century DE Buyer LLC, CME Term SOFR 3 Month + 4.0000%, 9.3900%, 10/30/30‡	5,840,000		5,854,600
	Directv Financing LLC, CME Term SOFR 3 Month + 5.0000%, 10.6498%, 8/2/27‡	5,406,908		5,553,228
				11,407,828
Consumer Cyclical – 1.2%
	Arches Buyer Inc, CME Term SOFR 1 Month + 3.2500%, 8.7060%, 12/6/27‡	7,379,530		7,205,299
	Driven Holdings LLC, CME Term SOFR 1 Month + 3.0000%, 8.4698%, 12/17/28‡	4,544,743		4,525,917
	Entain Holdings (Gibraltar) Ltd,
	EURIBOR 3 Month + 3.7500%, 7.6750%, 6/30/28‡	4,770,000	EUR	5,287,405
	Entain Holdings (Gibraltar) Ltd,
	CME Term SOFR 3 Month + 3.5000%, 8.9481%, 10/31/29‡	1,790,965		1,797,350
	Flutter Financing BV, CME Term SOFR 3 Month + 3.2500%, 8.9017%, 7/22/28‡	3,620,651		3,628,689
	Loire Finco Luxembourg, EURIBOR 12 Month + 3.2500%, 7.0930%, 4/21/27‡	2,660,000	EUR	2,853,020
	Mic Glen LLC, CME Term SOFR 1 Month + 6.7500%, 12.2060%, 7/20/29‡	7,907,942		7,670,704
	Tacala Investment Corp, CME Term SOFR 1 Month + 8.0000%, 13.4704%, 2/4/28‡	5,683,991		5,659,152
	Wyndham Worldwide Corp, CME Term SOFR 3 Month + 3.2500%, 8.7439%, 12/14/29‡	4,466,250		4,470,716
				43,098,252
Consumer Non-Cyclical – 0.7%
	Eyecare Partners LLC, CME Term SOFR 3 Month + 6.7500%, 12.3948%, 11/15/29‡	7,500,000		2,006,250
	Financiere Mendel SASU, CME Term SOFR 3 Month + 4.2500%, 9.6157%, 11/12/30‡	2,775,000		2,772,392
	IQVIA Inc, CME Term SOFR 3 Month + 2.0000%, 7.3481%, 1/2/31‡	1,393,000		1,396,984

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
12	DECEMBER 31, 2023

Janus Henderson Multi-Sector Income Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts				Value
Bank Loans and Mezzanine Loans– (continued)
Consumer Non-Cyclical– (continued)
	Journey Personal Care Corp,
	CME Term SOFR 3 Month + 4.2500%, 9.9810%, 3/1/28‡	$3,342,385		$3,297,909
	Mamba Purchaser Inc, CME Term SOFR 1 Month + 6.5000%, 11.9306%, 10/15/29‡	2,000,000		1,975,000
	Summit Behavioral Healthcare LLC,
	CME Term SOFR 3 Month + 4.7500%, 10.3998%, 11/24/28‡	923,650		923,685
	Topgolf Callaway Brands Corp,
	CME Term SOFR 1 Month + 3.5000%, 8.9560%, 3/15/30‡	2,756,014		2,760,082
	VetStrategy Canada Holdings Inc,
	CME Term SOFR 1 Month + 5.5000%, 10.8220%, 11/17/28ƒ,‡	9,266,667		9,274,358
				24,406,660
Diversified Financial Services – 0.1%
	Luxembourg Investment Co 428 Sarl,
	CME Term SOFR 3 Month + 5.0000%, 10.0483%, 1/3/29‡	7,944,280		3,508,750
Industrial – 0.2%
	Proampac PG Borrower LLC,
	CME Term SOFR 1 Month + 4.5000%, 12.0000%, 9/15/28‡	7,513,164		7,515,493
Insurance – 0.1%
	USI Inc/NY, CME Term SOFR 1 Month + 3.2500%, 10.7500%, 9/27/30‡	1,848,672		1,853,880
Technology – 0.4%
	Claudius Finance Sarl, EURIBOR 3 Month + 3.7500%, 7.7190%, 7/10/28‡	3,250,000	EUR	3,557,185
	Magenta Buyer LLC, CME Term SOFR 3 Month + 8.2500%, 13.8948%, 7/27/29‡	8,900,000		3,382,000
	Mitchell International Inc,
	CME Term SOFR 3 Month + 3.7500%, 9.3998%, 10/15/28‡	7,702,800		7,709,040
				14,648,225
Transportation – 0.3%
	First Student Bidco Inc, CME Term SOFR 3 Month + 3.0000%, 8.1431%, 7/21/28‡	7,173,210		7,111,951
	First Student Bidco Inc, CME Term SOFR 3 Month + 3.0000%, 8.1431%, 7/21/28‡	2,169,661		2,151,133
				9,263,084
Total Bank Loans and Mezzanine Loans (cost $169,043,525)				153,689,235
Corporate Bonds– 24.6%
Banking – 2.9%
	American Express Co,
	US Treasury Yield Curve Rate 5 Year + 2.8540%, 3.5500%‡,µ	2,697,000		2,312,138
	Bank of New York Mellon Corp/The, SOFR + 1.6060%, 4.9670%, 4/26/34‡	7,500,000		7,462,968
	Bank of Montreal,
	US Treasury Yield Curve Rate 5 Year + 1.4000%, 3.0880%, 1/10/37‡	5,537,000		4,465,765
	Barclays PLC, SOFR + 2.6200%, 6.6920%, 9/13/34‡	7,592,000		8,115,843
	BNP Paribas SA,
	US Treasury Yield Curve Rate 1 Year + 1.4500%, 5.1250%, 1/13/29 (144A)‡	6,932,000		6,980,586
	BNP Paribas SA,
	US Treasury Yield Curve Rate 5 Year + 4.9690%, 9.2500% (144A)‡,µ	4,267,000		4,562,980
	Capital One Financial Corp, SOFR + 3.0700%, 7.6240%, 10/30/31‡	2,441,000		2,682,382
	Citigroup Inc, US Treasury Yield Curve Rate 5 Year + 3.5970%, 4.0000%‡,µ	5,000,000		4,602,060
	Citigroup Inc, US Treasury Yield Curve Rate 5 Year + 3.4170%, 3.8750%‡,µ	5,310,000		4,701,072
	Commonwealth Bank of Australia, 3.7840%, 3/14/32 (144A)	7,269,000		6,357,964
	Credit Suisse Group AG, SOFR + 3.7300%, 4.1940%, 4/1/31 (144A)‡	3,186,000		2,966,303
	ING Groep NV, SOFR + 2.0900%, 6.1140%, 9/11/34‡	4,357,000		4,569,477
	JPMorgan Chase & Co, SOFR + 1.0150%, 2.0690%, 6/1/29‡	4,309,000		3,820,578
	JPMorgan Chase & Co, CME Term SOFR 3 Month + 3.3800%, 5.0000%‡,µ	2,163,000		2,123,559
	JPMorgan Chase & Co,
	US Treasury Yield Curve Rate 5 Year + 2.8500%, 3.6500%‡,µ	2,501,000		2,288,750
	Morgan Stanley, CME Term SOFR 3 Month + 1.8896%, 4.4310%, 1/23/30‡	2,117,000		2,061,910
	Morgan Stanley, SOFR + 3.1200%, 3.6220%, 4/1/31‡	3,996,000		3,681,221
	Morgan Stanley,
	US Treasury Yield Curve Rate 5 Year + 2.4300%, 5.9480%, 1/19/38‡	1,574,000		1,591,777
	PNC Financial Services Group Inc/The, SOFR + 2.2840%, 6.8750%, 10/20/34‡	4,709,000		5,227,638
	Sumitomo Mitsui Financial Group Inc, 5.8520%, 7/13/30	9,838,000		10,288,383

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	13

Janus Henderson Multi-Sector Income Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts				Value
Corporate Bonds– (continued)
Banking– (continued)
	Toronto-Dominion Bank/The, 5.5230%, 7/17/28#	$7,448,000		$7,668,018
				98,531,372
Basic Industry – 1.5%
	Celanese US Holdings LLC, 6.3300%, 7/15/29	1,443,000		1,512,657
	Celanese US Holdings LLC, 6.3790%, 7/15/32	2,119,000		2,239,965
	First Quantum Minerals Ltd, 8.6250%, 6/1/31 (144A)	4,604,000		3,901,890
	FMG Resources (August 2006) Pty Ltd, 4.3750%, 4/1/31 (144A)	9,474,000		8,664,104
	Hudbay Minerals Inc, 4.5000%, 4/1/26 (144A)	6,918,000		6,691,620
	Hudbay Minerals Inc, 6.1250%, 4/1/29 (144A)	6,957,000		6,821,191
	IAMGOLD Corp, 5.7500%, 10/15/28 (144A)	3,491,000		3,002,110
	Mineral Resources Ltd, 9.2500%, 10/1/28 (144A)	6,885,000		7,324,056
	Neon Holdings Inc, 10.1250%, 4/1/26 (144A)	3,021,000		2,792,522
	Verde Purchaser LLC, 10.5000%, 11/30/30 (144A)	10,453,000		10,532,965
				53,483,080
Brokerage – 0.4%
	Artec Group Inc, 10.0000%, 8/15/30 (144A)	3,966,000		4,214,470
	Nasdaq Inc, 4.5000%, 2/15/32	7,093,000	EUR	8,374,697
	Nasdaq Inc, 5.5500%, 2/15/34	1,970,000		2,046,536
				14,635,703
Capital Goods – 1.0%
	ARD Finance SA, 5.0000% (5.00% Cash or 5.75% PIK), 6/30/27Ø	9,468,244	EUR	5,147,148
	ARD Finance SA, 5.0000% (5.00% Cash or 5.75% PIK), 6/30/27 (144A)Ø	1,468,400	EUR	798,255
	ARD Finance SA, 6.5000% (6.50% Cash or 7.25% PIK), 6/30/27 (144A)#,Ø	3,388,380		1,582,983
	Ardagh Metal Packaging SA, 3.0000%, 9/1/29	8,863,000	EUR	7,861,613
	LABL Inc, 8.2500%, 11/1/29 (144A)	8,536,000		7,191,580
	Regal Rexnord Corp, 6.3000%, 2/15/30 (144A)	2,843,000		2,916,665
	Regal Rexnord Corp, 6.4000%, 4/15/33 (144A)	1,897,000		1,977,186
	Trinity Industries Inc, 7.7500%, 7/15/28 (144A)	7,331,000		7,573,517
				35,048,947
Communications – 1.4%
	Altice Financing SA, 5.0000%, 1/15/28 (144A)	9,491,000		8,603,226
	AT&T Inc, EURIBOR ICE SWAP Rate + 3.1400%, 2.8750%‡,µ	5,300,000	EUR	5,612,515
	Banijay Entertainment SASU, 8.1250%, 5/1/29 (144A)	7,543,000		7,765,782
	CCO Holdings LLC / CCO Holdings Capital Corp, 4.2500%, 2/1/31 (144A)	9,366,000		8,185,230
	Netflix Inc, 3.6250%, 6/15/30	8,071,000	EUR	9,052,748
	T-Mobile USA Inc, 3.3750%, 4/15/29	4,899,000		4,551,677
	T-Mobile USA Inc, 5.7500%, 1/15/34	4,576,000		4,853,498
				48,624,676
Consumer Cyclical – 2.6%
	Adler Pelzer Holding GmbH, 9.5000%, 4/1/27 (144A)	6,450,000	EUR	7,084,064
	Carnival Corp, 7.6250%, 3/1/26 (144A)#	7,567,000		7,703,819
	Carnival Corp, 6.0000%, 5/1/29 (144A)	6,514,000		6,267,807
	CBRE Services Inc, 5.9500%, 8/15/34	7,979,000		8,382,437
	Ford Motor Credit Co LLC, 7.3500%, 11/4/27	5,197,000		5,480,490
	Full House Resorts Inc, 8.2500%, 2/15/28 (144A)#	10,378,000		9,755,320
	GLP Capital LP / GLP Financing II Inc, 4.0000%, 1/15/31	3,218,000		2,898,239
	Kohl's Corp, 4.6250%, 5/1/31Ç	7,649,000		6,004,474
	Lithia Motors Inc, 3.8750%, 6/1/29 (144A)	3,700,000		3,341,299
	Lithia Motors Inc, 4.3750%, 1/15/31 (144A)	6,689,000		6,080,467
	LKQ Corp, 6.2500%, 6/15/33	5,850,000		6,113,088
	LSF9 Atlantis Holdings LLC / Victra Finance Corp, 7.7500%, 2/15/26 (144A)	8,375,000		8,033,761
	Pinnacle Bidco PLC, 8.2500%, 10/11/28 (144A)	5,150,000	EUR	5,904,457
	VICI Properties LP, 4.9500%, 2/15/30	4,993,000		4,844,808
	VICI Properties LP, 5.1250%, 5/15/32	1,932,000		1,883,321
				89,777,851
Consumer Non-Cyclical – 3.2%
	AdaptHealth LLC, 6.1250%, 8/1/28 (144A)	8,398,000		7,247,306
	AMN Healthcare Inc, 4.0000%, 4/15/29 (144A)	4,005,000		3,612,164

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
14	DECEMBER 31, 2023

Janus Henderson Multi-Sector Income Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts				Value
Corporate Bonds– (continued)
Consumer Non-Cyclical– (continued)
	Atlas LuxCo 4 Sarl / Allied Universal Holdco LLC / Allied Universal Finance Corp,
	4.6250%, 6/1/28 (144A)	$2,787,000		$2,546,942
	Bayer US Finance LLC, 6.2500%, 1/21/29 (144A)	4,625,000		4,727,897
	Cheplapharm Arzneimittel GmbH, 7.5000%, 5/15/30 (144A)	12,700,000	EUR	14,909,365
	HCA Inc, 3.6250%, 3/15/32	682,000		609,827
	Heartland Dental LLC / Heartland Dental Finance Corp,
	10.5000%, 4/30/28 (144A)	11,834,000		12,278,245
	HLF Financing Sarl LLC / Herbalife International Inc,
	4.8750%, 6/1/29 (144A)	7,721,000		6,062,606
	JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc,
	6.7500%, 3/15/34 (144A)	7,608,000		8,016,017
	LifePoint Health Inc, 11.0000%, 10/15/30 (144A)	4,625,000		4,870,828
	Mattel Inc, 5.4500%, 11/1/41	6,817,000		6,139,368
	Organon Finance 1 LLC, 5.1250%, 4/30/31 (144A)	7,824,000		6,688,305
	Pediatrix Medical Group Inc, 5.3750%, 2/15/30 (144A)	6,092,000		5,425,047
	Pilgrim's Pride Corp, 6.2500%, 7/1/33	10,977,000		11,294,499
	Roche Holdings Inc, 5.3380%, 11/13/28 (144A)	7,953,000		8,248,199
	Universal Health Services Inc, 2.6500%, 1/15/32	7,779,000		6,390,606
				109,067,221
Electric – 1.8%
	Algonquin Power & Utilities Corp,
	US Treasury Yield Curve Rate 5 Year + 3.2490%, 4.7500%, 1/18/82‡	8,480,000		7,165,600
	American Electric Power Co Inc, 5.6250%, 3/1/33	3,096,000		3,225,383
	American Electric Power Co Inc,
	US Treasury Yield Curve Rate 5 Year + 2.6750%, 3.8750%, 2/15/62‡	5,517,000		4,630,290
	CMS Energy Corp,
	US Treasury Yield Curve Rate 5 Year + 4.1160%, 4.7500%, 6/1/50‡	3,354,000		3,028,429
	Duquesne Light Holdings Inc, 2.5320%, 10/1/30 (144A)	3,072,000		2,554,397
	IPALCO Enterprises Inc, 4.2500%, 5/1/30	4,008,000		3,703,083
	NRG Energy Inc, 3.8750%, 2/15/32 (144A)	881,000		754,180
	NRG Energy Inc, 7.0000%, 3/15/33 (144A)	11,666,000		12,330,437
	Vistra Operations Co LLC, 6.9500%, 10/15/33 (144A)	12,050,000		12,681,854
	Xcel Energy Inc, 4.6000%, 6/1/32	4,725,000		4,606,240
	Xcel Energy Inc, 5.4500%, 8/15/33	8,625,000		8,894,722
				63,574,615
Energy – 3.0%
	AmeriGas Partners LP / AmeriGas Finance Corp, 5.7500%, 5/20/27	7,888,000		7,671,256
	Civitas Resources Inc, 8.3750%, 7/1/28 (144A)	7,152,000		7,466,295
	DT Midstream Inc, 4.1250%, 6/15/29 (144A)	7,432,000		6,837,317
	EnLink Midstream Partners LP, CME Term SOFR 3 Month + 4.3716%, 9.7562%‡,µ	7,858,000		7,156,708
	FTAI Infra Escrow Holdings LLC, 10.5000%, 6/1/27 (144A)	13,378,000		13,877,557
	Hess Midstream Operations LP, 4.2500%, 2/15/30 (144A)	8,646,000		7,954,320
	Howard Midstream Energy Partners LLC, 6.7500%, 1/15/27 (144A)	9,769,000		9,660,297
	Occidental Petroleum Corp, 7.8750%, 9/15/31	4,784,000		5,442,083
	SM Energy Co, 5.6250%, 6/1/25	8,923,000		8,817,837
	Sunoco LP / Sunoco Finance Corp, 4.5000%, 4/30/30	8,262,000		7,649,061
	Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp,
	5.5000%, 1/15/28 (144A)	5,739,000		5,423,404
	Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp,
	6.0000%, 9/1/31 (144A)	1,155,000		1,068,295
	Venture Global LNG Inc, 9.5000%, 2/1/29 (144A)	6,486,666		6,863,976
	Viper Energy Partners LP, 7.3750%, 11/1/31 (144A)	6,090,000		6,303,150
				102,191,556
Finance Companies – 1.4%
	Fortress Transportation and Infrastructure Investors LLC,
	6.5000%, 10/1/25 (144A)	2,318,000		2,310,578
	Fortress Transportation and Infrastructure Investors LLC,
	9.7500%, 8/1/27 (144A)	3,509,000		3,649,360
	Navient Corp, 6.7500%, 6/25/25	4,729,000		4,785,365

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	15

Janus Henderson Multi-Sector Income Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts				Value
Corporate Bonds– (continued)
Finance Companies– (continued)
	Navient Corp, 9.3750%, 7/25/30	$8,997,000		$9,425,950
	Oaktree Strategic Credit Fund, 8.4000%, 11/14/28 (144A)	2,775,000		2,922,952
	OWL Rock Core Income Corp, 4.7000%, 2/8/27	8,032,000		7,586,808
	PennyMac Financial Services Inc, 5.7500%, 9/15/31 (144A)#	8,000,000		7,403,850
	Springleaf Finance Corp, 6.8750%, 3/15/25	8,426,000		8,529,471
				46,614,334
Financial Institutions – 0.7%
	AT Securities BV, USD SWAP SEMI 30/360 5YR + 3.5460%, 7.7470%‡,µ	5,000,000		2,282,600
	Burford Capital Global Finance LLC, 6.2500%, 4/15/28 (144A)	4,962,000		4,758,228
	Burford Capital Global Finance LLC, 6.8750%, 4/15/30 (144A)	4,025,000		3,884,415
	CPI Property Group SA, EUR SWAP ANNUAL 5 YR + 4.9440%, 4.8750%‡,µ	5,589,000	EUR	1,761,119
	GGAM Finance Ltd, 8.0000%, 6/15/28 (144A)	10,154,000		10,505,318
				23,191,680
Government Sponsored – 0.4%
	Georgian Railway JSC, 4.0000%, 6/17/28	4,457,000		4,069,357
	Petroleos Mexicanos, 5.9500%, 1/28/31	10,596,000		8,460,906
	Uzbekneftegaz JSC, 4.7500%, 11/16/28	1,087,000		902,758
				13,433,021
Insurance – 0.9%
	Arthur J Gallagher & Co, 6.5000%, 2/15/34	8,113,000		8,868,533
	Athene Global Funding, 2.6460%, 10/4/31 (144A)	8,600,000		6,987,057
	Brown & Brown Inc, 4.9500%, 3/17/52	3,218,000		2,852,156
	Centene Corp, 3.3750%, 2/15/30	14,292,000		12,823,214
				31,530,960
Mortgage Assets – 0.1%
	Banco La Hipotecaria SA, 4.1250%, 12/15/24 (144A)	5,000,000		4,872,959
Real Estate Investment Trusts (REITs) – 0.4%
	Alexandria Real Estate Equities Inc, 4.7500%, 4/15/35	5,706,000		5,534,830
	Broadstone Net Lease LLC, 2.6000%, 9/15/31	2,870,000		2,223,754
	Lexington Realty Trust, 2.7000%, 9/15/30	3,324,000		2,753,103
	Safehold Operating Partnership LP, 2.8000%, 6/15/31	5,556,000		4,565,181
				15,076,868
Technology – 2.6%
	Austin BidCo Inc, 7.1250%, 12/15/28 (144A)	8,552,000		7,322,650
	CA Magnum Holdings, 5.3750%, 10/31/26 (144A)	6,237,000		5,800,410
	Entegris Inc, 3.6250%, 5/1/29 (144A)	8,081,000		7,299,002
	Equinix Inc, 2.5000%, 5/15/31	8,726,000		7,406,840
	Fiserv Inc, 5.6000%, 3/2/33	4,500,000		4,697,423
	Foundry JV Holdco LLC, 5.8750%, 1/25/34 (144A)	9,000,000		9,244,206
	Iron Mountain Inc, 5.2500%, 7/15/30 (144A)	5,631,000		5,360,191
	Iron Mountain Inc, 4.5000%, 2/15/31 (144A)	3,754,000		3,399,313
	Leidos Inc, 5.7500%, 3/15/33	3,278,000		3,418,226
	Marvell Technology Inc, 5.9500%, 9/15/33	7,652,000		8,114,103
	RingCentral Inc, 8.5000%, 8/15/30 (144A)	8,801,000		8,999,022
	Trimble Inc, 6.1000%, 3/15/33	7,117,000		7,616,621
	Western Digital Corp, 2.8500%, 2/1/29	13,923,000		11,985,977
				90,663,984
Transportation – 0.3%
	Forward Air Corp, 9.5000%, 10/15/31 (144A)	517,000		504,742
	Rand Parent LLC, 8.5000%, 2/15/30 (144A)	6,454,000		6,172,125
	XPO Inc, 7.1250%, 2/1/32 (144A)	3,101,000		3,200,486
				9,877,353
Total Corporate Bonds (cost $858,935,992)				850,196,180
Foreign Government Bonds– 2.2%
	Arab Republic of Egypt Government Bond, 8.7500%, 9/30/51	5,208,000		3,281,040
	Commonwealth of the Bahamas Government Bond, 6.0000%, 11/21/28	3,391,000		2,984,080
	Dominican Republic Government Bond, 7.0500%, 2/3/31	4,818,000		5,058,900
	Gabonese Republic Government Bond, 6.9500%, 6/16/25	1,567,000		1,490,797

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
16	DECEMBER 31, 2023

Janus Henderson Multi-Sector Income Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts				Value
Foreign Government Bonds– (continued)
	Gabonese Republic Government Bond, 7.0000%, 11/24/31	$335,000		$278,581
	Mongolia Government Bond, 5.1250%, 4/7/26	2,185,000		2,114,879
	Mongolia Government Bond, 3.5000%, 7/7/27	1,705,000		1,518,032
	Mongolia Government Bond, 4.4500%, 7/7/31	5,601,000		4,677,528
	Republic of Angola Government Bond, 8.0000%, 11/26/29	6,052,000		5,367,519
	Republic of Benin Government Bond, 4.8750%, 1/19/32	3,275,000	EUR	2,951,896
	Republic of Benin Government Bond, 4.9500%, 1/22/35	2,400,000	EUR	2,081,151
	Republic of Colombia Government Bond, 3.0000%, 1/30/30	3,510,000		2,959,527
	Republic of Colombia Government Bond, 3.1250%, 4/15/31	3,160,000		2,569,520
	Republic of Columbia Government Bond, 3.2500%, 4/22/32	6,867,000		5,450,194
	Republic of Georgia Government Bond, 2.7500%, 4/22/26	2,880,000		2,693,570
	Republic of Mozambique Government Bond, 9.0000%, 9/15/31Ç	2,682,000		2,271,869
	Republic of North Macedonia Government Bond, 6.9600%, 3/13/27	2,758,000	EUR	3,174,653
	Republic of North Macedonia Government Bond, 1.6250%, 3/10/28	7,685,000	EUR	7,333,629
	Republic of Uzbekistan Government Bond, 7.8500%, 10/12/28 (144A)	5,692,000		5,944,611
	Romania Government Bond, 1.7500%, 7/13/30	4,774,000	EUR	4,247,203
	Romania Government Bond, 2.1240%, 7/16/31	4,800,000	EUR	4,212,456
	Romania Government Bond, 2.0000%, 4/14/33	4,900,000	EUR	4,036,350
Total Foreign Government Bonds (cost $75,330,977)				76,697,985
Mortgage-Backed Securities– 26.9%
Fannie Mae:
	3.0000%, TBA, 15 Year Maturity	16,732,212		15,778,459
	3.5000%, TBA, 15 Year Maturity	15,731,117		15,154,194
	4.0000%, TBA, 15 Year Maturity	24,687,000		24,216,490
	3.0000%, TBA, 30 Year Maturity	31,587,142		27,912,894
	3.5000%, TBA, 30 Year Maturity	127,576,875		116,941,301
	4.0000%, TBA, 30 Year Maturity	152,830,871		144,541,172
	4.5000%, TBA, 30 Year Maturity	92,479,774		89,657,476
	5.0000%, TBA, 30 Year Maturity	86,379,023		85,487,764
	5.5000%, TBA, 30 Year Maturity	112,300,556		112,836,230
	6.0000%, TBA, 30 Year Maturity	26,700,000		27,110,646
				659,636,626
Fannie Mae Pool:
	3.0000%, 10/1/34	120,947		114,806
	6.0000%, 2/1/37	561		589
	3.0000%, 9/1/42	972,202		883,612
	3.0000%, 1/1/43	1,231,617		1,119,389
	3.0000%, 2/1/43	3,632,492		3,306,100
	3.0000%, 2/1/43	490,395		445,709
	3.0000%, 2/1/43	33,081		30,131
	3.0000%, 3/1/43	1,578,402		1,437,648
	3.0000%, 3/1/43	444,926		405,250
	3.0000%, 5/1/43	365,799		333,179
	3.0000%, 5/1/43	1,852		1,687
	5.0000%, 7/1/44	4,875		4,942
	4.5000%, 10/1/44	3,272		3,286
	4.5000%, 3/1/45	5,119		5,141
	3.0000%, 7/1/45	1,962,872		1,787,834
	4.5000%, 2/1/46	7,224		7,183
	3.0000%, 9/1/46	886,285		805,524
	3.0000%, 11/1/46	303,132		273,547
	3.0000%, 1/1/47	45,421		40,988
	4.0000%, 5/1/47	767,217		742,985
	3.5000%, 1/1/48	2,809		2,644
	4.0000%, 1/1/48	10,752		10,412
	3.5000%, 3/1/48	2,971,025		2,764,562
	4.0000%, 3/1/48	3,335		3,225
	4.5000%, 12/1/48	463,315		459,593
	3.0000%, 9/1/49	349,851		316,003
	4.5000%, 12/1/50	4,845,051		4,762,808

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	17

Janus Henderson Multi-Sector Income Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Fannie Mae Pool– (continued)
	4.0000%, 10/1/51	$25,735,117	$24,688,098
	5.5000%, 10/1/52	12,947,542	13,041,504
	5.0000%, 6/1/53	8,424,811	8,460,270
	5.5000%, 6/1/53	9,678,327	9,843,413
	5.5000%, 6/1/53	151,903	154,494
	5.0000%, 7/1/53	28,670,138	28,852,570
	5.5000%, 7/1/53	435,575	440,787
	5.5000%, 7/1/53	261,942	266,410
	5.5000%, 9/1/53	15,140,838	15,399,101
	3.0000%, 2/1/57	4,929,937	4,346,630
	3.0000%, 6/1/57	21,163	18,641
			125,580,695
Freddie Mac Pool:
	3.0000%, 5/1/31	1,148,691	1,100,706
	3.0000%, 9/1/32	182,962	174,046
	3.0000%, 1/1/33	99,579	94,650
	3.0000%, 10/1/34	307,753	293,581
	3.0000%, 10/1/34	142,815	135,563
	6.0000%, 4/1/40	12,356	12,995
	3.0000%, 2/1/43	3,480	3,170
	3.0000%, 3/1/43	80,949	73,836
	3.0000%, 6/1/43	127,627	114,695
	3.0000%, 11/1/43	3,898,375	3,543,145
	4.5000%, 5/1/44	2,455	2,445
	3.0000%, 1/1/45	2,289	2,079
	3.5000%, 7/1/46	2,192	2,067
	4.0000%, 3/1/47	6,518	6,299
	3.5000%, 12/1/47	38,032	35,681
	3.5000%, 2/1/48	2,430	2,273
	4.0000%, 4/1/48	1,322	1,277
	4.5000%, 4/1/49	1,092,032	1,073,470
	4.0000%, 5/1/49	4,200,720	4,030,431
	3.5000%, 8/1/49	1,968,710	1,826,177
	3.0000%, 12/1/49	496,735	444,506
	3.0000%, 12/1/49	281,772	252,144
	4.5000%, 10/1/50	2,836,589	2,788,439
	5.5000%, 10/1/52	128,014	130,406
	5.0000%, 7/1/53	11,042,315	11,072,272
	5.5000%, 7/1/53	1,992,111	2,015,946
	5.5000%, 7/1/53	1,259,729	1,274,802
			30,507,101
Ginnie Mae:
	3.5000%, TBA, 30 Year Maturity	98,660,539	91,814,780
	4.0000%, TBA, 30 Year Maturity	16,054,402	15,323,124
	5.0000%, TBA, 30 Year Maturity	7,343,765	7,293,056
			114,430,960
Ginnie Mae I Pool:
	4.5000%, 8/15/46	9,893	9,765
	4.0000%, 7/15/47	2,957	2,853
	4.0000%, 8/15/47	341	329
	4.0000%, 11/15/47	583	563
	4.0000%, 12/15/47	1,820	1,756
			15,266
Ginnie Mae II Pool:
	4.5000%, 2/20/48	95,135	93,997
	4.5000%, 5/20/48	2,103	2,078
	4.5000%, 5/20/48	928	917
			96,992
Total Mortgage-Backed Securities (cost $918,196,169)			930,267,640

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
18	DECEMBER 31, 2023

Janus Henderson Multi-Sector Income Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Common Stocks– 0%
Professional Services – 0%
	Clarivate Analytics PLC*((cost $102,410)	4,217	$39,049
Preferred Stocks– 0%
Consumer Cyclical – 0%
	Quiksilver Inc¢	12,688	10,785
Finance Companies – 0%
	Castlelake Aircraft Securitization Trust 2018-1, 6/15/43 (144A)‡	1,000,000	40,000
Industrial – 0%
	Project Silver, 3/15/44 (144A)‡	1,500,000	187,500
	START Ireland, 3/15/44 (144A)‡	1,500,000	375,000
	Thunderbolt II Aircraft Lease Ltd, 9/15/38 (144A)	10	172,092
	Thunderbolt III Aircraft Lease Ltd, 11/15/39 (144A)‡	5,000,000	100,000
			834,592
Total Preferred Stocks (cost $11,018,746)			885,377
Investment Companies– 5.8%
Money Markets – 5.8%
	Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº,£((cost $199,666,655)	199,626,729	199,666,655
Investments Purchased with Cash Collateral from Securities Lending– 0.5%
Investment Companies – 0.4%
	Janus Henderson Cash Collateral Fund LLC, 5.2936%ºº,£	13,234,950	13,234,950
Time Deposits – 0.1%
	Royal Bank of Canada, 5.3100%, 1/2/24	$3,308,738	3,308,738
Total Investments Purchased with Cash Collateral from Securities Lending (cost $16,543,688)			16,543,688
Total Investments (total cost $4,286,672,253) – 121.0%			4,189,397,111
Liabilities, net of Cash, Receivables and Other Assets – (21.0)%			(727,491,681)
Net Assets – 100%			$3,461,905,430

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	19

Janus Henderson Multi-Sector Income Fund

Schedule of Investments (unaudited)

December 31, 2023

Summary of Investments by Country - (Long Positions) (unaudited)
		% of
		Investment
Country	Value	Securities
United States	$3,837,624,521	91.6	%
Canada	32,090,006	0.8
Germany	29,003,926	0.7
Cayman Islands	25,834,759	0.6
United Kingdom	25,304,054	0.6
Luxembourg	24,009,431	0.6
Ireland	22,612,534	0.5
Australia	22,346,124	0.5
France	22,081,740	0.5
Peru	13,512,811	0.3
Romania	12,496,009	0.3
Colombia	10,979,241	0.3
Macedonia, The Former Yugoslav Republic Of	10,508,282	0.3
Japan	10,288,383	0.3
Mexico	8,460,906	0.2
Mongolia	8,310,439	0.2
Uzbekistan	6,847,369	0.2
Georgia	6,762,927	0.2
India	5,800,410	0.1
Jersey	5,511,198	0.1
Angola	5,367,519	0.1
Dominican Republic	5,058,900	0.1
Benin	5,033,047	0.1
Panama	4,872,959	0.1
Netherlands	4,569,477	0.1
Zambia	3,901,890	0.1
Egypt	3,281,040	0.1
Burkina Faso	3,002,110	0.1
Bahamas	2,984,080	0.1
Switzerland	2,966,303	0.1
Mozambique	2,271,869	0.1
Gibraltar	1,797,350	0.0
Gabon	1,769,378	0.0
Czech Republic	1,761,119	0.0
Bermuda	375,000	0.0

Total $4,189,397,111 100.0 %

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
20	DECEMBER 31, 2023

Janus Henderson Multi-Sector Income Fund

Schedule of Investments (unaudited)

December 31, 2023

Schedules of Affiliated Investments – (% of Net Assets)

		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 12/31/23
Investment Companies - 5.8%
Money Markets - 5.8%
	Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº	$	3,183,973	$	(980)	$	354	$	199,666,655
Investments Purchased with Cash Collateral from Securities Lending - 0.4%
Investment Companies - 0.4%
	Janus Henderson Cash Collateral Fund LLC, 5.2936%ºº		124,276∆		-		-		13,234,950
Total Affiliated Investments - 6.2%		$	3,308,249	$	(980)	$	354	$	212,901,605

		Value at 6/30/23		Purchases		Sales Proceeds		Value at 12/31/23
Investment Companies - 5.8%
Money Markets - 5.8%
	Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº		136,328,921		697,852,448		(634,514,088)		199,666,655
Investments Purchased with Cash Collateral from Securities Lending - 0.4%
Investment Companies - 0.4%
	Janus Henderson Cash Collateral Fund LLC, 5.2936%ºº		14,706,842		57,082,216		(58,554,108)		13,234,950

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	21

Janus Henderson Multi-Sector Income Fund

Schedule of Investments (unaudited)

December 31, 2023

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:
Canadian Dollar	3/1/24	20,586	$	(15,626)	$	(74)
Canadian Dollar	3/1/24	(4,956,914)		3,665,813		(78,859)
Euro	3/1/24	24,541		(26,720)		433
Euro	3/1/24	(107,404,705)		117,295,525		(1,543,074)
Total					$	(1,621,574)

Schedule of Futures

Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation/(Depreciation)
Futures Long:
10 Year US Treasury Note		3,185	3/28/24	$	359,556,641	$	11,247,780
2 Year US Treasury Note		1,913	4/3/24		393,913,601		272,394
5 Year US Treasury Note		5,649	4/3/24		614,461,151		13,078,683
Total - Futures Long							24,598,857
Futures Short:
Ultra 10-Year Treasury Note		1,654	3/28/24		(195,197,844)		(8,233,048)
Ultra Long Term US Treasury Bond		81	3/28/24		(10,821,094)		(918,211)
US Treasury Long Bond		60	3/28/24		(7,496,250)		(532,969)
Total - Futures Short							(9,684,228)
Total						$	14,914,629

Schedule of Centrally Cleared Credit Default Swaps - Buy Protection
Reference Asset	Maturity Date	Notional Amount			Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)		Value
CDX.NA.IG.40-V1, Fixed Rate of 1.00%, Paid Quarterly	6/20/28	(78,800,000)	USD	$	(1,173,842)	$	(426,186)	$	(1,600,028)

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
22	DECEMBER 31, 2023

Janus Henderson Multi-Sector Income Fund

Schedule of Investments (unaudited)

December 31, 2023

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 December 31, 2023.

Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2023
	Credit Contracts	Currency Contracts	Interest Rate Contracts	Total
Asset Derivatives:
Forward foreign currency exchange contracts	$ -	$ 433	$ -	$ 433
*Futures contracts		-	24,598,857	$24,598,857
Total Asset Derivatives	$ -	$ 433	$24,598,857	$24,599,290
Liability Derivatives:
Forward foreign currency exchange contracts	$ -	$1,622,007	$ -	$ 1,622,007
*Futures contracts	-	-	9,684,228	$ 9,684,228
*Swaps - centrally cleared	426,186	-	-	$ 426,186
Total Liability Derivatives	$426,186	$1,622,007	$ 9,684,228	$11,732,421
*The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the period ended December 31, 2023.

The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2023
Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative	Credit Contracts	Currency Contracts	Interest Rate Contracts	Total
Futures contracts	$ -	$ -	$(31,237,839)	$(31,237,839)
Forward foreign currency exchange contracts	-	1,540,149	-	$ 1,540,149
Swap contracts	303,659	-	-	$ 303,659
Total	$ 303,659	$ 1,540,149	$(31,237,839)	$(29,394,031)
Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative	Credit Contracts	Currency Contracts	Interest Rate Contracts	Total
Futures contracts	$ -	$ -	$ 23,237,095	$ 23,237,095
Forward foreign currency exchange contracts	-	(1,570,857)	-	$ (1,570,857)
Swap contracts	(426,186)	-	-	$ (426,186)
Total	$(426,186)	$(1,570,857)	$ 23,237,095	$ 21,240,052

Please see the "Net Realized Gain/(Loss) on Investments" "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	23

Janus Henderson Multi-Sector Income Fund

Schedule of Investments (unaudited)

December 31, 2023

Average Ending Monthly Value of Derivative Instruments During the Period Ended December 31, 2023
Credit default swaps:
Average notional amount - buy protection	$76,114,286
Forward foreign currency exchange contracts:
Average amounts purchased - in USD	6,760,512
Average amounts sold - in USD	106,681,665
Futures contracts:
Average notional amount of contracts - long	954,194,381
Average notional amount of contracts - short	579,413,634

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		$	433	$	(433)	$	—	$	—
JPMorgan Chase Bank, National Association			15,791,643		—		(15,791,643)		—
Total		$	15,792,076	$	(433)	$	(15,791,643)	$	—
Offsetting of Financial Liabilities and Derivative Liabilities
			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Liabilities		or Liability(a)		Pledged(b)		Net Amount
BNP Paribas		$	1,622,007	$	(433)	$	—	$	1,621,574
(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.
24	DECEMBER 31, 2023

Janus Henderson Multi-Sector Income Fund

Notes to Schedule of Investments and Other Information (unaudited)

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.

