Janus

Henderson

Balanced

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

Ansley

Park

Capital

LLC

2025-A

A2,

4.4300%,

4/20/35

9,827,625

9,796,961

Aqua

Finance

Trust

2021-A

1.5400%,

7/17/46

1,490,074

1,360,763

Avis

Budget

Rental

Car

Funding

AESOP

LLC

2023-4A

5.4900%,

6/20/29

9,035,000

9,146,201

Avis

Budget

Rental

Car

Funding

AESOP

LLC

2026-1A

4.2800%,

8/20/30

4,557,000

4,489,507

Bayview

Opportunity

Master

Fund

VII

LLC

2025-EDU1

CME

Term

Average

SOFR

Day

1.7000%,

5.3278%,

7/27/48

‡,ž

5,041,938

5,036,351

BRAVO

Residential

Funding

Trust

2026-CES1

A1A,

5.2540%,

4/25/56

Ç,ž

8,740,087

8,692,019

Hippolyta

Issuer

LLC

2020-1

A1,

1.6900%,

7/15/60

8,361,263

6,866,736

Hippolyta

Issuer

LLC

2020-1

B1,

2.2800%,

7/15/60

818,501

492,479

Hippolyta

Issuer

LLC

2021-1A

A1,

1.5300%,

3/15/61

15,448,582

12,224,613

Hippolyta

Issuer

LLC

2021-1A

B1,

1.9800%,

3/15/61

5,435,902

3,214,548

Hippolyta

Issuer

LLC

2022-1A

A2,

6.1100%,

8/15/62

48,528,865

48,412,774

Compass

Datacenters

Issuer

LLC

2025-1A

A1,

5.3160%,

5/25/50

48,218,478

48,084,253

Compass

Datacenters

Issuer

III

LLC

2025-1A

A2,

5.6560%,

2/25/50

16,659,500

16,575,396

Compass

Datacenters

Issuer

III

LLC

2025-2A

A2,

5.8350%,

2/25/50

9,606,322

9,651,780

COOPR

Residential

Mortgage

Trust

2025-CES2

A1A,

5.5020%,

6/25/60

Ç,ž

5,250,810

5,250,390

COOPR

Residential

Mortgage

Trust

2025-CES3

A1A,

4.8400%,

9/25/60

Ç,ž

12,419,836

12,285,831

COOPR

Residential

Mortgage

Trust

2025-CES4

A1A,

5.0400%,

11/25/60

Ç,ž

4,755,615

4,718,641

COOPR

Residential

Mortgage

Trust

2026-CES1

A1A,

4.8740%,

2/25/61

Ç,ž

11,773,770

11,589,322

CyrusOne

Data

Centers

Issuer

LLC

2024-1A

A2,

4.7600%,

3/22/49

9,636,018

9,433,931

CyrusOne

Data

Centers

Issuer

LLC

2024-2A

A2,

4.5000%,

5/20/49

3,413,000

3,299,095

CyrusOne

Data

Centers

Issuer

LLC

2024-3A

A2,

4.6500%,

5/20/49

33,334,000

31,675,933

Master

Finance

LLC

2017-1A

A2II,

4.0300%,

11/20/47

5,196,720

5,142,835

Master

Finance

LLC

2021-1A

A23,

2.7910%,

11/20/51

3,539,230

3,141,614

Master

Finance

LLC

2021-1A

A2II,

2.4930%,

11/20/51

4,649,895

4,384,814

Diamond

Infrastructure

Funding

LLC

2021-1A

1.7600%,

4/15/49

17,354,000

17,078,217

Ellington

Financial

Mortgage

Trust

2026-CES2

A1A,

5.6020%,

6/25/61

Ç,ž

9,800,000

9,793,857

FIGRE

Trust

2024-HE2

6.3800%,

5/25/54

‡,ž

6,409,700

6,497,932

FIGRE

Trust

2024-HE4

5.0560%,

9/25/54

‡,ž

8,484,750

8,435,954

FIGRE

Trust

2025-HE2

5.7750%,

3/25/55

‡,ž

9,639,728

9,679,592

FIGRE

Trust

2025-HE3

5.5600%,

5/25/55

‡,ž

10,539,323

10,533,908

FIGRE

Trust

2025-HE4

5.4080%,

7/25/55

‡,ž

4,548,831

4,530,851

FIGRE

Trust

2025-HE5

5.2850%,

8/25/55

‡,ž

7,541,455

7,485,330

FIGRE

Trust

2025-HE6

5.0440%,

9/25/55

‡,ž

5,896,286

5,812,568

Firstlight

Issuer

LLC

2026-1A

A2,

5.8730%,

6/20/56

12,669,000

12,719,037

Foundation

Finance

Trust

2025-3A

4.5600%,

8/15/52

10,497,451

10,371,840

Mortgage

Backed

Securities

Trust

2025-CES2

A1,

5.1800%,

9/25/55

Ç,ž

9,860,715

9,803,464

Mortgage-Backed

Securities

Trust

2026-CES1

A1,

4.8990%,

5/25/56

Ç,ž

3,585,808

3,546,952

Hertz

Vehicle

Financing

III

LLC

2025-5A

4.6200%,

5/25/30

6,332,000

6,264,290

Huntington

Bank

Auto

Credit-Linked

Notes

2024-2

B1,

5.4420%,

10/20/32

4,356,219

4,374,991

Lendbuzz

Securitization

Trust

2023-1A

A2,

6.9200%,

8/15/28

1,126,471

1,134,826

Libra

Solutions

LLC

2024-1A

5.8800%,

9/30/38

4,807,000

4,755,029

Libra

Solutions

LLC

2025-1A

6.3550%,

8/15/39

14,654,000

14,469,465

Lmdv

Issuer

Co.

LLC

2025-1A

A2,

5.3100%,

12/15/55

8,717,000

8,707,386

M&T

Equipment

Notes

2023-1A

A3,

5.7400%,

7/15/30

798,728

800,239

Merchants

Fleet

Funding

LLC

2025-1A

4.4900%,

1/20/39

7,750,000

7,717,168

MVW

LLC

2025-2A

4.4800%,

10/20/44

3,354,139

3,313,777

New

Economy

Assets

Phase

Sponsor

LLC

2021-1

B1,

2.4100%,

10/20/61

8,554,000

5,153,047

NRM

FNT1

Excess

LLC

2024-FNT1

7.3980%,

11/25/31

Ç,ž

10,276,031

10,352,386

Oak

Street

Investment

Grade

Net

Lease

Fund

2020-1A

A1,

1.8500%,

11/20/50

10,266,758

8,897,370

Oaktree

ABF

Equipment

LLC

2026-1A

A2,

4.5000%,

10/17/33

5,800,000

5,794,331

RCKT

Mortgage

Trust

2023-CES1

A1A,

6.5150%,

6/25/43

‡,ž

2,524,276

2,517,617

RCKT

Mortgage

Trust

2024-CES1

A1A,

6.0250%,

2/25/44

‡,ž

3,956,737

3,960,369

RCKT

Mortgage

Trust

2024-CES2

A1A,

6.1410%,

4/25/44

‡,ž

8,514,309

8,533,603

Janus

Henderson

Balanced

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

(continued)