EURIBOR	Euro Interbank Offered Rate
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
LLC	Limited Liability Company
LP	Limited Partnership
PIK	Pay-in-kind (PIK) bonds give the issuer an option to make the interest payment in cash or additional securities.
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 period ended December 31, 2023 is $2,340,173,817, which represents 67.6% of net assets.
*	Non-income producing security.
ƒ	All or a portion of this position is not funded, or has been purchased on a delayed delivery or when-issued basis. If applicable, interest rates will be determined and interest will begin to accrue at a future date. See Notes to Financial Statements.
‡	Variable or floating rate security. Rate shown is the current rate as of December 31, 2023. 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.
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.
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.
¤	Interest only security. An interest only security represents the interest only portion of a pool of underlying mortgages or mortgage-backed securities which are separated and sold individually from the principal portion of the securities. Principal amount shown represents the par value on which interest payments are based.
Ø	Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.
¢	Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the period ended December 31, 2023 is $10,785, 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.

Janus Investment Fund 25

Janus Henderson Multi-Sector Income Fund

Notes to Schedule of Investments and Other Information (unaudited)

∆ 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. 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		$	-	$	1,961,411,302	$	-
Bank Loans and Mezzanine Loans			-		153,689,235		-
Corporate Bonds			-		850,196,180		-
Foreign Government Bonds			-		76,697,985		-
Mortgage-Backed Securities			-		930,267,640		-
Common Stocks			39,049		-		-
Preferred Stocks			-		874,592		10,785
Investment Companies			-		199,666,655		-
Investments Purchased with Cash Collateral from Securities Lending			-		16,543,688		-
Total Investments in Securities		$	39,049	$	4,189,347,277	$	10,785
Other Financial Instruments(a):
Forward Foreign Currency Exchange Contracts			-		433		-
Futures Contracts			24,598,857		-		-
Total Assets		$	24,637,906	$	4,189,347,710	$	10,785
Liabilities
Other Financial Instruments(a):
Forward Foreign Currency Exchange Contracts		$	-	$	1,622,007	$	-
Futures Contracts			9,684,228		-		-
Centrally Cleared Swaps			-		426,186		-
Total Liabilities		$	9,684,228	$	2,048,193	$	-
(a)	Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and 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.

26 DECEMBER 31, 2023

Janus Henderson Multi-Sector Income Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2023

See footnotes at the end of the Statement.

Assets:
	Unaffiliated investments, at value (cost $4,073,770,648)(1)		$	3,976,495,506
	Affiliated investments, at value (cost $212,901,605)			212,901,605
	Cash			565,382
	Deposits with brokers for centrally cleared derivatives			921,354
	Deposits with brokers for futures			11,270,000
	Forward foreign currency exchange contracts			433
	Cash denominated in foreign currency (cost $202,599)			202,599
	Variation margin receivable on futures contracts			957,949
	Variation margin receivable on centrally cleared swaps			27,655
	Trustees' deferred compensation			94,377
	Receivables:
		Interest		30,702,087
		Investments sold		15,651,817
		Fund shares sold		10,529,917
		Dividends from affiliates		757,284
	Other assets			2,871,670
Total Assets				4,263,949,635
Liabilities:
	Collateral for securities loaned (Note 3)			16,543,688
	Forward foreign currency exchange contracts			1,622,007
	Payables:			—
		TBA investments purchased		759,464,699
		Investments purchased		12,567,759
		Fund shares repurchased		8,435,748
		Advisory fees		1,635,745
		Dividends		540,740
		Transfer agent fees and expenses		392,484
		Trustees' deferred compensation fees		94,377
		12b-1 Distribution and shareholder servicing fees		59,215
		Professional fees		39,541
		Custodian fees		8,136
		Affiliated fund administration fees payable		7,357
		Trustees' fees and expenses		1,843
		Accrued expenses and other payables		630,866
Total Liabilities				802,044,205
Commitments and contingent liabilities (Note 4)
Net Assets			$	3,461,905,430

See Notes to Financial Statements.
Janus Investment Fund	27

Janus Henderson Multi-Sector Income Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2023

Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	3,925,112,608
	Total distributable earnings (loss)		(463,207,178)
Total Net Assets		$	3,461,905,430
Net Assets - Class A Shares		$	41,696,596
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,855,196
Net Asset Value Per Share(2)		$	8.59
Maximum Offering Price Per Share(3)		$	9.02
Net Assets - Class C Shares		$	58,297,422
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		6,786,163
Net Asset Value Per Share(2)		$	8.59
Net Assets - Class D Shares		$	88,183,581
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		10,264,883
Net Asset Value Per Share		$	8.59
Net Assets - Class I Shares		$	3,102,120,683
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		361,186,548
Net Asset Value Per Share		$	8.59
Net Assets - Class N Shares		$	85,970,579
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		10,007,913
Net Asset Value Per Share		$	8.59
Net Assets - Class S Shares		$	2,607,846
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		303,739
Net Asset Value Per Share		$	8.59
Net Assets - Class T Shares		$	83,028,723
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		9,669,296
Net Asset Value Per Share		$	8.59

(1)Includes $15,791,643 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 100/95.25 of net asset value.

See Notes to Financial Statements.
28	DECEMBER 31, 2023

Janus Henderson Multi-Sector Income Fund

Statement of Operations (unaudited)

For the period ended December 31, 2023

Investment Income:
	Interest		$	115,202,704
	Dividends from affiliates			3,183,973
	Affiliated securities lending income, net			124,276
	Unaffiliated securities lending income, net			33,694
	Dividends			4,055
	Other income			621,312
	Foreign tax withheld			(607)
Total Investment Income				119,169,407
Expenses:
	Advisory fees			8,648,631
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		45,707
		Class C Shares		277,691
		Class S Shares		2,955
	Transfer agent administrative fees and expenses:
		Class D Shares		49,481
		Class S Shares		2,955
		Class T Shares		107,455
	Transfer agent networking and omnibus fees:
		Class A Shares		10,735
		Class C Shares		21,441
		Class I Shares		1,354,123
	Other transfer agent fees and expenses:
		Class A Shares		880
		Class C Shares		1,055
		Class D Shares		5,986
		Class I Shares		58,751
		Class N Shares		1,596
		Class S Shares		22
		Class T Shares		478
	Registration fees			188,965
	Shareholder reports expense			87,501
	Professional fees			54,031
	Affiliated fund administration fees			38,858
	Trustees’ fees and expenses			31,700
	Custodian fees			23,224
	Other expenses			178,828
Total Expenses				11,193,049
Less: Excess Expense Reimbursement and Waivers				(4,685)
Net Expenses				11,188,364
Net Investment Income/(Loss)				107,981,043

See Notes to Financial Statements.
Janus Investment Fund	29

Janus Henderson Multi-Sector Income Fund

Statement of Operations (unaudited)

For the period ended December 31, 2023

Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	(27,321,407)
	Investments in affiliates		(980)
	Forward foreign currency exchange contracts		1,540,149
	Futures contracts		(31,237,839)
	Swap contracts		303,659
Total Net Realized Gain/(Loss) on Investments			(56,716,418)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and Trustees’ deferred compensation		102,957,092
	Investments in affiliates		354
	Forward foreign currency exchange contracts		(1,570,857)
	Futures contracts		23,237,095
	Swap contracts		(426,186)
Total Change in Unrealized Net Appreciation/Depreciation			124,197,498
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	175,462,123

See Notes to Financial Statements.
30	DECEMBER 31, 2023

Janus Henderson Multi-Sector Income Fund

Statements of Changes in Net Assets

			Period ended December 31, 2023 (unaudited)		Year ended June 30, 2023
Operations:
	Net investment income/(loss)		$	107,981,043	$	165,702,263
	Net realized gain/(loss) on investments			(56,716,418)		(234,686,417)
	Change in unrealized net appreciation/depreciation			124,197,498		138,649,078
Net Increase/(Decrease) in Net Assets Resulting from Operations				175,462,123		69,664,924
Dividends and Distributions to Shareholders:
		Class A Shares		(1,252,191)		(2,385,795)
		Class C Shares		(1,677,220)		(2,901,630)
		Class D Shares		(2,995,100)		(5,127,265)
		Class I Shares		(97,854,446)		(144,264,596)
		Class N Shares		(2,812,910)		(4,351,757)
		Class S Shares		(78,332)		(78,993)
		Class T Shares		(2,975,607)		(6,949,103)
	Total Dividends and Distributions to Shareholders			(109,645,806)		(166,059,139)
	Return of Capital on Dividends and Distributions
		Class A Shares		—		(38,203)
		Class C Shares		—		(46,463)
		Class D Shares		—		(82,101)
		Class I Shares		—		(2,310,054)
		Class N Shares		—		(69,683)
		Class S Shares		—		(1,265)
		Class T Shares		—		(111,273)
	Total Return of Capital Dividends and Distributions			—		(2,659,042)
Net Decrease from Dividends and Distributions to Shareholders				(109,645,806)		(168,718,181)
Capital Share Transactions:
		Class A Shares		6,797,840		(13,711,287)
		Class C Shares		1,914,423		(5,080,081)
		Class D Shares		791,535		(2,303,288)
		Class I Shares		492,492,969		111,338,742
		Class N Shares		10,617,280		7,846,063
		Class S Shares		533,696		867,431
		Class T Shares		(13,209,634)		(58,394,849)
Net Increase/(Decrease) from Capital Share Transactions				499,938,109		40,562,731
Net Increase/(Decrease) in Net Assets				565,754,426		(58,490,526)
Net Assets:
	Beginning of period			2,896,151,004		2,954,641,530
	End of period		$	3,461,905,430	$	2,896,151,004

See Notes to Financial Statements.
Janus Investment Fund	31

Janus Henderson Multi-Sector Income Fund

Financial Highlights

Class A Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$8.44	$8.73	$10.12	$9.47	$9.89	$9.66
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.28	0.48	0.33	0.39	0.40	0.42
		Net realized and unrealized gain/(loss)	0.16	(0.27)	(1.33)	0.67	(0.34)	0.25
	Total from Investment Operations		0.44	0.21	(1.00)	1.06	0.06	0.67
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.29)	(0.49)	(0.36)	(0.41)	(0.40)	(0.44)
		Distributions (from capital gains)	—	—	(0.03)	—	(0.05)	—
		Return of capital	—	(0.01)	—(2)	—	(0.03)	—
	Total Dividends and Distributions		(0.29)	(0.50)	(0.39)	(0.41)	(0.48)	(0.44)
	Net Asset Value, End of Period		$8.59	$8.44	$8.73	$10.12	$9.47	$9.89
	Total Return*		5.31%	2.50%	(10.18)%	11.38%(3)	0.61%	7.11%
	Net Assets, End of Period (in thousands)		$41,697	$34,132	$49,566	$67,032	$49,168	$20,276
	Average Net Assets for the Period (in thousands)		$36,490	$42,121	$63,735	$57,669	$40,103	$14,907
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.91%	0.93%	0.90%	0.91%	0.92%	1.05%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.91%	0.93%	0.90%	0.91%	0.92%	1.00%
		Ratio of Net Investment Income/(Loss)	6.72%	5.64%	3.43%	3.91%	4.19%	4.35%
	Portfolio Turnover Rate(4)		23%	62%	75%	119%	188%	142%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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)0.01% of the Fund’s total return consists of a voluntary reimbursement by the Adviser for realized investment losses and another 0.04% consists of a gain on an investment not meeting the investment guidelines of the Fund.  Excluding these items, total return would have been 11.33%. 

(4)Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

See Notes to Financial Statements.
32	DECEMBER 31, 2023

Janus Henderson Multi-Sector Income Fund

Financial Highlights

Class C Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$8.44	$8.74	$10.12	$9.47	$9.89	$9.67
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.25	0.43	0.26	0.32	0.33	0.35
		Net realized and unrealized gain/(loss)	0.15	(0.29)	(1.33)	0.67	(0.35)	0.23
	Total from Investment Operations		0.40	0.14	(1.07)	0.99	(0.02)	0.58
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.25)	(0.43)	(0.28)	(0.34)	(0.33)	(0.36)
		Distributions (from capital gains)	—	—	(0.03)	—	(0.05)	—
		Return of capital	—	(0.01)	—(2)	—	(0.02)	—
	Total Dividends and Distributions		(0.25)	(0.44)	(0.31)	(0.34)	(0.40)	(0.36)
	Net Asset Value, End of Period		$8.59	$8.44	$8.74	$10.12	$9.47	$9.89
	Total Return*		4.90%	1.65%	(10.75)%	10.58%(3)	(0.18)%	6.20%
	Net Assets, End of Period (in thousands)		$58,297	$55,343	$62,504	$71,133	$63,574	$30,350
	Average Net Assets for the Period (in thousands)		$55,189	$57,811	$73,171	$67,010	$50,662	$20,980
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.66%	1.64%	1.66%	1.64%	1.71%	1.79%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.66%	1.64%	1.66%	1.64%	1.71%	1.76%
		Ratio of Net Investment Income/(Loss)	5.96%	4.99%	2.70%	3.19%	3.43%	3.60%
	Portfolio Turnover Rate(4)		23%	62%	75%	119%	188%	142%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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)0.01% of the Fund’s total return consists of a voluntary reimbursement by the Adviser for realized investment losses and another 0.04% consists of a gain on an investment not meeting the investment guidelines of the Fund.  Excluding these items, total return would have been 10.53%. 

(4)Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

See Notes to Financial Statements.
Janus Investment Fund	33

Janus Henderson Multi-Sector Income Fund

Financial Highlights

Class D Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$8.44	$8.74	$10.12	$9.47	$9.89	$9.67
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.29	0.50	0.35	0.40	0.42	0.44
		Net realized and unrealized gain/(loss)	0.15	(0.29)	(1.33)	0.68	(0.35)	0.23
	Total from Investment Operations		0.44	0.21	(0.98)	1.08	0.07	0.67
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.29)	(0.50)	(0.37)	(0.43)	(0.41)	(0.45)
		Distributions (from capital gains)	—	—	(0.03)	—	(0.05)	—
		Return of capital	—	(0.01)	—(2)	—	(0.03)	—
	Total Dividends and Distributions		(0.29)	(0.51)	(0.40)	(0.43)	(0.49)	(0.45)
	Net Asset Value, End of Period		$8.59	$8.44	$8.74	$10.12	$9.47	$9.89
	Total Return*		5.40%	2.55%	(9.93)%	11.57%(3)	0.77%	7.18%
	Net Assets, End of Period (in thousands)		$88,184	$85,806	$91,299	$108,418	$78,091	$57,522
	Average Net Assets for the Period (in thousands)		$85,276	$86,965	$104,991	$91,918	$79,433	$42,770
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.74%	0.76%	0.73%	0.74%	0.76%	0.88%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.74%	0.76%	0.73%	0.74%	0.76%	0.84%
		Ratio of Net Investment Income/(Loss)	6.88%	5.88%	3.61%	4.07%	4.30%	4.54%
	Portfolio Turnover Rate(4)		23%	62%	75%	119%	188%	142%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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)0.01% of the Fund’s total return consists of a voluntary reimbursement by the Adviser for realized investment losses and another 0.04% consists of a gain on an investment not meeting the investment guidelines of the Fund.  Excluding these items, total return would have been 11.52%. 

(4)Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

See Notes to Financial Statements.
34	DECEMBER 31, 2023

Janus Henderson Multi-Sector Income Fund

Financial Highlights

Class I Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$8.44	$8.73	$10.12	$9.47	$9.88	$9.66
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.29	0.51	0.36	0.41	0.43	0.44
		Net realized and unrealized gain/(loss)	0.16	(0.29)	(1.34)	0.67	(0.34)	0.24
	Total from Investment Operations		0.45	0.22	(0.98)	1.08	0.09	0.68
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.30)	(0.50)	(0.38)	(0.43)	(0.42)	(0.46)
		Distributions (from capital gains)	—	—	(0.03)	—	(0.05)	—
		Return of capital	—	(0.01)	—(2)	—	(0.03)	—
	Total Dividends and Distributions		(0.30)	(0.51)	(0.41)	(0.43)	(0.50)	(0.46)
	Net Asset Value, End of Period		$8.59	$8.44	$8.73	$10.12	$9.47	$9.88
	Total Return*		5.42%	2.72%	(9.99)%	11.63%(3)	0.93%	7.25%
	Net Assets, End of Period (in thousands)		$3,102,121	$2,550,145	$2,522,907	$2,570,289	$1,805,985	$909,014
	Average Net Assets for the Period (in thousands)		$2,760,400	$2,420,274	$2,803,141	$2,061,334	$1,542,112	$476,391
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.69%	0.72%	0.69%	0.69%	0.70%	0.80%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.69%	0.72%	0.69%	0.69%	0.70%	0.78%
		Ratio of Net Investment Income/(Loss)	6.94%	5.95%	3.68%	4.13%	4.42%	4.59%
	Portfolio Turnover Rate(4)		23%	62%	75%	119%	188%	142%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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)0.01% of the Fund’s total return consists of a voluntary reimbursement by the Adviser for realized investment losses and another 0.04% consists of a gain on an investment not meeting the investment guidelines of the Fund.  Excluding these items, total return would have been 11.58%. 

(4)Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

See Notes to Financial Statements.
Janus Investment Fund	35

Janus Henderson Multi-Sector Income Fund

Financial Highlights

Class N Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$8.44	$8.74	$10.12	$9.47	$9.89	$9.67
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.29	0.51	0.37	0.42	0.44	0.45
		Net realized and unrealized gain/(loss)	0.16	(0.29)	(1.33)	0.67	(0.36)	0.24
	Total from Investment Operations		0.45	0.22	(0.96)	1.09	0.08	0.69
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.30)	(0.51)	(0.39)	(0.44)	(0.42)	(0.47)
		Distributions (from capital gains)	—	—	(0.03)	—	(0.05)	—
		Return of capital	—	(0.01)	—(2)	—	(0.03)	—
	Total Dividends and Distributions		(0.30)	(0.52)	(0.42)	(0.44)	(0.50)	(0.47)
	Net Asset Value, End of Period		$8.59	$8.44	$8.74	$10.12	$9.47	$9.89
	Total Return*		5.47%	2.70%	(9.80)%	11.73%(3)	0.90%	7.32%
	Net Assets, End of Period (in thousands)		$85,971	$73,779	$68,120	$121,983	$88,092	$6,763
	Average Net Assets for the Period (in thousands)		$78,366	$71,508	$101,875	$104,964	$20,729	$3,933
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.60%	0.62%	0.59%	0.60%	0.63%	0.80%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.60%	0.62%	0.59%	0.60%	0.63%	0.71%
		Ratio of Net Investment Income/(Loss)	7.03%	6.06%	3.73%	4.21%	4.68%	4.67%
	Portfolio Turnover Rate(4)		23%	62%	75%	119%	188%	142%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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)0.01% of the Fund’s total return consists of a voluntary reimbursement by the Adviser for realized investment losses and another 0.04% consists of a gain on an investment not meeting the investment guidelines of the Fund.  Excluding these items, total return would have been 11.68%. 

(4)Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

See Notes to Financial Statements.
36	DECEMBER 31, 2023

Janus Henderson Multi-Sector Income Fund

Financial Highlights

Class S Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$8.43	$8.73	$10.11	$9.46	$9.91	$9.67
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.27	0.48	0.32	0.39	0.39	0.43
		Net realized and unrealized gain/(loss)	0.17	(0.30)	(1.34)	0.67	(0.37)	0.27
	Total from Investment Operations		0.44	0.18	(1.02)	1.06	0.02	0.70
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.28)	(0.47)	(0.33)	(0.41)	(0.39)	(0.46)
		Distributions (from capital gains)	—	—	(0.03)	—	(0.05)	—
		Return of capital	—	(0.01)	—(2)	—	(0.03)	—
	Total Dividends and Distributions		(0.28)	(0.48)	(0.36)	(0.41)	(0.47)	(0.46)
	Net Asset Value, End of Period		$8.59	$8.43	$8.73	$10.11	$9.46	$9.91
	Total Return*		5.31%	2.16%	(10.30)%	11.32%(3)	0.19%	7.51%
	Net Assets, End of Period (in thousands)		$2,608	$2,030	$1,202	$745	$987	$652
	Average Net Assets for the Period (in thousands)		$2,355	$1,396	$890	$898	$775	$908
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.22%	1.34%	1.45%	1.33%	1.43%	1.36%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.14%	1.15%	1.15%	0.98%	1.03%	0.89%
		Ratio of Net Investment Income/(Loss)	6.51%	5.66%	3.33%	3.88%	4.05%	4.47%
	Portfolio Turnover Rate(4)		23%	62%	75%	119%	188%	142%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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)0.01% of the Fund’s total return consists of a voluntary reimbursement by the Adviser for realized investment losses and another 0.04% consists of a gain on an investment not meeting the investment guidelines of the Fund.  Excluding these items, total return would have been 11.27%. 

(4)Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

See Notes to Financial Statements.
Janus Investment Fund	37

Janus Henderson Multi-Sector Income Fund

Financial Highlights

Class T Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$8.43	$8.73	$10.12	$9.47	$9.89	$9.66
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.29	0.49	0.34	0.40	0.41	0.42
		Net realized and unrealized gain/(loss)	0.16	(0.29)	(1.34)	0.67	(0.35)	0.25
	Total from Investment Operations		0.45	0.20	(1.00)	1.07	0.06	0.67
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.29)	(0.49)	(0.36)	(0.42)	(0.40)	(0.44)
		Distributions (from capital gains)	—	—	(0.03)	—	(0.05)	—
		Return of capital	—	(0.01)	—(2)	—	(0.03)	—
	Total Dividends and Distributions		(0.29)	(0.50)	(0.39)	(0.42)	(0.48)	(0.44)
	Net Asset Value, End of Period		$8.59	$8.43	$8.73	$10.12	$9.47	$9.89
	Total Return*		5.47%	2.45%	(10.12)%	11.47%(3)	0.67%	7.17%
	Net Assets, End of Period (in thousands)		$83,029	$94,916	$159,043	$229,774	$285,912	$149,662
	Average Net Assets for the Period (in thousands)		$86,201	$122,278	$202,714	$291,205	$250,371	$105,637
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.84%	0.86%	0.84%	0.85%	0.86%	0.98%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.83%	0.85%	0.83%	0.83%	0.86%	0.95%
		Ratio of Net Investment Income/(Loss)	6.76%	5.65%	3.50%	4.01%	4.27%	4.42%
	Portfolio Turnover Rate(4)		23%	62%	75%	119%	188%	142%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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)0.01% of the Fund’s total return consists of a voluntary reimbursement by the Adviser for realized investment losses and another 0.04% consists of a gain on an investment not meeting the investment guidelines of the Fund.  Excluding these items, total return would have been 11.42%. 

(4)Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

See Notes to Financial Statements.
38	DECEMBER 31, 2023

Janus Henderson Multi-Sector Income Fund

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Henderson Multi-Sector 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 38 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks high current income with a secondary focus on capital appreciation. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Shareholders, including 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 (the “Distributor”) including, but not limited to,

Janus Investment Fund 39

Janus Henderson Multi-Sector Income Fund

Notes to Financial Statements (unaudited)

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 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

40 DECEMBER 31, 2023

Janus Henderson Multi-Sector Income Fund

Notes to Financial Statements (unaudited)

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 in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.

The following describes the amounts of transfers into or out of Level 3 of the fair value hierarchy during the period.

Financial assets of $869,463 were transferred out of Level 3 to Level 2 since certain security’s prices were determined using other significant observable inputs at the end of the current fiscal period and significant unobservable inputs at the end of the prior fiscal year.

The Fund did not hold a significant amount of Level 3 securities as of December 31, 2023.

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 the accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

Expenses

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Janus Investment Fund 41

Janus Henderson Multi-Sector Income Fund

Notes to Financial Statements (unaudited)

Indemnifications

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

Foreign Currency Translations

The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

Dividends and Distributions

Dividends are declared daily and distributed monthly for the Fund. Realized capital gains, if any, are declared and distributed in December. 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 period ended December 31, 2023 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

42 DECEMBER 31, 2023

Janus Henderson Multi-Sector Income Fund

Notes to Financial Statements (unaudited)

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 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

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with extended settlement dates. There is no guarantee that counterparty exposure is reduced and these arrangements are dependent on the Adviser’s ability to establish and maintain appropriate systems and trading.

Forward Foreign Currency Exchange Contracts

A forward foreign currency exchange contract (“forward currency contract”) is an obligation to buy or sell a specified currency at a future date at a negotiated rate (which may be U.S. dollars or a foreign currency). The Fund may enter into forward currency contracts for hedging purposes, including, but not limited to, reducing exposure to changes in foreign currency exchange rates on foreign portfolio holdings and locking in the U.S. dollar cost of firm purchase and sale commitments for securities denominated in or exposed to foreign currencies. The Fund may also invest in forward currency contracts for non-hedging purposes such as seeking to enhance returns. The Fund is subject to currency risk and counterparty risk in the normal course of pursuing its investment objective through its investments in forward currency contracts.

Forward currency contracts are valued by converting the foreign value to U.S. dollars by using the current spot U.S. dollar exchange rate and/or forward rate for that currency. Exchange and forward rates as of the close of the NYSE are used to value the forward currency contracts. The unrealized appreciation/(depreciation) for forward currency contracts is reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations for the change in unrealized net appreciation/depreciation (if applicable). The realized gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing a forward currency contract is reported on the Statement of Operations (if applicable).

During the period, the Fund entered into forward currency contracts with the obligation to purchase foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.

During the period, the Fund entered into forward currency contracts with the obligation to sell foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.

Futures Contracts

A futures contract is an exchange-traded agreement to take or make delivery of an underlying asset at a specific time in the future for a specific predetermined negotiated price. The Fund may enter into futures contracts to gain exposure to the stock market or other markets pending investment of cash balances or to meet liquidity needs. The Fund is subject to interest rate risk, equity risk, and currency risk in the normal course of pursuing its investment objective through its investments in futures contracts. The Fund may also use such derivative instruments to hedge or protect from adverse movements in securities prices, currency rates or interest rates. The use of futures contracts may involve risks such as the possibility of illiquid markets or imperfect correlation between the values of the contracts and the underlying securities, or that the counterparty will fail to perform its obligations.

Futures contracts are valued at the settlement price on valuation date on the exchange as reported by an approved vendor. Mini contracts, as defined in the description of the contract, shall be valued using the Actual Settlement Price or “ASET” price type as reported by an approved vendor. In the event that foreign futures trade when the foreign equity markets are closed, the last foreign futures trade price shall be used. Futures contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities (if applicable). The change in unrealized net appreciation/depreciation is reported on the Statement of Operations (if applicable). When a contract is closed, a realized gain or loss is reported on the Statement of Operations (if applicable), equal to the difference between the opening and closing value of the contract. Securities held by the Fund that are designated as collateral for market value on futures contracts are noted on the Schedule of Investments (if applicable). Such collateral is in the possession of the Fund’s futures commission merchant.

With futures, there is minimal counterparty credit risk to the Fund since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.

During the period, the Fund purchased interest rate futures to increase exposure to interest rate risk.

During the period, the Fund sold interest rate futures to decrease exposure to interest rate risk.

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Notes to Financial Statements (unaudited)

Swaps

Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year to exchange one set of cash flows for another. The most significant factor in the performance of swap agreements is the change in value of the specific index, security, or currency, or other factors that determine the amounts of payments due to and from the Fund. The use of swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Swap transactions may in some instances involve the delivery of securities or other underlying assets by the Fund or its counterparty to collateralize obligations under the swap. If the other party to a swap that is not collateralized defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. Swap agreements entail the risk that a party will default on its payment obligations to the Fund. If the other party to a swap defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. If the Fund utilizes a swap at the wrong time or judges market conditions incorrectly, the swap may result in a loss to the Fund and reduce the Fund’s total return.

Swap agreements also bear the risk that the Fund will not be able to meet its obligation to the counterparty. Swap agreements are typically privately negotiated and entered into in the OTC market. However, certain swap agreements are required to be cleared through a clearinghouse and traded on an exchange or swap execution facility. Swaps that are required to be cleared are required to post initial and variation margins in accordance with the exchange requirements. Regulations enacted require the Fund to centrally clear certain interest rate and credit default index swaps through a clearinghouse or central counterparty (“CCP”). To clear a swap with a CCP, the Fund will submit the swap to, and post collateral with, a futures clearing merchant (“FCM”) that is a clearinghouse member. Alternatively, the Fund may enter into a swap with a financial institution other than the FCM (the “Executing Dealer”) and arrange for the swap to be transferred to the FCM for clearing. The Fund may also enter into a swap with the FCM itself. The CCP, the FCM, and the Executing Dealer are all subject to regulatory oversight by the U.S. Commodity Futures Trading Commission (“CFTC”). A default or failure by a CCP or an FCM, or the failure of a swap to be transferred from an Executing Dealer to the FCM for clearing, may expose the Fund to losses, increase its costs, or prevent the Fund from entering or exiting swap positions, accessing collateral, or fully implementing its investment strategies. The regulatory requirement to clear certain swaps could, either temporarily or permanently, reduce the liquidity of cleared swaps or increase the costs of entering into those swaps.

Index swaps, interest rate swaps, inflation swaps and credit default swaps are valued using an approved vendor supplied price. Basket swaps are valued using a broker supplied price. Equity swaps that consist of a single underlying equity are valued either at the closing price, the latest bid price, or the last sale price on the primary market or exchange it trades. The market value of swap contracts are aggregated by positive and negative values and are disclosed separately as an asset or liability on the Fund’s Statement of Assets and Liabilities (if applicable). Realized gains and losses are reported on the Fund’s Statement of Operations (if applicable). The change in unrealized net appreciation or depreciation during the period is included in the Statement of Operations (if applicable).

The Fund’s maximum risk of loss from counterparty risk or credit risk is the discounted value of the payments to be received from/paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to cover the Fund’s exposure to the counterparty.

The Fund may enter into various types of credit default swap agreements, including OTC credit default swap agreements, for investment purposes, to add leverage to its Fund, or to hedge against widening credit spreads on high-yield/high-risk bonds. Credit default swaps are a specific kind of counterparty agreement that allow the transfer of third party credit risk from one party to the other. One party in the swap is a lender and faces credit risk from a third party, and the counterparty in the credit default swap agrees to insure this risk in exchange for regular periodic payments. Credit default swaps could result in losses if the Fund does not correctly evaluate the creditworthiness of the company or companies on which the credit default swap is based. Credit default swap agreements may involve greater risks than if the Fund had invested in the reference obligation directly since, in addition to risks relating to the reference obligation, credit default swaps are subject to illiquidity risk, counterparty risk, and credit risk. The Fund will generally incur a greater degree of risk when it sells a credit default swap than when it purchases a credit default swap. As a buyer of a credit default swap, the Fund may lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. As seller of a credit default swap, if a credit event were to occur, the value of any deliverable

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Notes to Financial Statements (unaudited)

obligation received by the Fund, coupled with the upfront or periodic payments previously received, may be less than what it pays to the buyer, resulting in a loss of value to the Fund.

As a buyer of credit protection, the Fund is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation from the counterparty to the contract in the event of a default or other credit event by a third party, such as a U.S. or foreign issuer, on the debt obligation. In return, the Fund as buyer would pay to the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund would have spent the stream of payments and potentially received no benefit from the contract.

If the Fund is the seller of credit protection against a particular security, the Fund would receive an up-front or periodic payment to compensate against potential credit events. As the seller in a credit default swap contract, the Fund would be required to pay the par value (the “notional value”) (or other agreed-upon value) of a referenced debt obligation to the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the debt obligation. In return, the Fund would receive from the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Fund would keep the stream of payments and would have no payment obligations. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional value of the swap. The maximum potential amount of future payments (undiscounted) that the Fund as a seller could be required to make in a credit default transaction would be the notional amount of the agreement.

The Fund may invest in CDXs. A CDX is a swap on an index of credit default swaps. CDXs allow an investor to manage credit risk or take a position on a basket of credit entities (such as credit default swaps or commercial mortgage-backed securities) in a more efficient manner than transacting in a single-name CDS. If a credit event occurs in one of the underlying companies, the protection is paid out via the delivery of the defaulted bond by the buyer of protection in return for a payment of notional value of the defaulted bond by the seller of protection or it may be settled through a cash settlement between the two parties. The underlying company is then removed from the index. If the Fund holds a long position in a CDX, the Fund would indirectly bear its proportionate share of any expenses paid by a CDX. A Fund holding a long position in CDXs typically receives income from principal or interest paid on the underlying securities. By investing in CDXs, the Fund could be exposed to illiquidity risk, counterparty risk, and credit risk of the issuers of the underlying loan obligations and of the CDX markets. If there is a default by the CDX counterparty, the Fund will have contractual remedies pursuant to the agreements related to the transaction. CDXs also bear the risk that the Fund will not be able to meet its obligation to the counterparty.

During the period, the Fund purchased protection via the credit default swap market in order to reduce credit risk exposure to individual corporates, countries and/or credit indices where reducing this exposure via the cash bond market was less attractive.

3. Other Investments and Strategies

Market Risk

The Fund may be invested in lower-rated debt securities that have a higher risk of default or loss of value since these securities may be sensitive to economic changes, political changes, or adverse developments specific to the issuer.

The value of the Fund’s portfolio may decrease if the value of one or more issuers in the Fund’s portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund’s portfolio decreases, the Fund’s NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

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Notes to Financial Statements (unaudited)

• COVID-19 Pandemic. The effects of COVID-19 have contributed to increased volatility in global financial markets and have affected and may continue to affect certain countries, regions, issuers, industries and market sectors more dramatically than others. These conditions and events could have a significant impact on the Fund and its investments, the Fund’s ability to meet redemption requests, and the processes and operations of the Fund’s service providers, including the Adviser.

• Armed Conflict. Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global economic environment and the markets for certain securities and commodities.

Loans

The Fund may invest in various commercial loans, including bank loans, bridge loans, debtor-in-possession (“DIP”) loans, mezzanine loans, and other fixed and floating rate loans. These loans may be acquired through loan participations and assignments or on a when-issued basis. Commercial loans will comprise no more than 50% of the Fund’s total assets. Below are descriptions of the types of loans held by the Fund as of December 31, 2023.

·Bank Loans -Bank loans are obligations of companies or other entities entered into in connection with recapitalizations, acquisitions, and refinancings. The Fund’s investments in bank loans are generally acquired as a participation interest in, or assignment of, loans originated by a lender or other financial institution. These investments may include institutionally-traded floating and fixed-rate debt securities.

·Floating Rate Loans – Floating rate loans are debt securities that have floating interest rates, that adjust periodically, and are tied to a benchmark lending rate, such as London Interbank Offered Rate (“LIBOR”). In other cases, the lending rate could be tied to the prime rate offered by one or more major U.S. banks or the rate paid on large certificates of deposit traded in the secondary markets. If the benchmark lending rate changes, the rate payable to lenders under the loan will change at the next scheduled adjustment date specified in the loan agreement. Floating rate loans are typically issued to companies (‘‘borrowers’’) in connection with recapitalizations, acquisitions, and refinancings. Floating rate loan investments are generally below investment grade. Senior floating rate loans are secured by specific collateral of a borrower and are senior in the borrower’s capital structure. The senior position in the borrower’s capital structure generally gives holders of senior loans a claim on certain of the borrower’s assets that is senior to subordinated debt and preferred and common stock in the case of a borrower’s default. Floating rate loan investments may involve foreign borrowers, and investments may be denominated in foreign currencies. Floating rate loans often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged. The Fund may invest in obligations of borrowers who are in bankruptcy proceedings. While the Fund generally expects to invest in fully funded term loans, certain of the loans in which the Fund may invest include revolving loans, bridge loans, and delayed draw term loans.

Purchasers of floating rate loans may pay and/or receive certain fees. The Fund may receive fees such as covenant waiver fees or prepayment penalty fees. The Fund may pay fees such as facility fees. Such fees may affect the Fund’s return.

·Mezzanine Loans -Mezzanine loans are secured by the stock of the company that owns the assets. Mezzanine loans are a hybrid of debt and equity financing that is typically used to fund the expansion of existing companies. A mezzanine loan is composed of debt capital that gives the lender the right to convert to an ownership or equity interest in the company if the loan is not paid back in time and in full. Mezzanine loans typically are the most subordinated debt obligation in an issuer’s capital structure.

Mortgage- and Asset-Backed Securities

Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer and commercial loans or receivables. The Fund may purchase fixed or variable rate commercial or residential mortgage-backed securities issued by the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), the Federal Home Loan Mortgage Corporation (“Freddie Mac”), or other governmental or government-related entities. Ginnie Mae’s guarantees are backed as to the timely payment of principal and interest by the full faith and credit of the U.S. Government. Fannie Mae and Freddie Mac securities are not backed by the full faith and credit of the U.S. Government. In September 2008, the

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Federal Housing Finance Agency (“FHFA”), an agency of the U.S. Government, placed Fannie Mae and Freddie Mac under conservatorship. Since that time, Fannie Mae and Freddie Mac have received capital support through U.S. Treasury preferred stock purchases and Treasury and Federal Reserve purchases of their mortgage-backed securities. The FHFA and the U.S. Treasury have imposed strict limits on the size of these entities’ mortgage portfolios. The FHFA has the power to cancel any contract entered into by Fannie Mae and Freddie Mac prior to FHFA’s appointment as conservator or receiver, including the guarantee obligations of Fannie Mae and Freddie Mac.

The Fund may also purchase other mortgage- and asset-backed securities through single- and multi-seller conduits, collateralized debt obligations, structured investment vehicles, and other similar securities. Asset-backed securities may be backed by various consumer obligations, including automobile loans, equipment leases, credit card receivables, or other collateral. In the event the underlying loans are not paid, the securities’ issuer could be forced to sell the assets and recognize losses on such assets, which could impact your return. Unlike traditional debt instruments, payments on these securities include both interest and a partial payment of principal. Mortgage- and asset-backed securities are subject to both extension risk, where borrowers pay off their debt obligations more slowly in times of rising interest rates, and prepayment risk, where borrowers pay off their debt obligations sooner than expected in times of declining interest rates. These risks may reduce the Fund’s returns. In addition, investments in mortgage- and asset-backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation risk, extension risk (if interest rates rise), and liquidity risk than various other types of fixed-income securities. 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.

Sovereign Debt

The Fund may invest in U.S. and non-U.S. government debt securities (“sovereign debt”). Some investments in sovereign debt, such as U.S. sovereign debt, are considered low risk. However, investments in sovereign debt, especially the debt of less developed countries, can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, the relative size of its debt position in relation to its economy as a whole, the sovereign debtor’s policy toward international lenders, and local political constraints to which the governmental entity may be subject. Sovereign debtors may also be dependent on expected disbursements from foreign governments, multilateral agencies, and other entities. The failure of a sovereign debtor to implement economic reforms, achieve specified levels of economic performance, or repay principal or interest when due may result in the cancellation of third party commitments to lend funds to the sovereign debtor, which may further impair such debtor’s ability or willingness to timely service its debts. The Fund may be requested to participate in the rescheduling of such sovereign debt and to extend further loans to governmental entities, which may adversely affect the Fund’s holdings. In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not repaid. In addition, to the extent the Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.

TBA Commitments

The Fund may enter into “to be announced” or “TBA” commitments. TBAs are forward agreements for the purchase or sale of securities, including mortgage-backed securities, for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate, and mortgage terms. Although TBA securities must meet industry-accepted “good delivery” standards, there can be no assurance that a security purchased on forward commitment basis will ultimately be issued or delivered by the counterparty. During the settlement period, the Fund will still bear the risk of any decline in the value of the security to be delivered. Because TBA commitments do not require the delivery of a specific security, the characteristics of the security delivered to the Fund may be less favorable than expected. If the counterparty to a transaction fails to deliver the security, the Fund could suffer a loss. Cash collateral that has been pledged to cover the obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Collateral for To Be Announced Transactions.