RCKT

Mortgage

Trust

2024-CES5

A1A,

5.8460%,

8/25/44

Ç,ž

7,318,912

7,334,691

RCKT

Mortgage

Trust

2024-CES6

A1A,

5.3440%,

9/25/44

Ç,ž

7,392,957

7,380,693

RCKT

Mortgage

Trust

2024-CES7

A1A,

5.1580%,

10/25/44

Ç,ž

15,359,787

15,304,581

RCKT

Mortgage

Trust

2024-CES9

A1A,

5.5820%,

12/25/44

Ç,ž

2,978,182

2,980,111

RCKT

Mortgage

Trust

2025-CES10

A1A,

4.8940%,

11/25/55

Ç,ž

10,748,957

10,623,277

RCKT

Mortgage

Trust

2025-CES12

A1A,

5.0270%,

11/25/55

Ç,ž

2,942,232

2,916,238

RCKT

Mortgage

Trust

2025-CES2

A1A,

5.5030%,

2/25/55

Ç,ž

6,567,149

6,580,307

RCKT

Mortgage

Trust

2025-CES7

A1A,

5.3770%,

7/25/55

Ç,ž

4,530,755

4,522,345

RCKT

Mortgage

Trust

2025-CES8

A1A,

5.1477%,

8/25/55

‡,ž

13,323,976

13,238,686

RCKT

Mortgage

Trust

2025-CES9

A1A,

4.7950%,

9/25/55

Ç,ž

5,176,233

5,104,961

RCKT

Mortgage

Trust

2026-CES2

A1A,

4.7620%,

2/25/56

Ç,ž

8,518,508

8,391,169

RCKT

Mortgage

Trust

2026-CES2

A1B,

4.8630%,

2/25/56

Ç,ž

2,826,938

2,795,344

RCKT

Mortgage

Trust

2026-CES4

A1A,

5.1240%,

4/25/56

Ç,ž

6,955,215

6,910,438

RCKT

Mortgage

Trust

2026-CES6

A1A,

5.3210%,

6/25/56

Ç,ž

7,000,000

6,987,369

Research-Driven

Pagaya

Motor

Asset

Trust

2026-R1A

5.6590%,

7/25/34

6,480,727

6,501,243

Saluda

Grade

Alternative

Mortgage

Trust

2023-FIG3

7.0670%,

8/25/53

‡,ž

17,446,736

17,869,222

Saluda

Grade

Alternative

Mortgage

Trust

2023-FIG4

6.7180%,

11/25/53

‡,ž

9,258,049

9,509,569

Saluda

Grade

Alternative

Mortgage

Trust

2024-CES1

A1,

6.3060%,

3/25/54

‡,ž

4,893,393

4,927,468

Saluda

Grade

Alternative

Mortgage

Trust

2024-FIG5

6.2550%,

4/25/54

‡,ž

7,621,444

7,716,010

Saluda

Grade

Alternative

Mortgage

Trust

2025-LOC5

A1A,

CME

Term

SOFR

Month

1.6000%,

5.2483%,

10/25/55

‡,ž

13,742,207

13,747,629

Saluda

Grade

Alternative

Mortgage

Trust

2026-HB1

A1A,

CME

Term

SOFR

Month

1.4000%,

5.0483%,

4/25/56

‡,ž

9,946,783

9,957,887

SCF

Equipment

Leasing

LLC

2025-2A

A2,

4.2600%,

12/22/31

5,293,714

5,280,928

SEB

Funding

LLC

2026-1A

A2,

6.6650%,

1/30/56

14,536,000

14,367,212

ABS

Issuer

LLC

2025-1A

A2,

5.3770%,

11/25/55

38,578,000

37,921,705

Stack

Infrastructure

Issuer

LLC

2026-1A

A2,

5.0000%,

3/27/56

19,259,000

18,670,575

Taco

Bell

Funding

LLC

2021-1A

A2II,

2.2940%,

8/25/51

5,546,213

5,168,922

Tesla

Sustainable

Energy

Business

Trust

2026-1A

5.3100%,

5/20/52

17,130,000

16,966,814

Towd

Point

Mortgage

Trust

2025-FIX2

A1,

5.2490%,

10/25/65

Ç,ž

16,528,167

16,410,289

Trackside

Rail

LLC

2026-1A

4.8900%,

3/20/56

22,556,284

21,823,064

Truist

Bank

Auto

Credit-Linked

Notes

2026-1

5.0670%,

6/26/34

12,963,000

12,952,012

UPG

Issuer

Trust

2025-2

5.0000%,

9/25/47

5,313,000

5,271,336

Bank

2026-RVM1

B1,

4.9590%,

12/25/46

8,702,579

8,645,036

Vantage

Data

Centers

LLC

2020-2A

A2,

1.9920%,

9/15/45

11,511,000

11,043,804

VB-S1

Issuer

LLC

2026-1A

C2,

4.6930%,

3/15/56

9,070,000

8,817,681

Vista

Point

Securitization

Trust

2026-CES1

A1,

5.0350%,

2/25/56

Ç,ž

8,234,635

8,131,704

Wendy's

Funding

LLC

2019-1A

A2II,

4.0800%,

6/15/49

1,312,308

1,260,609

Wendy's

Funding

LLC

2021-1A

A2I,

2.3700%,

6/15/51

3,557,789

3,286,152

Wendy's

Funding

LLC

2021-1A

A2II,

2.7750%,

6/15/51

9,200,658

8,122,283

Wendy's

Funding

LLC

2022-1A

A2II,

4.5350%,

3/15/52

2,325,421

2,224,231

Zayo

Issuer

LLC

2025-2A

A2,

5.9530%,

6/20/55

4,020,348

4,064,641

Zayo

Issuer

LLC

2025-3A

5.7160%,

10/20/55

6,226,000

6,076,938

Total

Asset-Backed

Securities

(cost

$885,617,872)

875,807,357

Bank

Loans

Consumer

Discretionary

Belron

Finance

2019

LLC,

First

Lien

Term

Loan

CME

Term

SOFR

Month

2.0000%,

5.6567%, 10/16/31

‡,ƒ

9,766,093

9,751,834

Pioneer

OpCo

LLC,

First

Lien

Term

Loan

CME

Term

SOFR

Month

3.2500%,

6.8790%, 5/16/33

‡,ƒ

18,600,964

18,657,511

28,409,345

Financials

Citadel

Securities

Global

Holdings

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

Month

2.0000%,

5.6996%, 10/31/31

‡,ƒ

22,757,113

22,701,813

Janus

Henderson

Balanced

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Bank

Loans

(continued)

Health

Care

Medline

Borrower

LP,

First

Lien

Term

Loan,

CME

Term

SOFR

Month

1.5000%,

5.1439%, 5/30/33

‡,ƒ

22,934,717

22,781,513

Industrials

CompoSecure

Holdings

LLC,

First

Lien

Term

Loan,

CME

Term

SOFR

Month

2.2500%,

5.9177%, 1/14/33

‡,ƒ

2,810,000

2,791,341

EMRLD

Borrower

LP,

First

Lien

Term

Loan,

CME

Term

SOFR

Month

2.2500%,

5.8939%, 8/4/31

‡,ƒ

40,851,577

40,794,794

EMRLD

Borrower

LP,

First

Lien

Term

Loan

CME

Term

SOFR

Month

2.2500%,

5.9158%, 5/31/30

‡,ƒ

7,948,153

7,937,502

Genesee

Wyoming,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

Month

1.7500%,

5.4822%, 4/10/31

‡,ƒ

36,975,410

36,799,777

TransDigm,

Inc.,

First

Lien

Term

Loan

CME

Term

SOFR

Month

2.5000%,

6.1203%, 8/19/32

‡,ƒ

20,978,473

20,980,990

109,304,404

Information

Technology

0.0

Qnity

Electronics,

Inc.,

First

Lien

Term

Loan,

CME

Term

SOFR

Month

2.0000%,

5.6658%, 10/29/32

‡,ƒ

7,972,935

7,981,147

Utilities

Alpha

Generation

LLC,

First

Lien

Term

Loan

CME

Term

SOFR

Month

1.7500%,

5.3939%, 9/30/31

‡,ƒ

14,743,395

14,593,160

Talen

Energy

Supply

LLC,

First

Lien

Term

Loan

CME

Term

SOFR

Month

2.0000%,

5.6439%, 11/25/32

‡,ƒ

18,830,924

18,666,154

33,259,314

Total

Bank

Loans

(cost

$224,810,792)

224,437,536

Collateralized

Loan

Obligations

AGL

CLO

Ltd.

2023-26A

A1R,

CME

Term

SOFR

Month

1.2800%,

4.9521%,

10/21/38

‡,ž

39,500,000

39,564,049

Bain

Capital

Credit

CLO

Ltd.

2023-3A

A1R,

CME

Term

SOFR

Month

1.3100%,

4.9771%,

10/24/38

‡,ž

22,259,000

22,290,245

Ballyrock

CLO

Ltd.

2020-14A

A1BR,

CME

Term

SOFR

Month

1.5800%,

5.2552%,

7/20/37

‡,ž

5,292,308

5,307,195

Barings

Loan

Partners

CLO

Ltd.

LP-5A

CME

Term

SOFR

Month

1.2200%,

4.8952%,

1/20/35

‡,ž

24,995,203

25,007,701

Benefit

Street

Partners

CLO

Ltd.

2025-43A

CME

Term

SOFR

Month

1.2700%,

4.9452%,

10/20/38

‡,ž

31,619,000

31,656,298

Benefit

Street

Partners

CLO

Ltd.

2018-15A

A1R,

CME

Term

SOFR

Month

1.3900%,

5.0631%,

7/15/37

‡,ž

36,066,000

36,117,253

Carlyle

CLO

Ltd.

2023-2A

A1R,

CME

Term

SOFR

Month

1.3200%,

4.9952%,

7/20/38

‡,ž

33,655,000

33,722,175

CBAM

Ltd.

2018-5A

A1R,

CME

Term

SOFR

Month

1.3400%,

5.0204%,

10/17/38

‡,ž

16,113,000

16,140,864

CIFC

Funding

Ltd.

2019-7A

A1R,

CME

Term

SOFR

Month

1.2800%,

4.9552%,

10/19/38

‡,ž

25,667,000

25,708,588

Elmwood

CLO

Ltd.

2021-3A

AR2,

CME

Term

SOFR

Month

1.3000%,

4.9752%,

7/20/38

‡,ž

12,117,404

12,137,882

GoldenTree

Loan

Management

CLO

Ltd.

2023-17A

AR,

CME

Term

SOFR

Month

1.2800%,

4.9552%,

1/20/39

‡,ž

27,405,000

27,442,326

Madison

Park

Funding

Ltd.

2022-55A

A1R,

CME

Term

SOFR

Month

1.3600%,

5.0352%,

7/18/37

‡,ž

37,139,704

37,197,063

Madison

Park

Funding

LXII

Ltd.

2022-62A

A1R2,

CME

Term

SOFR

Month

1.3000%,

4.9795%,

7/16/38

‡,ž

26,531,000

26,563,142

Madison

Park

Funding

LXXIII

Ltd.

2025-73A

A1,

CME

Term

SOFR

Month

1.3000%,

4.9804%,

10/17/38

‡,ž

28,500,000

28,536,976

Janus

Henderson

Balanced

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

(continued)

Madison

Park

Funding

XXXIV

Ltd.

2019-34A

A2RR,

CME

Term

SOFR

Month

1.6000%,

5.2795%,

10/16/37

‡,ž

11,944,000

11,973,772

Magnetite

Ltd.

2025-50A

A1,

CME

Term

SOFR

Month

1.2800%,

4.9466%,

7/25/38

‡,ž

19,768,000

19,787,756

Neuberger

Berman

CLO

32R

Ltd.

2019-32RA

CME

Term

SOFR

Month

1.3100%,

4.9852%,

7/20/39

‡,ž

24,157,798

24,203,587

OCP

CLO

Ltd.