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

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Notes to Financial Statements (unaudited)

and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. Typically, no income accrues on securities the Fund has committed to purchase prior to the time delivery of the securities is made. Because the Fund is not required to pay for the security until the delivery date, these risks are in addition to the risks associated with the Fund’s other investments. If the other party to a transaction fails to deliver the securities, the Fund could miss a favorable price or yield opportunity. If the Fund remains substantially fully invested at a time when when-issued, delayed delivery, or forward commitment purchases are outstanding, the purchases may result in a form of leverage. If the Fund remains substantially fully invested at a time when when-issued, delayed delivery, or forward commitment purchases (including TBA commitments) are outstanding, the purchases may result in a form of leverage.

When the Fund has sold a security on a when-issued, delayed delivery, or forward commitment basis, the Fund does not participate in future gains or losses with respect to the security. If the other party to a transaction fails to pay for the securities, the Fund could suffer a loss. Additionally, when selling a security on a when-issued, delayed delivery, or forward commitment basis without owning the security, the Fund will incur a loss if the security’s price appreciates in value such that the security’s price is above the agreed upon price on the settlement date. The Fund may dispose of or renegotiate a transaction after it is entered into, and may purchase or sell when-issued, delayed delivery or forward commitment securities before the settlement date, which may result in a gain or loss.

Counterparties

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.

Securities Lending

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the 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

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Notes to Financial Statements (unaudited)

Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, 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 December 31, 2023, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $15,791,643. Gross amounts of recognized liabilities for securities lending (collateral received) as of December 31, 2023 is $16,543,688, resulting in the net amount due from the counterparty of $752,045.

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 December 31, 2023” 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.

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Janus Henderson Multi-Sector Income Fund

Notes to Financial Statements (unaudited)

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 $200 Million	0.60
Next $500 Million	0.57
Over $700 Million	0.55

The Fund’s actual investment advisory fee rate for the reporting period was 0.55% of average annual net assets before any applicable waivers.

The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to the management fee, 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 fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.64% for at least a one-year period commencing on October 27, 2023. 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 $226,421 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2023. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

Janus Henderson Services US LLC (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

Average Daily Net Assets of Class D Shares of the Janus Henderson funds	Administrative Services Fee
Under $40 billion	0.12%
$40 billion – $49.9 billion	0.10%
Over $49.9 billion	0.08%

During the reporting period, the administrative services fee rate was 0.12%.

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

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Notes to Financial Statements (unaudited)

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 4.75% 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 December 31, 2023, the Distributor retained upfront sales charges of $7,278.

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 December 31, 2023.

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 December 31, 2023, redeeming shareholders of Class C Shares paid CDSCs of $1,524.

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

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Janus Henderson Multi-Sector Income Fund

Notes to Financial Statements (unaudited)

of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of December 31, 2023 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 December 31, 2023 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 $196,900 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2023.

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 December 31, 2023 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

5. Federal Income Tax

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

Accumulated capital losses noted below represent net capital loss carryovers, as of June 30, 2023, 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 June 30, 2023
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$(186,473,565)	$(146,393,646)	$ (332,867,211)

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Notes to Financial Statements (unaudited)

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2023 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)
$4,281,952,358	$69,061,348	$(161,616,595)	$ (92,555,247)

Information on the tax components of derivatives as of December 31, 2023 is as follows:

Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$(1,173,842)	$24,599,290	$ (11,732,421)	$ 12,866,869

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

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Janus Henderson Multi-Sector Income Fund

Notes to Financial Statements (unaudited)

6. Capital Share Transactions

	Period ended December 31, 2023		Year ended June 30, 2023
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	1,770,087	$ 14,859,490	1,597,155	$ 13,653,908
Reinvested dividends and distributions	142,739	1,196,012	277,849	2,354,715
Shares repurchased	(1,104,116)	(9,257,662)	(3,504,055)	(29,719,910)
Net Increase/(Decrease)	808,710	$ 6,797,840	(1,629,051)	$ (13,711,287)
Class C Shares:
Shares sold	948,375	$ 7,962,221	890,839	$ 7,555,783
Reinvested dividends and distributions	196,097	1,643,051	344,568	2,919,683
Shares repurchased	(917,295)	(7,690,849)	(1,831,842)	(15,555,547)
Net Increase/(Decrease)	227,177	$ 1,914,423	(596,435)	$ (5,080,081)
Class D Shares:
Shares sold	1,060,252	$ 8,872,109	1,536,322	$ 13,099,257
Reinvested dividends and distributions	324,645	2,720,053	565,428	4,792,347
Shares repurchased	(1,288,999)	(10,800,627)	(2,384,484)	(20,194,892)
Net Increase/(Decrease)	95,898	$ 791,535	(282,734)	$ (2,303,288)
Class I Shares:
Shares sold	117,212,163	$980,268,234	153,087,255	$1,298,871,566
Reinvested dividends and distributions	11,374,789	95,291,055	16,912,083	143,268,553
Shares repurchased	(69,700,033)	(583,066,320)	(156,597,238)	(1,330,801,377)
Net Increase/(Decrease)	58,886,919	$492,492,969	13,402,100	$ 111,338,742
Class N Shares:
Shares sold	2,304,398	$ 19,288,215	3,681,449	$ 31,124,939
Reinvested dividends and distributions	302,247	2,532,435	456,474	3,865,951
Shares repurchased	(1,342,366)	(11,203,370)	(3,191,730)	(27,144,827)
Net Increase/(Decrease)	1,264,279	$ 10,617,280	946,193	$ 7,846,063
Class S Shares:
Shares sold	93,926	$ 787,411	164,764	$ 1,400,868
Reinvested dividends and distributions	9,358	78,332	9,470	80,162
Shares repurchased	(40,227)	(332,047)	(71,246)	(613,599)
Net Increase/(Decrease)	63,057	$ 533,696	102,988	$ 867,431
Class T Shares:
Shares sold	598,901	$ 5,021,457	4,138,666	$ 35,370,261
Reinvested dividends and distributions	353,614	2,962,461	829,823	7,036,060
Shares repurchased	(2,537,485)	(21,193,552)	(11,930,238)	(100,801,170)
Net Increase/(Decrease)	(1,584,970)	$(13,209,634)	(6,961,749)	$ (58,394,849)

7. Purchases and Sales of Investment Securities

For the period ended December 31, 2023, 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
$1,050,614,636	$685,173,418	$ -	$ -

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Notes to Financial Statements (unaudited)

8. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2023 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 Multi-Sector 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; and (ii) 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 and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “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.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and 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, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, 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 to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management

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Additional Information(unaudited)

services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract 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 fund 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, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

Asset Allocation Funds

·For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12

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Additional Information(unaudited)

months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Fixed-Income Funds

·For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Global and International Equity Funds

·For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

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·For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·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 June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

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U.S. Equity Funds

·For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·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 June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.

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Additional Information(unaudited)

·For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.

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. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 6% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered 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 referenced its past analyses from 2022, which 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 different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with

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Additional Information(unaudited)

regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:

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 all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

·For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

·For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, 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 as shown were below the applicable fee limit.

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 average for certain share classes, overall the Fund’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 the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.

·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 average for certain share classes, 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 as shown were below the applicable fee limit.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.

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 average for certain share classes, overall the Fund’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 average for certain share classes, 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 as shown were below the applicable fee limit.

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Additional Information(unaudited)

·For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.

·For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

·For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, 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 as shown were 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 average 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 certain share classes, 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 as shown were below the applicable fee limit.

·For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.

·For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·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 as shown were below the applicable fee limit.

·For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

Money Market Funds

·For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson 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 as shown were below the applicable fee limit.

U.S. Equity Funds

·For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were

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Additional Information(unaudited)

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 as shown were 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 all 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, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

·For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

·For Janus Henderson Forty 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, although this limit did not apply because the Fund’s total expenses as shown were 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 average for certain share classes, 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 as shown were below the applicable fee limit.

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Venture Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

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 numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized

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Additional Information(unaudited)

by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser 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 charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

Economies of Scale

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.

With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and 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.

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Additional Information(unaudited)

Other Benefits to the Adviser

The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser’s ability to serve the Janus Henderson Funds.

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Useful Information About Your Fund Report (unaudited)

Performance Overviews

Performance overview graphs compare the performance of a hypothetical $10,000 investment in the Fund with one or more widely used market indices. When comparing the performance of the Fund with an index, keep in mind that market indices are not available for investment and do not reflect deduction of expenses.

Average annual total returns are quoted for a Fund with more than one year of performance history. Average annual total return is calculated by taking the growth or decline in value of an investment over a period of time, including reinvestment of dividends and distributions, then calculating the annual compounded percentage rate that would have produced the same result had the rate of growth been constant throughout the period. Average annual total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Cumulative total returns are quoted for a Fund with less than one year of performance history. Cumulative total return is the growth or decline in value of an investment over time, independent of the period of time involved. Cumulative total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund’s unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of 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. A company may be allocated to a country based on other factors such as location of the company’s principal office, the location of the principal trading market for the company’s securities, or the country where a majority of the company’s revenues are derived. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by 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.

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.

68 DECEMBER 31, 2023

Janus Henderson Multi-Sector Income Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

This statement details the Fund’s income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled “Investment Income,” reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

The next section reports the expenses incurred by the Fund, including the advisory fee paid to the investment adviser, transfer agent fees and expenses, and printing and postage for mailing statements, financial reports and prospectuses. Expense offsets and expense reimbursements, if any, are also shown.

The last section lists the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign currency-denominated assets and liabilities. The Fund will realize a gain (or loss) when it sells its position in a particular security. A change in unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Fund during the reporting period. “Net Realized and Unrealized Gain/(Loss) on Investments” is affected both by changes in the market value of Fund holdings and by gains (or losses) realized during the reporting period.

Statements of Changes in Net Assets

These statements report the increase or decrease in the Fund’s net assets during the reporting period. Changes in the Fund’s net assets are attributable to investment operations, dividends and distributions to investors, and capital share transactions. This is important to investors because it shows exactly what caused the Fund’s net asset size to change during the period.

The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund’s investment operations. The Fund’s net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund’s net assets will not be affected.

The reinvestment of dividends and distributions is included under “Capital Share Transactions.” “Capital Shares” refers to the money investors contribute to the Fund through purchases or withdrawals via redemptions. The Fund’s net assets will increase and decrease in value as investors purchase and redeem shares from the Fund.

Financial Highlights

This schedule provides a per-share breakdown of the components that affect the Fund’s NAV for current and past reporting periods as well as total return, asset size, ratios, and portfolio turnover rate.

The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund’s expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.

The ratio of net investment income/(loss) summarizes the income earned less expenses, divided by the average net assets of the Fund during the reporting period. Do not confuse this ratio with the Fund’s yield. The net investment income ratio is not a true measure of the Fund’s yield because it does not take into account the dividends distributed to the Fund’s investors.

The next figure is the portfolio turnover rate, which measures the buying and selling activity in the Fund. Portfolio turnover is affected by market conditions, changes in the asset size of the Fund, fluctuating volume of shareholder purchase and redemption orders, the nature of the Fund’s investments, and the investment style and/or outlook of the 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

Janus Investment Fund 69

Janus Henderson Multi-Sector Income Fund

Useful Information About Your Fund Report (unaudited)

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 DECEMBER 31, 2023

Janus Henderson Multi-Sector Income Fund

Notes

NotesPage1

Janus Investment Fund 71

Janus Henderson Multi-Sector Income Fund

Notes

NotesPage2

72 DECEMBER 31, 2023

Janus Henderson Multi-Sector Income Fund

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 Mutual funds distributed by Janus Henderson Distributors US LLC
	125-24-93028 02-24

	SEMIANNUAL REPORT December 31, 2023
Janus Henderson Responsible International Dividend Fund
Janus Investment Fund

HIGHLIGHTS

·Investment strategy behind your fund

·Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Responsible International Dividend Fund

Fund At A Glance and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	9
Statement of Assets and Liabilities	10
Statement of Operations	12
Statements of Changes in Net Assets	14
Financial Highlights	15
Notes to Financial Statements	22
Additional Information	32
Useful Information About Your Fund Report	43

Ben Lofthouse co-portfolio manager Faizan Baig co-portfolio manager

Important Notice – Tailored Shareholder Reports

Effective January 24, 2023, the Securities and Exchange Commission (the “SEC”) adopted rule and form amendments that require mutual funds and exchange-traded funds to provide shareholders with streamlined annual and semi-annual shareholder reports that highlight key information. Other information, including financial statements, that currently appears in shareholder reports will be made available online, delivered free of charge to shareholders upon request, and filed with the SEC. The first tailored shareholder report for the Fund will be for the reporting period ending June 30, 2024. Currently, management is evaluating the impact of the rule and form amendments on the content of the Fund’s current shareholder reports.

Janus Henderson Responsible International Dividend Fund (unaudited)

Fund At A Glance

December 31, 2023

5 Top Contributors - Equity Sleeve Holdings			5 Top Detractors - Equity Sleeve Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
MediaTek Inc	1.71%	0.65%	Cie Financiere Richemont SA (REG)	2.93%	-0.62%
RELX PLC	4.41%	0.53%	AIA Group Ltd	2.32%	-0.38%
Novo Nordisk A/S - Class B	3.29%	0.39%	Unilever PLC	3.39%	-0.32%
ASML Holding NV	0.69%	0.23%	Sanofi	2.92%	-0.31%
Tokyo Electron Ltd	1.75%	0.22%	AstraZeneca PLC	3.24%	-0.24%

	5 Top Contributors - Equity Sleeve Sectors*
		Relative	Equity Sleeve	MSCI World ex-USA Index
		Contribution	Average Weight	Average Weight
	Information Technology	1.29%	19.03%	8.15%
	Industrials	0.75%	14.43%	15.67%
	Other**	0.29%	5.08%	0.00%
	Utilities	0.05%	2.03%	3.41%
	Communication Services	0.02%	6.71%	3.86%
	5 Top Detractors - Equity Sleeve Sectors*
		Relative	Equity Sleeve	MSCI World ex-USA Index
		Contribution	Average Weight	Average Weight
	Financials	-0.68%	13.92%	20.55%
	Materials	-0.44%	2.78%	7.84%
	Energy	-0.28%	0.00%	6.01%
	Real Estate	-0.21%	1.29%	2.16%
	Consumer Staples	-0.18%	9.04%	9.28%
	Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.
*	Based on sector classification according to the Global Industry Classification Standard (“GICS”) codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
**	Not a GICS classified sector.

Janus Investment Fund 1

Janus Henderson Responsible International Dividend Fund (unaudited)

Fund At A Glance

December 31, 2023

5 Largest Equity Holdings -(% of Net Assets)
RELX PLC
Professional Services	3.9%
Samsung Electronics Co Ltd
Technology Hardware, Storage & Peripherals	3.8%
Nestle SA (REG)
Food Products	3.8%
Taiwan Semiconductor Manufacturing Co Ltd (ADR)
Semiconductor & Semiconductor Equipment	3.7%
Schneider Electric SE
Electrical Equipment	3.6%
	18.8%

Asset Allocation - (% of Net Assets)
Common Stocks	90.4%
Investment Companies	4.9%
Preferred Stocks	3.8%
Other		0.9%
		100.0%

Emerging markets comprised 9.6% of total net assets.

Top Country Allocations - Long Positions -(% of Investment Securities)
As of December 31, 2023	As of June 30, 2023

2 DECEMBER 31, 2023

Janus Henderson Responsible International Dividend Fund (unaudited)

Performance

See important disclosures on the next page.

Average Annual Total Return - for the periods ended December 31, 2023						Prospectus Expense Ratios
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses‡	Net Annual Fund Operating Expenses‡
Class A Shares at NAV	5.67%	17.75%	8.31%	5.40%	7.08%	1.38%	1.16%
Class A Shares at MOP	-0.40%	11.00%	7.03%	4.87%	6.60%
Class C Shares at NAV	5.33%	16.99%	7.50%	4.62%	6.28%	2.14%	1.92%
Class C Shares at CDSC	4.33%	15.99%	7.50%	4.62%	6.28%
Class D Shares	5.76%	17.96%	8.48%	5.57%	7.23%	1.27%	0.99%
Class I Shares	5.78%	18.05%	8.53%	5.64%	7.32%	1.13%	0.94%
Class N Shares	5.83%	18.16%	8.63%	5.66%	7.32%	1.12%	0.84%
Class S Shares	5.75%	18.04%	8.51%	5.41%	7.05%	6.43%	1.35%
Class T Shares	5.72%	17.84%	8.36%	5.46%	7.12%	1.28%	1.09%
MSCI World ex-USA Index	5.97%	17.94%	8.45%	4.32%	6.60%
Morningstar Quartile - Class I Shares	-	2nd	2nd	1st	1st
Morningstar Ranking - based on total returns for Foreign Large Value	-	177/387	102/344	7/282	21/264

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.

Janus Investment Fund 3

Janus Henderson Responsible International Dividend 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 Dividend & Income Builder 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 August 1, 2012. 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.

© 2023 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.

See “Useful Information About Your Fund Report.”

Effective October 28, 2022, the Fund changed its investment strategy. The performance shown for periods prior to October 28, 2022, does not reflect the new investment strategy and is not indicative of the current portfolio.

*The Predecessor Fund’s inception date – August 1, 2012

‡ As stated in the prospectus. Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 27, 2023. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees. See Financial Highlights for actual expense ratios during the reporting period.

4 DECEMBER 31, 2023

Janus Henderson Responsible International Dividend 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 (7/1/23)	Ending Account Value (12/31/23)	Expenses Paid During Period (7/1/23 - 12/31/23)†	Beginning Account Value (7/1/23)	Ending Account Value (12/31/23)	Expenses Paid During Period (7/1/23 - 12/31/23)†	Net Annualized Expense Ratio (7/1/23 - 12/31/23)
Class A Shares		$1,000.00	$1,056.70	$6.00	$1,000.00	$1,019.30	$5.89	1.16%
Class C Shares		$1,000.00	$1,053.30	$9.55	$1,000.00	$1,015.84	$9.37	1.85%
Class D Shares		$1,000.00	$1,057.60	$5.12	$1,000.00	$1,020.16	$5.03	0.99%
Class I Shares		$1,000.00	$1,057.80	$4.81	$1,000.00	$1,020.46	$4.72	0.93%
Class N Shares		$1,000.00	$1,058.30	$4.40	$1,000.00	$1,020.86	$4.32	0.85%
Class S Shares		$1,000.00	$1,057.50	$5.07	$1,000.00	$1,020.21	$4.98	0.98%
Class T Shares		$1,000.00	$1,057.20	$5.64	$1,000.00	$1,019.66	$5.53	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 184/366 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.

Janus Investment Fund 5

Janus Henderson Responsible International Dividend Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares			Value
Common Stocks– 90.4%
Auto Components – 0.9%
	Aptiv PLC*	12,503	$1,121,769
Banks – 2.3%
	ING Groep NV	195,814	2,923,507
Beverages – 1.4%
	Coca-Cola Co	29,548	1,741,264
Capital Markets – 2.6%
	CME Group Inc	6,059	1,276,025
	Hong Kong Exchanges & Clearing Ltd	55,400	1,901,488
			3,177,513
Chemicals – 1.3%
	Air Products & Chemicals Inc	6,037	1,652,931
Diversified Telecommunication Services – 4.3%
	Deutsche Telekom AG	143,602	3,447,551
	TELUS Corp	106,172	1,889,604
			5,337,155
Electrical Equipment – 4.9%
	nVent Electric PLC	26,699	1,577,644
	Schneider Electric SE	22,419	4,498,351
			6,075,995
Electronic Equipment, Instruments & Components – 2.0%
	Murata Manufacturing Co Ltd	30,500	647,514
	TE Connectivity Ltd	13,317	1,871,038
			2,518,552
Food Products – 3.8%
	Nestle SA (REG)	40,253	4,668,256
Health Care Equipment & Supplies – 1.4%
	Medtronic PLC	21,281	1,753,129
Household Durables – 2.9%
	Sony Corp	38,200	3,633,579
Insurance – 9.6%
	AIA Group Ltd	302,800	2,638,962
	AXA SA	110,903	3,610,015
	Dai-ichi Life Holdings Inc	108,800	2,309,048
	Zurich Insurance Group AG	6,563	3,431,369
			11,989,394
Machinery – 5.0%
	Daimler Truck Holding AG	62,821	2,359,012
	Sandvik AB	178,294	3,856,774
			6,215,786
Multi-Utilities – 2.1%
	National Grid PLC	192,995	2,602,191
Paper & Forest Products – 1.9%
	UPM-Kymmene Oyj	64,344	2,419,043
Personal Products – 3.0%
	Unilever PLC	77,533	3,753,157
Pharmaceuticals – 16.6%
	AstraZeneca PLC	27,637	3,733,397
	GSK PLC	128,763	2,379,723
	Merck & Co Inc	15,521	1,692,099
	Novartis AG	31,213	3,150,627
	Novo Nordisk A/S - Class B	36,266	3,749,877
	Roche Holding AG	9,513	2,766,328
	Sanofi	32,232	3,193,457
			20,665,508
Professional Services – 3.9%
	RELX PLC	122,857	4,857,538
Semiconductor & Semiconductor Equipment – 9.1%
	ASML Holding NV	2,757	2,074,536
	MediaTek Inc	77,000	2,547,010

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
6	DECEMBER 31, 2023

Janus Henderson Responsible International Dividend Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares			Value
Common Stocks– (continued)
Semiconductor & Semiconductor Equipment– (continued)
	Taiwan Semiconductor Manufacturing Co Ltd (ADR)	44,469	$4,624,776
	Tokyo Electron Ltd	11,700	2,095,925
			11,342,247
Software – 5.0%
	Microsoft Corp	10,298	3,872,460
	SAP SE	14,934	2,299,212
			6,171,672
Specialized Real Estate Investment Trusts (REITs) – 1.0%
	Crown Castle International Corp	10,833	1,247,853
Textiles, Apparel & Luxury Goods – 3.3%
	Cie Financiere Richemont SA (REG)	29,856	4,110,171
Wireless Telecommunication Services – 2.1%
	Tele2 AB	306,761	2,632,988
Total Common Stocks (cost $87,211,448)			112,611,198
Preferred Stocks– 3.8%
Technology Hardware, Storage & Peripherals – 3.8%
	Samsung Electronics Co Ltd((cost $3,866,915)	98,679	4,774,172
Investment Companies– 4.9%
Money Markets – 4.9%
	Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº,£((cost $6,079,752)	6,078,536	6,079,752
Total Investments (total cost $97,158,115) – 99.1%			123,465,122
Cash, Receivables and Other Assets, net of Liabilities – 0.9%			1,087,960
Net Assets – 100%			$124,553,082

Summary of Investments by Country - (Long Positions) (unaudited)
		% of
		Investment
Country	Value	Securities
United States	$26,265,687	21.3	%
Switzerland	18,126,751	14.7
Netherlands	13,608,738	11.0
France	11,301,823	9.1
Japan	8,686,066	7.0
Germany	8,105,775	6.6
Taiwan	7,171,786	5.8
Sweden	6,489,762	5.3
United Kingdom	6,335,588	5.1
South Korea	4,774,172	3.9
Hong Kong	4,540,450	3.7
Denmark	3,749,877	3.0
Finland	2,419,043	2.0
Canada	1,889,604	1.5

Total $123,465,122 100.0 %

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	7

Janus Henderson Responsible International Dividend Fund

Schedule of Investments (unaudited)

December 31, 2023

Schedules of Affiliated Investments – (% of Net Assets)

		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 12/31/23
Investment Companies - 4.9%
Money Markets - 4.9%
	Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº	$	153,848	$	(148)	$	-	$	6,079,752

		Value at 6/30/23		Purchases		Sales Proceeds		Value at 12/31/23
Investment Companies - 4.9%
Money Markets - 4.9%
	Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº		3,805,478		20,863,458		(18,589,036)		6,079,752

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
8	DECEMBER 31, 2023

Janus Henderson Responsible International Dividend Fund

Notes to Schedule of Investments and Other Information (unaudited)

MSCI World ex-USA Index^SM MSCI World ex-USA Index^SM is designed to measure the equity market performance of developed market countries in North America, Europe, and the Asia/Pacific Region, excluding the United States.

ADR	American Depositary Receipt
LLC	Limited Liability Company
PLC	Public Limited Company
REG	Registered

* Non-income producing security.

ºº Rate shown is the 7-day yield as of 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.

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. 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	$	112,611,198	$	-	$	-
Preferred Stocks		4,774,172		-		-
Investment Companies		-		6,079,752		-
Total Assets	$	117,385,370	$	6,079,752	$	-

Janus Investment Fund 9

Janus Henderson Responsible International Dividend Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2023

See footnotes at the end of the Statement.

Assets:
	Unaffiliated investments, at value (cost $91,078,363)		$	117,385,370
	Affiliated investments, at value (cost $6,079,752)			6,079,752
	Trustees' deferred compensation			3,417
	Receivables:
		Foreign tax reclaims		897,480
		Dividends		197,790
		Fund shares sold		194,405
		Dividends from affiliates		19,416
	Other assets			122,211
Total Assets				124,899,841
Liabilities:
	Payables:			—
		Fund shares repurchased		181,685
		Advisory fees		59,276
		Professional fees		35,120
		12b-1 Distribution and shareholder servicing fees		13,035
		Transfer agent fees and expenses		11,509
		Custodian fees		3,651
		Trustees' deferred compensation fees		3,417
		Affiliated fund administration fees payable		261
		Trustees' fees and expenses		104
		Accrued expenses and other payables		38,701
Total Liabilities				346,759
Commitments and contingent liabilities (Note 3)
Net Assets			$	124,553,082

See Notes to Financial Statements.
10	DECEMBER 31, 2023

Janus Henderson Responsible International Dividend Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2023

Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	99,803,553
	Total distributable earnings (loss)		24,749,529
Total Net Assets		$	124,553,082
Net Assets - Class A Shares		$	34,222,191
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,308,622
Net Asset Value Per Share(1)		$	14.82
Maximum Offering Price Per Share(2)		$	15.72
Net Assets - Class C Shares		$	6,427,822
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		447,130
Net Asset Value Per Share(1)		$	14.38
Net Assets - Class D Shares		$	17,446,500
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,174,911
Net Asset Value Per Share		$	14.85
Net Assets - Class I Shares		$	44,675,908
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,001,639
Net Asset Value Per Share		$	14.88
Net Assets - Class N Shares		$	15,853,342
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,066,831
Net Asset Value Per Share		$	14.86
Net Assets - Class S Shares		$	72,118
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,877
Net Asset Value Per Share		$	14.79
Net Assets - Class T Shares		$	5,855,201
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		395,391
Net Asset Value Per Share		$	14.81

(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	11

Janus Henderson Responsible International Dividend Fund

Statement of Operations (unaudited)

For the period ended December 31, 2023

Investment Income:
	Dividends		$	1,626,275
	Dividends from affiliates			153,848
	Other income			4,828
	Foreign tax withheld			(15,429)
Total Investment Income				1,769,522
Expenses:
	Advisory fees			427,824
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		40,442
		Class C Shares		31,103
		Class S Shares		—
	Transfer agent administrative fees and expenses:
		Class D Shares		9,528
		Class S Shares		84
		Class T Shares		6,819
	Transfer agent networking and omnibus fees:
		Class A Shares		10,718
		Class C Shares		2,153
		Class I Shares		16,642
	Other transfer agent fees and expenses:
		Class A Shares		901
		Class C Shares		164
		Class D Shares		2,200
		Class I Shares		1,008
		Class N Shares		248
		Class S Shares		2
		Class T Shares		52
	Professional fees			39,384
	Non-affiliated fund administration fees			30,867
	Registration fees			29,278
	Shareholder reports expense			20,734
	Custodian fees			5,154
	Affiliated fund administration fees			1,425
	Trustees’ fees and expenses			1,168
	Other expenses			9,130
Total Expenses				687,028
Less: Excess Expense Reimbursement and Waivers				(80,707)
Net Expenses				606,321
Net Investment Income/(Loss)				1,163,201

See Notes to Financial Statements.
12	DECEMBER 31, 2023

Janus Henderson Responsible International Dividend Fund

Statement of Operations (unaudited)

For the period ended December 31, 2023

Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	422,467
	Investments in affiliates		(148)
Total Net Realized Gain/(Loss) on Investments			422,319
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and Trustees’ deferred compensation		5,089,875
Total Change in Unrealized Net Appreciation/Depreciation			5,089,875
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	6,675,395

See Notes to Financial Statements.
Janus Investment Fund	13

Janus Henderson Responsible International Dividend Fund

Statements of Changes in Net Assets

			Period ended December 31, 2023 (unaudited)		Year ended June 30, 2023
Operations:
	Net investment income/(loss)		$	1,163,201	$	3,568,108
	Net realized gain/(loss) on investments			422,319		(1,327,669)
	Change in unrealized net appreciation/depreciation			5,089,875		16,457,332
Net Increase/(Decrease) in Net Assets Resulting from Operations				6,675,395		18,697,771
Dividends and Distributions to Shareholders:
		Class A Shares		(568,669)		(1,195,350)
		Class C Shares		(98,666)		(301,901)
		Class D Shares		(300,192)		(624,019)
		Class I Shares		(773,154)		(1,848,604)
		Class N Shares		(233,766)		(299,549)
		Class S Shares		(1,221)		(2,524)
		Class T Shares		(99,803)		(425,938)
Net Decrease from Dividends and Distributions to Shareholders				(2,075,471)		(4,697,885)
Capital Share Transactions:
		Class A Shares		(246,680)		(2,285,789)
		Class C Shares		(1,367,054)		(4,111,325)
		Class D Shares		(531,173)		811,931
		Class I Shares		671,686		(20,129,493)
		Class N Shares		5,010,940		2,829,502
		Class S Shares		1,221		2,524
		Class T Shares		269,814		(14,219,877)
Net Increase/(Decrease) from Capital Share Transactions				3,808,754		(37,102,527)
Net Increase/(Decrease) in Net Assets				8,408,678		(23,102,641)
Net Assets:
	Beginning of period			116,144,404		139,247,045
	End of period		$	124,553,082	$	116,144,404

See Notes to Financial Statements.
14	DECEMBER 31, 2023

Janus Henderson Responsible International Dividend Fund

Financial Highlights

Class A Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$14.27	$12.66	$14.83	$12.31	$13.09	$13.18
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.13(2)	0.39	0.45	0.56	0.36	0.42
		Net realized and unrealized gain/(loss)	0.67	1.74	(1.95)	2.40	(0.72)	(0.03)
	Total from Investment Operations		0.80	2.13	(1.50)	2.96	(0.36)	0.39
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.25)	(0.52)	(0.48)	(0.44)	(0.42)	(0.37)
		Distributions (from capital gains)	—	—	(0.19)	—	—	(0.11)
	Total Dividends and Distributions		(0.25)	(0.52)	(0.67)	(0.44)	(0.42)	(0.48)
	Net Asset Value, End of Period		$14.82	$14.27	$12.66	$14.83	$12.31	$13.09
	Total Return*		5.75%	17.42%	(10.49)%	24.38%	(2.79)%	3.14%
	Net Assets, End of Period (in thousands)		$34,222	$33,195	$31,754	$33,270	$25,517	$32,262
	Average Net Assets for the Period (in thousands)		$32,351	$30,903	$34,299	$28,797	$30,893	$30,675
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.28%(3)	1.38%	1.27%	1.24%	1.25%	1.32%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.16%	1.18%	1.18%	1.15%	1.16%	1.17%
		Ratio of Net Investment Income/(Loss)	1.82%(2)	2.94%	3.14%	4.06%	2.83%	3.23%
	Portfolio Turnover Rate		12%	62%	34%	52%	59%	44%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

**Annualized for periods of less than one full year.

(1)Per share amounts are calculated based on average shares outstanding during the year or period.

(2)Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2023. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.01 and 0.10%, respectively.

(3)Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2023. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%.

See Notes to Financial Statements.
Janus Investment Fund	15

Janus Henderson Responsible International Dividend Fund

Financial Highlights

Class C Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$13.84	$12.32	$14.49	$12.07	$12.89	$13.01
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.10(2)	0.26	0.32	0.44	0.27	0.31
		Net realized and unrealized gain/(loss)	0.64	1.71	(1.88)	2.36	(0.74)	(0.01)
	Total from Investment Operations		0.74	1.97	(1.56)	2.80	(0.47)	0.30
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.20)	(0.45)	(0.42)	(0.38)	(0.35)	(0.31)
		Distributions (from capital gains)	—	—	(0.19)	—	—	(0.11)
	Total Dividends and Distributions		(0.20)	(0.45)	(0.61)	(0.38)	(0.35)	(0.42)
	Net Asset Value, End of Period		$14.38	$13.84	$12.32	$14.49	$12.07	$12.89
	Total Return*		5.48%	16.50%	(11.11)%	23.48%	(3.68)%	2.41%
	Net Assets, End of Period (in thousands)		$6,428	$7,573	$10,653	$17,760	$21,018	$30,356
	Average Net Assets for the Period (in thousands)		$6,776	$8,950	$15,068	$19,671	$25,897	$30,095
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.00%(3)	2.12%	2.01%	1.96%	1.98%	2.06%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.85%	1.92%	1.91%	1.87%	1.89%	1.91%
		Ratio of Net Investment Income/(Loss)	1.49%(2)	2.00%	2.27%	3.24%	2.15%	2.48%
	Portfolio Turnover Rate		12%	62%	34%	52%	59%	44%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

**Annualized for periods of less than one full year.

(1)Per share amounts are calculated based on average shares outstanding during the year or period.

(2)Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2023. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.01 and 0.10%, respectively.

(3)Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2023. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%.

See Notes to Financial Statements.
16	DECEMBER 31, 2023

Janus Henderson Responsible International Dividend Fund

Financial Highlights

Class D Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$14.29	$12.68	$14.84	$12.31	$13.09	$13.17
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.14(2)	0.41	0.49	0.60	0.41	0.42
		Net realized and unrealized gain/(loss)	0.68	1.74	(1.97)	2.38	(0.75)	—(3)
	Total from Investment Operations		0.82	2.15	(1.48)	2.98	(0.34)	0.42
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.26)	(0.54)	(0.49)	(0.45)	(0.44)	(0.39)
		Distributions (from capital gains)	—	—	(0.19)	—	—	(0.11)
	Total Dividends and Distributions		(0.26)	(0.54)	(0.68)	(0.45)	(0.44)	(0.50)
	Net Asset Value, End of Period		$14.85	$14.29	$12.68	$14.84	$12.31	$13.09
	Total Return*		5.91%	17.55%	(10.33)%	24.58%	(2.66)%	3.34%
	Net Assets, End of Period (in thousands)		$17,447	$17,311	$14,580	$11,877	$6,861	$6,889
	Average Net Assets for the Period (in thousands)		$16,433	$15,496	$13,972	$8,639	$7,041	$7,362
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.20%(4)	1.27%	1.14%	1.12%	1.20%	1.31%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.99%	1.01%	1.01%	0.98%	0.99%	1.01%
		Ratio of Net Investment Income/(Loss)	1.98%(2)	3.12%	3.43%	4.29%	3.20%	3.26%
	Portfolio Turnover Rate		12%	62%	34%	52%	59%	44%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

**Annualized for periods of less than one full year.

(1)Per share amounts are calculated based on average shares outstanding during the year or period.

(2)Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2023. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.01 and 0.10%, respectively.

(3)Less than $0.005 on a per share basis.

(4)Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2023. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%.

See Notes to Financial Statements.
Janus Investment Fund	17

Janus Henderson Responsible International Dividend Fund

Financial Highlights

Class I Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$14.33	$12.71	$14.86	$12.32	$13.11	$13.19
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.16(2)	0.39	0.48	0.59	0.41	0.43
		Net realized and unrealized gain/(loss)	0.65	1.77	(1.94)	2.40	(0.76)	—(3)
	Total from Investment Operations		0.81	2.16	(1.46)	2.99	(0.35)	0.43
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.26)	(0.54)	(0.50)	(0.45)	(0.44)	(0.40)
		Distributions (from capital gains)	—	—	(0.19)	—	—	(0.11)
	Total Dividends and Distributions		(0.26)	(0.54)	(0.69)	(0.45)	(0.44)	(0.51)
	Net Asset Value, End of Period		$14.88	$14.33	$12.71	$14.86	$12.32	$13.11
	Total Return*		5.85%	17.62%	(10.23)%	24.68%	(2.68)%	3.41%
	Net Assets, End of Period (in thousands)		$44,676	$42,376	$55,559	$68,416	$74,386	$88,458
	Average Net Assets for the Period (in thousands)		$41,375	$47,935	$66,229	$78,344	$81,753	$97,766
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.05%(4)	1.13%	1.04%	0.99%	1.00%	1.06%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.93%	0.95%	0.95%	0.91%	0.91%	0.92%
		Ratio of Net Investment Income/(Loss)	2.26%(2)	2.98%	3.30%	4.27%	3.19%	3.35%
	Portfolio Turnover Rate		12%	62%	34%	52%	59%	44%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

**Annualized for periods of less than one full year.

(1)Per share amounts are calculated based on average shares outstanding during the year or period.

(2)Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2023. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.01 and 0.10%, respectively.

(3)Less than $0.005 on a per share basis.

(4)Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2023. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%.

See Notes to Financial Statements.
18	DECEMBER 31, 2023

Janus Henderson Responsible International Dividend Fund

Financial Highlights

Class N Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$14.31	$12.69	$14.83	$12.30	$13.08	$13.16
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.13(2)	0.47	0.60	0.61	0.41	0.42
		Net realized and unrealized gain/(loss)	0.69	1.70	(2.05)	2.38	(0.74)	0.01
	Total from Investment Operations		0.82	2.17	(1.45)	2.99	(0.33)	0.43
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.27)	(0.55)	(0.50)	(0.46)	(0.45)	(0.40)
		Distributions (from capital gains)	—	—	(0.19)	—	—	(0.11)
	Total Dividends and Distributions		(0.27)	(0.55)	(0.69)	(0.46)	(0.45)	(0.51)
	Net Asset Value, End of Period		$14.86	$14.31	$12.69	$14.83	$12.30	$13.08
	Total Return*		5.90%	17.73%	(10.14)%	24.71%	(2.56)%	3.48%
	Net Assets, End of Period (in thousands)		$15,853	$10,259	$6,384	$688	$477	$590
	Average Net Assets for the Period (in thousands)		$11,594	$7,853	$3,798	$582	$518	$723
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.99%(3)	1.12%	1.08%	1.44%	1.51%	1.39%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.85%	0.87%	0.88%	0.84%	0.85%	0.85%
		Ratio of Net Investment Income/(Loss)	1.88%(2)	3.51%	4.30%	4.41%	3.22%	3.28%
	Portfolio Turnover Rate		12%	62%	34%	52%	59%	44%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

**Annualized for periods of less than one full year.

(1)Per share amounts are calculated based on average shares outstanding during the year or period.

(2)Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2023. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.01 and 0.10%, respectively.

(3)Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2023. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%.

See Notes to Financial Statements.
Janus Investment Fund	19

Janus Henderson Responsible International Dividend Fund

Financial Highlights

Class S Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$14.23	$12.63	$14.78	$12.27	$13.06	$13.17
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.14(2)	0.41	0.48	0.59	0.39	0.43
		Net realized and unrealized gain/(loss)	0.67	1.73	(1.94)	2.39	(0.75)	(0.02)
	Total from Investment Operations		0.81	2.14	(1.46)	2.98	(0.36)	0.41
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.25)	(0.54)	(0.50)	(0.47)	(0.43)	(0.41)
		Distributions (from capital gains)	—	—	(0.19)	—	—	(0.11)
	Total Dividends and Distributions		(0.25)	(0.54)	(0.69)	(0.47)	(0.43)	(0.52)
	Net Asset Value, End of Period		$14.79	$14.23	$12.63	$14.78	$12.27	$13.06
	Total Return*		5.90%	17.58%	(10.27)%	24.68%	(2.80)%	3.28%
	Net Assets, End of Period (in thousands)		$72	$68	$58	$65	$52	$53
	Average Net Assets for the Period (in thousands)		$67	$62	$64	$59	$53	$51
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	5.65%(3)	6.18%	5.83%	6.21%	6.96%	7.11%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.98%	1.00%	0.95%	0.91%	1.08%	1.04%
		Ratio of Net Investment Income/(Loss)	1.97%(2)	3.12%	3.36%	4.27%	3.04%	3.32%
	Portfolio Turnover Rate		12%	62%	34%	52%	59%	44%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

**Annualized for periods of less than one full year.

(1)Per share amounts are calculated based on average shares outstanding during the year or period.