2017-14A

A2R,

CME

Term

SOFR

Month

1.5700%,

5.2452%,

7/20/37

‡,ž

7,550,000

7,567,223

OCP

CLO

Ltd.

2025-44A

CME

Term

SOFR

Month

1.3000%,

4.9671%,

10/24/38

‡,ž

6,012,621

6,020,466

Octagon

Investment

Partners

Ltd.

2019-3A

A2RR,

CME

Term

SOFR

Month

1.5600%,

5.2331%,

7/15/37

‡,ž

2,354,880

2,360,157

OHA

Credit

Funding

Ltd.

2020-7A

A1R2,

CME

Term

SOFR

Month

1.2800%,

4.9552%,

7/19/38

‡,ž

24,903,000

24,927,552

OHA

Credit

Funding

Ltd.

2021-9A

A2R,

CME

Term

SOFR

Month

1.5800%,

5.2552%,

10/19/37

‡,ž

17,357,000

17,397,511

Sixth

Street

CLO

Ltd.

2017-9A

AR,

CME

Term

SOFR

Month

1.3800%,

5.0521%,

7/21/37

‡,ž

24,810,000

24,851,733

Texas

Debt

Capital

CLO

Ltd.

2023-2A

A1R,

CME

Term

SOFR

Month

1.3700%,

5.0421%,

10/21/37

‡,ž

25,800,000

25,845,395

Voya

CLO

Ltd.

2024-4A

A2,

CME

Term

SOFR

Month

1.5500%,

5.2252%,

7/20/37

‡,ž

10,074,095

10,096,776

Voya

CLO

Ltd.

2025-4A

A1,

CME

Term

SOFR

Month

1.2900%,

4.9631%,

10/15/38

‡,ž

5,006,000

5,014,717

Total

Collateralized

Loan

Obligations

(cost

$546,606,097)

547,438,402

Corporate

Bonds

Communication

Services

AT&T,

Inc.,

5.2500%, 10/30/36

39,310,000

38,602,448

Big

Sky

Funding

LLC,

5.5000%, 12/31/27

49,100,000

Black

Pearl

Compute

LLC,

6.1250%, 2/15/31

40,680,000

41,201,314

ROBLOX

Corp.,

3.8750%, 5/1/30

31,345,000

29,621,775

158,525,537

Consumer

Discretionary

Carnival

Corp.

Ltd.,

5.7500%, 8/1/32

20,705,000

20,907,234

Flutter

Treasury

DAC,

5.8750%, 6/4/31

10,566,000

10,529,759

Home,

4.0000%, 6/15/31

7,674,000

7,178,392

38,615,385

Energy

Antero

Resources

Corp.,

5.4000%, 2/1/36

35,247,000

34,691,380

Cheniere

Energy,

Inc.,

5.6500%, 4/15/34

20,937,000

21,486,822

Columbia

Pipelines

Operating

Co.

LLC,

6.0360%, 11/15/33

12,631,000

13,260,905

Midstream,

Inc.,

4.1250%, 6/15/29

25,682,000

25,168,826

Midstream,

Inc.,

4.3750%, 6/15/31

41,648,000

40,227,297

Midstream,

Inc.,

4.3000%, 4/15/32

7,191,000

6,867,636

Hess

Midstream

Operations

LP,

5.1250%, 6/15/28

11,121,000

11,090,040

Hess

Midstream

Operations

LP,

4.2500%, 2/15/30

15,799,000

15,240,041

Occidental

Petroleum

Corp.,

8.8750%, 7/15/30

10,356,000

11,660,582

Energy

Co.,

8.6250%, 11/1/30

5,452,000

5,725,785

Energy

Co.,

8.7500%, 7/1/31

16,280,000

17,005,030

Energy

Co.,

9.6250%, 6/15/33

25,310,000

27,750,871

Sunoco

LP,

7.0000%, 5/1/29

22,419,000

23,034,626

Sunoco

LP,

5.6250%, 3/15/31

7,982,000

7,923,779

Sunoco

LP,

7.2500%, 5/1/32

12,629,000

13,100,213

274,233,833

Janus

Henderson

Balanced

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Corporate

Bonds

(continued)

Financials

Asurion

LLC,

8.0000%, 12/31/32

15,976,000

16,096,723

Atlas

Warehouse

Lending

Co.

LP,

4.6250%, 11/15/28

6,110,000

6,027,776

Atlas

Warehouse

Lending

Co.

LP,

4.9500%, 11/15/30

9,657,000

9,521,631

Bank

America

Corp.,

SOFR

1.0000%,

5.1620%, 1/24/31

‡

47,490,000

48,132,785

Bank

America

Corp.,

SOFR

1.8400%,

5.8720%, 9/15/34

‡

18,294,000

19,120,999

Blackstone

Private

Credit

Fund,

7.3000%, 11/27/28

14,859,000

15,330,912

Blue

Owl

Credit

Income

Corp.,

4.7000%, 2/8/27

2,729,000

2,715,414

Blue

Owl

Credit

Income

Corp.,

7.9500%, 6/13/28

8,994,000

9,300,978

Capital

One

Financial

Corp.,

SOFR

1.9900%,

5.8840%, 7/26/35

‡

23,812,000

24,490,013

Capital

One

Financial

Corp.,

SOFR

2.0360%,

6.1830%, 1/30/36

‡

17,959,000

18,369,463

Capital

One

Financial

Corp.,

SOFRINDX

3.3700%,

7.9640%, 11/2/34

‡

12,097,000

13,912,228

Charles

Schwab

Corp.

(The),

U.S.

Treasury

Yield

Curve

Rate

T-Note

Constant

Maturity

Year

2.2500%,

6.1000%, 6/1/31

‡,μ

20,804,000

20,808,576

Citigroup,

Inc.,

CME

Term

SOFR

Month

1.8246%,

3.8870%, 1/10/28

‡

36,115,000

35,993,211

Citigroup,

Inc.,

SOFR

1.1710%,

4.5030%, 9/11/31

‡

9,685,000

9,558,919

Citigroup,

Inc.,

SOFR

1.4880%,

5.1740%, 9/11/36

‡

8,338,000

8,291,536

Citigroup,

Inc.,

U.S.

Treasury

Yield

Curve

Rate

T-Note

Constant

Maturity

Year

3.0010%,

6.6250%, 2/15/31

‡,μ

13,540,000

13,794,511

Goldman

Sachs

Group,

Inc.

(The),

SOFR

0.9600%,

4.5160%, 1/21/32

‡

11,528,000

11,310,449

Goldman

Sachs

Group,

Inc.

(The),

SOFR

0.9900%,

4.5940%, 4/20/30

‡

11,831,000

11,764,225

Goldman

Sachs

Group,

Inc.

(The),

SOFR

1.1900%,

5.0650%, 1/21/37

‡

11,528,000

11,255,376

Goldman

Sachs

Group,

Inc.

(The),

SOFR

1.3400%,

5.0940%, 4/20/34

‡

14,570,000

14,511,554

Goldman

Sachs

Group,

Inc.

(The),

SOFR

1.3800%,

5.5360%, 1/28/36

‡

21,952,000

22,294,061

Jane

Street

Group,

7.1250%, 4/30/31

14,182,000

14,663,564

Jane

Street

Group,

6.1250%, 11/1/32

34,751,000

34,758,228

Jane

Street

Group,

6.7500%, 5/1/33

29,124,000

29,950,149

JPMorgan

Chase

Co.,

SOFR

0.9900%,

4.6220%, 4/23/32

‡

24,433,000

24,151,013

JPMorgan

Chase

Co.,

SOFR

1.0100%,

5.1400%, 1/24/31

‡

21,125,000

21,362,551

JPMorgan

Chase

Co.,

SOFR

1.2600%,

5.1480%, 4/23/37

‡

20,427,000

20,279,861

JPMorgan

Chase

Co.,

U.S.

Treasury

Yield

Curve

Rate

T-Note

Constant

Maturity

Year

2.0800%,

6.1000%, 7/1/31

‡,μ

33,370,000

33,792,469

LPL

Holdings,

Inc.,

6.7500%, 11/17/28

30,079,000

31,272,661

LPL

Holdings,

Inc.,

6.0000%, 5/20/34

19,554,000

20,002,516

LPL

Holdings,

Inc.,

5.6500%, 3/15/35

14,248,000

14,160,043

LPL

Holdings,

Inc.,

5.7500%, 6/15/35

16,998,000

17,014,071

Morgan

Stanley,

SOFR

0.9500%,

4.4930%, 1/16/32

‡

33,176,000

32,531,132

Morgan

Stanley,

SOFR

1.2900%,

2.9430%, 1/21/33

‡

16,462,000

14,802,484

Morgan

Stanley,

SOFR

1.5550%,

5.3200%, 7/19/35

‡

24,159,000

24,275,327

Morgan

Stanley,

SOFR

1.8800%,

5.4240%, 7/21/34

‡

18,294,000

18,577,775

Morgan

Stanley,

SOFRINDX

1.4100%,

5.2960%, 4/10/37

‡

22,979,000

22,864,831

PNC

Financial

Services

Group,

Inc.

(The),

SOFR

2.2840%,

6.8750%, 10/20/34

‡

18,085,000

19,966,322

Rocket

Cos.,

Inc.,

6.1250%, 8/1/30

10,068,000

10,240,888

Rocket

Cos.,

Inc.,

6.3750%, 8/1/33

42,189,000

42,904,712

Societe

Generale

SA,

U.S.