(2)Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2023. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.01 and 0.10%, respectively.

(3)Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2023. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%.

See Notes to Financial Statements.
20	DECEMBER 31, 2023

Janus Henderson Responsible International Dividend Fund

Financial Highlights

Class T Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$14.26	$12.65	$14.81	$12.29	$13.08	$13.16
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.18(2)	0.43	0.46	0.56	0.41	0.43
		Net realized and unrealized gain/(loss)	0.62	1.70	(1.95)	2.40	(0.77)	(0.02)
	Total from Investment Operations		0.80	2.13	(1.49)	2.96	(0.36)	0.41
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.25)	(0.52)	(0.48)	(0.44)	(0.43)	(0.38)
		Distributions (from capital gains)	—	—	(0.19)	—	—	(0.11)
	Total Dividends and Distributions		(0.25)	(0.52)	(0.67)	(0.44)	(0.43)	(0.49)
	Net Asset Value, End of Period		$14.81	$14.26	$12.65	$14.81	$12.29	$13.08
	Total Return*		5.79%	17.45%	(10.41)%	24.45%	(2.80)%	3.29%
	Net Assets, End of Period (in thousands)		$5,855	$5,363	$20,258	$28,439	$26,296	$15,553
	Average Net Assets for the Period (in thousands)		$5,451	$9,029	$24,255	$26,581	$19,478	$11,844
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.26%(3)	1.27%	1.21%	1.18%	1.21%	1.28%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.09%	1.10%	1.11%	1.09%	1.09%	1.10%
		Ratio of Net Investment Income/(Loss)	2.62%(2)	3.22%	3.16%	4.06%	3.29%	3.36%
	Portfolio Turnover Rate		12%	62%	34%	52%	59%	44%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

**Annualized for periods of less than one full year.

(1)Per share amounts are calculated based on average shares outstanding during the year or period.

(2)Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2023. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.01 and 0.10%, respectively.

(3)Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2023. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%.

See Notes to Financial Statements.
Janus Investment Fund	21

Janus Henderson Responsible International Dividend Fund

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Henderson Responsible International Dividend 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 38 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks income with the potential for capital growth over the long-term. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Shareholders, including 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 (the “Distributor”) including, but not limited to,

22 DECEMBER 31, 2023

Janus Henderson Responsible International Dividend Fund

Notes to Financial Statements (unaudited)

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 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

Janus Investment Fund 23

Janus Henderson Responsible International Dividend Fund

Notes to Financial Statements (unaudited)

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 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 the 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.

24 DECEMBER 31, 2023

Janus Henderson Responsible International Dividend Fund

Notes to Financial Statements (unaudited)

Foreign Currency Translations

The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

Dividends and Distributions

Dividends are declared and distributed quarterly for the fund. Realized capital gains, if any, are declared and distributed in December. 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

Market Risk

The value of the Fund’s portfolio may decrease if the value of one or more issuers in the Fund’s portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund’s portfolio decreases, the Fund’s NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• COVID-19 Pandemic. The effects of COVID-19 have contributed to increased volatility in global financial markets and have affected and may continue to affect certain countries, regions, issuers, industries and market sectors more dramatically than others. These conditions and events could have a significant impact on the Fund and its investments,

Janus Investment Fund 25

Janus Henderson Responsible International Dividend Fund

Notes to Financial Statements (unaudited)

the Fund’s ability to meet redemption requests, and the processes and operations of the Fund’s service providers, including the Adviser.

• Armed Conflict. Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global economic environment and the markets for certain securities and commodities.

Emerging Market Investing

Within the parameters of its specific investment policies, the Fund may invest in securities of issuers or companies from or with exposure to one or more “developing countries” or “emerging market countries.” Such countries include but are not limited to countries included in the MSCI Emerging Markets Index^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.

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 Portfolio	Contractual Investment Advisory Fee (%)
First $1 Billion	0.75
Next $1 Billion	0.65
Above $2 Billion	0.55

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 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

26 DECEMBER 31, 2023

Janus Henderson Responsible International Dividend Fund

Notes to Financial Statements (unaudited)

Adviser. In this capacity, such employees of HGIL are subject to the oversight and supervision of the Adviser and may provide portfolio management, research, and related services to the Fund on behalf of the Adviser.

The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to the management fee, 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 fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.84% for at least a one-year period commencing on October 27, 2023. 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 $226,421 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2023. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

Janus Henderson Services US LLC (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

Average Daily Net Assets of Class D Shares of the Janus Henderson funds	Administrative Services Fee
Under $40 billion	0.12%
$40 billion – $49.9 billion	0.10%
Over $49.9 billion	0.08%

During the reporting period, the administrative services fee rate was 0.12%.

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.

Janus Investment Fund 27

Janus Henderson Responsible International Dividend Fund

Notes to Financial Statements (unaudited)

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended December 31, 2023, the Distributor retained upfront sales charges of $1,032.

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 December 31, 2023.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class C Shares during the period ended December 31, 2023.

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 December 31, 2023 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 December 31, 2023 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 $196,900 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2023.

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 Responsible International Dividend Fund

Notes to Financial Statements (unaudited)

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 December 31, 2023 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

As of December 31, 2023, 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 S Shares		100		-*
Class T Shares		-		-
*	Less than 0.50%

4. Federal Income Tax

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

Accumulated capital losses noted below represent net capital loss carryovers, as of June 30, 2023, 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 June 30, 2023
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$(1,598,701)	$ -	$ (1,598,701)

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Notes to Financial Statements (unaudited)

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2023 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)
$ 98,019,141	$ 26,584,134	$ (1,138,153)	$ 25,445,981

5. Capital Share Transactions

	Period ended December 31, 2023		Year ended June 30, 2023
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	167,714	$ 2,341,371	422,765	$ 5,619,267
Reinvested dividends and distributions	40,674	549,297	91,268	1,153,590
Shares repurchased	(226,014)	(3,137,348)	(695,081)	(9,058,646)
Net Increase/(Decrease)	(17,626)	$ (246,680)	(181,048)	$ (2,285,789)
Class C Shares:
Shares sold	15,975	$ 214,468	48,140	$ 592,045
Reinvested dividends and distributions	7,325	95,430	24,431	294,810
Shares repurchased	(123,159)	(1,676,952)	(390,147)	(4,998,180)
Net Increase/(Decrease)	(99,859)	$ (1,367,054)	(317,576)	$ (4,111,325)
Class D Shares:
Shares sold	79,862	$ 1,109,126	287,663	$ 3,884,555
Reinvested dividends and distributions	21,623	292,991	47,822	606,039
Shares repurchased	(137,584)	(1,933,290)	(274,281)	(3,678,663)
Net Increase/(Decrease)	(36,099)	$ (531,173)	61,204	$ 811,931
Class I Shares:
Shares sold	495,397	$ 6,922,689	1,743,365	$ 21,268,990
Reinvested dividends and distributions	56,802	771,304	146,751	1,830,415
Shares repurchased	(508,360)	(7,022,307)	(3,303,997)	(43,228,898)
Net Increase/(Decrease)	43,839	$ 671,686	(1,413,881)	$ (20,129,493)
Class N Shares:
Shares sold	536,663	$ 7,606,547	357,128	$ 4,720,695
Reinvested dividends and distributions	17,232	233,766	23,217	299,549
Shares repurchased	(204,178)	(2,829,373)	(166,504)	(2,190,742)
Net Increase/(Decrease)	349,717	$ 5,010,940	213,841	$ 2,829,502
Class S Shares:
Shares sold	-	$ -	-	$ -
Reinvested dividends and distributions	91	1,221	200	2,524
Shares repurchased	-	-	-	-
Net Increase/(Decrease)	91	$ 1,221	200	$ 2,524
Class T Shares:
Shares sold	45,248	$ 634,888	97,585	$ 1,292,370
Reinvested dividends and distributions	7,308	98,664	35,817	423,508
Shares repurchased	(33,380)	(463,738)	(1,358,505)	(15,935,755)
Net Increase/(Decrease)	19,176	$ 269,814	(1,225,103)	$ (14,219,877)

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Janus Henderson Responsible International Dividend Fund

Notes to Financial Statements (unaudited)

6. Purchases and Sales of Investment Securities

For the period ended December 31, 2023, 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
$14,841,283	$ 13,277,465	$ -	$ -

7. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2023 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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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; and (ii) 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 and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “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.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and 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, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, 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 to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management

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Additional Information(unaudited)

services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract 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 fund 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, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

Asset Allocation Funds

·For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12

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Additional Information(unaudited)

months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Fixed-Income Funds

·For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Global and International Equity Funds

·For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

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Janus Henderson Responsible International Dividend Fund

Additional Information(unaudited)

·For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·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 June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

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Janus Henderson Responsible International Dividend Fund

Additional Information(unaudited)

U.S. Equity Funds

·For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·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 June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.

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Additional Information(unaudited)

·For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.

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. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 6% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered 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 referenced its past analyses from 2022, which 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 different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with

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Additional Information(unaudited)

regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:

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 all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

·For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

·For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, 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 as shown were below the applicable fee limit.

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 average for certain share classes, overall the Fund’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 the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.

·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 average for certain share classes, 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 as shown were below the applicable fee limit.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.

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 average for certain share classes, overall the Fund’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 average for certain share classes, 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 as shown were below the applicable fee limit.

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·For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.

·For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

·For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, 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 as shown were 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 average 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 certain share classes, 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 as shown were below the applicable fee limit.

·For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.

·For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·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 as shown were below the applicable fee limit.

·For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

Money Market Funds

·For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson 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 as shown were below the applicable fee limit.

U.S. Equity Funds

·For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were

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Additional Information(unaudited)

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 as shown were 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 all 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, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

·For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

·For Janus Henderson Forty 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, although this limit did not apply because the Fund’s total expenses as shown were 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 average for certain share classes, 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 as shown were below the applicable fee limit.

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Venture Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

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 numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized

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Additional Information(unaudited)

by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser 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 charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

Economies of Scale

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.

With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and 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.

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Additional Information(unaudited)

Other Benefits to the Adviser

The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser’s ability to serve the Janus Henderson Funds.

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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. A company may be allocated to a country based on other factors such as location of the company’s principal office, the location of the principal trading market for the company’s securities, or the country where a majority of the company’s revenues are derived. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by 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.

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.

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Useful Information About Your Fund Report (unaudited)

Statement of Operations

This statement details the Fund’s income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled “Investment Income,” reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

The next section reports the expenses incurred by the Fund, including the advisory fee paid to the investment adviser, transfer agent fees and expenses, and printing and postage for mailing statements, financial reports and prospectuses. Expense offsets and expense reimbursements, if any, are also shown.

The last section lists the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign currency-denominated assets and liabilities. The Fund will realize a gain (or loss) when it sells its position in a particular security. A change in unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Fund during the reporting period. “Net Realized and Unrealized Gain/(Loss) on Investments” is affected both by changes in the market value of Fund holdings and by gains (or losses) realized during the reporting period.

Statements of Changes in Net Assets

These statements report the increase or decrease in the Fund’s net assets during the reporting period. Changes in the Fund’s net assets are attributable to investment operations, dividends and distributions to investors, and capital share transactions. This is important to investors because it shows exactly what caused the Fund’s net asset size to change during the period.

The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund’s investment operations. The Fund’s net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund’s net assets will not be affected.

The reinvestment of dividends and distributions is included under “Capital Share Transactions.” “Capital Shares” refers to the money investors contribute to the Fund through purchases or withdrawals via redemptions. The Fund’s net assets will increase and decrease in value as investors purchase and redeem shares from the Fund.

Financial Highlights

This schedule provides a per-share breakdown of the components that affect the Fund’s NAV for current and past reporting periods as well as total return, asset size, ratios, and portfolio turnover rate.

The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund’s expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.

The ratio of net investment income/(loss) summarizes the income earned less expenses, divided by the average net assets of the Fund during the reporting period. Do not confuse this ratio with the Fund’s yield. The net investment income ratio is not a true measure of the Fund’s yield because it does not take into account the dividends distributed to the Fund’s investors.

The next figure is the portfolio turnover rate, which measures the buying and selling activity in the Fund. Portfolio turnover is affected by market conditions, changes in the asset size of the Fund, fluctuating volume of shareholder purchase and redemption orders, the nature of the Fund’s investments, and the investment style and/or outlook of the 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

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Useful Information About Your Fund Report (unaudited)

portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.

Janus Investment Fund 45

This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Mutual funds distributed by Janus Henderson Distributors US LLC
	125-24-93075 02-24

	SEMIANNUAL REPORT December 31, 2023
Janus Henderson Short Duration Flexible Bond Fund
Janus Investment Fund

HIGHLIGHTS

·Investment strategy behind your fund

·Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Short Duration Flexible Bond Fund

Fund At A Glance 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
Additional Information	45
Useful Information About Your Fund Report	56

Greg Wilensky co-portfolio manager Michael Keough co-portfolio manager

Important Notice – Tailored Shareholder Reports

Effective January 24, 2023, the Securities and Exchange Commission (the “SEC”) adopted rule and form amendments that require mutual funds and exchange-traded funds to provide shareholders with streamlined annual and semi-annual shareholder reports that highlight key information. Other information, including financial statements, that currently appears in shareholder reports will be made available online, delivered free of charge to shareholders upon request, and filed with the SEC. The first tailored shareholder report for the Fund will be for the reporting period ending June 30, 2024. Currently, management is evaluating the impact of the rule and form amendments on the content of the Fund’s current shareholder reports.

Janus Henderson Short Duration Flexible Bond Fund (unaudited)

Fund At A Glance

December 31, 2023

Fund Profile
30-day SEC Yield*	Without Reimbursement	With Reimbursement
Class A Shares NAV	4.88%	5.00%
Class A Shares MOP	4.76%	4.87%
Class C Shares**	4.08%	4.21%
Class D Shares	5.03%	5.16%
Class I Shares	5.06%	5.16%
Class N Shares	5.17%	5.29%
Class S Shares	3.78%	4.78%
Class T Shares	4.94%	5.04%
Weighted Average Maturity		3.0 Years
Average Effective Duration***		2.3 Years
* Yield will fluctuate.
** Does not include the 1.00% contingent deferred sales charge.
*** A theoretical measure of price volatility.

Ratings† Summary - (% of Total Investments)
AAA	2.9%
AA	28.7%
A	10.4%
BBB	19.2%
BB	1.9%
B	0.4%
Not Rated	35.7%
Other	0.8%
† Credit ratings provided by Standard & Poor's (S&P), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality. "Other" includes cash equivalents, equity securities, and certain derivative instruments.

Significant Areas of Investment - (% of Net Assets)

Asset Allocation - (% of Net Assets)
Asset-Backed/Commercial Mortgage-Backed Securities	44.9%
Corporate Bonds	26.6%
United States Treasury Notes/Bonds	21.4%
Mortgage-Backed Securities	5.4%
Investment Companies	0.7%
Investments Purchased with Cash Collateral from Securities Lending	0.0%
Other		1.0%
		100.0%

Janus Investment Fund 1

Janus Henderson Short Duration Flexible Bond Fund (unaudited)

Performance

See important disclosures on the next page.

Average Annual Total Return - for the periods ended December 31, 2023						Prospectus Expense Ratios
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses‡	Net Annual Fund Operating Expenses‡
Class A Shares at NAV	3.99%	5.31%	1.49%	1.14%	3.12%	0.83%	0.70%
Class A Shares at MOP	1.46%	2.76%	0.95%	0.88%	2.96%
Class C Shares at NAV	3.99%	4.59%	0.82%	0.45%	2.43%	1.61%	1.45%
Class C Shares at CDSC	2.99%	3.59%	0.82%	0.45%	2.43%
Class D Shares	4.44%	5.49%	1.73%	1.33%	3.44%	0.67%	0.53%
Class I Shares	4.11%	5.56%	1.70%	1.35%	3.35%	0.66%	0.45%
Class N Shares	4.53%	5.63%	1.72%	1.40%	3.47%	0.53%	0.39%
Class S Shares	4.27%	5.13%	1.38%	1.00%	2.95%	1.83%	0.90%
Class T Shares	4.39%	5.38%	1.62%	1.23%	3.40%	0.77%	0.64%
Bloomberg 1-3 Year U.S. Government/Credit Index	3.44%	4.61%	1.51%	1.27%	3.41%**
Morningstar Quartile - Class T Shares	-	3rd	3rd	3rd	2nd
Morningstar Ranking - based on total returns for Short-Term Bond Funds	-	325/575	324/530	316/452	66/152

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 2.50%. 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.

2 DECEMBER 31, 2023

Janus Henderson Short Duration Flexible Bond 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 I 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 share 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 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.

© 2023 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.

See “Useful Information About Your Fund Report.”

*The Fund’s inception date – September 1, 1992

** The Bloomberg 1-3 Year U.S. Government/Credit Index’s since inception returns are calculated from August 31, 1992.

‡ As stated in the prospectus. Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 27, 2023. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees. See Financial Highlights for actual expense ratios during the reporting period.

Janus Investment Fund 3

Janus Henderson Short Duration Flexible Bond 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 (7/1/23)	Ending Account Value (12/31/23)	Expenses Paid During Period (7/1/23 - 12/31/23)†	Beginning Account Value (7/1/23)	Ending Account Value (12/31/23)	Expenses Paid During Period (7/1/23 - 12/31/23)†	Net Annualized Expense Ratio (7/1/23 - 12/31/23)
Class A Shares		$1,000.00	$1,039.90	$3.59	$1,000.00	$1,021.62	$3.56	0.70%
Class C Shares		$1,000.00	$1,039.90	$7.23	$1,000.00	$1,018.05	$7.15	1.41%
Class D Shares		$1,000.00	$1,044.40	$2.72	$1,000.00	$1,022.47	$2.69	0.53%
Class I Shares		$1,000.00	$1,041.10	$2.36	$1,000.00	$1,022.82	$2.34	0.46%
Class N Shares		$1,000.00	$1,045.30	$2.06	$1,000.00	$1,023.13	$2.03	0.40%
Class S Shares		$1,000.00	$1,042.70	$4.52	$1,000.00	$1,020.71	$4.47	0.88%
Class T Shares		$1,000.00	$1,043.90	$3.24	$1,000.00	$1,021.97	$3.20	0.63%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/366 (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.

4 DECEMBER 31, 2023

Janus Henderson Short Duration Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– 44.9%
	208 Park Avenue Mortgage Trust 2017-280P,
	CME Term SOFR 1 Month + 1.1800%, 6.5380%, 9/15/34 (144A)‡	$2,890,000	$2,780,565
	A&D Mortgage Trust 2023-NQM2 A1, 6.1320%, 5/25/68 (144A)Ç	1,892,106	1,883,115
	A&D Mortgage Trust 2023-NQM4 A1, 7.4720%, 9/25/68 (144A)Ç	1,288,055	1,308,841
	A&D Mortgage Trust 2023-NQM5 A1, 7.0490%, 11/25/68 (144A)Ç	616,730	622,371
	ACC Auto Trust 2022-A A, 4.5800%, 7/15/26 (144A)	530,593	527,415
	ACHV ABS Trust 2023-2PL A, 6.4200%, 5/20/30 (144A)	19,517	19,514
	ACHV ABS Trust 2023-3PL A, 6.6000%, 8/19/30 (144A)	258,074	258,036
	ACHV ABS Trust 2023-4CP A, 6.8100%, 11/25/30 (144A)	1,436,383	1,437,311
	ACM Auto Trust 2023-1A A, 6.6100%, 1/22/30 (144A)	563,617	563,233
	AMCR ABS Trust 2023-1A A, 7.6600%, 1/21/31 (144A)	1,524,200	1,532,579
	Angel Oak Mortgage Trust I LLC 2019-5, 2.5930%, 10/25/49 (144A)‡	123,015	118,422
	Angel Oak Mortgage Trust I LLC 2019-6,
	Refinitiv USD IBOR Consumer Cash Fallbacks 1 Year + 0.9500%, 2.6200%, 11/25/59 (144A)‡	110,708	106,531
	Aqua Finance Trust 2021-A A, 1.5400%, 7/17/46 (144A)	508,649	454,271
	ARES CLO Ltd 2021-60A A,
	CME Term SOFR 3 Month + 1.3816%, 6.6915%, 7/18/34 (144A)‡	491,000	490,482
	Arivo Acceptance Auto Loan Receivables 2022-1A A, 3.9300%, 5/15/28 (144A)	1,235,477	1,210,947
	Atalaya Equipment Leasing Fund I LP 2021-1A A2, 1.2300%, 5/15/26 (144A)	195,508	193,684
	Blue Ridge Funding LLC 2023-1A A, 7.3700%, 11/15/30 (144A)	2,278,000	2,282,612
	BPR Trust 2022-OANA A,
	CME Term SOFR 1 Month + 1.8980%, 7.2598%, 4/15/37 (144A)‡	3,717,000	3,656,260
	BPR Trust 2023-BRK2 A, 6.8990%, 11/5/28 (144A)‡	1,788,000	1,872,250
	BX Commercial Mortgage Trust 2019-MMP C,
	CME Term SOFR 1 Month + 1.4940%, 6.8560%, 8/15/36 (144A)‡	2,744,267	2,662,664
	BX Commercial Mortgage Trust 2019-XL,
	CME Term SOFR 1 Month + 1.0345%, 6.3963%, 10/15/36 (144A)‡	1,666,170	1,661,873
	BX Commercial Mortgage Trust 2019-XL,
	CME Term SOFR 1 Month + 1.1945%, 6.5563%, 10/15/36 (144A)‡	850,000	845,950
	BX Commercial Mortgage Trust 2021-21M A,
	CME Term SOFR 1 Month + 0.8445%, 6.2065%, 10/15/36 (144A)‡	1,692,686	1,658,843
	BX Commercial Mortgage Trust 2021-LBA AJV,
	CME Term SOFR 1 Month + 0.9145%, 6.2765%, 2/15/36 (144A)‡	1,598,000	1,571,425
	BX Commercial Mortgage Trust 2021-LBA AV,
	CME Term SOFR 1 Month + 0.9145%, 6.2765%, 2/15/36 (144A)‡	1,436,901	1,413,082
	BX Commercial Mortgage Trust 2021-VOLT F,
	CME Term SOFR 1 Month + 2.5145%, 7.8763%, 9/15/36 (144A)‡	3,235,000	3,046,094
	BX Commercial Mortgage Trust 2022-FOX2 A2,
	CME Term SOFR 1 Month + 0.7492%, 6.1110%, 4/15/39 (144A)‡	1,667,536	1,620,021
	BX Commercial Mortgage Trust 2023-VLT3 A,
	CME Term SOFR 1 Month + 1.9400%, 7.3018%, 11/15/28 (144A)‡	1,523,750	1,522,076
	BX Commercial Mortgage Trust 2023-VLT3 B,
	CME Term SOFR 1 Month + 2.6890%, 8.0508%, 11/15/28 (144A)‡	1,142,633	1,141,004
	CBAM CLO Management 2019-11RA A2,
	CME Term SOFR 3 Month + 1.7616%, 7.1774%, 1/20/35 (144A)‡	4,325,000	4,177,107
	CENT Trust 2023-CITY A,
	CME Term SOFR 1 Month + 2.6200%, 7.9818%, 9/15/38 (144A)‡	1,845,000	1,854,539
	CF Hippolyta Issuer LLC 2021-1A A1, 1.5300%, 3/15/61 (144A)	2,170,457	1,941,224
	CF Hippolyta Issuer LLC 2021-1A B1, 1.9800%, 3/15/61 (144A)	796,368	683,283
	CF Hippolyta Issuer LLC 2022-1A A1, 5.9700%, 8/15/62 (144A)	12,308,912	12,248,210
	Chase Auto Credit Linked Notes 2020-2 B, 0.8400%, 2/25/28 (144A)	21,787	21,713
	Chase Auto Credit Linked Notes 2021-1 B, 0.8750%, 9/25/28 (144A)	330,073	324,153
	Chase Auto Credit Linked Notes 2021-2 B, 0.8890%, 12/26/28 (144A)	299,975	292,612
	Chase Mortgage Finance Corp 2020-CL1 M1,
	CME Term SOFR 1 Month + 2.3645%, 7.7204%, 10/25/57 (144A)‡	2,881,474	2,883,222
	CIFC Funding Ltd 2016-1A BRR,
	CME Term SOFR 3 Month + 1.9616%, 7.2951%, 10/21/31 (144A)‡	1,278,000	1,268,626
	CIFC Funding Ltd 2021-7A B,
	CME Term SOFR 3 Month + 1.8616%, 7.2735%, 1/23/35 (144A)‡	1,432,000	1,422,081

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	5

Janus Henderson Short Duration Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	CIM Trust 2021-NR1 A1, 2.5690%, 7/25/55 (144A)Ç	$723,597	$708,554
	Cold Storage Trust 2020-ICE5 A,
	CME Term SOFR 1 Month + 1.0145%, 6.3719%, 11/15/37 (144A)‡	3,282,205	3,261,334
	Cold Storage Trust 2020-ICE5 B,
	CME Term SOFR 1 Month + 1.4145%, 6.7719%, 11/15/37 (144A)‡	1,683,863	1,663,677
	Cold Storage Trust 2020-ICE5 C,
	CME Term SOFR 1 Month + 1.7645%, 7.1219%, 11/15/37 (144A)‡	1,690,744	1,670,231
	COLEM Mortgage Trust 2022-HLNE A, 2.4610%, 4/12/42 (144A)‡	4,914,000	3,966,845
	Connecticut Avenue Securities Trust 2018-R07,
	US 30 Day Average SOFR + 2.5145%, 7.8519%, 4/25/31 (144A)‡	9,042	9,047
	Connecticut Avenue Securities Trust 2019-R07,
	US 30 Day Average SOFR + 2.2145%, 7.5519%, 10/25/39 (144A)‡	210	210
	Connecticut Avenue Securities Trust 2021-R02 2M1,
	US 30 Day Average SOFR + 0.9000%, 6.2374%, 11/25/41 (144A)‡	1,195,253	1,190,468
	Connecticut Avenue Securities Trust 2021-R02 2M2,
	US 30 Day Average SOFR + 2.0000%, 7.3374%, 11/25/41 (144A)‡	2,548,000	2,523,718
	Connecticut Avenue Securities Trust 2021-R03 1M2,
	US 30 Day Average SOFR + 1.6500%, 6.9874%, 12/25/41 (144A)‡	951,000	931,678
	Connecticut Avenue Securities Trust 2022-R01 1B1,
	US 30 Day Average SOFR + 3.1500%, 8.4874%, 12/25/41 (144A)‡	1,759,000	1,777,236
	Connecticut Avenue Securities Trust 2022-R01 1M2,
	US 30 Day Average SOFR + 1.9000%, 7.2374%, 12/25/41 (144A)‡	1,997,000	1,985,751
	Connecticut Avenue Securities Trust 2022-R03 1M1,
	US 30 Day Average SOFR + 2.1000%, 7.4374%, 3/25/42 (144A)‡	1,577,380	1,595,353
	Connecticut Avenue Securities Trust 2022-R04 1M1,
	US 30 Day Average SOFR + 2.0000%, 7.3374%, 3/25/42 (144A)‡	691,891	698,226
	Connecticut Avenue Securities Trust 2022-R05 2M1,
	US 30 Day Average SOFR + 1.9000%, 7.2374%, 4/25/42 (144A)‡	129,932	130,355
	Connecticut Avenue Securities Trust 2023-R01 1M1,
	US 30 Day Average SOFR + 2.4000%, 7.7374%, 12/25/42 (144A)‡	811,536	824,431
	Connecticut Avenue Securities Trust 2023-R03 2M1,
	US 30 Day Average SOFR + 2.5000%, 7.8374%, 4/25/43 (144A)‡	1,807,415	1,807,395
	Connecticut Avenue Securities Trust 2023-R06 1M1,
	US 30 Day Average SOFR + 1.7000%, 7.0374%, 7/25/43 (144A)‡	1,103,125	1,103,116
	Connecticut Avenue Securities Trust 2023-R07 2M1,
	US 30 Day Average SOFR + 1.9500%, 7.2874%, 9/25/43 (144A)‡	504,259	504,255
	Connecticut Avenue Securities Trust 2023-R08 1M1,
	US 30 Day Average SOFR + 1.5000%, 6.8374%, 10/25/43 (144A)‡	993,733	993,727
	CP EF Asset Securitization I LLC 2002-1A A, 5.9600%, 4/15/30 (144A)	1,526,221	1,517,213
	CPF IV LLC / CP EF Asset Securitization LLC 2023-1A A,
	7.4800%, 3/15/32 (144A)	964,653	968,222
	CRB Securitization Trust 2023-1 A, 6.9600%, 10/20/33 (144A)	1,486,568	1,495,700
	Credit Suisse Commercial Mortgage Trust 2019-ICE4,
	CME Term SOFR 1 Month + 1.0270%, 6.3890%, 5/15/36 (144A)‡	3,693,810	3,688,351
	Credit Suisse Commercial Mortgage Trust 2019-ICE4 C,
	CME Term SOFR 1 Month + 1.4770%, 6.8390%, 5/15/36 (144A)‡	4,095,810	4,083,537
	Credit Suisse Commercial Mortgage Trust 2021-WEHO A,
	CME Term SOFR 1 Month + 4.0838%, 9.4458%, 4/15/26 (144A)‡	1,391,565	1,368,338
	CyrusOne Data Centers Issuer I LLC 2023-2A A2, 5.5600%, 11/20/48 (144A)	1,791,000	1,710,479
	DB Master Finance LLC 2017-1A A2II, 4.0300%, 11/20/47 (144A)	4,829,370	4,574,019
	DBCCRE Mortgage Trust 2014-ARCP E, 4.9345%, 1/10/34 (144A)‡	4,240,000	4,186,998
	DC Commercial Mortgage Trust 2023-DC A, 6.3143%, 9/12/40 (144A)	1,548,000	1,592,571
	DC Commercial Mortgage Trust 2023-DC B, 6.8043%, 9/12/40 (144A)	1,459,617	1,493,704
	Diamond Infrastructure Funding LLC 2021-1A A, 1.7600%, 4/15/49 (144A)	2,114,000	1,876,460
	Diamond Resorts Owner Trust 2021-1A A, 1.5100%, 11/21/33 (144A)	464,326	432,483
	Donlen Fleet Lease Funding 2021-2 B, 0.9800%, 12/11/34 (144A)	1,572,000	1,519,168
	Donlen Fleet Lease Funding 2021-2 C, 1.2000%, 12/11/34 (144A)	1,471,000	1,417,708
	Drive Auto Receivables Trust 2020-1, 2.7000%, 5/17/27	1,229,328	1,218,176
	DROP Mortgage Trust 2021-FILE A,
	CME Term SOFR 1 Month + 1.2645%, 6.6265%, 10/15/43 (144A)‡	3,929,000	3,634,450

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
6	DECEMBER 31, 2023

Janus Henderson Short Duration Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	Elmwood CLO VIII Ltd 2019-2A AR,
	CME Term SOFR 3 Month + 1.4116%, 6.8274%, 4/20/34 (144A)‡	$740,000	$739,956
	Exeter Automobile Receivables Trust 2020-2A E, 7.1900%, 9/15/27 (144A)	2,687,000	2,689,748
	Exeter Automobile Receivables Trust 2021-1A D, 1.0800%, 11/16/26	1,081,000	1,045,490
	Exeter Automobile Receivables Trust 2023-5A A2, 6.2000%, 4/15/26	2,008,000	2,010,369
	Extended Stay America Trust 2021-ESH E,
	CME Term SOFR 1 Month + 2.9645%, 8.3265%, 7/15/38 (144A)‡	3,161,561	3,097,232
	First Investors Auto Owner Trust 2022-1A A, 2.0300%, 1/15/27 (144A)	1,152,809	1,132,020
	Flagstar Mortgage Trust 2021-13IN A2, 3.0000%, 12/30/51 (144A)‡	5,254,825	4,472,814
	Freddie Mac Structured Agency Credit Risk Debt Notes 2019-DNA4 M2,
	US 30 Day Average SOFR + 2.0645%, 7.4019%, 10/25/49 (144A)‡	17,110	17,124
	Freddie Mac Structured Agency Credit Risk Debt Notes 2020-DNA6 M2,
	US 30 Day Average SOFR + 2.0000%, 7.3374%, 12/25/50 (144A)‡	906,463	918,852
	Freddie Mac Structured Agency Credit Risk Debt Notes 2020-HQA5 M2,
	US 30 Day Average SOFR + 2.6000%, 7.9374%, 11/25/50 (144A)‡	957,579	974,546
	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA1 M2,
	US 30 Day Average SOFR + 1.8000%, 7.1374%, 1/25/51 (144A)‡	368,573	369,944
	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA2 M2,
	US 30 Day Average SOFR + 2.3000%, 7.6374%, 8/25/33 (144A)‡	1,443,709	1,453,175
	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-HQA1 M2,
	US 30 Day Average SOFR + 2.2500%, 7.5874%, 8/25/33 (144A)‡	1,661,740	1,657,013
	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-HQA2 M2,
	US 30 Day Average SOFR + 2.0500%, 7.3874%, 12/25/33 (144A)‡	2,592,000	2,554,375
	Freddie Mac Structured Agency Credit Risk Debt Notes 2022-HQA1 M1A,
	US 30 Day Average SOFR + 2.1000%, 7.4374%, 3/25/42 (144A)‡	659,598	663,601
	Freddie Mac Structured Agency Credit Risk Debt Notes 2022-HQA3 M1A,
	US 30 Day Average SOFR + 2.3000%, 7.6374%, 8/25/42 (144A)‡	675,515	685,926
	Freddie Mac Structured Agency Credit Risk Debt Notes 2023-DNA2 M1A,
	US 30 Day Average SOFR + 2.1000%, 7.4374%, 4/25/43 (144A)‡	1,508,360	1,508,343
	Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA2 M1A,
	US 30 Day Average SOFR + 2.0000%, 7.3374%, 6/25/43 (144A)‡	1,683,179	1,694,397
	Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA3 A1,
	US 30 Day Average SOFR + 1.8500%, 7.1874%, 11/25/43 (144A)‡	508,098	510,692
	Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA3 M1,
	US 30 Day Average SOFR + 1.8500%, 7.1874%, 11/25/43 (144A)‡	874,739	874,730
	FREED ABS Trust 2022-2CP B, 4.4900%, 5/18/29 (144A)	2,366,755	2,360,005
	GCAT 2022-INV1 A1, 3.0000%, 12/25/51 (144A)‡	4,577,751	3,890,764
	Great Wolf Trust,
	CME Term SOFR 1 Month + 1.1485%, 6.7105%, 12/15/36 (144A)‡	5,929,000	5,899,283
	Hilton Grand Vacations Trust 2020-AA, 2.7400%, 2/25/39 (144A)	1,295,508	1,228,526
	Hudson Bay Simon JV Trust 2015-HB7 A7, 3.9141%, 8/5/34 (144A)	555,659	499,029
	Imerial Fund LLC 2023-NQM1 A1, 5.9410%, 2/25/68 (144A)Ç	957,918	949,908
	JP Morgan Chase Commercial Mortgage Sec Trust 2020-ACE A,
	3.2865%, 1/10/37 (144A)	991,000	950,975
	JP Morgan Chase Commercial Mortgage Sec Trust 2020-ACE B,
	3.6401%, 1/10/37 (144A)	2,560,000	2,421,697
	KNDL Mortgage Trust 2019-KNSQ A,
	CME Term SOFR 1 Month + 0.9960%, 6.3580%, 5/15/36 (144A)‡	3,838,000	3,828,201
	LAD Auto Receivables Trust 2021-1A A, 1.3000%, 8/17/26 (144A)	218,745	215,996
	LAD Auto Receivables Trust 2022-1A A, 5.2100%, 6/15/27 (144A)	1,844,780	1,835,457
	Lendbuzz Securitization Trust 2021-1A A, 1.4600%, 6/15/26 (144A)	1,313,778	1,270,254
	Lendbuzz Securitization Trust 2021-1A A, 4.2200%, 5/17/27 (144A)‡	1,407,835	1,372,528
	Lendbuzz Securitization Trust 2023-1A A2, 6.9200%, 8/15/28 (144A)	2,621,706	2,629,105
	Life Financial Services Trust 2021-BMR A,
	CME Term SOFR 1 Month + 0.8145%, 6.1765%, 3/15/38 (144A)‡	3,554,420	3,477,214
	Life Financial Services Trust 2021-BMR C,
	CME Term SOFR 1 Month + 1.2145%, 6.5765%, 3/15/38 (144A)‡	1,980,685	1,918,874
	Life Financial Services Trust 2022-BMR2 A1,
	CME Term SOFR 1 Month + 1.2952%, 6.6571%, 5/15/39 (144A)‡	2,823,000	2,763,441