Treasury

Yield

Curve

Rate

T-Note

Constant

Maturity

Year

1.2000%,

5.5000%, 4/13/29

‡,ž

14,133,000

14,288,316

Societe

Generale

SA,

U.S.

Treasury

Yield

Curve

Rate

T-Note

Constant

Maturity

Year

1.6000%,

6.1000%, 4/13/33

‡,ž

34,519,000

35,868,337

Bancorp,

SOFR

1.4110%,

5.4240%, 2/12/36

#,‡

22,770,000

23,178,710

Bancorp,

SOFR

1.5600%,

5.3840%, 1/23/30

‡

19,681,000

20,015,430

Bancorp,

U.S.

Treasury

Yield

Curve

Rate

T-Note

Constant

Maturity

Year

0.9500%,

2.4910%, 11/3/36

‡

20,457,000

17,808,498

901,331,228

Janus

Henderson

Balanced

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Corporate

Bonds

(continued)

Health

Care

CVS

Health

Corp.,

5.7000%, 6/1/34

14,746,000

15,221,767

CVS

Health

Corp.,

5.4500%, 9/15/35

14,687,000

14,876,993

CVS

Health

Corp.,

4.7800%, 3/25/38

32,715,000

30,672,261

Health

Care

Service

Corp.,

5.4500%, 6/15/34

32,502,000

32,661,685

Health

Care

Service

Corp.

Mutual

Legal

Reserve

Co.,

5.2000%, 6/15/29

14,413,000

14,537,647

Health

Care

Service

Corp.

Mutual

Legal

Reserve

Co.,

2.2000%, 6/1/30

13,536,000

12,260,820

Humana,

Inc.,

5.8750%, 3/1/33

5,208,000

5,371,537

Humana,

Inc.,

5.9500%, 3/15/34

14,187,000

14,685,687

Solventum

Corp.,

5.6000%, 3/23/34

39,969,000

40,906,047

Teva

Pharmaceutical

Finance

Co.

LLC,

6.1500%, 2/1/36

8,271,000

8,723,797

Teva

Pharmaceutical

Finance

Netherlands

III

BV,

6.0000%, 12/1/32

14,987,000

15,551,186

Teva

Pharmaceutical

Finance

Netherlands

BV,

5.7500%, 12/1/30

11,755,000

12,042,375

217,511,802

Industrials

GXO

Logistics,

Inc.,

1.6500%, 7/15/26

14,940,000

14,918,423

Quikrete

Holdings,

Inc.,

6.3750%, 3/1/32

15,902,000

16,238,757

31,157,180

Information

Technology

AppLovin

Corp.,

5.3750%, 12/1/31

18,923,000

19,186,946

AppLovin

Corp.,

5.5000%, 12/1/34

39,357,000

39,712,812

AppLovin

Corp.,

5.9500%, 12/1/54

20,293,000

19,563,467

Booz

Allen

Hamilton,

Inc.,

5.9500%, 8/4/33

22,041,000

22,132,627

Booz

Allen

Hamilton,

Inc.,

5.9500%, 4/15/35

34,511,000

34,374,550

Foundry

Holdco

LLC,

5.9000%, 1/25/33

5,478,000

5,709,447

Foundry

Holdco

LLC,

5.8750%, 1/25/34

14,402,000

14,633,198

Foundry

Holdco

LLC,

6.2500%, 1/25/35

5,478,000

5,814,752

Foundry

Holdco

LLC,

6.1000%, 1/25/36

8,842,000

9,321,391

Foundry

Holdco

LLC,

6.2000%, 1/25/37

12,700,000

13,429,417

Oracle

Corp.,

5.5000%, 8/3/35

6,388,000

6,112,933

Oracle

Corp.,

5.9500%, 9/26/55

7,306,000

6,208,772

Oracle

Corp.,

6.1000%, 9/26/65

10,503,000

8,787,257

Oracle

Corp.,

5.7000%, 2/4/36

12,620,000

12,221,900

Qnity

Electronics,

Inc.,

5.7500%, 8/15/32

9,965,000

10,018,074

227,227,543

Materials

0.0

First

Quantum

Minerals

Ltd.,

6.3750%, 2/15/36

11,976,000

11,753,058

Real

Estate

GLP

Capital

LP,

5.3000%, 1/15/29

1,226,000

1,231,746

GLP

Capital

LP,

6.7500%, 12/1/33

13,964,000

14,793,852

GLP

Capital

LP,

5.6250%, 9/15/34

14,546,000

14,431,577

GLP

Capital

LP,

5.6250%, 3/1/36

9,524,000

9,333,308

VICI

Properties

LP,

5.6250%, 4/1/35

16,210,000

16,216,865

56,007,348

Utilities

Alpha

Generation

LLC,

6.2500%, 1/15/34

27,956,000

27,508,290

American

Electric

Power

Co.,

Inc.,

U.S.