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	7

Janus Henderson Short Duration Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	Life Financial Services Trust 2022-BMR2 B,
	CME Term SOFR 1 Month + 1.7939%, 7.1557%, 5/15/39 (144A)‡	$1,059,000	$1,032,570
	M&T Equipment Notes 2023-1A A2, 6.0900%, 7/15/30 (144A)	2,070,000	2,074,514
	Marlette Funding Trust 2023-1A A, 6.0700%, 4/15/33 (144A)	1,361,432	1,360,215
	Marlette Funding Trust 2023-2A B, 6.5400%, 6/15/33 (144A)	1,275,000	1,286,912
	MED Trust 2021-MDLN E,
	CME Term SOFR 1 Month + 3.2645%, 8.6265%, 11/15/38 (144A)‡	2,634,357	2,551,675
	Mello Mortgage Capital Acceptance Trust 2021-INV3 A11,
	US 30 Day Average SOFR + 0.9500%, 5.0000%, 10/25/51 (144A)‡	1,659,642	1,537,876
	Mello Mortgage Capital Acceptance Trust 2021-INV4 A3,
	2.5000%, 12/25/51 (144A)‡	1,768,104	1,446,879
	Mello Mortgage Capital Acceptance Trust 2022-INV1 A2,
	3.0000%, 3/25/52 (144A)‡	3,179,985	2,706,744
	Mercury Financial Credit Card Master Trust 2023-1A A,
	8.0400%, 9/20/27 (144A)	2,674,000	2,675,940
	MHC Commercial Mortgage Trust 2021-MHC A,
	CME Term SOFR 1 Month + 0.9154%, 6.2774%, 4/15/38 (144A)‡	2,936,248	2,902,831
	MHC Commercial Mortgage Trust 2021-MHC C,
	CME Term SOFR 1 Month + 1.4654%, 6.8274%, 4/15/38 (144A)‡	1,657,779	1,632,970
	Mission Lane Credit Card Master Trust 2023-A A, 7.2300%, 7/17/28 (144A)	2,136,000	2,139,299
	NCMF Trust 2022-MFP A,
	CME Term SOFR 1 Month + 1.7420%, 7.1038%, 3/15/39 (144A)‡	855,000	846,065
	Neuberger Berman CLO Ltd 2019-33A BR,
	CME Term SOFR 3 Month + 1.8616%, 7.2555%, 10/16/33 (144A)‡	3,800,000	3,794,323
	NMEF Funding LLC 2022-A A2, 2.5800%, 10/16/28 (144A)	1,405,497	1,385,240
	NRZ Excess Spread Collateralized Notes 2020-PLS1 A,
	3.8440%, 12/25/25 (144A)	288,605	274,007
	NRZ Excess Spread Collateralized Notes 2021-FHT1 A, 3.1040%, 7/25/26 (144A)	450,712	416,590
	Oak Street Investment Grade Net Lease Fund 2020-1A A1,
	1.8500%, 11/20/50 (144A)	1,049,571	957,963
	Oasis Securitization 2021-2A A, 2.1430%, 10/15/33 (144A)	385,793	382,355
	Oasis Securitization 2022-1A A, 4.7500%, 5/15/34 (144A)	614,482	612,534
	Oasis Securitization 2022-2A A, 6.8500%, 10/15/34 (144A)	1,117,257	1,117,236
	Oasis Securitization 2023-1A A, 7.0000%, 2/15/35 (144A)	2,742,727	2,739,861
	OCCU Auto Receivables Trust 2023-1A A3, 6.2300%, 6/15/28 (144A)	1,784,000	1,805,647
	Oceanview Mortgage Trust 2021-4 A11,
	US 30 Day Average SOFR + 0.8500%, 5.0000%, 10/25/51 (144A)‡	1,813,738	1,677,262
	Oceanview Mortgage Trust 2021-5 AF,
	US 30 Day Average SOFR + 0.8500%, 5.0000%, 11/25/51 (144A)‡	1,769,327	1,633,726
	Oceanview Mortgage Trust 2022-1 A1, 3.0000%, 12/25/51 (144A)‡	1,847,578	1,572,626
	Oceanview Mortgage Trust 2022-2 A1, 3.0000%, 12/25/51 (144A)‡	3,671,592	3,125,200
	OCP CLO Ltd 2015-10A BR2,
	CME Term SOFR 3 Month + 1.9116%, 7.2912%, 1/26/34 (144A)‡	2,686,000	2,656,175
	Octagon Investment Partners 48 Ltd 2020-3A BR,
	CME Term SOFR 3 Month + 1.8616%, 7.2774%, 10/20/34 (144A)‡	527,000	522,035
	Ondeck Asset Securitization Trust LLC 2021-1A A, 1.5900%, 5/17/27 (144A)	1,807,000	1,764,472
	Onslow Bay Financial LLC 2021-INV3 A3, 2.5000%, 10/25/51 (144A)‡	2,715,197	2,222,217
	Onslow Bay Financial LLC 2022-INV1 A1, 3.0000%, 12/25/51 (144A)‡	3,677,313	3,130,069
	Onslow Bay Financial LLC 2022-INV1 A18, 3.0000%, 12/25/51 (144A)‡	1,559,625	1,291,552
	Oscar US Funding Trust 2021-1A A3, 0.7000%, 4/10/25 (144A)	407,187	404,924
	Pagaya AI Debt Selection Trust 2022-1 A, 2.0300%, 10/15/29 (144A)	320,556	315,664
	Pawnee Equipment Receivables 2021-1 A2, 1.1000%, 7/15/27 (144A)	1,233,847	1,205,016
	Preston Ridge Partners Mortgage Trust 2021-10 A1, 2.4870%, 10/25/26 (144A)Ç	1,615,084	1,524,448
	Preston Ridge Partners Mortgage Trust 2021-9 A1, 2.3630%, 10/25/26 (144A)Ç	1,612,826	1,523,022
	Preston Ridge Partners Mortgage Trust 2022-2 A1, 5.0000%, 3/25/27 (144A)Ç	2,251,240	2,192,045
	Pretium Mortgage Credit Partners LLC 2023-RN1 A1, 8.2321%, 9/25/53 (144A)Ç	2,145,392	2,188,913
	Provident Funding Mortgage Trust 2021-INV1 A1, 2.5000%, 8/25/51 (144A)‡	1,553,528	1,271,509

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
8	DECEMBER 31, 2023

Janus Henderson Short Duration Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	Rad CLO Ltd 2023-21A C,
	CME Term SOFR 3 Month + 2.5500%, 0%, 1/25/33 (144A)‡	$2,327,710	$2,320,445
	Reach Financial LLC 2021-1A B, 2.1700%, 5/15/29 (144A)	2,110,000	2,043,482
	Reach Financial LLC 2022-2A A, 6.6300%, 5/15/30 (144A)	408,646	408,774
	Saluda Grade Alternative Mortgage Trust 2023-FIG4 A,
	6.7180%, 11/25/53 (144A)‡	1,323,000	1,322,991
	Saluda Grade Alternative Mortgage Trust 2023-SEQ3 A1,
	Prime Rate by Country United States + 2.3000%, 7.1620%, 6/1/53 (144A)‡	1,876,613	1,896,285
	Santander Bank Auto Credit-Linked Notes 2021-1A B, 1.8330%, 12/15/31 (144A)	2,348,556	2,286,971
	Santander Bank Auto Credit-Linked Notes 2021-1A C, 3.2680%, 12/15/31 (144A)	323,196	315,902
	Santander Bank Auto Credit-Linked Notes 2022-A B, 5.2810%, 5/15/32 (144A)	1,186,576	1,176,609
	Santander Bank Auto Credit-Linked Notes 2023-B A2, 5.6440%, 12/15/33 (144A)	2,430,000	2,437,247
	Santander Drive Auto Receivables Trust 2021-1 D, 1.1300%, 11/16/26	3,923,855	3,823,281
	Sierra Receivables Funding Co LLC 2021-1A A, 0.9900%, 11/20/37 (144A)	700,561	659,946
	Signal Peak CLO LLC 2022-12A A1, 6.8910%, 7/10/28‡	2,616,000	2,734,800
	SMRT 2022-MINI A, CME Term SOFR 1 Month + 1.0000%, 6.3620%, 1/15/39 (144A)‡	2,805,000	2,745,575
	SoFi Consumer Loan Program Trust 2022-1S A, 6.2100%, 4/15/31 (144A)	617,953	617,879
	SoFi Professional Loan Program 2020-C Trust, 1.9500%, 2/15/46 (144A)	1,388,215	1,259,127
	Sound Point CLO Ltd 2019-1A AR,
	CME Term SOFR 3 Month + 1.3416%, 6.7574%, 1/20/32 (144A)‡	2,136,000	2,114,937
	SREIT Trust 2021-MFP A,
	CME Term SOFR 1 Month + 0.8453%, 6.2071%, 11/15/38 (144A)‡	3,096,408	3,044,189
	Tesla Auto Lease Trust 2021-B B, 0.9100%, 9/22/25 (144A)	538,000	524,460
	THE 2023-MIC Trust 2023-MIC A, 8.4366%, 12/5/38 (144A)‡	1,278,485	1,345,768
	Theorem Funding Trust 2022-3A A, 7.6000%, 4/15/29 (144A)	1,640,723	1,652,175
	THL Credit Wind River CLO Ltd 2014-1A ARR,
	CME Term SOFR 3 Month + 1.3116%, 6.6215%, 7/18/31 (144A)‡	4,651,963	4,652,256
	Towd Point Mortgage Trust 2023-CES1 A1A, 6.7500%, 7/25/63 (144A)‡	573,258	579,190
	Towd Point Mortgage Trust 2023-CES2 A1A, 7.2940%, 10/25/63 (144A)‡	808,740	825,833
	Tricolor Auto Securitization Trust 2023-1A A, 6.4800%, 8/17/26 (144A)	1,161,552	1,158,000
	TTAN 2021-MHC A, CME Term SOFR 1 Month + 0.9645%, 6.3265%, 3/15/38 (144A)‡	1,442,253	1,426,068
	TYSN 2023-CRNR Mortgage Trust 2023-CRNR A, 6.7990%, 12/10/33 (144A)‡	758,943	786,852
	TYSN 2023-CRNR Mortgage Trust 2023-CRNR B, 6.7990%, 12/10/33 (144A)‡	1,530,716	1,539,521
	UNIFY Auto Receivables Trust 2021-1A A4, 0.9800%, 7/15/26 (144A)	2,026,215	1,989,859
	United Wholesale Mortgage LLC 2021-INV4 A3, 2.5000%, 12/25/51 (144A)‡	1,351,435	1,107,443
	Upstart Securitization Trust 2021-4 A, 0.8400%, 9/20/31 (144A)	75,153	74,942
	Upstart Securitization Trust 2021-5 A, 1.3100%, 11/20/31 (144A)	83,006	82,342
	Upstart Securitization Trust 2022-1 A, 3.1200%, 3/20/32 (144A)	1,272,065	1,257,563
	Upstart Securitization Trust 2022-2 A, 4.3700%, 5/20/32 (144A)	733,079	729,813
	US Bank National Association 2023-1 B, 6.7890%, 8/25/32 (144A)	1,904,000	1,908,659
	USASF Receivables LLC 2021-1A C, 2.2000%, 5/15/26 (144A)	2,848,869	2,780,642
	Vantage Data Centers LLC 2020-1A A2, 1.6450%, 9/15/45 (144A)	2,652,000	2,453,831
	VASA Trust 2021-VASA A,
	CME Term SOFR 1 Month + 1.0145%, 6.3765%, 7/15/39 (144A)‡	1,260,000	1,118,498
	Verus Securitization Trust 2020-1, 2.6420%, 1/25/60 (144A)Ç	2,321,401	2,207,455
	VMC Finance LLC 2021-HT1 A,
	CME Term SOFR 1 Month + 1.7645%, 7.1227%, 1/18/37 (144A)‡	1,233,677	1,209,014
	Westgate Resorts 2022-1A A, 1.7880%, 8/20/36 (144A)	429,261	409,261
	Westlake Automobile Receivable Trust 2023-3A A2A, 5.9600%, 10/15/26 (144A)	2,481,000	2,486,625
	Westlake Automobile Receivable Trust 2023-4A A2, 6.2300%, 1/15/27 (144A)	2,675,000	2,691,905
	Woodward Capital Management 2021-3 A21,
	US 30 Day Average SOFR + 0.8000%, 5.0000%, 7/25/51 (144A)‡	1,171,217	1,073,293
	Woodward Capital Management 2023-CES1 A1A, 6.5150%, 6/25/43 (144A)‡	1,102,057	1,113,183
	Woodward Capital Management 2023-CES2 A1A, 6.8080%, 9/25/43 (144A)‡	2,031,993	2,060,986
	Woodward Capital Management 2023-CES3 A1A, 7.1130%, 11/25/43 (144A)	2,824,467	2,906,475
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $349,103,110)			339,544,502

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	9

Janus Henderson Short Duration Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Corporate Bonds– 26.6%
Banking – 7.9%
	American Express Co, SOFR + 1.3300%, 6.3380%, 10/30/26‡	$2,284,000	$2,328,662
	Bank of America Corp, SOFR + 1.9900%, 6.2040%, 11/10/28‡	2,851,000	2,973,994
	Bank of America NA, 5.5260%, 8/18/26	6,452,000	6,571,100
	BNP Paribas SA, CME Term SOFR 3 Month + 2.4966%, 4.7050%, 1/10/25 (144A)‡	3,253,000	3,252,712
	BNP Paribas SA, USD SWAP SEMI 30/360 5YR + 5.1500%, 7.3750% (144A)‡,µ	5,148,000	5,155,151
	Danske Bank A/S,
	US Treasury Yield Curve Rate 1 Year + 2.1000%, 6.4660%, 1/9/26 (144A)‡	6,589,000	6,635,713
	Fifth Third Bancorp, SOFR + 2.3400%, 6.3390%, 7/27/29‡	1,256,000	1,307,721
	ING Groep NV, SOFR + 1.5600%, 6.0830%, 9/11/27‡	2,448,000	2,498,192
	JPMorgan Chase & Co, SOFR + 1.3200%, 4.0800%, 4/26/26‡	6,763,000	6,652,966
	JPMorgan Chase & Co, SOFR + 1.4500%, 5.2990%, 7/24/29‡	4,909,000	4,981,216
	Morgan Stanley, SOFR + 1.5900%, 5.1640%, 4/20/29‡	1,918,000	1,928,964
	Morgan Stanley, SOFR + 1.6300%, 5.4490%, 7/20/29‡	2,175,000	2,216,220
	Morgan Stanley Bank NA, 4.7540%, 4/21/26	2,138,000	2,136,558
	PNC Financial Services Group Inc/The, SOFR + 1.7300%, 6.6150%, 10/20/27‡	5,774,000	5,989,496
	Truist Financial Corp, SOFR + 2.0500%, 6.0470%, 6/8/27‡	2,484,000	2,527,751
	Wells Fargo & Co, SOFR + 1.5100%, 3.5260%, 3/24/28‡	3,116,000	2,972,722
			60,129,138
Basic Industry – 0.8%
	Celanese US Holdings LLC, 6.3500%, 11/15/28	6,012,000	6,304,879
Brokerage – 1.6%
	Charles Schwab Corp, 5.8750%, 8/24/26	6,336,000	6,498,489
	Nasdaq Inc, 5.3500%, 6/28/28	5,593,000	5,760,493
			12,258,982
Capital Goods – 2.2%
	L3Harris Technologies Inc, 5.4000%, 1/15/27	4,423,000	4,514,772
	Nordson Corp, 5.6000%, 9/15/28	3,080,000	3,193,320
	Regal Rexnord Corp, 6.0500%, 2/15/26 (144A)	1,890,000	1,910,890
	Regal Rexnord Corp, 6.0500%, 4/15/28 (144A)	1,518,000	1,536,636
	RTX Corp, 5.7500%, 11/8/26	5,001,000	5,139,050
			16,294,668
Consumer Cyclical – 0.7%
	LKQ Corp, 5.7500%, 6/15/28	4,169,000	4,266,853
	Lowe's Cos Inc, 3.3500%, 4/1/27	916,000	882,281
			5,149,134
Consumer Non-Cyclical – 4.0%
	Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC,
	6.5000%, 2/15/28 (144A)	1,938,000	1,961,155
	GE HealthCare Technologies Inc, 5.6000%, 11/15/25	3,053,000	3,080,068
	HCA Inc, 5.3750%, 2/1/25	1,308,000	1,306,078
	HCA Inc, 5.8750%, 2/15/26	684,000	689,817
	HCA Inc, 5.2000%, 6/1/28	1,262,000	1,274,950
	Illumina Inc, 5.8000%, 12/12/25	2,951,000	2,961,096
	IQVIA Inc, 6.2500%, 2/1/29 (144A)	1,818,000	1,897,896
	JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc, 2.5000%, 1/15/27	4,222,000	3,885,338
	Mattel Inc, 3.7500%, 4/1/29 (144A)	3,395,000	3,100,970
	Polaris Inc, 6.9500%, 3/15/29	3,813,000	4,055,827
	Sysco Corp, 5.7500%, 1/17/29	5,747,000	5,986,533
			30,199,728
Electric – 1.6%
	Georgia Power Co, 4.6500%, 5/16/28	2,005,000	2,020,326
	National Grid PLC, 5.6020%, 6/12/28	1,558,000	1,605,156
	NextEra Energy Operating Partners LP, 4.2500%, 7/15/24 (144A)	1,229,000	1,215,053
	Southern California Edison Co, 5.8500%, 11/1/27	2,077,000	2,168,837
	Xcel Energy Inc, 4.0000%, 6/15/28	5,589,000	5,453,255
			12,462,627
Energy – 0.4%
	Columbia Pipelines Holding Company LLC, 6.0550%, 8/15/26 (144A)	1,572,000	1,609,147

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
10	DECEMBER 31, 2023

Janus Henderson Short Duration Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Energy– (continued)
	Targa Resources Partners LP / Targa Resources Partners Finance Corp,
	6.5000%, 7/15/27	$1,643,000	$1,664,688
			3,273,835
Finance Companies – 3.1%
	Air Lease Corp, 0.8000%, 8/18/24#	3,072,000	2,977,534
	Ares Capital Corp, 7.0000%, 1/15/27	3,793,000	3,901,466
	Avolon Holdings Funding Ltd, 4.2500%, 4/15/26 (144A)	2,351,000	2,270,629
	Avolon Holdings Funding Ltd, 2.1250%, 2/21/26 (144A)	3,354,000	3,107,884
	Blackstone Private Credit Fund, 7.3000%, 11/27/28 (144A)	3,813,000	3,963,724
	Castlelake Aviation Finance DAC, 5.0000%, 4/15/27 (144A)	2,999,000	2,807,568
	Owl Rock Capital Corp, 3.1250%, 4/13/27	4,908,000	4,336,904
			23,365,709
Government Sponsored – 0.2%
	Electricite de France SA, 5.7000%, 5/23/28 (144A)	1,520,000	1,572,663
Insurance – 2.1%
	Centene Corp, 4.2500%, 12/15/27	13,752,000	13,250,784
	Corebridge Financial Inc, 3.5000%, 4/4/25	2,625,000	2,559,006
			15,809,790
Professional Services – 0.7%
	Jacobs Engineering Group Inc, 6.3500%, 8/18/28	5,024,000	5,247,048
Real Estate Investment Trusts (REITs) – 0.6%
	American Tower Trust I, 5.4900%, 3/15/28 (144A)	4,241,000	4,292,621
Technology – 0.7%
	Marvell Technology Inc, 5.7500%, 2/15/29	4,791,000	4,950,052
Total Corporate Bonds (cost $199,870,316)			201,310,874
Mortgage-Backed Securities– 5.4%
Fannie Mae:
	4.0000%, TBA, 30 Year Maturity	862,629	815,839
	5.0000%, TBA, 30 Year Maturity	893,900	884,677
			1,700,516
Fannie Mae Pool:
	4.0000%, 10/1/47	383,482	369,330
	4.0000%, 1/1/48	240,562	231,685
	4.5000%, 6/1/48	351,574	346,286
	4.0000%, 7/1/48	468,635	450,263
	4.0000%, 8/1/48	160,887	154,580
	4.0000%, 9/1/48	384,541	370,350
	4.0000%, 11/1/48	546,865	525,427
	4.0000%, 12/1/48	86,542	83,149
	4.0000%, 6/1/49	68,451	65,666
	4.5000%, 6/1/49	31,680	31,141
	4.5000%, 8/1/49	44,251	43,498
	4.0000%, 11/1/49	1,124,272	1,080,197
	4.5000%, 1/1/50	898,910	885,390
	4.5000%, 1/1/50	59,657	58,644
	4.0000%, 9/1/50	1,723,659	1,653,533
	4.5000%, 12/1/50	789,973	776,564
	3.5000%, 2/1/51	576,185	534,022
	4.0000%, 3/1/51	4,610,602	4,423,022
	4.0000%, 3/1/51	89,118	85,492
	4.0000%, 3/1/51	44,937	43,176
	4.0000%, 8/1/51	720,004	691,778
	4.0000%, 10/1/51	661,307	634,402
	3.0000%, 3/1/52	982,038	878,594
	3.0000%, 4/1/52	821,469	735,953
	3.0000%, 4/1/52	711,984	636,931
	3.5000%, 4/1/52	736,319	685,939
	3.5000%, 4/1/52	388,141	361,962

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	11

Janus Henderson Short Duration Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Fannie Mae Pool– (continued)
	3.5000%, 4/1/52	$229,989	$214,253
	3.5000%, 4/1/52	133,306	124,334
	3.5000%, 4/1/52	110,819	103,344
	4.0000%, 4/1/52	521,390	498,080
	4.5000%, 4/1/52	132,070	128,060
	4.5000%, 4/1/52	111,754	108,361
	4.5000%, 4/1/52	64,070	62,124
	4.5000%, 4/1/52	58,184	56,417
	4.5000%, 4/1/52	50,862	49,318
	4.5000%, 4/1/52	32,753	31,756
	4.5000%, 5/1/52	177,323	171,939
	3.5000%, 7/1/52	2,735,541	2,534,032
	4.5000%, 8/1/52	1,835,742	1,780,250
	5.0000%, 10/1/52	563,490	561,489
	5.0000%, 10/1/52	247,784	246,904
	4.5000%, 11/1/52	1,845,057	1,806,481
	4.5000%, 7/1/53	604,757	594,417
	5.5000%, 7/1/53	4,680,067	4,703,734
	4.5000%, 8/1/53	422,545	415,321
			31,027,588
Freddie Mac Pool:
	4.0000%, 4/1/48	30,327	29,138
	4.0000%, 11/1/48	49,257	47,325
	4.5000%, 6/1/49	35,648	35,042
	4.5000%, 7/1/49	294,610	289,603
	4.5000%, 7/1/49	45,340	44,569
	4.5000%, 8/1/49	266,462	261,933
	4.5000%, 1/1/50	180,566	177,497
	4.5000%, 1/1/50	50,123	49,272
	4.0000%, 3/1/50	585,440	562,488
	4.5000%, 9/1/50	1,693,578	1,668,104
	4.0000%, 10/1/50	154,527	148,240
	4.5000%, 3/1/52	27,525	26,689
	3.5000%, 4/1/52	92,692	86,454
	3.5000%, 4/1/52	84,499	78,800
	3.5000%, 7/1/52	1,064,553	987,066
	4.5000%, 10/1/52	1,093,688	1,070,821
	5.0000%, 10/1/52	1,703,632	1,697,580
	5.0000%, 10/1/52	1,109,252	1,105,311
	5.0000%, 10/1/52	34,119	33,998
			8,399,930
Total Mortgage-Backed Securities (cost $41,839,426)			41,128,034
United States Treasury Notes/Bonds– 21.4%
	3.0000%, 7/31/24	18,781,000	18,559,443
	4.2500%, 9/30/24	19,165,900	19,067,824
	4.2500%, 12/31/24	24,496,000	24,365,266
	1.5000%, 2/15/25	361,000	348,379
	4.6250%, 2/28/25	1,583,000	1,582,072
	4.6250%, 6/30/25	60,346,000	60,481,162
	3.1250%, 8/15/25	4,110,000	4,028,121
	4.3750%, 12/15/26	11,442,000	11,553,738
	4.3750%, 11/30/28	16,001,800	16,374,342
	3.7500%, 12/31/28	5,577,000	5,551,293
Total United States Treasury Notes/Bonds (cost $162,040,551)			161,911,640
Investment Companies– 0.7%
Money Markets – 0.7%
	Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº,£((cost $5,523,274)	5,522,170	5,523,274

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
12	DECEMBER 31, 2023

Janus Henderson Short Duration Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Investments Purchased with Cash Collateral from Securities Lending– 0%
Investment Companies – 0%
	Janus Henderson Cash Collateral Fund LLC, 5.2936%ºº,£	57,168	$57,168
Time Deposits – 0%
	Royal Bank of Canada, 5.3100%, 1/2/24	$14,292	14,292
Total Investments Purchased with Cash Collateral from Securities Lending (cost $71,460)			71,460
Total Investments (total cost $758,448,137) – 99.0%			749,489,784
Cash, Receivables and Other Assets, net of Liabilities – 1.0%			7,431,012
Net Assets – 100%			$756,920,796

Summary of Investments by Country - (Long Positions) (unaudited)
		% of
		Investment
Country	Value	Securities
United States	$722,986,760	96.5	%
France	9,980,526	1.3
Denmark	6,635,713	0.9
Ireland	5,378,513	0.7
Netherlands	2,498,192	0.3
United Kingdom	1,605,156	0.2
Japan	404,924	0.1

Total $749,489,784 100.0 %

Schedules of Affiliated Investments – (% of Net Assets)

		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 12/31/23
Investment Companies - 0.7%
Money Markets - 0.7%
	Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº	$	354,928	$	349	$	(663)	$	5,523,274
Investments Purchased with Cash Collateral from Securities Lending - 0.0%
Investment Companies - 0.0%
	Janus Henderson Cash Collateral Fund LLC, 5.2936%ºº		2,252∆		-		-		57,168
Total Affiliated Investments - 0.7%		$	357,180	$	349	$	(663)	$	5,580,442

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	13

Janus Henderson Short Duration Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

		Value at 6/30/23		Purchases		Sales Proceeds		Value at 12/31/23
Investment Companies - 0.7%
Money Markets - 0.7%
	Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº		27,396,668		169,506,962		(191,380,042)		5,523,274
Investments Purchased with Cash Collateral from Securities Lending - 0.0%
Investment Companies - 0.0%
	Janus Henderson Cash Collateral Fund LLC, 5.2936%ºº		-		13,164,953		(13,107,785)		57,168

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
14	DECEMBER 31, 2023

Janus Henderson Short Duration Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Schedule of Futures

Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation/(Depreciation)
Futures Long:
2 Year US Treasury Note		1,978	4/3/24	$	407,298,015	$	3,812,730
Futures Short:
10 Year US Treasury Note		101	3/28/24		(11,401,953)		(356,656)
5 Year US Treasury Note		650	4/3/24		(70,702,735)		(1,194,724)
Ultra 10-Year Treasury Note		34	3/28/24		(4,012,531)		(169,240)
US Treasury Long Bond		150	3/28/24		(18,740,625)		(1,332,422)
Total - Futures Short							(3,053,042)
Total						$	759,688

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 December 31, 2023.

Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2023
	Interest Rate Contracts
Asset Derivatives:
*Futures contracts	$ 3,812,730
Liability Derivatives:
*Futures contracts	$ 3,053,042
*The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the period ended December 31, 2023.

The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2023
Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative	Interest Rate Contracts
Futures contracts	$ (4,497,149)
Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative	Interest Rate Contracts
Futures contracts	$ 5,575,917

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	15

Janus Henderson Short Duration Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2023

Please see the "Net Realized Gain/(Loss) on Investments" and "Change in Unrealized Net Appreciation/Depreciation" sections of the Fund’s Statement of Operations.

Average Ending Monthly Value of Derivative Instruments During the Period Ended December 31, 2023
Futures contracts:
Average notional amount of contracts - long	$508,151,037
Average notional amount of contracts - short	81,469,804

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		$	69,786	$	—	$	(69,786)	$	—
(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	DECEMBER 31, 2023

Janus Henderson Short Duration Flexible Bond Fund

Notes to Schedule of Investments and Other Information (unaudited)

Bloomberg 1-3 Year U.S. Government/Credit Index Bloomberg 1-3 Year U.S. Government/Credit Index measures Treasuries, government-related issues and corporates with maturity between 1-3 years.

IBOR	Interbank Offered Rate
LLC	Limited Liability Company
LP	Limited Partnership
PLC	Public Limited Company
SOFR	Secured Overnight Financing Rate
TBA	(To Be Announced) Securities are purchased/sold on a forward commitment basis with an approximate 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 period ended December 31, 2023 is $375,002,798, which represents 49.5% of net assets.

‡ Variable or floating rate security. Rate shown is the current rate as of December 31, 2023. 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.

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.

µ Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. The date indicated, if any, represents the next call date.

Ç Step bond. The coupon rate will increase or decrease periodically based upon a predetermined schedule. The rate shown reflects the current rate.

£ The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control.

∆ Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties.

Janus Investment Fund 17

Janus Henderson Short Duration Flexible Bond Fund

Notes to Schedule of Investments and Other Information (unaudited)

The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of December 31, 2023. 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		$	-	$	339,544,502	$	-
Corporate Bonds			-		201,310,874		-
Mortgage-Backed Securities			-		41,128,034		-
United States Treasury Notes/Bonds			-		161,911,640		-
Investment Companies			-		5,523,274		-
Investments Purchased with Cash Collateral from Securities Lending			-		71,460		-
Total Investments in Securities		$	-	$	749,489,784	$	-
Other Financial Instruments(a):
Futures Contracts			3,812,730		-		-
Total Assets		$	3,812,730	$	749,489,784	$	-
Liabilities
Other Financial Instruments(a):
Futures Contracts		$	3,053,042	$	-	$	-
(a)	Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and 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 DECEMBER 31, 2023

Janus Henderson Short Duration Flexible Bond Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2023

See footnotes at the end of the Statement.

Assets:
	Unaffiliated investments, at value (cost $752,867,695)(1)		$	743,909,342
	Affiliated investments, at value (cost $5,580,442)			5,580,442
	Deposits with brokers for futures			2,479,000
	Variation margin receivable on futures contracts			278,563
	Trustees' deferred compensation			20,734
	Receivables:
		Investments sold		23,799,715
		Interest		6,373,173
		Fund shares sold		563,160
		Dividends from affiliates		34,148
	Other assets			8,615
Total Assets				783,046,892
Liabilities:
	Collateral for securities loaned (Note 3)			71,460
	Variation margin payable on futures contracts			55,860
	Payables:			—
		Investments purchased		21,255,671
		Fund shares repurchased		2,413,217
		TBA investments purchased		1,691,461
		Advisory fees		184,737
		Transfer agent fees and expenses		126,117
		Dividends		101,508
		Professional fees		34,729
		Trustees' deferred compensation fees		20,734
		12b-1 Distribution and shareholder servicing fees		18,985
		Custodian fees		2,688
		Affiliated fund administration fees payable		1,664
		Trustees' fees and expenses		1,116
		Accrued expenses and other payables		146,149
Total Liabilities				26,126,096
Commitments and contingent liabilities (Note 4)
Net Assets			$	756,920,796

See Notes to Financial Statements.
Janus Investment Fund	19

Janus Henderson Short Duration Flexible Bond Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2023

Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	849,287,866
	Total distributable earnings (loss)		(92,367,070)
Total Net Assets		$	756,920,796
Net Assets - Class A Shares		$	39,770,473
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		13,884,278
Net Asset Value Per Share(2)		$	2.86
Maximum Offering Price Per Share(3)		$	2.93
Net Assets - Class C Shares		$	12,047,382
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,213,947
Net Asset Value Per Share(2)		$	2.86
Net Assets - Class D Shares		$	144,333,164
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		50,347,278
Net Asset Value Per Share		$	2.87
Net Assets - Class I Shares		$	332,880,943
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		116,263,254
Net Asset Value Per Share		$	2.86
Net Assets - Class N Shares		$	16,682,500
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		5,861,297
Net Asset Value Per Share		$	2.85
Net Assets - Class S Shares		$	346,517
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		121,127
Net Asset Value Per Share		$	2.86
Net Assets - Class T Shares		$	210,859,817
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		73,535,356
Net Asset Value Per Share		$	2.87

(1)Includes $69,786 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 100/97.5 of net asset value.

See Notes to Financial Statements.
20	DECEMBER 31, 2023

Janus Henderson Short Duration Flexible Bond Fund

Statement of Operations (unaudited)

For the period ended December 31, 2023

Investment Income:
	Interest		$	19,078,715
	Dividends from affiliates			354,928
	Affiliated securities lending income, net			2,252
	Unaffiliated securities lending income, net			554
	Other income			77,290
Total Investment Income				19,513,739
Expenses:
	Advisory fees			1,734,924
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		52,387
		Class C Shares		56,362
		Class S Shares		455
	Transfer agent administrative fees and expenses:
		Class D Shares		83,095
		Class S Shares		455
		Class T Shares		277,431
	Transfer agent networking and omnibus fees:
		Class A Shares		11,198
		Class C Shares		3,918
		Class I Shares		252,713
	Other transfer agent fees and expenses:
		Class A Shares		1,139
		Class C Shares		269
		Class D Shares		13,774
		Class I Shares		8,849
		Class N Shares		467
		Class S Shares		14
		Class T Shares		1,914
	Shareholder reports expense			50,958
	Registration fees			46,072
	Professional fees			36,368
	Custodian fees			13,105
	Affiliated fund administration fees			9,857
	Trustees’ fees and expenses			7,724
	Other expenses			44,633
Total Expenses				2,708,081
Less: Excess Expense Reimbursement and Waivers				(544,254)
Net Expenses				2,163,827
Net Investment Income/(Loss)				17,349,912

See Notes to Financial Statements.
Janus Investment Fund	21

Janus Henderson Short Duration Flexible Bond Fund

Statement of Operations (unaudited)

For the period ended December 31, 2023

Net Realized Gain/(Loss) on Investments:
	Investments	$	(1,679,032)
	Investments in affiliates		349
	Futures contracts		(4,497,149)
Total Net Realized Gain/(Loss) on Investments			(6,175,832)
Change in Unrealized Net Appreciation/Depreciation:
	Investments and Trustees’ deferred compensation		15,633,457
	Investments in affiliates		(663)
	Futures contracts		5,575,917
Total Change in Unrealized Net Appreciation/Depreciation			21,208,711
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	32,382,791

See Notes to Financial Statements.
22	DECEMBER 31, 2023

Janus Henderson Short Duration Flexible Bond Fund

Statements of Changes in Net Assets

			Period ended December 31, 2023 (unaudited)		Year ended June 30, 2023
Operations:
	Net investment income/(loss)		$	17,349,912	$	26,320,722
	Net realized gain/(loss) on investments			(6,175,832)		(36,854,228)
	Change in unrealized net appreciation/depreciation			21,208,711		23,677,403
Net Increase/(Decrease) in Net Assets Resulting from Operations				32,382,791		13,143,897
Dividends and Distributions to Shareholders:
		Class A Shares		(901,081)		(1,529,388)
		Class C Shares		(212,479)		(312,077)
		Class D Shares		(3,212,892)		(4,662,092)
		Class I Shares		(7,912,088)		(12,057,650)
		Class N Shares		(468,857)		(824,681)
		Class S Shares		(7,499)		(9,940)
		Class T Shares		(4,853,439)		(7,453,470)
Net Decrease from Dividends and Distributions to Shareholders				(17,568,335)		(26,849,298)
Capital Share Transactions:
		Class A Shares		(6,843,288)		(19,681,125)
		Class C Shares		(1,068,353)		(3,910,070)
		Class D Shares		(4,930,399)		(23,774,024)
		Class I Shares		(42,018,132)		(68,623,946)
		Class N Shares		(9,552,828)		(18,450,692)
		Class S Shares		(41,343)		15,663
		Class T Shares		(24,611,855)		(59,379,905)
Net Increase/(Decrease) from Capital Share Transactions				(89,066,198)		(193,804,099)
Net Increase/(Decrease) in Net Assets				(74,251,742)		(207,509,500)
Net Assets:
	Beginning of period			831,172,538		1,038,682,038
	End of period		$	756,920,796	$	831,172,538

See Notes to Financial Statements.
Janus Investment Fund	23

Janus Henderson Short Duration Flexible Bond Fund

Financial Highlights

Class A Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$2.81	$2.85	$3.08	$3.06	$3.02	$2.98
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.06	0.08	0.03	0.05	0.06	0.07
		Net realized and unrealized gain/(loss)	0.05	(0.04)	(0.22)	0.02	0.05	0.04
	Total from Investment Operations		0.11	0.04	(0.19)	0.07	0.11	0.11
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.06)	(0.08)	(0.04)	(0.05)	(0.07)	(0.07)
	Total Dividends and Distributions		(0.06)	(0.08)	(0.04)	(0.05)	(0.07)	(0.07)
	Net Asset Value, End of Period		$2.86	$2.81	$2.85	$3.08	$3.06	$3.02
	Total Return*		3.99%	1.39%	(6.28)%	2.30%	3.57%	3.64%
	Net Assets, End of Period (in thousands)		$39,770	$45,842	$66,254	$77,673	$65,066	$57,815
	Average Net Assets for the Period (in thousands)		$41,965	$55,949	$74,703	$76,534	$56,628	$57,158
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.80%	0.83%	0.78%	0.78%	0.79%	0.85%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.70%	0.70%	0.71%	0.74%	0.74%	0.77%
		Ratio of Net Investment Income/(Loss)	4.22%	2.68%	1.06%	1.51%	2.10%	2.25%
	Portfolio Turnover Rate		51%(2)	118%(2)	94%(2)	112%(2)	121%	79%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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.
24	DECEMBER 31, 2023

Janus Henderson Short Duration Flexible Bond Fund

Financial Highlights

Class C Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$2.80	$2.84	$3.08	$3.05	$3.01	$2.97
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.05	0.06	0.01	0.03	0.04	0.05
		Net realized and unrealized gain/(loss)	0.06	(0.04)	(0.23)	0.03	0.04	0.04
	Total from Investment Operations		0.11	0.02	(0.22)	0.06	0.08	0.09
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.05)	(0.06)	(0.02)	(0.03)	(0.04)	(0.05)
	Total Dividends and Distributions		(0.05)	(0.06)	(0.02)	(0.03)	(0.04)	(0.05)
	Net Asset Value, End of Period		$2.86	$2.80	$2.84	$3.08	$3.05	$3.01
	Total Return*		3.99%	0.75%	(7.27)%	2.04%	2.84%	2.90%
	Net Assets, End of Period (in thousands)		$12,047	$12,886	$16,947	$23,656	$27,296	$29,434
	Average Net Assets for the Period (in thousands)		$11,839	$14,596	$20,412	$28,272	$26,387	$30,443
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.53%	1.48%	1.51%	1.37%	1.53%	1.58%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.41%	1.33%	1.42%	1.32%	1.47%	1.49%
		Ratio of Net Investment Income/(Loss)	3.52%	2.08%	0.34%	0.93%	1.37%	1.52%
	Portfolio Turnover Rate		51%(2)	118%(2)	94%(2)	112%(2)	121%	79%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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	25

Janus Henderson Short Duration Flexible Bond Fund

Financial Highlights

Class D Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$2.81	$2.85	$3.08	$3.06	$3.02	$2.98
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.06	0.08	0.04	0.05	0.07	0.07
		Net realized and unrealized gain/(loss)	0.06	(0.04)	(0.23)	0.03	0.04	0.04
	Total from Investment Operations		0.12	0.04	(0.19)	0.08	0.11	0.11
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.06)	(0.08)	(0.04)	(0.06)	(0.07)	(0.07)
	Total Dividends and Distributions		(0.06)	(0.08)	(0.04)	(0.06)	(0.07)	(0.07)
	Net Asset Value, End of Period		$2.87	$2.81	$2.85	$3.08	$3.06	$3.02
	Total Return*		4.44%	1.56%	(6.12)%	2.47%	3.74%	3.81%
	Net Assets, End of Period (in thousands)		$144,333	$146,435	$172,562	$207,596	$191,666	$178,483
	Average Net Assets for the Period (in thousands)		$143,261	$158,964	$195,168	$207,465	$182,265	$172,435
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.64%	0.67%	0.63%	0.63%	0.64%	0.70%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.53%	0.53%	0.54%	0.57%	0.58%	0.60%
		Ratio of Net Investment Income/(Loss)	4.41%	2.88%	1.23%	1.68%	2.25%	2.40%
	Portfolio Turnover Rate		51%(2)	118%(2)	94%(2)	112%(2)	121%	79%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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.
26	DECEMBER 31, 2023

Janus Henderson Short Duration Flexible Bond Fund

Financial Highlights

Class I Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$2.81	$2.85	$3.08	$3.05	$3.02	$2.97
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.06	0.08	0.04	0.05	0.07	0.07
		Net realized and unrealized gain/(loss)	0.05	(0.03)	(0.23)	0.04	0.03	0.05
	Total from Investment Operations		0.11	0.05	(0.19)	0.09	0.10	0.12
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.06)	(0.09)	(0.04)	(0.06)	(0.07)	(0.07)
	Total Dividends and Distributions		(0.06)	(0.09)	(0.04)	(0.06)	(0.07)	(0.07)
	Net Asset Value, End of Period		$2.86	$2.81	$2.85	$3.08	$3.05	$3.02
	Total Return*		4.11%	1.63%	(6.08)%	2.82%	3.42%	4.19%
	Net Assets, End of Period (in thousands)		$332,881	$368,402	$442,881	$421,533	$380,901	$392,758
	Average Net Assets for the Period (in thousands)		$348,845	$402,417	$490,490	$412,021	$383,912	$414,017
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.63%	0.66%	0.61%	0.60%	0.61%	0.65%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.46%	0.46%	0.49%	0.56%	0.56%	0.57%
		Ratio of Net Investment Income/(Loss)	4.46%	2.94%	1.28%	1.69%	2.27%	2.43%
	Portfolio Turnover Rate		51%(2)	118%(2)	94%(2)	112%(2)	121%	79%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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	27

Janus Henderson Short Duration Flexible Bond Fund

Financial Highlights

Class N Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$2.79	$2.84	$3.07	$3.05	$3.01	$2.97
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.06	0.08	0.04	0.06	0.07	0.08
		Net realized and unrealized gain/(loss)	0.06	(0.04)	(0.22)	0.02	0.05	0.04
	Total from Investment Operations		0.12	0.04	(0.18)	0.08	0.12	0.12
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.06)	(0.09)	(0.05)	(0.06)	(0.08)	(0.08)
	Total Dividends and Distributions		(0.06)	(0.09)	(0.05)	(0.06)	(0.08)	(0.08)
	Net Asset Value, End of Period		$2.85	$2.79	$2.84	$3.07	$3.05	$3.01
	Total Return*		4.53%	1.33%	(6.03)%	2.61%	3.89%	3.95%
	Net Assets, End of Period (in thousands)		$16,683	$25,912	$45,088	$15,816	$17,144	$37,464
	Average Net Assets for the Period (in thousands)		$20,632	$28,657	$29,059	$16,326	$41,174	$64,559
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.50%	0.53%	0.50%	0.50%	0.49%	0.55%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.40%	0.40%	0.41%	0.44%	0.44%	0.47%
		Ratio of Net Investment Income/(Loss)	4.47%	2.83%	1.39%	1.80%	2.34%	2.53%
	Portfolio Turnover Rate		51%(2)	118%(2)	94%(2)	112%(2)	121%	79%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

**Annualized for periods of less than one full year.

(1)Per share amounts are calculated based on average shares outstanding during the year or period.

(2)Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

See Notes to Financial Statements.
28	DECEMBER 31, 2023

Janus Henderson Short Duration Flexible Bond Fund

Financial Highlights

Class S Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$2.80	$2.85	$3.07	$3.05	$3.01	$2.97
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.06	0.07	0.03	0.04	0.06	0.06
		Net realized and unrealized gain/(loss)	0.06	(0.05)	(0.22)	0.02	0.04	0.04
	Total from Investment Operations		0.12	0.02	(0.19)	0.06	0.10	0.10
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.06)	(0.07)	(0.03)	(0.04)	(0.06)	(0.06)
	Total Dividends and Distributions		(0.06)	(0.07)	(0.03)	(0.04)	(0.06)	(0.06)
	Net Asset Value, End of Period		$2.86	$2.80	$2.85	$3.07	$3.05	$3.01
	Total Return*		4.27%	0.84%	(6.16)%	2.12%	3.39%	3.46%
	Net Assets, End of Period (in thousands)		$347	$381	$371	$660	$791	$1,162
	Average Net Assets for the Period (in thousands)		$365	$380	$635	$674	$1,085	$1,322
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.81%	1.82%	1.46%	1.43%	1.26%	1.27%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.88%	0.88%	0.90%	0.92%	0.93%	0.95%
		Ratio of Net Investment Income/(Loss)	4.04%	2.55%	0.87%	1.32%	1.88%	2.04%
	Portfolio Turnover Rate		51%(2)	118%(2)	94%(2)	112%(2)	121%	79%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

**Annualized for periods of less than one full year.

(1)Per share amounts are calculated based on average shares outstanding during the year or period.

(2)Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

See Notes to Financial Statements.
Janus Investment Fund	29

Janus Henderson Short Duration Flexible Bond Fund

Financial Highlights

Class T Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$2.81	$2.85	$3.08	$3.06	$3.02	$2.98
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.06	0.08	0.03	0.05	0.06	0.07
		Net realized and unrealized gain/(loss)	0.06	(0.04)	(0.22)	0.02	0.05	0.04
	Total from Investment Operations		0.12	0.04	(0.19)	0.07	0.11	0.11
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.06)	(0.08)	(0.04)	(0.05)	(0.07)	(0.07)
	Total Dividends and Distributions		(0.06)	(0.08)	(0.04)	(0.05)	(0.07)	(0.07)
	Net Asset Value, End of Period		$2.87	$2.81	$2.85	$3.08	$3.06	$3.02
	Total Return*		4.39%	1.45%	(6.23)%	2.36%	3.63%	3.70%
	Net Assets, End of Period (in thousands)		$210,860	$231,314	$294,579	$403,560	$427,052	$521,348
	Average Net Assets for the Period (in thousands)		$222,286	$265,112	$353,907	$424,193	$473,636	$628,515
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.74%	0.77%	0.73%	0.73%	0.74%	0.80%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.63%	0.64%	0.65%	0.69%	0.69%	0.71%
		Ratio of Net Investment Income/(Loss)	4.29%	2.75%	1.10%	1.56%	2.14%	2.27%
	Portfolio Turnover Rate		51%(2)	118%(2)	94%(2)	112%(2)	121%	79%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

**Annualized for periods of less than one full year.

(1)Per share amounts are calculated based on average shares outstanding during the year or period.

(2)Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

See Notes to Financial Statements.
30	DECEMBER 31, 2023

Janus Henderson Short Duration Flexible Bond Fund

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Henderson Short Duration Flexible Bond 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 38 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks as high a level of current income as is consistent with preservation of capital. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Shareholders, including other funds, individuals, accounts, as well as the Fund’s portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s Shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors, 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 (the “Distributor”) including, but not limited to,

Janus Investment Fund 31

Janus Henderson Short Duration Flexible Bond Fund

Notes to Financial Statements (unaudited)

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 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

32 DECEMBER 31, 2023

Janus Henderson Short Duration Flexible Bond Fund

Notes to Financial Statements (unaudited)

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 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 the accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

Expenses

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Indemnifications

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

Janus Investment Fund 33

Janus Henderson Short Duration Flexible Bond Fund

Notes to Financial Statements (unaudited)

Dividends and Distributions

Dividends are declared daily and distributed monthly for the Fund. Realized capital gains, if any, are declared and distributed in December. 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 period ended December 31, 2023 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 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.

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Notes to Financial Statements (unaudited)

·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 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

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Janus Henderson Short Duration Flexible Bond Fund

Notes to Financial Statements (unaudited)

the Statement of Operations (if applicable), equal to the difference between the opening and closing value of the contract.

Securities held by the Fund that are designated as collateral for market value on futures contracts are noted on the Schedule of Investments (if applicable). Such collateral is in the possession of the Fund’s futures commission merchant.

With futures, there is minimal counterparty credit risk to the Fund since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.

During the period, the Fund purchased interest rate futures to increase exposure to interest rate risk.

During the period, the Fund sold interest rate futures to decrease exposure to interest rate risk.

3. Other Investments and Strategies

Market Risk

The Fund may be invested in lower-rated debt securities that have a higher risk of default or loss of value since these securities may be sensitive to economic changes, political changes, or adverse developments specific to the issuer.

The value of the Fund’s portfolio may decrease if the value of one or more issuers in the Fund’s portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund’s portfolio decreases, the Fund’s NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• COVID-19 Pandemic. The effects of COVID-19 have contributed to increased volatility in global financial markets and have affected and may continue to affect certain countries, regions, issuers, industries and market sectors more dramatically than others. These conditions and events could have a significant impact on the Fund and its investments, the Fund’s ability to meet redemption requests, and the processes and operations of the Fund’s service providers, including the Adviser.

• Armed Conflict. Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global economic environment and the markets for certain securities and commodities.

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.

36 DECEMBER 31, 2023

Janus Henderson Short Duration Flexible Bond Fund

Notes to Financial Statements (unaudited)

The Fund may also purchase other mortgage- and asset-backed securities through single- and multi-seller conduits, collateralized debt obligations, structured investment vehicles, and other similar securities. Asset-backed securities may be backed by various consumer obligations, including automobile loans, equipment leases, credit card receivables, or other collateral. In the event the underlying loans are not paid, the securities’ issuer could be forced to sell the assets and recognize losses on such assets, which could impact your return. Unlike traditional debt instruments, payments on these securities include both interest and a partial payment of principal. Mortgage- and asset-backed securities are subject to both extension risk, where borrowers pay off their debt obligations more slowly in times of rising interest rates, and prepayment risk, where borrowers pay off their debt obligations sooner than expected in times of declining interest rates. These risks may reduce the Fund’s returns. In addition, investments in mortgage- and asset-backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation risk, extension risk (if interest rates rise), and liquidity risk than various other types of fixed-income securities. 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.

Sovereign Debt

The Fund may invest in U.S. and non-U.S. government debt securities (“sovereign debt”). Some investments in sovereign debt, such as U.S. sovereign debt, are considered low risk. However, investments in sovereign debt, especially the debt of less developed countries, can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, the relative size of its debt position in relation to its economy as a whole, the sovereign debtor’s policy toward international lenders, and local political constraints to which the governmental entity may be subject. Sovereign debtors may also be dependent on expected disbursements from foreign governments, multilateral agencies, and other entities. The failure of a sovereign debtor to implement economic reforms, achieve specified levels of economic performance, or repay principal or interest when due may result in the cancellation of third party commitments to lend funds to the sovereign debtor, which may further impair such debtor’s ability or willingness to timely service its debts. The Fund may be requested to participate in the rescheduling of such sovereign debt and to extend further loans to governmental entities, which may adversely affect the Fund’s holdings. In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not repaid. In addition, to the extent the Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.

TBA Commitments

The Fund may enter into “to be announced” or “TBA” commitments. TBAs are forward agreements for the purchase or sale of securities, including mortgage-backed securities, for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate, and mortgage terms. Although TBA securities must meet industry-accepted “good delivery” standards, there can be no assurance that a security purchased on forward commitment basis will ultimately be issued or delivered by the counterparty. During the settlement period, the Fund will still bear the risk of any decline in the value of the security to be delivered. Because TBA commitments do not require the delivery of a specific security, the characteristics of the security delivered to the Fund may be less favorable than expected. If the counterparty to a transaction fails to deliver the security, the Fund could suffer a loss. Cash collateral that has been pledged to cover the obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Collateral for To Be Announced Transactions.

When-Issued, Delayed Delivery and Forward Commitment Transactions

The Fund may purchase or sell securities on a when-issued, delayed delivery, or forward commitment basis. When purchasing a security on a when-issued, delayed delivery, or forward commitment basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. Typically, no income accrues on securities the Fund has committed to purchase prior to the time delivery of the securities is made. Because the Fund is not required to pay for the security until the delivery date, these risks are in addition to the risks associated with the Fund’s other investments. If the other party to a transaction fails to deliver the securities, the Fund could miss a favorable price or yield opportunity. If the Fund remains substantially fully invested at a time when when-issued, delayed delivery, or forward commitment purchases are outstanding, the purchases may result in a form of leverage. If the Fund remains substantially fully invested at a time

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Janus Henderson Short Duration Flexible Bond Fund

Notes to Financial Statements (unaudited)

when when-issued, delayed delivery, or forward commitment purchases (including TBA commitments) are outstanding, the purchases may result in a form of leverage.

When the Fund has sold a security on a when-issued, delayed delivery, or forward commitment basis, the Fund does not participate in future gains or losses with respect to the security. If the other party to a transaction fails to pay for the securities, the Fund could suffer a loss. Additionally, when selling a security on a when-issued, delayed delivery, or forward commitment basis without owning the security, the Fund will incur a loss if the security’s price appreciates in value such that the security’s price is above the agreed upon price on the settlement date. The Fund may dispose of or renegotiate a transaction after it is entered into, and may purchase or sell when-issued, delayed delivery or forward commitment securities before the settlement date, which may result in a gain or loss.

Counterparties

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.

Securities Lending

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the 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%

38 DECEMBER 31, 2023

Janus Henderson Short Duration Flexible Bond Fund

Notes to Financial Statements (unaudited)

for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of December 31, 2023, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $69,786. Gross amounts of recognized liabilities for securities lending (collateral received) as of December 31, 2023 is $71,460, resulting in the net amount due to the counterparty of $1,674.

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.

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 0.44% of its average daily net assets.

The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding 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 fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.39%. In addition, the Adviser shall reimburse or waive administrative services fees, networking/omnibus fees and out-of-pocket transfer agency costs payable by any share class so that such fees, in the aggregate, do not exceed 0.06% of a share class' average daily net assets. The Adviser has agreed to continue the waivers for at least one-year commencing October 27, 2023. 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 $226,421 was paid to the Chief Compliance Officer and

Janus Investment Fund 39

Janus Henderson Short Duration Flexible Bond Fund

Notes to Financial Statements (unaudited)

certain compliance staff by the Trust during the period ended December 31, 2023. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

Janus Henderson Services US LLC (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

Average Daily Net Assets of Class D Shares of the Janus Henderson funds	Administrative Services Fee
Under $40 billion	0.12%
$40 billion – $49.9 billion	0.10%
Over $49.9 billion	0.08%

During the reporting period, the administrative services fee rate was 0.12%.

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 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 Short Duration Flexible Bond Fund

Notes to Financial Statements (unaudited)

Class A Shares include a 2.50% 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 December 31, 2023, the Distributor retained upfront sales charges of $84.

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 December 31, 2023.

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 December 31, 2023, redeeming shareholders of Class C Shares paid CDSCs of $41.

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 December 31, 2023 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 December 31, 2023 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 $196,900 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2023.

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 December 31, 2023 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

Janus Investment Fund 41

Janus Henderson Short Duration Flexible Bond Fund

Notes to Financial Statements (unaudited)

As of December 31, 2023, 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	30		1
Class S Shares	-		-
Class T Shares	-		-

5. Federal Income Tax

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

Accumulated capital losses noted below represent net capital loss carryovers, as of June 30, 2023, 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 June 30, 2023
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$(46,371,791)	$(34,760,258)	$ (81,132,049)

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2023 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)
$ 759,823,714	$ 4,934,912	$ (15,268,842)	$ (10,333,930)

Information on the tax components of derivatives as of December 31, 2023 is as follows:

Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ -	$ 3,812,730	$ (3,053,042)	$ 759,688

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

42 DECEMBER 31, 2023

Janus Henderson Short Duration Flexible Bond Fund

Notes to Financial Statements (unaudited)

6. Capital Share Transactions

	Period ended December 31, 2023		Year ended June 30, 2023
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	538,213	$ 1,516,096	4,927,559	$ 13,955,715
Reinvested dividends and distributions	255,378	719,717	451,629	1,279,551
Shares repurchased	(3,231,100)	(9,079,101)	(12,302,306)	(34,916,391)
Net Increase/(Decrease)	(2,437,509)	$ (6,843,288)	(6,923,118)	$(19,681,125)
Class C Shares:
Shares sold	742,265	$ 2,099,883	2,781,745	$ 7,842,642
Reinvested dividends and distributions	72,151	202,926	104,725	296,109
Shares repurchased	(1,197,415)	(3,371,162)	(4,246,434)	(12,048,821)
Net Increase/(Decrease)	(382,999)	$ (1,068,353)	(1,359,964)	$ (3,910,070)
Class D Shares:
Shares sold	2,656,648	$ 7,474,141	4,940,410	$ 14,021,646
Reinvested dividends and distributions	1,103,582	3,114,768	1,591,642	4,513,086
Shares repurchased	(5,511,610)	(15,519,308)	(14,930,024)	(42,308,756)
Net Increase/(Decrease)	(1,751,380)	$ (4,930,399)	(8,397,972)	$(23,774,024)
Class I Shares:
Shares sold	13,120,299	$ 36,920,501	31,934,370	$ 90,429,441
Reinvested dividends and distributions	2,724,804	7,671,231	4,069,555	11,528,791
Shares repurchased	(30,821,706)	(86,609,864)	(60,224,738)	(170,582,178)
Net Increase/(Decrease)	(14,976,603)	$(42,018,132)	(24,220,813)	$(68,623,946)
Class N Shares:
Shares sold	1,327,165	$ 3,704,579	4,787,805	$ 13,543,586
Reinvested dividends and distributions	167,353	468,797	292,647	824,510
Shares repurchased	(4,916,875)	(13,726,204)	(11,670,942)	(32,818,788)
Net Increase/(Decrease)	(3,422,357)	$ (9,552,828)	(6,590,490)	$(18,450,692)
Class S Shares:
Shares sold	5,711	$ 15,994	9,909	$ 27,923
Reinvested dividends and distributions	2,662	7,485	3,513	9,940
Shares repurchased	(23,178)	(64,822)	(7,824)	(22,200)
Net Increase/(Decrease)	(14,805)	$ (41,343)	5,598	$ 15,663
Class T Shares:
Shares sold	3,904,460	$ 11,000,738	3,509,789	$ 9,965,967
Reinvested dividends and distributions	1,705,437	4,812,615	2,604,951	7,386,314
Shares repurchased	(14,350,598)	(40,425,208)	(27,082,150)	(76,732,186)
Net Increase/(Decrease)	(8,740,701)	$(24,611,855)	(20,967,410)	$(59,379,905)

7. Purchases and Sales of Investment Securities

For the period ended December 31, 2023, 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
$188,056,917	$207,092,242	$ 199,140,102	$ 249,161,439

Janus Investment Fund 43

Janus Henderson Short Duration Flexible Bond Fund

Notes to Financial Statements (unaudited)

8. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2023 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.

44 DECEMBER 31, 2023

Janus Henderson Short Duration Flexible Bond 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; and (ii) 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 and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “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.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and 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, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, 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 to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management

Janus Investment Fund 45

Janus Henderson Short Duration Flexible Bond Fund

Additional Information(unaudited)

services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract 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 fund 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, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

Asset Allocation Funds

·For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12

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Janus Henderson Short Duration Flexible Bond Fund

Additional Information(unaudited)

months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Fixed-Income Funds

·For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Global and International Equity Funds

·For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Janus Investment Fund 47

Janus Henderson Short Duration Flexible Bond Fund

Additional Information(unaudited)

·For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·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 June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

48 DECEMBER 31, 2023

Janus Henderson Short Duration Flexible Bond Fund

Additional Information(unaudited)

U.S. Equity Funds

·For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·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 June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.

Janus Investment Fund 49

Janus Henderson Short Duration Flexible Bond Fund

Additional Information(unaudited)

·For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.

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. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 6% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered 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 referenced its past analyses from 2022, which 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 different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with

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regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:

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 all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

·For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

·For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, 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 as shown were below the applicable fee limit.

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 average for certain share classes, overall the Fund’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 the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.

·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 average for certain share classes, 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 as shown were below the applicable fee limit.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.

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 average for certain share classes, overall the Fund’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 average for certain share classes, 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 as shown were below the applicable fee limit.

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·For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.

·For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

·For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, 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 as shown were 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 average 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 certain share classes, 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 as shown were below the applicable fee limit.

·For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.

·For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·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 as shown were below the applicable fee limit.

·For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

Money Market Funds

·For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson 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 as shown were below the applicable fee limit.

U.S. Equity Funds

·For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were

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Additional Information(unaudited)

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 as shown were 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 all 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, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

·For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

·For Janus Henderson Forty 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, although this limit did not apply because the Fund’s total expenses as shown were 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 average for certain share classes, 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 as shown were below the applicable fee limit.

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Venture Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

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 numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized

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by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser 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 charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

Economies of Scale

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.

With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and 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.

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Other Benefits to the Adviser

The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser’s ability to serve the Janus Henderson Funds.

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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. A company may be allocated to a country based on other factors such as location of the company’s principal office, the location of the principal trading market for the company’s securities, or the country where a majority of the company’s revenues are derived. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by 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.

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.

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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.

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

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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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Notes

NotesPage1

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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 Mutual funds distributed by Janus Henderson Distributors US LLC
	125-24-93030 02-24

	SEMIANNUAL REPORT December 31, 2023
Janus Henderson Small Cap Value Fund
Janus Investment Fund

HIGHLIGHTS

·Investment strategy behind your fund

·Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Small Cap Value Fund

Fund At A Glance 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	26
Additional Information	38
Useful Information About Your Fund Report	49

Craig Kempler co-portfolio manager Justin Tugman co-portfolio manager

Important Notice – Tailored Shareholder Reports

Effective January 24, 2023, the Securities and Exchange Commission (the “SEC”) adopted rule and form amendments that require mutual funds and exchange-traded funds to provide shareholders with streamlined annual and semi-annual shareholder reports that highlight key information. Other information, including financial statements, that currently appears in shareholder reports will be made available online, delivered free of charge to shareholders upon request, and filed with the SEC. The first tailored shareholder report for the Fund will be for the reporting period ending June 30, 2024. Currently, management is evaluating the impact of the rule and form amendments on the content of the Fund’s current shareholder reports.

Janus Henderson Small Cap Value Fund (unaudited)

Fund At A Glance

December 31, 2023

5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
Ameris Bancorp	1.89%	0.62%	Envista Holdings Corp	1.21%	-0.59%
M/I Homes Inc	1.43%	0.52%	Hillenbrand Inc	2.07%	-0.45%
Fabrinet	1.42%	0.44%	Black Hills Corp	2.13%	-0.40%
Coca-Cola Consolidated Inc	1.41%	0.41%	Masonite International Corp	1.00%	-0.35%
Piper Jaffray Cos	1.95%	0.41%	Shyft Group Inc/The	0.20%	-0.35%

	5 Top Contributors - Sectors*
		Relative	Fund	Russell 2000 Value Index
		Contribution	Average Weight	Average Weight
	Information Technology	0.71%	5.89%	5.83%
	Consumer Discretionary	0.68%	9.23%	10.40%
	Communication Services	0.35%	0.00%	2.67%
	Consumer Staples	0.27%	3.95%	2.58%
	Utilities	0.16%	2.73%	4.14%
	5 Top Detractors - Sectors*
		Relative	Fund	Russell 2000 Value Index
		Contribution	Average Weight	Average Weight
	Industrials	-2.15%	20.90%	14.28%
	Health Care	-0.56%	7.62%	8.83%
	Financials	-0.40%	23.42%	25.87%
	Materials	-0.35%	6.20%	4.82%
	Energy	-0.25%	10.05%	10.09%
	Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.
*	Based on sector classification according to the Global Industry Classification Standard (“GICS”) codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

Janus Investment Fund 1

Janus Henderson Small Cap Value Fund (unaudited)

Fund At A Glance

December 31, 2023

5 Largest Equity Holdings -(% of Net Assets)
Oasis Petroleum Inc
Oil, Gas & Consumable Fuels	3.0%
STAG Industrial Inc
Industrial Real Estate Investment Trusts (REITs)	2.4%
Ameris Bancorp
Banks	2.3%
Black Hills Corp
Multi-Utilities	2.1%
Piper Jaffray Cos
Capital Markets	2.1%
	11.9%

Asset Allocation - (% of Net Assets)
Common Stocks	98.0%
Repurchase Agreements	1.3%
Investment Companies	0.8%
Investments Purchased with Cash Collateral from Securities Lending	0.3%
Other		(0.4)%
		100.0%

Top Country Allocations - Long Positions -(% of Investment Securities)
As of December 31, 2023	As of June 30, 2023

2 DECEMBER 31, 2023

Janus Henderson Small Cap Value Fund (unaudited)

Performance

See important disclosures on the next page.

Average Annual Total Return - for the periods ended December 31, 2023					Prospectus Expense Ratios
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Total Annual Fund Operating Expenses‡	Net Annual Fund Operating Expenses‡
Class A Shares at NAV	9.40%	12.91%	7.75%	6.36%	1.14%	1.10%
Class A Shares at MOP	3.10%	6.43%	6.48%	5.73%
Class C Shares at NAV	9.11%	12.21%	7.07%	5.71%	1.68%	1.68%
Class C Shares at CDSC	8.11%	11.21%	7.07%	5.71%
Class D Shares	9.59%	13.25%	8.06%	6.68%	0.73%	0.73%
Class I Shares	9.57%	13.26%	8.06%	6.70%	0.74%	0.74%
Class L Shares(1)	9.72%	13.44%	8.22%	6.83%	0.77%	0.77%
Class N Shares	9.67%	13.42%	8.23%	6.85%	0.57%	0.57%
Class R Shares	9.27%	12.61%	7.41%	6.05%	1.33%	1.33%
Class S Shares	9.38%	12.85%	7.68%	6.31%	1.09%	1.09%
Class T Shares	9.57%	13.16%	7.97%	6.59%	0.82%	0.82%
Russell 2000 Value Index	11.85%	14.65%	10.00%	6.76%
Morningstar Quartile - Class T Shares	-	3rd	4th	3rd
Morningstar Ranking - based on total returns for Small Value Funds	-	350/492	435/451	248/406

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.

Class L Shares have a voluntarily agreed administrative fee waiver, which could be changed or terminated at any time.

This Fund has a performance-based management fee that may adjust up or down based on the Fund’s performance.

Janus Investment Fund 3

Janus Henderson Small Cap Value 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 reflects the performance of the Fund’s Class J Shares (formerly named Investor Shares) for periods prior to July 6, 2009, calculated using the fees and expenses of the corresponding class, without the effect of any fee and expense limitations or waivers.

Class D Shares commenced operations on February 16, 2010, as a result of the restructuring of Class J Shares, the predecessor share class. Performance shown for periods prior to February 16, 2010, reflects the performance of the Fund’s former Class J Shares (formerly named Investor Shares).

Class I Shares commenced operations on July 6, 2009. Performance shown reflects the performance of the Fund’s Class J Shares (formerly named Investor Shares) for periods prior to July 6, 2009, 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 May 31, 2012. Performance shown for Class N Shares reflects the performance of the Fund’s Class T Shares from July 6, 2009 to May 31, 2012, calculated using the fees and expenses of Class T Shares, net of any applicable fee and expense limitations or waivers. For periods prior to July 6, 2009, the performance shown for Class N Shares reflects the performance of the Fund’s Class J Shares (formerly named Investor Shares), calculated using the fees and expenses of Class J Shares, net of any applicable fee and expense limitations or waivers.

Class T Shares (formerly named Class J Shares) commenced operations with the Fund’s inception. Performance shown for Class T Shares reflects 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.

© 2023 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.

See “Useful Information About Your Fund Report.”

‡ As stated in the prospectus. Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 27, 2023. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees. See Financial Highlights for actual expense ratios during the reporting period.

(1) Closed to new investors.

4 DECEMBER 31, 2023

Janus Henderson Small Cap Value 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 (7/1/23)	Ending Account Value (12/31/23)	Expenses Paid During Period (7/1/23 - 12/31/23)†	Beginning Account Value (7/1/23)	Ending Account Value (12/31/23)	Expenses Paid During Period (7/1/23 - 12/31/23)†	Net Annualized Expense Ratio (7/1/23 - 12/31/23)
Class A Shares		$1,000.00	$1,094.00	$5.63	$1,000.00	$1,019.76	$5.43	1.07%
Class C Shares		$1,000.00	$1,091.10	$8.62	$1,000.00	$1,016.89	$8.31	1.64%
Class D Shares		$1,000.00	$1,095.90	$3.90	$1,000.00	$1,021.42	$3.76	0.74%
Class I Shares		$1,000.00	$1,095.70	$3.85	$1,000.00	$1,021.47	$3.71	0.73%
Class L Shares		$1,000.00	$1,097.20	$3.11	$1,000.00	$1,022.17	$3.00	0.59%
Class N Shares		$1,000.00	$1,096.70	$3.06	$1,000.00	$1,022.22	$2.95	0.58%
Class R Shares		$1,000.00	$1,092.70	$7.00	$1,000.00	$1,018.45	$6.75	1.33%
Class S Shares		$1,000.00	$1,093.80	$5.74	$1,000.00	$1,019.66	$5.53	1.09%
Class T Shares		$1,000.00	$1,095.70	$4.32	$1,000.00	$1,021.01	$4.17	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 184/366 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.

Janus Investment Fund 5

Janus Henderson Small Cap Value Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Common Stocks– 98.0%
Aerospace & Defense – 1.9%
	AAR Corp*	435,109	$27,150,802
	AerSale Corp*	1,662,212	21,101,781
			48,252,583
Auto Components – 1.3%
	Adient PLC*	411,664	14,968,103
	Dorman Products Inc*	207,593	17,315,332
			32,283,435
Banks – 16.7%
	Ameris Bancorp	1,090,640	57,858,452
	Cadence Bank	596,113	17,638,984
	Eastern Bankshares Inc	2,887,571	41,003,508
	Enterprise Financial Services Corp	296,169	13,223,946
	FB Financial Corp	890,081	35,469,728
	First Busey Corp	892,868	22,160,984
	First Interstate BancSystem Inc - Class A	1,238,866	38,095,129
	Fulton Financial Corp	2,766,798	45,541,495
	Hancock Whitney Corp	379,460	18,437,961
	OFG Bancorp	662,757	24,840,132
	Simmons First National Corp - Class A	1,238,449	24,570,828
	United Community Banks Inc/GA	1,531,246	44,804,258
	Wintrust Financial Corp	361,862	33,562,700
			417,208,105
Beverages – 1.5%
	Coca-Cola Consolidated Inc	39,969	37,107,220
Building Products – 2.0%
	Gibraltar Industries Inc*	372,031	29,383,008
	Masonite International Corp*	233,028	19,728,150
			49,111,158
Capital Markets – 4.1%
	Artisan Partners Asset Management Inc	517,571	22,866,287
	Lazard Ltd*	405,240	14,102,352
	Piper Jaffray Cos	297,116	51,956,675
	WisdomTree Investments Inc	1,903,487	13,191,165
			102,116,479
Chemicals – 2.0%
	Ashland Global Holdings Inc	179,034	15,094,357
	Innospec Inc	278,300	34,297,692
			49,392,049
Commercial Services & Supplies – 2.3%
	Boyd Group Services Inc	193,206	40,611,321
	UniFirst Corp/MA	91,863	16,802,661
			57,413,982
Construction & Engineering – 1.5%
	Comfort Systems USA Inc	180,043	37,029,444
Construction Materials – 1.3%
	Eagle Materials Inc	160,269	32,508,964
Diversified Financial Services – 0.9%
	EVERTEC Inc	553,507	22,660,577
Electrical Equipment – 1.6%
	Encore Wire Corp	182,632	39,010,195
Electronic Equipment, Instruments & Components – 4.0%
	Fabrinet*	176,029	33,503,600
	Insight Enterprises Inc*	250,044	44,305,296
	Rogers Corp*	91,109	12,032,766
	Vishay Intertechnology Inc	415,096	9,949,851
			99,791,513
Energy Equipment & Services – 3.2%
	ChampionX Corp	1,387,034	40,515,263

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
6	DECEMBER 31, 2023

Janus Henderson Small Cap Value Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Common Stocks– (continued)
Energy Equipment & Services– (continued)
	Oceaneering International Inc*	783,743	$16,678,051
	Weatherford International PLC*	222,854	21,801,807
			78,995,121
Equity Real Estate Investment Trusts (REITs) – 0.3%
	Broadstone Net Lease Inc	441,662	7,605,420
Food & Staples Retailing – 1.2%
	Casey's General Stores Inc	109,433	30,065,622
Food Products – 1.3%
	Nomad Foods Ltd*	1,933,338	32,770,079
Gas Utilities – 1.1%
	Chesapeake Utilities Corp	155,435	16,418,599
	ONE Gas Inc	155,012	9,877,365
			26,295,964
Health Care Equipment & Supplies – 4.0%
	Embecta Corp	1,477,966	27,977,896
	Enovis Corp*	159,806	8,952,332
	Envista Holdings Corp*	1,032,404	24,839,640
	Globus Medical Inc*	543,531	28,964,767
	Varex Imaging Corp*,£	428,509	8,784,435
			99,519,070
Health Care Providers & Services – 1.7%
	Amedisys Inc*	57,342	5,450,931
	Owens & Minor Inc*	1,974,676	38,052,007
			43,502,938
Health Care Real Estate Investment Trusts (REITs) – 0.9%
	Physicians Realty Trust	1,703,500	22,673,585
Household Durables – 3.3%
	M/I Homes Inc*	357,170	49,196,596
	Meritage Homes Corp	185,956	32,393,535
			81,590,131
Industrial Real Estate Investment Trusts (REITs) – 2.4%
	STAG Industrial Inc	1,521,247	59,724,157
Insurance – 4.1%
	Axis Capital Holdings Ltd	620,556	34,360,186
	Hanover Insurance Group Inc	316,830	38,469,499
	Kemper Corp	414,758	20,186,272
	Selective Insurance Group Inc	97,734	9,722,578
			102,738,535
Machinery – 3.3%
	Hillenbrand Inc	946,757	45,302,322
	Lincoln Electric Holdings Inc	175,076	38,072,027
			83,374,349
Marine – 1.7%
	Kirby Corp*	543,913	42,686,292
Metals & Mining – 3.3%
	Commercial Metals Co	938,562	46,965,642
	TimkenSteel Corp*	1,539,362	36,098,039
			83,063,681
Multiline Retail – 0.6%
	Ollie's Bargain Outlet Holdings Inc*	205,696	15,610,269
Multi-Utilities – 2.1%
	Black Hills Corp	969,037	52,279,546
Office Real Estate Investment Trusts (REITs) – 0.3%
	Corporate Office Properties Trust	298,727	7,656,373
Oil, Gas & Consumable Fuels – 6.1%
	Gulfport Energy Corp*	294,149	39,180,647
	Magnolia Oil & Gas Corp	1,807,031	38,471,690

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	7

Janus Henderson Small Cap Value Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Common Stocks– (continued)
Oil, Gas & Consumable Fuels– (continued)
	Oasis Petroleum Inc	454,344	$75,525,603
			153,177,940
Pharmaceuticals – 0.8%
	Pacira Pharmaceuticals Inc*	561,321	18,938,971
Professional Services – 0.8%
	WNS Holdings Ltd (ADR)*	330,689	20,899,545
Real Estate Management & Development – 1.3%
	Cushman & Wakefield PLC*	2,994,386	32,339,369
Retail Real Estate Investment Trusts (REITs) – 1.0%
	Phillips Edison & Co Inc	682,935	24,913,469
Semiconductor & Semiconductor Equipment – 2.2%
	Diodes Inc*	135,082	10,876,803
	Tower Semiconductor Ltd*	567,670	17,325,288
	Ultra Clean Holdings Inc*	814,102	27,793,442
			55,995,533
Software – 0.3%
	Sapiens International Corp NV	226,841	6,564,779
Specialized Real Estate Investment Trusts (REITs) – 1.6%
	National Storage Affiliates Trust	389,524	16,153,560
	PotlatchDeltic Corp	507,424	24,914,518
			41,068,078
Specialty Retail – 2.0%
	Academy Sports & Outdoors Inc	746,235	49,251,510
Textiles, Apparel & Luxury Goods – 2.5%
	Steven Madden Ltd	901,076	37,845,192
	Under Armour Inc*	2,878,177	25,299,176
			63,144,368
Trading Companies & Distributors – 3.5%
	GATX Corp	283,838	34,123,004
	H&E Equipment Services Inc	544,920	28,510,214
	MSC Industrial Direct Co Inc	247,512	25,063,065
			87,696,283
Total Common Stocks (cost $1,815,826,743)			2,448,026,681
Investment Companies– 0.8%
Exchange-Traded Funds (ETFs) – 0.8%
	SPDR S&P Biotech#((cost $18,495,046)	222,626	19,878,276
Repurchase Agreements– 1.3%
	ING Financial Markets LLC, Joint repurchase agreement, 5.3000%, dated 12/29/23, maturing 1/2/24 to be repurchased at $18,410,836 collateralized by $19,155,439 in U.S. Treasuries 0.1250% - 4.8750%, 1/31/25 - 11/15/53 with a value of $18,779,074	$18,400,000	18,400,000
	Royal Bank of Canada, NY Branch, Joint repurchase agreement, 5.2900%, dated 12/29/23, maturing 1/2/24 to be repurchased at $15,008,817 collateralized by $15,781,013 in U.S. Treasuries 2.1250%, 5/15/25 with a value of $15,308,997	15,000,000	15,000,000
Total Repurchase Agreements (cost $33,400,000)			33,400,000
Investments Purchased with Cash Collateral from Securities Lending– 0.3%
Investment Companies – 0.2%
	Janus Henderson Cash Collateral Fund LLC, 5.2936%ºº,£	6,043,174	6,043,174
Time Deposits – 0.1%
	Royal Bank of Canada, 5.3100%, 1/2/24	$1,510,793	1,510,793
Total Investments Purchased with Cash Collateral from Securities Lending (cost $7,553,967)			7,553,967
Total Investments (total cost $1,875,275,756) – 100.4%			2,508,858,924
Liabilities, net of Cash, Receivables and Other Assets – (0.4)%			(10,714,066)
Net Assets – 100%			$2,498,144,858

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
8	DECEMBER 31, 2023

Janus Henderson Small Cap Value Fund

Schedule of Investments (unaudited)

December 31, 2023

Summary of Investments by Country - (Long Positions) (unaudited)
		% of
		Investment
Country	Value	Securities
United States	$2,390,687,912	95.3	%
Canada	40,611,321	1.6
United Kingdom	32,770,079	1.3
Israel	23,890,067	1.0
India	20,899,545	0.8

Total $2,508,858,924 100.0 %

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 – N/A
Health Care Equipment & Supplies - N/A
	Varex Imaging Corp*,š	$	-	$	3,806,517	$	(7,106,483)	$	N/A
Hotels, Restaurants & Leisure - N/A
	Century Casinos Inc*		-		(5,168,374)		1,742,382		-
Total Common Stocks		$	-	$	(1,361,857)	$	(5,364,101)	$	-
Investments Purchased with Cash Collateral from Securities Lending - 0.2%
Investment Companies - 0.2%
	Janus Henderson Cash Collateral Fund LLC, 5.2936%ºº		67,369∆		-		-		6,043,174
Total Affiliated Investments - 0.2%		$	67,369	$	(1,361,857)	$	(5,364,101)	$	6,043,174

(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 6/30/23		Purchases		Sales Proceeds		Value at 12/31/23
Common Stocks – N/A
Health Care Equipment & Supplies - N/A
	Varex Imaging Corp*,š		25,663,464		-		(13,579,063)		8,784,435
Hotels, Restaurants & Leisure - N/A
	Century Casinos Inc*		14,376,470		-		(10,950,478)		-
Investments Purchased with Cash Collateral from Securities Lending - 0.2%
Investment Companies - 0.2%
	Janus Henderson Cash Collateral Fund LLC, 5.2936%ºº		13,164,153		68,324,931		(75,445,910)		6,043,174

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	9

Janus Henderson Small Cap Value Fund

Schedule of Investments (unaudited)

December 31, 2023

Offsetting of Financial Assets and Derivative Assets
			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Assets		or Liability(a)		Pledged(b)		Net Amount
ING Financial Markets LLC		$	18,400,000	$	—	$	(18,400,000)	$	—
JPMorgan Chase Bank, National Association			7,275,260		—		(7,275,260)		—
Royal Bank of Canada, NY Branch			15,000,000		—		(15,000,000)		—
Total		$	40,675,260	$	—	$	(40,675,260)	$	—
(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	DECEMBER 31, 2023

Janus Henderson Small Cap Value Fund

Notes to Schedule of Investments and Other Information (unaudited)

Russell 2000^® Value Index Russell 2000^® Value Index reflects the performance of U.S. small-cap equities with lower price-to-book ratios and lower forecasted growth values.

ADR	American Depositary Receipt
LLC	Limited Liability Company
PLC	Public Limited Company
SPDR	Standard & Poor's Depositary Receipt

* 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.

š Company was no longer an affiliate as of December 31, 2023.

∆ 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. 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	$	2,448,026,681	$	-	$	-
Investment Companies		19,878,276		-		-
Repurchase Agreements		-		33,400,000		-
Investments Purchased with Cash Collateral from Securities Lending		-		7,553,967		-
Total Assets	$	2,467,904,957	$	40,953,967	$	-

Janus Investment Fund 11

Janus Henderson Small Cap Value Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2023

See footnotes at the end of the Statement.

Assets:
	Unaffiliated investments, at value (cost $1,835,832,582)(1)		$	2,469,415,750
	Affiliated investments, at value (cost $6,043,174)			6,043,174
	Repurchase agreements, at value (cost $33,400,000)			33,400,000
	Cash			33,173
	Trustees' deferred compensation			68,607
	Receivables:
		Investments sold		10,573,114
		Dividends		2,678,481
		Fund shares sold		1,506,655
		Interest		19,652
	Other assets			27,746
Total Assets				2,523,766,352
Liabilities:
	Collateral for securities loaned (Note 2)			7,553,967
	Payables:			—
		Investments purchased		11,894,412
		Fund shares repurchased		4,086,727
		Advisory fees		1,464,581
		Transfer agent fees and expenses		264,053
		Trustees' deferred compensation fees		68,607
		12b-1 Distribution and shareholder servicing fees		44,929
		Professional fees		34,300
		Custodian fees		5,545
		Affiliated fund administration fees payable		5,334
		Trustees' fees and expenses		2,977
		Accrued expenses and other payables		196,062
Total Liabilities				25,621,494
Commitments and contingent liabilities (Note 3)
Net Assets			$	2,498,144,858

See Notes to Financial Statements.
12	DECEMBER 31, 2023

Janus Henderson Small Cap Value Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2023

Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	1,813,100,069
	Total distributable earnings (loss)		685,044,789
Total Net Assets		$	2,498,144,858
Net Assets - Class A Shares		$	26,227,031
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,100,787
Net Asset Value Per Share(2)		$	23.83
Maximum Offering Price Per Share(3)		$	25.28
Net Assets - Class C Shares		$	17,120,453
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		784,540
Net Asset Value Per Share(2)		$	21.82
Net Assets - Class D Shares		$	94,300,163
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,020,864
Net Asset Value Per Share		$	23.45
Net Assets - Class I Shares		$	1,402,161,814
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		59,453,483
Net Asset Value Per Share		$	23.58
Net Assets - Class L Shares		$	85,656,821
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,513,955
Net Asset Value Per Share		$	24.38
Net Assets - Class N Shares		$	496,477,913
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		21,116,430
Net Asset Value Per Share		$	23.51
Net Assets - Class R Shares		$	43,133,838
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,886,190
Net Asset Value Per Share		$	22.87
Net Assets - Class S Shares		$	29,644,317
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,269,524
Net Asset Value Per Share		$	23.35
Net Assets - Class T Shares		$	303,422,508
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		12,864,333
Net Asset Value Per Share		$	23.59

(1)Includes $7,275,260 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 Small Cap Value Fund

Statement of Operations (unaudited)

For the period ended December 31, 2023

Investment Income:
	Dividends		$	20,756,828
	Interest			1,038,572
	Affiliated securities lending income, net			67,369
	Unaffiliated securities lending income, net			19,985
	Other income			344
	Foreign tax withheld			(31,466)
Total Investment Income				21,851,632
Expenses:
	Advisory fees			6,545,558
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		42,902
		Class C Shares		79,011
		Class R Shares		102,093
		Class S Shares		33,410
	Transfer agent administrative fees and expenses:
		Class D Shares		50,882
		Class L Shares		78,352
		Class R Shares		51,043
		Class S Shares		33,399
		Class T Shares		368,044
	Transfer agent networking and omnibus fees:
		Class A Shares		46,101
		Class C Shares		7,196
		Class I Shares		1,075,078
	Other transfer agent fees and expenses:
		Class A Shares		728
		Class C Shares		353
		Class D Shares		8,110
		Class I Shares		31,686
		Class L Shares		864
		Class N Shares		10,411
		Class R Shares		407
		Class S Shares		326
		Class T Shares		2,348
	Shareholder reports expense			159,581
	Registration fees			119,101
	Professional fees			39,330
	Affiliated fund administration fees			29,984
	Trustees’ fees and expenses			23,496
	Custodian fees			7,655
	Other expenses			66,737
Total Expenses				9,014,186
Less: Excess Expense Reimbursement and Waivers				(210,112)
Net Expenses				8,804,074
Net Investment Income/(Loss)				13,047,558

See Notes to Financial Statements.
14	DECEMBER 31, 2023

Janus Henderson Small Cap Value Fund

Statement of Operations (unaudited)

For the period ended December 31, 2023

Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	49,048,459
	Investments in affiliates		(1,361,857)
Total Net Realized Gain/(Loss) on Investments			47,686,602
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and Trustees’ deferred compensation		163,177,387
	Investments in affiliates		(5,364,101)
Total Change in Unrealized Net Appreciation/Depreciation			157,813,286
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	218,547,446

See Notes to Financial Statements.
Janus Investment Fund	15

Janus Henderson Small Cap Value Fund

Statements of Changes in Net Assets

			Period ended December 31, 2023 (unaudited)		Year ended June 30, 2023
Operations:
	Net investment income/(loss)		$	13,047,558	$	24,326,823
	Net realized gain/(loss) on investments			47,686,602		115,126,973
	Change in unrealized net appreciation/depreciation			157,813,286		180,225,668
Net Increase/(Decrease) in Net Assets Resulting from Operations				218,547,446		319,679,464
Dividends and Distributions to Shareholders:
		Class A Shares		(1,224,135)		(1,201,002)
		Class C Shares		(787,935)		(797,503)
		Class D Shares		(4,803,452)		(4,306,275)
		Class I Shares		(71,024,966)		(67,590,940)
		Class L Shares		(4,416,510)		(3,957,051)
		Class N Shares		(26,647,110)		(26,860,645)
		Class R Shares		(1,884,573)		(1,858,291)
		Class S Shares		(1,397,812)		(1,201,026)
		Class T Shares		(15,006,834)		(15,583,510)
Net Decrease from Dividends and Distributions to Shareholders				(127,193,327)		(123,356,243)
Capital Share Transactions:
		Class A Shares		(2,642,697)		(4,037,263)
		Class C Shares		(531,393)		(1,542,913)
		Class D Shares		1,392,428		(2,926,076)
		Class I Shares		(22,029,636)		(166,213,635)
		Class L Shares		933,096		(15,502,175)
		Class N Shares		(46,017,244)		(105,130,829)
		Class R Shares		(630,889)		(6,019,543)
		Class S Shares		1,171,577		(1,869,761)
		Class T Shares		(15,949,189)		(107,076,257)
Net Increase/(Decrease) from Capital Share Transactions				(84,303,947)		(410,318,452)
Net Increase/(Decrease) in Net Assets				7,050,172		(213,995,231)
Net Assets:
	Beginning of period			2,491,094,686		2,705,089,917
	End of period		$	2,498,144,858	$	2,491,094,686

See Notes to Financial Statements.
16	DECEMBER 31, 2023

Janus Henderson Small Cap Value Fund

Financial Highlights

Class A Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$22.89	$21.24	$24.95	$17.59	$21.57	$23.18
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.08	0.16	0.04	0.13	0.15	0.25
		Net realized and unrealized gain/(loss)	2.00	2.44	(3.32)	7.40	(4.00)	(0.39)
	Total from Investment Operations		2.08	2.60	(3.28)	7.53	(3.85)	(0.14)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.10)	—	(0.17)	(0.17)	(0.13)	—
		Distributions (from capital gains)	(1.04)	(0.95)	(0.26)	—	—	(1.47)
	Total Dividends and Distributions		(1.14)	(0.95)	(0.43)	(0.17)	(0.13)	(1.47)
	Net Asset Value, End of Period		$23.83	$22.89	$21.24	$24.95	$17.59	$21.57
	Total Return*		9.40%	12.39%	(13.44)%	42.99%	(17.98)%	0.56%
	Net Assets, End of Period (in thousands)		$26,227	$27,930	$29,651	$69,385	$64,025	$61,505
	Average Net Assets for the Period (in thousands)		$26,112	$29,442	$61,533	$68,997	$62,337	$48,049
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.23%	1.11%	1.77%	1.76%	1.86%	1.27%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.07%	0.91%	1.05%	1.11%	1.39%	1.14%
		Ratio of Net Investment Income/(Loss)	0.74%	0.73%	0.18%	0.59%	0.77%	1.15%
	Portfolio Turnover Rate		18%	44%	44%	53%	59%	39%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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 Small Cap Value Fund

Financial Highlights

Class C Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$21.01	$19.71	$23.27	$16.41	$20.12	$21.87
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.02	—(2)	(0.10)	(0.01)	0.06	0.11
		Net realized and unrealized gain/(loss)	1.83	2.25	(3.10)	6.91	(3.77)	(0.39)
	Total from Investment Operations		1.85	2.25	(3.20)	6.90	(3.71)	(0.28)
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	(0.10)	(0.04)	—	—
		Distributions (from capital gains)	(1.04)	(0.95)	(0.26)	—	—	(1.47)
	Total Dividends and Distributions		(1.04)	(0.95)	(0.36)	(0.04)	—	(1.47)
	Net Asset Value, End of Period		$21.82	$21.01	$19.71	$23.27	$16.41	$20.12
	Total Return*		9.11%	11.56%	(14.02)%	42.07%	(18.44)%	(0.07)%
	Net Assets, End of Period (in thousands)		$17,120	$17,032	$17,440	$22,889	$20,967	$29,619
	Average Net Assets for the Period (in thousands)		$16,337	$17,910	$21,362	$22,037	$26,855	$26,902
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.64%	1.65%	1.69%	1.77%	1.92%	1.75%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.64%	1.65%	1.69%	1.77%	1.92%	1.75%
		Ratio of Net Investment Income/(Loss)	0.17%	(0.01)%	(0.45)%	(0.06)%	0.30%	0.56%
	Portfolio Turnover Rate		18%	44%	44%	53%	59%	39%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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	DECEMBER 31, 2023

Janus Henderson Small Cap Value Fund

Financial Highlights

Class D Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$22.61	$21.08	$24.75	$17.44	$21.38	$22.99
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.12	0.21	0.12	0.18	0.24	0.32
		Net realized and unrealized gain/(loss)	1.97	2.41	(3.32)	7.35	(3.96)	(0.41)
	Total from Investment Operations		2.09	2.62	(3.20)	7.53	(3.72)	(0.09)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.21)	(0.14)	(0.21)	(0.22)	(0.22)	(0.05)
		Distributions (from capital gains)	(1.04)	(0.95)	(0.26)	—	—	(1.47)
	Total Dividends and Distributions		(1.25)	(1.09)	(0.47)	(0.22)	(0.22)	(1.52)
	Net Asset Value, End of Period		$23.45	$22.61	$21.08	$24.75	$17.44	$21.38
	Total Return*		9.59%	12.63%	(13.24)%	43.43%	(17.65)%	0.82%
	Net Assets, End of Period (in thousands)		$94,300	$89,434	$86,052	$107,471	$86,650	$116,468
	Average Net Assets for the Period (in thousands)		$87,719	$90,698	$101,735	$94,637	$105,847	$117,978
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.74%	0.72%	0.75%	0.84%	1.01%	0.83%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.74%	0.72%	0.75%	0.84%	1.01%	0.83%
		Ratio of Net Investment Income/(Loss)	1.08%	0.92%	0.49%	0.84%	1.20%	1.48%
	Portfolio Turnover Rate		18%	44%	44%	53%	59%	39%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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 Small Cap Value Fund

Financial Highlights

Class I Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$22.73	$21.18	$24.86	$17.53	$21.50	$23.12
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.12	0.21	0.12	0.19	0.24	0.33
		Net realized and unrealized gain/(loss)	1.98	2.43	(3.33)	7.37	(3.97)	(0.41)
	Total from Investment Operations		2.10	2.64	(3.21)	7.56	(3.73)	(0.08)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.21)	(0.14)	(0.21)	(0.23)	(0.24)	(0.07)
		Distributions (from capital gains)	(1.04)	(0.95)	(0.26)	—	—	(1.47)
	Total Dividends and Distributions		(1.25)	(1.09)	(0.47)	(0.23)	(0.24)	(1.54)
	Net Asset Value, End of Period		$23.58	$22.73	$21.18	$24.86	$17.53	$21.50
	Total Return*		9.57%	12.65%	(13.21)%	43.36%	(17.62)%	0.89%
	Net Assets, End of Period (in thousands)		$1,402,162	$1,372,677	$1,436,933	$2,121,333	$1,584,586	$1,531,568
	Average Net Assets for the Period (in thousands)		$1,329,503	$1,444,167	$1,839,602	$1,887,591	$1,646,400	$1,337,975
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.74%	0.73%	0.74%	0.81%	1.01%	0.79%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.73%	0.72%	0.74%	0.81%	1.01%	0.79%
		Ratio of Net Investment Income/(Loss)	1.08%	0.92%	0.50%	0.87%	1.19%	1.52%
	Portfolio Turnover Rate		18%	44%	44%	53%	59%	39%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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	DECEMBER 31, 2023

Janus Henderson Small Cap Value Fund

Financial Highlights

Class L Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$23.49	$21.86	$25.62	$18.05	$22.13	$23.73
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.14	0.25	0.16	0.22	0.28	0.36
		Net realized and unrealized gain/(loss)	2.05	2.51	(3.43)	7.60	(4.10)	(0.42)
	Total from Investment Operations		2.19	2.76	(3.27)	7.82	(3.82)	(0.06)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.26)	(0.18)	(0.23)	(0.25)	(0.26)	(0.07)
		Distributions (from capital gains)	(1.04)	(0.95)	(0.26)	—	—	(1.47)
	Total Dividends and Distributions		(1.30)	(1.13)	(0.49)	(0.25)	(0.26)	(1.54)
	Net Asset Value, End of Period		$24.38	$23.49	$21.86	$25.62	$18.05	$22.13
	Total Return*		9.68%	12.80%	(13.07)%	43.60%	(17.53)%	0.97%
	Net Assets, End of Period (in thousands)		$85,657	$81,633	$90,492	$120,351	$97,950	$148,304
	Average Net Assets for the Period (in thousands)		$80,598	$86,269	$111,073	$109,087	$130,117	$155,137
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.78%	0.77%	0.81%	0.88%	1.06%	0.88%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.59%	0.58%	0.62%	0.69%	0.87%	0.69%
		Ratio of Net Investment Income/(Loss)	1.23%	1.06%	0.63%	1.00%	1.36%	1.62%
	Portfolio Turnover Rate		18%	44%	44%	53%	59%	39%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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 Small Cap Value Fund

Financial Highlights

Class N Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$22.70	$21.16	$24.82	$17.50	$21.46	$23.08
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.14	0.24	0.16	0.22	0.26	0.35
		Net realized and unrealized gain/(loss)	1.97	2.43	(3.33)	7.36	(3.95)	(0.42)
	Total from Investment Operations		2.11	2.67	(3.17)	7.58	(3.69)	(0.07)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.26)	(0.18)	(0.23)	(0.26)	(0.27)	(0.08)
		Distributions (from capital gains)	(1.04)	(0.95)	(0.26)	—	—	(1.47)
	Total Dividends and Distributions		(1.30)	(1.13)	(0.49)	(0.26)	(0.27)	(1.55)
	Net Asset Value, End of Period		$23.51	$22.70	$21.16	$24.82	$17.50	$21.46
	Total Return*		9.67%	12.81%	(13.09)%	43.57%	(17.48)%	0.97%
	Net Assets, End of Period (in thousands)		$496,478	$525,231	$586,927	$922,073	$676,894	$585,199
	Average Net Assets for the Period (in thousands)		$496,823	$551,264	$822,081	$839,582	$632,706	$515,945
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.58%	0.57%	0.60%	0.67%	0.86%	0.68%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.58%	0.57%	0.60%	0.67%	0.86%	0.68%
		Ratio of Net Investment Income/(Loss)	1.23%	1.07%	0.65%	1.01%	1.31%	1.65%
	Portfolio Turnover Rate		18%	44%	44%	53%	59%	39%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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	DECEMBER 31, 2023

Janus Henderson Small Cap Value Fund

Financial Highlights

Class R Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$21.94	$20.47	$24.12	$17.03	$20.84	$22.53
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.05	0.07	(0.03)	0.05	0.11	0.18
		Net realized and unrealized gain/(loss)	1.92	2.35	(3.22)	7.16	(3.87)	(0.40)
	Total from Investment Operations		1.97	2.42	(3.25)	7.21	(3.76)	(0.22)
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	(0.14)	(0.12)	(0.05)	—
		Distributions (from capital gains)	(1.04)	(0.95)	(0.26)	—	—	(1.47)
	Total Dividends and Distributions		(1.04)	(0.95)	(0.40)	(0.12)	(0.05)	(1.47)
	Net Asset Value, End of Period		$22.87	$21.94	$20.47	$24.12	$17.03	$20.84
	Total Return*		9.27%	11.97%	(13.73)%	42.49%	(18.11)%	0.20%
	Net Assets, End of Period (in thousands)		$43,134	$42,027	$44,592	$48,908	$33,724	$37,555
	Average Net Assets for the Period (in thousands)		$40,842	$44,634	$49,737	$42,169	$36,610	$36,037
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.33%	1.33%	1.36%	1.42%	1.61%	1.43%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.33%	1.33%	1.36%	1.42%	1.61%	1.43%
		Ratio of Net Investment Income/(Loss)	0.48%	0.32%	(0.11)%	0.25%	0.57%	0.87%
	Portfolio Turnover Rate		18%	44%	44%	53%	59%	39%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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 Small Cap Value Fund

Financial Highlights

Class S Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$22.45	$20.91	$24.57	$17.32	$21.23	$22.85
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.08	0.12	0.03	0.11	0.17	0.24
		Net realized and unrealized gain/(loss)	1.96	2.40	(3.28)	7.29	(3.95)	(0.39)
	Total from Investment Operations		2.04	2.52	(3.25)	7.40	(3.78)	(0.15)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.10)	(0.03)	(0.15)	(0.15)	(0.13)	—
		Distributions (from capital gains)	(1.04)	(0.95)	(0.26)	—	—	(1.47)
	Total Dividends and Distributions		(1.14)	(0.98)	(0.41)	(0.15)	(0.13)	(1.47)
	Net Asset Value, End of Period		$23.35	$22.45	$20.91	$24.57	$17.32	$21.23
	Total Return*		9.38%	12.22%	(13.49)%	42.91%	(17.96)%	0.52%
	Net Assets, End of Period (in thousands)		$29,644	$27,150	$26,996	$42,715	$43,538	$55,050
	Average Net Assets for the Period (in thousands)		$26,706	$27,921	$36,165	$45,978	$56,349	$55,579
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.09%	1.08%	1.11%	1.18%	1.36%	1.18%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.09%	1.08%	1.11%	1.18%	1.36%	1.18%
		Ratio of Net Investment Income/(Loss)	0.73%	0.56%	0.14%	0.55%	0.87%	1.14%
	Portfolio Turnover Rate		18%	44%	44%	53%	59%	39%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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	DECEMBER 31, 2023

Janus Henderson Small Cap Value Fund

Financial Highlights

Class T Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$22.70	$21.14	$24.82	$17.49	$21.44	$23.03
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.11	0.19	0.10	0.17	0.22	0.30
		Net realized and unrealized gain/(loss)	1.99	2.42	(3.33)	7.36	(3.98)	(0.40)
	Total from Investment Operations		2.10	2.61	(3.23)	7.53	(3.76)	(0.10)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.17)	(0.10)	(0.19)	(0.20)	(0.19)	(0.02)
		Distributions (from capital gains)	(1.04)	(0.95)	(0.26)	—	—	(1.47)
	Total Dividends and Distributions		(1.21)	(1.05)	(0.45)	(0.20)	(0.19)	(1.49)
	Net Asset Value, End of Period		$23.59	$22.70	$21.14	$24.82	$17.49	$21.44
	Total Return*		9.57%	12.51%	(13.29)%	43.30%	(17.74)%	0.76%
	Net Assets, End of Period (in thousands)		$303,423	$307,982	$386,007	$574,472	$516,634	$652,049
	Average Net Assets for the Period (in thousands)		$294,514	$352,068	$511,237	$555,651	$621,808	$681,320
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.83%	0.82%	0.85%	0.92%	1.10%	0.92%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.82%	0.81%	0.85%	0.92%	1.10%	0.92%
		Ratio of Net Investment Income/(Loss)	0.99%	0.82%	0.40%	0.78%	1.11%	1.38%
	Portfolio Turnover Rate		18%	44%	44%	53%	59%	39%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or 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 Small Cap Value Fund

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Henderson Small Cap Value 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 38 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks capital appreciation. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Shareholders, including other funds, individuals, accounts, as well as the Fund’s portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s Shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, 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 L Shares are designed for pension and profit-sharing plans, employee benefit trusts, endowments, foundations and corporations, as well as high net worth individuals and financial intermediaries who are willing to maintain a minimum account balance of $250,000.

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

26 DECEMBER 31, 2023

Janus Henderson Small Cap Value Fund

Notes to Financial Statements (unaudited)

intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the “Distributor”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

Class R Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms.

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement 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 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:

Janus Investment Fund 27

Janus Henderson Small Cap Value Fund

Notes to Financial Statements (unaudited)

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 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 the 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

28 DECEMBER 31, 2023

Janus Henderson Small Cap Value Fund

Notes to Financial Statements (unaudited)

would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

Foreign Currency Translations

The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

Dividends and Distributions

The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as “equalization,” has no effect on the redeeming shareholder or a Fund’s total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

The Fund may make certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.

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

Market Risk

The value of the Fund’s portfolio may decrease if the value of one or more issuers in the Fund’s portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund’s portfolio decreases, the Fund’s NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

Janus Investment Fund 29

Janus Henderson Small Cap Value Fund

Notes to Financial Statements (unaudited)

• COVID-19 Pandemic. The effects of COVID-19 have contributed to increased volatility in global financial markets and have affected and may continue to affect certain countries, regions, issuers, industries and market sectors more dramatically than others. These conditions and events could have a significant impact on the Fund and its investments, the Fund’s ability to meet redemption requests, and the processes and operations of the Fund’s service providers, including the Adviser.

• Armed Conflict. Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global economic environment and the markets for certain securities and commodities.

Exchange-Traded Funds

The Fund may invest in exchange-traded funds (“ETFs”) to gain exposure to a particular portion of the market. ETFs are typically open-end investment companies, which may seek to track the performance of a specific index or be actively managed. ETFs are traded on a national securities exchange at market prices that may vary from the net asset value of their underlying investments. Accordingly, there may be times when an ETF trades at a premium or discount. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. As a result, the cost of investing in the Fund may be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. ETFs also involve the risk that an active trading market for an ETF's shares may not develop or be maintained. Similarly, because the value of ETF shares depends on the demand in the market, the Fund may not be able to purchase or sell an ETF at the most optimal time, which could adversely affect the Fund’s performance. In addition, ETFs that track particular indices may be unable to match the performance of such underlying indices due to the temporary unavailability of certain index securities in the secondary market or other factors, such as discrepancies with respect to the weighting of securities. Because the Fund may invest in a broad range of ETFs, such risks may include, but are not limited to, leverage risk, foreign exposure risk, interest rate risk, emerging markets risk, and commodity-linked investments risk. The Fund is also subject to substantially the same risks as those associated with direct exposure to the securities held by the ETF.

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.

Repurchase Agreements

The Fund and other funds advised by the Adviser or its affiliates may transfer daily uninvested cash balances into one or more joint trading accounts. Assets in the joint trading accounts are invested in money market instruments and the proceeds are allocated to the participating funds on a pro rata basis.

Repurchase agreements held by the Fund are fully collateralized, and such collateral is in the possession of the Fund’s custodian or, for tri-party agreements, the custodian designated by the agreement. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements, including accrued interest. In the event of default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings.

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

30 DECEMBER 31, 2023

Janus Henderson Small Cap Value Fund

Notes to Financial Statements (unaudited)

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 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 December 31, 2023, securities lending transactions accounted for as secured borrowings with an overnight and

Janus Investment Fund 31

Janus Henderson Small Cap Value Fund

Notes to Financial Statements (unaudited)

continuous contractual maturity are $7,275,260. Gross amounts of recognized liabilities for securities lending (collateral received) as of December 31, 2023 is $7,553,967, resulting in the net amount due to the counterparty of $278,707.

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.

All repurchase agreements are transacted under legally enforceable master repurchase agreements that give the Fund, in the event of default by the counterparty, the right to liquidate securities held and to offset receivables and payables with the counterparty. For financial reporting purposes, the Fund does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. Repurchase agreements held by the Fund are fully collateralized, and such collateral is in the possession of the Fund’s custodian or, for tri-party agreements, the custodian designated by the agreement. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements, including accrued interest.

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 0.72%, and the Fund’s benchmark index used in the calculation is the Russell 2000^® Value 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 ±5.50%. 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 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 December 31, 2023, the performance adjusted investment advisory fee rate before any waivers and/or reimbursements of expenses is 0.55%.

32 DECEMBER 31, 2023

Janus Henderson Small Cap Value Fund

Notes to Financial Statements (unaudited)

The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to management fees, any performance adjustments to the management fee, 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 fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.91% for at least a one-year period commencing on October 27, 2023. 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 $226,421 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2023. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

Janus Henderson Services US LLC (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

Average Daily Net Assets of Class D Shares of the Janus Henderson funds	Administrative Services Fee
Under $40 billion	0.12%
$40 billion – $49.9 billion	0.10%
Over $49.9 billion	0.08%

During the reporting period, the administrative services fee rate was 0.12%.

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 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.

The Transfer Agent receives an administrative fee based on the average daily net assets Class L Shares of the Fund based on the average proportion of the Fund’s total net assets sold directly and the average proportion of the Fund’s net assets sold through financial intermediaries on a monthly basis. The asset-weighted fee is calculated by applying a blended annual fee rate of 0.12% on average net assets for the proportion of assets sold directly and 0.25% on average net assets for the proportion of assets sold through financial intermediaries. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations. The Transfer Agent has agreed to

Janus Investment Fund 33

Janus Henderson Small Cap Value Fund

Notes to Financial Statements (unaudited)

waive all or a portion of this fee. Such waiver is voluntary and could change or be terminated at any time at the discretion of the Transfer Agent or the Adviser without prior notification to shareholders. Removal of this fee waiver may have a significant impact on Class L Shares’ total expense ratio. If applicable, amounts waived to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

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 L Shares and Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, up to 0.50% for Class R Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended December 31, 2023, the Distributor retained upfront sales charges of $371.

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 December 31, 2023.

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 December 31, 2023, redeeming shareholders of Class C Shares paid CDSCs of $1.

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

34 DECEMBER 31, 2023

Janus Henderson Small Cap Value Fund

Notes to Financial Statements (unaudited)

of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of December 31, 2023 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 December 31, 2023 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 $196,900 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2023.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended December 31, 2023 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

4. Federal Income Tax

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2023 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)
$ 1,879,419,087	$ 680,760,529	$ (51,320,692)	$ 629,439,837

Janus Investment Fund 35

Janus Henderson Small Cap Value Fund

Notes to Financial Statements (unaudited)

5. Capital Share Transactions

	Period ended December 31, 2023		Year ended June 30, 2023
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	72,556	$ 1,635,195	214,756	$ 4,838,998
Reinvested dividends and distributions	42,363	951,059	42,433	935,219
Shares repurchased	(234,376)	(5,228,951)	(433,166)	(9,811,480)
Net Increase/(Decrease)	(119,457)	$ (2,642,697)	(175,977)	$ (4,037,263)
Class C Shares:
Shares sold	10,432	$ 217,611	20,591	$ 438,387
Reinvested dividends and distributions	37,812	778,169	38,642	784,812
Shares repurchased	(74,158)	(1,527,173)	(133,580)	(2,766,112)
Net Increase/(Decrease)	(25,914)	$ (531,393)	(74,347)	$ (1,542,913)
Class D Shares:
Shares sold	77,954	$ 1,767,330	119,523	$ 2,712,862
Reinvested dividends and distributions	211,346	4,670,749	193,144	4,198,951
Shares repurchased	(223,672)	(5,045,651)	(439,242)	(9,837,889)
Net Increase/(Decrease)	65,628	$ 1,392,428	(126,575)	$ (2,926,076)
Class I Shares:
Shares sold	3,527,561	$ 79,865,506	10,105,264	$ 228,765,913
Reinvested dividends and distributions	3,160,006	70,215,331	3,061,205	66,887,325
Shares repurchased	(7,632,657)	(172,110,473)	(20,608,044)	(461,866,873)
Net Increase/(Decrease)	(945,090)	$ (22,029,636)	(7,441,575)	$ (166,213,635)
Class L Shares:
Shares sold	65,659	$ 1,549,954	79,015	$ 1,847,850
Reinvested dividends and distributions	160,131	3,678,219	147,934	3,338,863
Shares repurchased	(187,743)	(4,295,077)	(891,300)	(20,688,888)
Net Increase/(Decrease)	38,047	$ 933,096	(664,351)	$ (15,502,175)
Class N Shares:
Shares sold	1,350,034	$ 30,542,186	4,217,956	$ 94,866,352
Reinvested dividends and distributions	1,011,621	22,407,396	1,023,510	22,322,753
Shares repurchased	(4,384,893)	(98,966,826)	(9,838,568)	(222,319,934)
Net Increase/(Decrease)	(2,023,238)	$ (46,017,244)	(4,597,102)	$ (105,130,829)
Class R Shares:
Shares sold	88,189	$ 1,898,063	203,076	$ 4,484,059
Reinvested dividends and distributions	87,407	1,884,489	87,817	1,858,216
Shares repurchased	(205,044)	(4,413,441)	(553,367)	(12,361,818)
Net Increase/(Decrease)	(29,448)	$ (630,889)	(262,474)	$ (6,019,543)
Class S Shares:
Shares sold	196,489	$ 4,310,871	258,407	$ 5,769,175
Reinvested dividends and distributions	63,495	1,397,514	55,265	1,194,831
Shares repurchased	(200,053)	(4,536,808)	(395,421)	(8,833,767)
Net Increase/(Decrease)	59,931	$ 1,171,577	(81,749)	$ (1,869,761)
Class T Shares:
Shares sold	238,681	$ 5,414,193	671,656	$ 15,168,690
Reinvested dividends and distributions	659,759	14,666,442	698,074	15,245,927
Shares repurchased	(1,601,415)	(36,029,824)	(6,065,045)	(137,490,874)
Net Increase/(Decrease)	(702,975)	$ (15,949,189)	(4,695,315)	$ (107,076,257)

36 DECEMBER 31, 2023

Janus Henderson Small Cap Value Fund

Notes to Financial Statements (unaudited)

6. Purchases and Sales of Investment Securities

For the period ended December 31, 2023, 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
$424,435,324	$ 602,426,870	$ -	$ -

7. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2023 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 Small Cap Value 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; and (ii) 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 and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “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.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and 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, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, 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 to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management

38 DECEMBER 31, 2023

Janus Henderson Small Cap Value Fund

Additional Information(unaudited)

services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract 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 fund 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, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

Asset Allocation Funds

·For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12

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Additional Information(unaudited)

months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Fixed-Income Funds

·For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Global and International Equity Funds

·For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

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Additional Information(unaudited)

·For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·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 June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

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Additional Information(unaudited)

U.S. Equity Funds

·For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·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 June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.

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Additional Information(unaudited)

·For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.

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. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 6% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered 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 referenced its past analyses from 2022, which 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 different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with

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regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:

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 all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

·For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

·For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, 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 as shown were below the applicable fee limit.

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 average for certain share classes, overall the Fund’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 the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.

·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 average for certain share classes, 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 as shown were below the applicable fee limit.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.

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 average for certain share classes, overall the Fund’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 average for certain share classes, 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 as shown were below the applicable fee limit.

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Additional Information(unaudited)

·For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.

·For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

·For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, 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 as shown were 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 average 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 certain share classes, 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 as shown were below the applicable fee limit.

·For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.

·For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·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 as shown were below the applicable fee limit.

·For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

Money Market Funds

·For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson 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 as shown were below the applicable fee limit.

U.S. Equity Funds

·For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were

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Additional Information(unaudited)

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 as shown were 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 all 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, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

·For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

·For Janus Henderson Forty 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, although this limit did not apply because the Fund’s total expenses as shown were 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 average for certain share classes, 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 as shown were below the applicable fee limit.

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Venture Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

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 numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized

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Additional Information(unaudited)

by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser 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 charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

Economies of Scale

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.

With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and 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.

Janus Investment Fund 47

Janus Henderson Small Cap Value Fund

Additional Information(unaudited)

Other Benefits to the Adviser

The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser’s ability to serve the Janus Henderson Funds.

48 DECEMBER 31, 2023

Janus Henderson Small Cap Value Fund

Useful Information About Your Fund Report (unaudited)

Performance Overviews

Performance overview graphs compare the performance of a hypothetical $10,000 investment in the Fund with one or more widely used market indices. When comparing the performance of the Fund with an index, keep in mind that market indices are not available for investment and do not reflect deduction of expenses.

Average annual total returns are quoted for a Fund with more than one year of performance history. Average annual total return is calculated by taking the growth or decline in value of an investment over a period of time, including reinvestment of dividends and distributions, then calculating the annual compounded percentage rate that would have produced the same result had the rate of growth been constant throughout the period. Average annual total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Cumulative total returns are quoted for a Fund with less than one year of performance history. Cumulative total return is the growth or decline in value of an investment over time, independent of the period of time involved. Cumulative total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund’s unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of 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. A company may be allocated to a country based on other factors such as location of the company’s principal office, the location of the principal trading market for the company’s securities, or the country where a majority of the company’s revenues are derived. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by 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.

The Fund’s assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned, and the receivable for Fund shares sold to investors but not yet settled. The Fund’s liabilities include payables for securities purchased but not yet settled, Fund shares redeemed but not yet paid, and expenses owed but not yet paid. Additionally, there may be other assets and liabilities such as unrealized gain or loss on forward currency contracts.

The section entitled “Net Assets Consist of” breaks down the components of the Fund’s net assets. Because the Fund must distribute substantially all earnings, you will notice that a significant portion of net assets is shareholder capital.

The last section of this statement reports the net asset value (“NAV”) per share on the last day of the reporting period. The NAV is calculated by dividing the Fund’s net assets for each share class (assets minus liabilities) by the number of shares outstanding.

Janus Investment Fund 49

Janus Henderson Small Cap Value Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

This statement details the Fund’s income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled “Investment Income,” reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

The next section reports the expenses incurred by the Fund, including the advisory fee paid to the investment adviser, transfer agent fees and expenses, and printing and postage for mailing statements, financial reports and prospectuses. Expense offsets and expense reimbursements, if any, are also shown.

The last section lists the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign currency-denominated assets and liabilities. The Fund will realize a gain (or loss) when it sells its position in a particular security. A change in unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Fund during the reporting period. “Net Realized and Unrealized Gain/(Loss) on Investments” is affected both by changes in the market value of Fund holdings and by gains (or losses) realized during the reporting period.

Statements of Changes in Net Assets

These statements report the increase or decrease in the Fund’s net assets during the reporting period. Changes in the Fund’s net assets are attributable to investment operations, dividends and distributions to investors, and capital share transactions. This is important to investors because it shows exactly what caused the Fund’s net asset size to change during the period.

The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund’s investment operations. The Fund’s net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund’s net assets will not be affected.

The reinvestment of dividends and distributions is included under “Capital Share Transactions.” “Capital Shares” refers to the money investors contribute to the Fund through purchases or withdrawals via redemptions. The Fund’s net assets will increase and decrease in value as investors purchase and redeem shares from the Fund.

Financial Highlights

This schedule provides a per-share breakdown of the components that affect the Fund’s NAV for current and past reporting periods as well as total return, asset size, ratios, and portfolio turnover rate.

The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund’s expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.

The ratio of net investment income/(loss) summarizes the income earned less expenses, divided by the average net assets of the Fund during the reporting period. Do not confuse this ratio with the Fund’s yield. The net investment income ratio is not a true measure of the Fund’s yield because it does not take into account the dividends distributed to the Fund’s investors.

The next figure is the portfolio turnover rate, which measures the buying and selling activity in the Fund. Portfolio turnover is affected by market conditions, changes in the asset size of the Fund, fluctuating volume of shareholder purchase and redemption orders, the nature of the Fund’s investments, and the investment style and/or outlook of the 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

50 DECEMBER 31, 2023

Janus Henderson Small Cap Value Fund

Useful Information About Your Fund Report (unaudited)

portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.

Janus Investment Fund 51

Janus Henderson Small Cap Value Fund

Notes

NotesPage1

52 DECEMBER 31, 2023

Janus Henderson Small Cap Value Fund

Notes

NotesPage2

Janus Investment Fund 53

This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Mutual funds distributed by Janus Henderson Distributors US LLC
	125-24-93034 02-24

	SEMIANNUAL REPORT December 31, 2023
Janus Henderson Small-Mid Cap Value Fund
Janus Investment Fund

HIGHLIGHTS

·Investment strategy behind your fund

·Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Small-Mid Cap Value Fund

Fund At A Glance and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	9
Statement of Assets and Liabilities	10
Statement of Operations	12
Statements of Changes in Net Assets	13
Financial Highlights	14
Notes to Financial Statements	21
Additional Information	32
Useful Information About Your Fund Report	43

Justin Tugman co-portfolio manager Kevin Preloger co-portfolio manager

Important Notice – Tailored Shareholder Reports

Effective January 24, 2023, the Securities and Exchange Commission (the “SEC”) adopted rule and form amendments that require mutual funds and exchange-traded funds to provide shareholders with streamlined annual and semi-annual shareholder reports that highlight key information. Other information, including financial statements, that currently appears in shareholder reports will be made available online, delivered free of charge to shareholders upon request, and filed with the SEC. The first tailored shareholder report for the Fund will be for the reporting period ending June 30, 2024. Currently, management is evaluating the impact of the rule and form amendments on the content of the Fund’s current shareholder reports.

Janus Henderson Small-Mid Cap Value Fund (unaudited)

Fund At A Glance

December 31, 2023

5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
FB Financial Corp	2.41%	0.69%	Envista Holdings Corp	1.65%	-0.71%
Ameris Bancorp	1.55%	0.56%	Globus Medical Inc	2.81%	-0.59%
Steven Madden Ltd	2.22%	0.44%	FMC Corp	0.62%	-0.51%
Synovus Financial Corp	2.06%	0.43%	Zebra Technologies Corp	0.37%	-0.44%
Black Knight Inc	0.44%	0.36%	Portillo's Inc - Class A	0.59%	-0.44%

	5 Top Contributors - Sectors*
		Relative	Fund	Russell 2500 Value Index
		Contribution	Average Weight	Average Weight
	Consumer Discretionary	0.59%	9.67%	12.37%
	Consumer Staples	0.24%	2.28%	3.04%
	Information Technology	0.23%	8.98%	8.16%
	Communication Services	0.19%	0.00%	2.92%
	Real Estate	0.11%	9.50%	10.22%
	5 Top Detractors - Sectors*
		Relative	Fund	Russell 2500 Value Index
		Contribution	Average Weight	Average Weight
	Materials	-0.85%	7.18%	6.46%
	Health Care	-0.59%	11.95%	7.64%
	Energy	-0.31%	6.87%	5.85%
	Utilities	-0.18%	2.41%	3.53%
	Other**	-0.13%	2.69%	0.00%
	Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.
*	Based on sector classification according to the Global Industry Classification Standard (“GICS”) codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
**	Not a GICS classified sector.

Janus Investment Fund 1

Janus Henderson Small-Mid Cap Value Fund (unaudited)

Fund At A Glance

December 31, 2023

5 Largest Equity Holdings -(% of Net Assets)
Fortune Brands Home & Security Inc
Building Products	3.0%
Hartford Financial Services Group Inc
Insurance	2.9%
Lamar Advertising Co
Specialized Real Estate Investment Trusts (REITs)	2.9%
Globus Medical Inc
Health Care Equipment & Supplies	2.7%
Carlisle Cos Inc
Building Products	2.6%
	14.1%

Asset Allocation - (% of Net Assets)
Common Stocks	97.4%
Repurchase Agreements	2.5%
Other		0.1%
		100.0%

Top Country Allocations - Long Positions -(% of Investment Securities)
As of December 31, 2023	As of June 30, 2023

2 DECEMBER 31, 2023

Janus Henderson Small-Mid Cap Value Fund (unaudited)

Performance

See important disclosures on the next page.

Average Annual Total Return - for the periods ended December 31, 2023						Prospectus Expense Ratios
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses‡	Net Annual Fund Operating Expenses‡
Class A Shares at NAV	8.13%	14.97%	8.22%	7.14%	8.94%	1.28%	1.07%
Class A Shares at MOP	1.92%	8.37%	6.95%	6.51%	8.40%
Class C Shares at NAV	7.81%	14.13%	7.40%	6.32%	8.10%	2.72%	1.81%
Class C Shares at CDSC	6.81%	13.13%	7.40%	6.32%	8.10%
Class D Shares	8.31%	15.29%	8.46%	7.38%	9.17%	0.94%	0.83%
Class I Shares	8.26%	15.25%	8.48%	7.43%	9.24%	0.90%	0.78%
Class N Shares	8.38%	15.45%	8.61%	7.47%	9.21%	0.77%	0.68%
Class S Shares	8.09%	14.98%	8.17%	7.11%	8.85%	1.88%	1.18%
Class T Shares	8.18%	15.06%	8.31%	7.27%	9.06%	1.06%	0.93%
Russell 2500 Value Index	9.59%	15.98%	10.79%	7.42%	10.67%
Morningstar Quartile - Class I Shares	-	2nd	4th	3rd	4th
Morningstar Ranking - based on total returns for Mid-Cap Blend Funds	-	131/400	360/382	189/334	277/317

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.

This Fund has a performance-based management fee that may adjust up or down based on the Fund’s performance.

Janus Investment Fund 3

Janus Henderson Small-Mid Cap Value 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 August 4, 2017. Performance shown for periods prior to August 4, 2017 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 August 4, 2017, the performance shown may have been different. The performance shown for periods following the Fund’s commencement 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.

© 2023 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.

See “Useful Information About Your Fund Report.”

Effective August 1, 2019, the Fund changed its investment strategy. The performance shown for periods prior to August 1, 2019, does not reflect the new investment strategy and is not indicative of the current portfolio.

*The Fund’s inception date – December 15, 2011

‡ As stated in the prospectus. Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 27, 2023. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees. See Financial Highlights for actual expense ratios during the reporting period.

4 DECEMBER 31, 2023

Janus Henderson Small-Mid Cap Value 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 (7/1/23)	Ending Account Value (12/31/23)	Expenses Paid During Period (7/1/23 - 12/31/23)†	Beginning Account Value (7/1/23)	Ending Account Value (12/31/23)	Expenses Paid During Period (7/1/23 - 12/31/23)†	Net Annualized Expense Ratio (7/1/23 - 12/31/23)
Class A Shares		$1,000.00	$1,081.30	$5.34	$1,000.00	$1,020.01	$5.18	1.02%
Class C Shares		$1,000.00	$1,078.10	$8.72	$1,000.00	$1,016.74	$8.47	1.67%
Class D Shares		$1,000.00	$1,083.10	$4.14	$1,000.00	$1,021.17	$4.01	0.79%
Class I Shares		$1,000.00	$1,082.60	$3.87	$1,000.00	$1,021.42	$3.76	0.74%
Class N Shares		$1,000.00	$1,083.80	$3.40	$1,000.00	$1,021.87	$3.30	0.65%
Class S Shares		$1,000.00	$1,080.90	$5.23	$1,000.00	$1,020.11	$5.08	1.00%
Class T Shares		$1,000.00	$1,081.80	$4.66	$1,000.00	$1,020.66	$4.52	0.89%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.

Janus Investment Fund 5

Janus Henderson Small-Mid Cap Value Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Common Stocks– 97.4%
Aerospace & Defense – 2.0%
	BWX Technologies Inc	27,348	$2,098,412
Auto Components – 1.8%
	Aptiv PLC*	21,085	1,891,746
Banks – 10.3%
	Ameris Bancorp	38,458	2,040,197
	Eastern Bankshares Inc	129,619	1,840,590
	FB Financial Corp	65,636	2,615,595
	OFG Bancorp	55,489	2,079,728
	Wintrust Financial Corp	24,529	2,275,065
			10,851,175
Building Products – 5.6%
	Carlisle Cos Inc	8,866	2,770,004
	Fortune Brands Home & Security Inc	41,234	3,139,557
			5,909,561
Capital Markets – 4.9%
	Jefferies Financial Group Inc	54,352	2,196,364
	Lazard Ltd*	41,194	1,433,551
	WisdomTree Investments Inc	223,933	1,551,856
			5,181,771
Chemicals – 3.0%
	Ashland Global Holdings Inc	18,063	1,522,892
	Innospec Inc	12,968	1,598,176
			3,121,068
Containers & Packaging – 3.8%
	Ball Corp	31,781	1,828,043
	Graphic Packaging Holding Co	89,108	2,196,512
			4,024,555
Electric Utilities – 2.2%
	Alliant Energy Corp	45,572	2,337,844
Electrical Equipment – 1.8%
	Encore Wire Corp	8,953	1,912,361
Electronic Equipment, Instruments & Components – 5.3%
	Insight Enterprises Inc*	10,053	1,781,291
	Keysight Technologies Inc*	8,412	1,338,265
	Vontier Corp	71,190	2,459,614
			5,579,170
Energy Equipment & Services – 1.3%
	ChampionX Corp	46,352	1,353,942
Food & Staples Retailing – 2.2%
	Casey's General Stores Inc	8,437	2,317,981
Health Care Equipment & Supplies – 5.4%
	Embecta Corp	77,069	1,458,916
	Envista Holdings Corp*	59,157	1,423,317
	Globus Medical Inc*	53,406	2,846,006
			5,728,239
Health Care Providers & Services – 2.2%
	Cardinal Health Inc	23,142	2,332,714
Household Durables – 1.9%
	Toll Brothers Inc	19,860	2,041,409
Industrial Real Estate Investment Trusts (REITs) – 1.9%
	STAG Industrial Inc	50,110	1,967,319
Insurance – 5.0%
	Axis Capital Holdings Ltd	40,564	2,246,029
	Hartford Financial Services Group Inc	37,893	3,045,839
			5,291,868
Life Sciences Tools & Services – 1.6%
	Avantor Inc*	72,160	1,647,413

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
6	DECEMBER 31, 2023

Janus Henderson Small-Mid Cap Value Fund

Schedule of Investments (unaudited)

December 31, 2023

Shares or Principal Amounts			Value
Common Stocks– (continued)
Machinery – 4.4%
	Hillenbrand Inc	50,974	$2,439,106
	Lincoln Electric Holdings Inc	10,341	2,248,754
			4,687,860
Marine – 2.3%
	Kirby Corp*	31,081	2,439,237
Metals & Mining – 2.0%
	Commercial Metals Co	42,305	2,116,942
Oil, Gas & Consumable Fuels – 4.7%
	Gulfport Energy Corp*	10,360	1,379,952
	Magnolia Oil & Gas Corp	88,926	1,893,235
	Marathon Oil Corp	67,997	1,642,808
			4,915,995
Real Estate Management & Development – 2.2%
	Cushman & Wakefield PLC*	210,894	2,277,655
Retail Real Estate Investment Trusts (REITs) – 2.0%
	Agree Realty Corp	33,942	2,136,649
Semiconductor & Semiconductor Equipment – 3.6%
	Microchip Technology Inc	19,706	1,777,087
	Ultra Clean Holdings Inc*	59,730	2,039,182
			3,816,269
Specialized Real Estate Investment Trusts (REITs) – 4.8%
	Lamar Advertising Co	28,608	3,040,458
	PotlatchDeltic Corp	40,225	1,975,047
			5,015,505
Specialty Retail – 4.0%
	Bath & Body Works Inc	50,739	2,189,895
	Burlington Stores Inc*	10,588	2,059,154
			4,249,049
Textiles, Apparel & Luxury Goods – 1.8%
	Steven Madden Ltd	44,632	1,874,544
Trading Companies & Distributors – 3.4%
	GATX Corp	16,009	1,924,602
	MSC Industrial Direct Co Inc	16,807	1,701,877
			3,626,479
Total Common Stocks (cost $82,817,799)			102,744,732
Repurchase Agreements– 2.5%
	ING Financial Markets LLC, Joint repurchase agreement, 5.3000%, dated 12/29/23, maturing 1/2/24 to be repurchased at $2,601,531 collateralized by $2,706,747 in U.S. Treasuries 0.1250% - 4.8750%, 1/31/25 - 11/15/53 with a value of $2,653,565((cost $2,600,000)	$2,600,000	2,600,000
Total Investments (total cost $85,417,799) – 99.9%			105,344,732
Cash, Receivables and Other Assets, net of Liabilities – 0.1%			78,680
Net Assets – 100%			$105,423,412

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund	7

Janus Henderson Small-Mid Cap Value Fund

Schedule of Investments (unaudited)

December 31, 2023

Offsetting of Financial Assets and Derivative Assets
			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Assets		or Liability(a)		Pledged(b)		Net Amount
ING Financial Markets LLC		$	2,600,000	$	—	$	(2,600,000)	$	—
(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.
8	DECEMBER 31, 2023

Janus Henderson Small-Mid Cap Value Fund

Notes to Schedule of Investments and Other Information (unaudited)

Russell 2500^TM Value Index Russell 2500^TM Value Index reflects the performance of U.S. small to mid-cap equities with lower price-to-book ratios and lower forecasted growth values.

LLC	Limited Liability Company
PLC	Public Limited Company

* Non-income producing security.

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. 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	$	102,744,732	$	-	$	-
Repurchase Agreements		-		2,600,000		-
Total Assets	$	102,744,732	$	2,600,000	$	-

Janus Investment Fund 9

Janus Henderson Small-Mid Cap Value Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2023

See footnotes at the end of the Statement.

Assets:
	Investments, at value (cost $82,817,799)		$	102,744,732
	Repurchase agreements, at value (cost $2,600,000)			2,600,000
	Cash			3,350
	Trustees' deferred compensation			2,891
	Receivables:
		Dividends		103,578
		Fund shares sold		99,241
		Interest		1,531
	Other assets			972
Total Assets				105,556,295
Liabilities:
	Payables:			—
		Fund shares repurchased		41,567
		Professional fees		28,711
		Advisory fees		19,368
		Transfer agent fees and expenses		8,835
		Trustees' deferred compensation fees		2,891
		12b-1 Distribution and shareholder servicing fees		935
		Custodian fees		793
		Affiliated fund administration fees payable		223
		Trustees' fees and expenses		99
		Accrued expenses and other payables		29,461
Total Liabilities				132,883
Commitments and contingent liabilities (Note 3)
Net Assets			$	105,423,412

See Notes to Financial Statements.
10	DECEMBER 31, 2023

Janus Henderson Small-Mid Cap Value Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2023

Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	92,368,998
	Total distributable earnings (loss)		13,054,414
Total Net Assets		$	105,423,412
Net Assets - Class A Shares		$	2,640,715
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		182,898
Net Asset Value Per Share(1)		$	14.44
Maximum Offering Price Per Share(2)		$	15.32
Net Assets - Class C Shares		$	376,290
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		27,258
Net Asset Value Per Share(1)		$	13.80
Net Assets - Class D Shares		$	41,419,520
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,851,040
Net Asset Value Per Share		$	14.53
Net Assets - Class I Shares		$	7,049,594
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		480,137
Net Asset Value Per Share		$	14.68
Net Assets - Class N Shares		$	47,389,074
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,262,285
Net Asset Value Per Share		$	14.53
Net Assets - Class S Shares		$	244,846
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		17,106
Net Asset Value Per Share		$	14.31
Net Assets - Class T Shares		$	6,303,373
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		433,440
Net Asset Value Per Share		$	14.54

(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	11

Janus Henderson Small-Mid Cap Value Fund

Statement of Operations (unaudited)

For the period ended December 31, 2023

Investment Income:
	Dividends		$	840,839
	Interest			68,673
	Foreign tax withheld			(2,310)
Total Investment Income				907,202
Expenses:
	Advisory fees			256,315
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		3,018
		Class C Shares		1,472
		Class S Shares		176
	Transfer agent administrative fees and expenses:
		Class D Shares		22,411
		Class S Shares		281
		Class T Shares		7,434
	Transfer agent networking and omnibus fees:
		Class A Shares		1,483
		Class C Shares		175
		Class I Shares		2,958
	Other transfer agent fees and expenses:
		Class A Shares		73
		Class C Shares		14
		Class D Shares		5,046
		Class I Shares		192
		Class N Shares		962
		Class S Shares		3
		Class T Shares		77
	Registration fees			80,381
	Non-affiliated fund administration fees			31,770
	Professional fees			27,199
	Shareholder reports expense			7,764
	Custodian fees			1,304
	Affiliated fund administration fees			1,229
	Trustees’ fees and expenses			893
	Other expenses			7,964
Total Expenses				460,594
Less: Excess Expense Reimbursement and Waivers				(94,993)
Net Expenses				365,601
Net Investment Income/(Loss)				541,601
Net Realized Gain/(Loss) on Investments:
	Investments			21,908
Total Net Realized Gain/(Loss) on Investments				21,908
Change in Unrealized Net Appreciation/Depreciation:
	Investments and Trustees’ deferred compensation			7,335,107
Total Change in Unrealized Net Appreciation/Depreciation				7,335,107
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	7,898,616

See Notes to Financial Statements.
12	DECEMBER 31, 2023

Janus Henderson Small-Mid Cap Value Fund

Statements of Changes in Net Assets

			Period ended December 31, 2023 (unaudited)		Year ended June 30, 2023
Operations:
	Net investment income/(loss)		$	541,601	$	1,047,926
	Net realized gain/(loss) on investments			21,908		(4,410,567)
	Change in unrealized net appreciation/depreciation			7,335,107		19,496,522
Net Increase/(Decrease) in Net Assets Resulting from Operations				7,898,616		16,133,881
Dividends and Distributions to Shareholders:
		Class A Shares		(17,876)		(6,350)
		Class C Shares		(268)		—
		Class D Shares		(360,330)		(231,444)
		Class I Shares		(63,667)		(37,979)
		Class N Shares		(471,693)		(420,035)
		Class S Shares		(1,747)		—
		Class T Shares		(48,513)		(24,323)
Net Decrease from Dividends and Distributions to Shareholders				(964,094)		(720,131)
Capital Share Transactions:
		Class A Shares		34,325		(266,933)
		Class C Shares		(4,441)		(144,748)
		Class D Shares		(2,188,877)		(5,423,913)
		Class I Shares		(496,650)		(2,305,216)
		Class N Shares		(2,344,682)		(17,553,577)
		Class S Shares		(637)		(809,610)
		Class T Shares		(305,781)		(2,245,624)
Net Increase/(Decrease) from Capital Share Transactions				(5,306,743)		(28,749,621)
Net Increase/(Decrease) in Net Assets				1,627,779		(13,335,871)
Net Assets:
	Beginning of period			103,795,633		117,131,504
	End of period		$	105,423,412	$	103,795,633

See Notes to Financial Statements.
Janus Investment Fund	13

Janus Henderson Small-Mid Cap Value Fund

Financial Highlights

Class A Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$13.45	$11.72	$13.98	$10.17	$13.17	$14.13
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.05	0.08	0.06	0.10	0.10	0.10
		Net realized and unrealized gain/(loss)	1.04	1.69	(1.93)	3.78	(1.71)	0.65
	Total from Investment Operations		1.09	1.77	(1.87)	3.88	(1.61)	0.75
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.10)	(0.04)	(0.05)	(0.07)	(0.11)	(0.18)
		Distributions (from capital gains)	—	—	(0.34)	—	(1.28)	(1.53)
	Total Dividends and Distributions		(0.10)	(0.04)	(0.39)	(0.07)	(1.39)	(1.71)
	Net Asset Value, End of Period		$14.44	$13.45	$11.72	$13.98	$10.17	$13.17
	Total Return*		8.13%	15.09%	(13.78)%	38.27%	(14.37)%	7.46%
	Net Assets, End of Period (in thousands)		$2,641	$2,424	$2,387	$3,279	$3,039	$2,055
	Average Net Assets for the Period (in thousands)		$2,413	$2,292	$2,920	$3,034	$2,169	$852
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.31%	1.28%	1.28%	1.35%	1.78%	1.91%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.02%	1.07%	1.12%	1.07%	1.34%	1.31%
		Ratio of Net Investment Income/(Loss)	0.82%	0.62%	0.42%	0.81%	0.88%	0.79%
	Portfolio Turnover Rate		32%	62%	80%	99%	152%	40%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

**Annualized for periods of less than one full year.

(1)Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.
14	DECEMBER 31, 2023

Janus Henderson Small-Mid Cap Value Fund

Financial Highlights

Class C Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$12.81	$11.22	$13.45	$9.80	$12.74	$13.73
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.02	(0.02)	(0.04)	0.02	0.01	0.02
		Net realized and unrealized gain/(loss)	0.98	1.61	(1.85)	3.63	(1.66)	0.60
	Total from Investment Operations		1.00	1.59	(1.89)	3.65	(1.65)	0.62
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.01)	—	—	—	(0.01)	(0.08)
		Distributions (from capital gains)	—	—	(0.34)	—	(1.28)	(1.53)
	Total Dividends and Distributions		(0.01)	—	(0.34)	—	(1.29)	(1.61)
	Net Asset Value, End of Period		$13.80	$12.81	$11.22	$13.45	$9.80	$12.74
	Total Return*		7.81%	14.17%	(14.41)%	37.24%	(15.04)%	6.52%
	Net Assets, End of Period (in thousands)		$376	$354	$450	$515	$353	$398
	Average Net Assets for the Period (in thousands)		$346	$374	$493	$427	$380	$318
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.69%	2.72%	2.51%	2.70%	3.23%	3.30%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.67%	1.84%	1.84%	1.81%	2.14%	2.09%
		Ratio of Net Investment Income/(Loss)	0.17%	(0.15)%	(0.33)%	0.14%	0.12%	0.16%
	Portfolio Turnover Rate		32%	62%	80%	99%	152%	40%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

**Annualized for periods of less than one full year.

(1)Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.
Janus Investment Fund	15

Janus Henderson Small-Mid Cap Value Fund

Financial Highlights

Class D Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$13.54	$11.81	$14.08	$10.24	$13.24	$14.19
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.07	0.11	0.08	0.10	0.13	0.16
		Net realized and unrealized gain/(loss)	1.05	1.69	(1.93)	3.83	(1.72)	0.61
	Total from Investment Operations		1.12	1.80	(1.85)	3.93	(1.59)	0.77
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.13)	(0.07)	(0.08)	(0.09)	(0.13)	(0.19)
		Distributions (from capital gains)	—	—	(0.34)	—	(1.28)	(1.53)
	Total Dividends and Distributions		(0.13)	(0.07)	(0.42)	(0.09)	(1.41)	(1.72)
	Net Asset Value, End of Period		$14.53	$13.54	$11.81	$14.08	$10.24	$13.24
	Total Return*		8.31%	15.28%	(13.54)%	38.52%	(14.20)%	7.57%
	Net Assets, End of Period (in thousands)		$41,420	$40,871	$40,878	$66,854	$21,708	$23,948
	Average Net Assets for the Period (in thousands)		$38,652	$42,663	$49,604	$34,811	$22,879	$22,739
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.98%	0.94%	0.95%	1.06%	1.51%	1.45%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.79%	0.83%	0.87%	0.89%	1.17%	1.10%
		Ratio of Net Investment Income/(Loss)	1.05%	0.86%	0.62%	0.78%	1.06%	1.22%
	Portfolio Turnover Rate		32%	62%	80%	99%	152%	40%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

**Annualized for periods of less than one full year.

(1)Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.
16	DECEMBER 31, 2023

Janus Henderson Small-Mid Cap Value Fund

Financial Highlights

Class I Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$13.69	$11.93	$14.22	$10.34	$13.36	$14.21
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.07	0.11	0.09	0.13	0.11	0.16
		Net realized and unrealized gain/(loss)	1.05	1.72	(1.96)	3.84	(1.72)	0.63
	Total from Investment Operations		1.12	1.83	(1.87)	3.97	(1.61)	0.79
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.13)	(0.07)	(0.08)	(0.09)	(0.13)	(0.11)
		Distributions (from capital gains)	—	—	(0.34)	—	(1.28)	(1.53)
	Total Dividends and Distributions		(0.13)	(0.07)	(0.42)	(0.09)	(1.41)	(1.64)
	Net Asset Value, End of Period		$14.68	$13.69	$11.93	$14.22	$10.34	$13.36
	Total Return*		8.26%	15.40%	(13.56)%	38.58%	(14.19)%	7.66%
	Net Assets, End of Period (in thousands)		$7,050	$7,074	$8,309	$14,659	$9,848	$7,535
	Average Net Assets for the Period (in thousands)		$6,564	$7,072	$10,673	$13,258	$6,734	$6,250
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.95%	0.90%	0.91%	1.10%	1.47%	1.39%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.74%	0.79%	0.82%	0.89%	1.13%	1.06%
		Ratio of Net Investment Income/(Loss)	1.09%	0.88%	0.67%	1.02%	0.93%	1.20%
	Portfolio Turnover Rate		32%	62%	80%	99%	152%	40%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

**Annualized for periods of less than one full year.

(1)Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.
Janus Investment Fund	17

Janus Henderson Small-Mid Cap Value Fund

Financial Highlights

Class N Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$13.55	$11.81	$14.09	$10.24	$13.24	$14.20
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.08	0.13	0.11	0.11	0.15	0.19
		Net realized and unrealized gain/(loss)	1.05	1.70	(1.95)	3.84	(1.72)	0.59
	Total from Investment Operations		1.13	1.83	(1.84)	3.95	(1.57)	0.78
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.15)	(0.09)	(0.10)	(0.10)	(0.15)	(0.21)
		Distributions (from capital gains)	—	—	(0.34)	—	(1.28)	(1.53)
	Total Dividends and Distributions		(0.15)	(0.09)	(0.44)	(0.10)	(1.43)	(1.74)
	Net Asset Value, End of Period		$14.53	$13.55	$11.81	$14.09	$10.24	$13.24
	Total Return*		8.38%	15.54%	(13.48)%	38.72%	(14.09)%	7.73%
	Net Assets, End of Period (in thousands)		$47,389	$46,653	$56,752	$70,581	$1,806	$1,852
	Average Net Assets for the Period (in thousands)		$44,241	$54,098	$65,311	$28,417	$2,112	$1,782
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.82%	0.77%	0.80%	0.88%	1.48%	1.41%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.65%	0.69%	0.74%	0.76%	1.03%	0.96%
		Ratio of Net Investment Income/(Loss)	1.18%	1.02%	0.79%	0.83%	1.24%	1.40%
	Portfolio Turnover Rate		32%	62%	80%	99%	152%	40%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

**Annualized for periods of less than one full year.

(1)Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.
18	DECEMBER 31, 2023

Janus Henderson Small-Mid Cap Value Fund

Financial Highlights

Class S Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$13.34	$11.60	$13.84	$10.06	$13.07	$14.12
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.06	0.07	0.04	0.08	0.08	0.09
		Net realized and unrealized gain/(loss)	1.01	1.67	(1.91)	3.75	(1.69)	0.65
	Total from Investment Operations		1.07	1.74	(1.87)	3.83	(1.61)	0.74
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.10)	—	(0.03)	(0.05)	(0.12)	(0.26)
		Distributions (from capital gains)	—	—	(0.34)	—	(1.28)	(1.53)
	Total Dividends and Distributions		(0.10)	—	(0.37)	(0.05)	(1.40)	(1.79)
	Net Asset Value, End of Period		$14.31	$13.34	$11.60	$13.84	$10.06	$13.07
	Total Return*		8.09%	15.00%	(13.85)%	38.16%	(14.51)%	7.51%
	Net Assets, End of Period (in thousands)		$245	$229	$939	$1,136	$1,004	$390
	Average Net Assets for the Period (in thousands)		$225	$493	$1,110	$1,084	$890	$115
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.54%	1.84%	1.54%	1.71%	2.16%	4.23%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.00%	1.13%	1.20%	1.23%	1.51%	1.29%
		Ratio of Net Investment Income/(Loss)	0.84%	0.51%	0.31%	0.68%	0.71%	0.70%
	Portfolio Turnover Rate		32%	62%	80%	99%	152%	40%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

**Annualized for periods of less than one full year.

(1)Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.
Janus Investment Fund	19

Janus Henderson Small-Mid Cap Value Fund

Financial Highlights

Class T Shares
For a share outstanding during the period ended December 31, 2023 (unaudited) and the year ended June 30			2023	2023	2022	2021	2020	2019
	Net Asset Value, Beginning of Period		$13.55	$11.81	$14.07	$10.21	$13.22	$14.16
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)(1)	0.06	0.10	0.06	0.06	0.14	0.15
		Net realized and unrealized gain/(loss)	1.04	1.69	(1.93)	3.86	(1.76)	0.61
	Total from Investment Operations		1.10	1.79	(1.87)	3.92	(1.62)	0.76
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.11)	(0.05)	(0.05)	(0.06)	(0.11)	(0.17)
		Distributions (from capital gains)	—	—	(0.34)	—	(1.28)	(1.53)
	Total Dividends and Distributions		(0.11)	(0.05)	(0.39)	(0.06)	(1.39)	(1.70)
	Net Asset Value, End of Period		$14.54	$13.55	$11.81	$14.07	$10.21	$13.22
	Total Return*		8.18%	15.18%	(13.67)%	38.50%	(14.40)%	7.51%
	Net Assets, End of Period (in thousands)		$6,303	$6,190	$7,416	$18,663	$38,649	$23,144
	Average Net Assets for the Period (in thousands)		$5,948	$6,677	$8,946	$11,012	$17,402	$27,284
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.11%	1.06%	1.07%	1.18%	1.55%	1.51%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.89%	0.94%	0.99%	1.02%	1.27%	1.20%
		Ratio of Net Investment Income/(Loss)	0.94%	0.74%	0.46%	0.49%	1.08%	1.14%
	Portfolio Turnover Rate		32%	62%	80%	99%	152%	40%

*Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

**Annualized for periods of less than one full year.

(1)Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.
20	DECEMBER 31, 2023

Janus Henderson Small-Mid Cap Value Fund

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Henderson Small-Mid Cap Value 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 38 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks capital appreciation. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.

Shareholders, including 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 (the “Distributor”) including, but not limited to,

Janus Investment Fund 21

Janus Henderson Small-Mid Cap Value Fund

Notes to Financial Statements (unaudited)

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 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

22 DECEMBER 31, 2023

Janus Henderson Small-Mid Cap Value Fund

Notes to Financial Statements (unaudited)

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 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 the accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.

Expenses

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.

Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Indemnifications

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.

Janus Investment Fund 23

Janus Henderson Small-Mid Cap Value Fund

Notes to Financial Statements (unaudited)

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

Market Risk

The value of the Fund’s portfolio may decrease if the value of one or more issuers in the Fund’s portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund’s portfolio decreases, the Fund’s NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• COVID-19 Pandemic. The effects of COVID-19 have contributed to increased volatility in global financial markets and have affected and may continue to affect certain countries, regions, issuers, industries and market sectors more dramatically than others. These conditions and events could have a significant impact on the Fund and its investments, the Fund’s ability to meet redemption requests, and the processes and operations of the Fund’s service providers, including the Adviser.

• Armed Conflict. Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global economic environment and the markets for certain securities and commodities.

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

24 DECEMBER 31, 2023

Janus Henderson Small-Mid Cap Value Fund

Notes to Financial Statements (unaudited)

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.

Repurchase Agreements

The Fund and other funds advised by the Adviser or its affiliates may transfer daily uninvested cash balances into one or more joint trading accounts. Assets in the joint trading accounts are invested in money market instruments and the proceeds are allocated to the participating funds on a pro rata basis.

Repurchase agreements held by the Fund are fully collateralized, and such collateral is in the possession of the Fund’s custodian or, for tri-party agreements, the custodian designated by the agreement. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements, including accrued interest. In the event of default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings.

Counterparties

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.

Offsetting Assets and Liabilities

The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

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.

All repurchase agreements are transacted under legally enforceable master repurchase agreements that give the Fund, in the event of default by the counterparty, the right to liquidate securities held and to offset receivables and payables with the counterparty. For financial reporting purposes, the Fund does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. Repurchase agreements held by the Fund are fully collateralized, and such collateral is in the possession of the Fund’s custodian or, for tri-party agreements, the custodian designated by the agreement. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements, including accrued interest.

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”)

Janus Investment Fund 25

Janus Henderson Small-Mid Cap Value Fund

Notes to Financial Statements (unaudited)

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 0.70%, and the Fund’s benchmark index used in the calculation is the Russell 2500^TM Value 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 period ended December 31, 2023, the performance adjusted investment advisory fee rate before any waivers and/or reimbursements of expenses is 0.52%.

The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to management fees, any performance adjustments to the management fee, 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 fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.82% for at least a one-year period commencing on October 27, 2023. 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 $226,421 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2023. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

Janus Henderson Services US LLC (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not

26 DECEMBER 31, 2023

Janus Henderson Small-Mid Cap Value Fund

Notes to Financial Statements (unaudited)

limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.

Average Daily Net Assets of Class D Shares of the Janus Henderson funds	Administrative Services Fee
Under $40 billion	0.12%
$40 billion – $49.9 billion	0.10%
Over $49.9 billion	0.08%

During the reporting period, the administrative services fee rate was 0.12%.

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 Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended December 31, 2023, the Distributor retained upfront sales charges of $195.

Janus Investment Fund 27

Janus Henderson Small-Mid Cap Value Fund

Notes to Financial Statements (unaudited)

A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the period ended December 31, 2023.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class C Shares during the period ended December 31, 2023.

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 December 31, 2023 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 December 31, 2023 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 $196,900 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2023.

As of December 31, 2023, 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		43		19
Class S Shares		38		-*
Class T Shares		-		-
*	Less than 0.50%

4. Federal Income Tax

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.

28 DECEMBER 31, 2023

Janus Henderson Small-Mid Cap Value Fund

Notes to Financial Statements (unaudited)

Accumulated capital losses noted below represent net capital loss carryovers, as of June 30, 2023, 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 June 30, 2023
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$(6,090,278)	$ -	$(6,090,278)

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2023 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)
$ 85,825,970	$21,892,708	$ (2,373,946)	$ 19,518,762

Janus Investment Fund 29

Janus Henderson Small-Mid Cap Value Fund

Notes to Financial Statements (unaudited)

5. Capital Share Transactions

	Period ended December 31, 2023		Year ended June 30, 2023
	Shares	Amount	Shares	Amount
Class A Shares:
Shares sold	6,465	$ 84,476	12,537	$ 163,797
Reinvested dividends and distributions	1,307	17,876	505	6,350
Shares repurchased	(5,151)	(68,027)	(36,384)	(437,080)
Net Increase/(Decrease)	2,621	$ 34,325	(23,342)	$ (266,933)
Class C Shares:
Shares sold	566	$ 7,250	3,611	$ 43,236
Reinvested dividends and distributions	20	268	-	-
Shares repurchased	(945)	(11,959)	(16,104)	(187,984)
Net Increase/(Decrease)	(359)	$ (4,441)	(12,493)	$ (144,748)
Class D Shares:
Shares sold	160,694	$ 2,202,644	508,073	$ 6,729,242
Reinvested dividends and distributions	25,232	347,189	17,788	224,835
Shares repurchased	(352,493)	(4,738,710)	(970,215)	(12,377,990)
Net Increase/(Decrease)	(166,567)	$(2,188,877)	(444,354)	$ (5,423,913)
Class I Shares:
Shares sold	12,351	$ 168,112	87,999	$ 1,156,764
Reinvested dividends and distributions	4,580	63,667	2,974	37,979
Shares repurchased	(53,580)	(728,429)	(270,652)	(3,499,959)
Net Increase/(Decrease)	(36,649)	$ (496,650)	(179,679)	$ (2,305,216)
Class N Shares:
Shares sold	122,359	$ 1,669,002	1,273,572	$ 16,309,966
Reinvested dividends and distributions	34,280	471,693	33,231	420,035
Shares repurchased	(336,796)	(4,485,377)	(2,667,885)	(34,283,578)
Net Increase/(Decrease)	(180,157)	$(2,344,682)	(1,361,082)	$(17,553,577)
Class S Shares:
Shares sold	15	$ 215	11,491	$ 143,916
Reinvested dividends and distributions	129	1,747	-	-
Shares repurchased	(206)	(2,599)	(75,338)	(953,526)
Net Increase/(Decrease)	(62)	$ (637)	(63,847)	$ (809,610)
Class T Shares:
Shares sold	23,230	$ 313,652	204,265	$ 2,619,557
Reinvested dividends and distributions	3,523	48,513	1,923	24,323
Shares repurchased	(50,107)	(667,946)	(377,553)	(4,889,504)
Net Increase/(Decrease)	(23,354)	$ (305,781)	(171,365)	$ (2,245,624)

6. Purchases and Sales of Investment Securities

For the period ended December 31, 2023, 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
$30,920,705	$ 36,192,699	$ -	$ -

30 DECEMBER 31, 2023

Janus Henderson Small-Mid Cap Value Fund

Notes to Financial Statements (unaudited)

7.  Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2023 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 31

Janus Henderson Small-Mid Cap Value 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; and (ii) 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 and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “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.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and 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, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, 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 to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management

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Janus Henderson Small-Mid Cap Value Fund

Additional Information(unaudited)

services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract 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 fund 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, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

Asset Allocation Funds

·For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12

Janus Investment Fund 33

Janus Henderson Small-Mid Cap Value Fund

Additional Information(unaudited)

months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Fixed-Income Funds

·For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Global and International Equity Funds

·For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

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Janus Henderson Small-Mid Cap Value Fund

Additional Information(unaudited)

·For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·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 June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

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 June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

Janus Investment Fund 35

Janus Henderson Small-Mid Cap Value Fund

Additional Information(unaudited)

U.S. Equity Funds

·For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.

·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 June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

·For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

·For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.

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Janus Henderson Small-Mid Cap Value Fund

Additional Information(unaudited)

·For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.

In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.

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. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 6% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered 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 referenced its past analyses from 2022, which 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 different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with

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Janus Henderson Small-Mid Cap Value Fund

Additional Information(unaudited)

regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:

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 all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

·For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

·For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, 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 as shown were below the applicable fee limit.

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 average for certain share classes, overall the Fund’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 the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.

·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 average for certain share classes, 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 as shown were below the applicable fee limit.

·For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

·For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.

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 average for certain share classes, overall the Fund’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 average for certain share classes, 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 as shown were below the applicable fee limit.

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Additional Information(unaudited)

·For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.

·For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

·For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, 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 as shown were 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 average 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 certain share classes, 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 as shown were below the applicable fee limit.

·For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.

·For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·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 as shown were below the applicable fee limit.

·For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

Money Market Funds

·For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Multi-Asset Funds

·For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson 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 as shown were below the applicable fee limit.

U.S. Equity Funds

·For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were

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Janus Henderson Small-Mid Cap Value Fund

Additional Information(unaudited)

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 as shown were 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 all 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, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

·For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.

·For Janus Henderson Forty 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, although this limit did not apply because the Fund’s total expenses as shown were 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 average for certain share classes, 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 as shown were below the applicable fee limit.

·For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Triton Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

·For Janus Henderson Venture Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

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 numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized

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Janus Henderson Small-Mid Cap Value Fund

Additional Information(unaudited)

by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.

The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser 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 charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

Economies of Scale

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.

With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and 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.

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Additional Information(unaudited)

Other Benefits to the Adviser

The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser’s ability to serve the Janus Henderson Funds.

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Useful Information About Your Fund Report (unaudited)

Performance Overviews

Performance overview graphs compare the performance of a hypothetical $10,000 investment in the Fund with one or more widely used market indices. When comparing the performance of the Fund with an index, keep in mind that market indices are not available for investment and do not reflect deduction of expenses.

Average annual total returns are quoted for a Fund with more than one year of performance history. Average annual total return is calculated by taking the growth or decline in value of an investment over a period of time, including reinvestment of dividends and distributions, then calculating the annual compounded percentage rate that would have produced the same result had the rate of growth been constant throughout the period. Average annual total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Cumulative total returns are quoted for a Fund with less than one year of performance history. Cumulative total return is the growth or decline in value of an investment over time, independent of the period of time involved. Cumulative total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund’s unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of 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. A company may be allocated to a country based on other factors such as location of the company’s principal office, the location of the principal trading market for the company’s securities, or the country where a majority of the company’s revenues are derived. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by 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.

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.

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Janus Henderson Small-Mid Cap Value Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

This statement details the Fund’s income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled “Investment Income,” reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

The next section reports the expenses incurred by the Fund, including the advisory fee paid to the investment adviser, transfer agent fees and expenses, and printing and postage for mailing statements, financial reports and prospectuses. Expense offsets and expense reimbursements, if any, are also shown.

The last section lists the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign currency-denominated assets and liabilities. The Fund will realize a gain (or loss) when it sells its position in a particular security. A change in unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Fund during the reporting period. “Net Realized and Unrealized Gain/(Loss) on Investments” is affected both by changes in the market value of Fund holdings and by gains (or losses) realized during the reporting period.

Statements of Changes in Net Assets

These statements report the increase or decrease in the Fund’s net assets during the reporting period. Changes in the Fund’s net assets are attributable to investment operations, dividends and distributions to investors, and capital share transactions. This is important to investors because it shows exactly what caused the Fund’s net asset size to change during the period.

The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund’s investment operations. The Fund’s net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund’s net assets will not be affected.

The reinvestment of dividends and distributions is included under “Capital Share Transactions.” “Capital Shares” refers to the money investors contribute to the Fund through purchases or withdrawals via redemptions. The Fund’s net assets will increase and decrease in value as investors purchase and redeem shares from the Fund.

Financial Highlights

This schedule provides a per-share breakdown of the components that affect the Fund’s NAV for current and past reporting periods as well as total return, asset size, ratios, and portfolio turnover rate.

The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund’s expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.

The ratio of net investment income/(loss) summarizes the income earned less expenses, divided by the average net assets of the Fund during the reporting period. Do not confuse this ratio with the Fund’s yield. The net investment income ratio is not a true measure of the Fund’s yield because it does not take into account the dividends distributed to the Fund’s investors.

The next figure is the portfolio turnover rate, which measures the buying and selling activity in the Fund. Portfolio turnover is affected by market conditions, changes in the asset size of the Fund, fluctuating volume of shareholder purchase and redemption orders, the nature of the Fund’s investments, and the investment style and/or outlook of the 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

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Useful Information About Your Fund Report (unaudited)

portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.

Janus Investment Fund 45

This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Mutual funds distributed by Janus Henderson Distributors US LLC
	125-24-93033 02-24

(b) Not applicable.

Item 2 - Code of Ethics

Not applicable to semiannual reports.

Item 3 - Audit Committee Financial Expert

Not applicable to semiannual reports.

Item 4 - Principal Accountant Fees and Services

Not applicable to semiannual reports.

Item 5 - Audit Committee of Listed Registrants

Not applicable.

Item 6 - Investments

(a)Schedule of Investments is contained in the Reports to Shareholders included under Item 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)The Registrant's Principal Executive Officer and Principal Financial Officer have evaluated the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) within 90 days of this filing and have concluded that the Registrant's disclosure controls and procedures were effective, as of that date.

(b)There have been no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

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 Ex99.CERT.

(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: February 29, 2024

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: February 29, 2024

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: February 29, 2024

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: February 29, 2024

/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: February 29, 2024

/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 Semi-Annual Report of Janus Investment Fund (the "Registrant") on Form N-CSR for the period ended December 31, 2023, as filed with the Securities and Exchange Commission on February 29, 2024 (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)

February 29, 2024

/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)

February 29, 2024

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.