Treasury

Yield

Curve

Rate

T-Note

Constant

Maturity

Year

2.1280%,

5.8000%, 3/15/56

‡

10,674,000

10,615,398

American

Electric

Power

Co.,

Inc.,

U.S.

Treasury

Yield

Curve

Rate

T-Note

Constant

Maturity

Year

1.9400%,

6.0500%, 3/15/56

‡

8,539,000

8,490,970

Duke

Energy

Corp.,

5.4500%, 6/15/34

35,348,000

36,102,728

NextEra

Energy

Capital

Holdings,

Inc.,

U.S.

Treasury

Yield

Curve

Rate

T-Note

Constant

Maturity

Year

1.8400%,

6.0000%, 10/1/56

‡

18,378,000

18,368,884

Janus

Henderson

Balanced

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Corporate

Bonds

(continued)

Utilities

(continued)

NextEra

Energy

Capital

Holdings,

Inc.,

U.S.

Treasury

Yield

Curve

Rate

T-Note

Constant

Maturity

Year

1.7650%,

6.2000%, 10/1/56

‡

8,813,000

8,804,480

NextEra

Energy

Capital

Holdings,

Inc.,

U.S.

Treasury

Yield

Curve

Rate

T-Note

Constant

Maturity

Year

1.6850%,

6.6250%, 10/1/66

‡

5,582,000

5,667,946

NRG

Energy,

Inc.,

4.7340%, 10/15/30

21,488,000

21,223,536

Talen

Energy

Supply

LLC,

6.3750%, 5/1/33

27,055,000

27,020,851

Talen

Energy

Supply

LLC,

6.2500%, 2/1/34

19,547,000

19,428,192

Talen

Energy

Supply

LLC,

6.5000%, 2/1/36

32,081,000

32,342,685

Vistra

Operations

Co.

LLC,

4.7000%, 1/31/31

4,237,000

4,152,182

Vistra

Operations

Co.

LLC,

5.0000%, 4/30/31

22,837,000

22,664,352

Vistra

Operations

Co.

LLC,

5.2500%, 4/30/33

10,274,000

10,197,967

Vistra

Operations

Co.

LLC,

5.3500%, 1/31/36

8,338,000

8,171,230

Vistra

Operations

Co.

LLC,

5.5500%, 4/30/36

21,100,000

20,992,164

281,751,855

Total

Corporate

Bonds

(cost

2,183,987,077)

2,198,114,769

Commercial

Mortgage-Backed

Securities

280

Park

Avenue

Mortgage

Trust

CME

Term

SOFR

Month

1.1800%

4.8054

9/15/34

‡

,ž

11,417,538

11,404,351

ALA

Trust

CME

Term

SOFR

Month

1.7426%

5.3686

6/15/40

‡

,ž

40,760,000

40,911,252

BAMLL

Re-REMIC

Trust

1.2731%, 7/27/50

‡,ž

6,911,000

6,226,801

0.4697%, 1/27/50

‡,ž

9,329,952

8,833,041

BLP

Commercial

Mortgage

Trust

2025-IND

CME

Term

SOFR

Month

1.2000%,

4.8254%, 3/15/42

‡,ž

24,325,395

24,258,642

2025-IND2

CME

Term

SOFR

Month

1.5000%,

5.1254%, 12/15/42

‡,ž

15,929,000

15,951,369

BPR

Trust

7.1465%, 10/5/38

‡,ž

20,831,000

21,220,439

5.3580%, 11/5/41

‡,ž

28,442,928

28,620,977

5.8500%, 11/5/41

‡,ž

11,000,000

10,866,282

Commercial

Mortgage

Trust

2024-AIR2

CME

Term

SOFR

Month

1.4923%,

5.1183%, 10/15/41

‡,ž

26,045,578

26,112,588

2024-AIRC

CME

Term

SOFR

Month

2.5900%,

6.2153%, 8/15/41

‡,ž

10,047,105

10,076,679

2024-BRBK

CME

Term

SOFR

Month

2.8796%,

6.5128%, 10/15/41

‡,ž

29,782,657

29,839,086

2024-GPA3

CME

Term

SOFR

Month

1.2928%,

4.9182%, 12/15/39

‡,ž

13,184,772

13,208,446

2024-GPA3

CME

Term

SOFR

Month

1.6423%,

5.2677%, 12/15/39

‡,ž

9,108,922

9,130,089

2025-SPOT

CME

Term

SOFR

Month

1.4434%,

5.0687%, 4/15/40

‡,ž

11,478,996

11,480,525

2026-CSMO

CME

Term

SOFR

Month

1.4000%,

5.0254%, 2/15/43

‡,ž

23,395,000

23,440,816

2026-CSMO

CME

Term

SOFR

Month

1.7000%,

5.3254%, 2/15/43

‡,ž

7,926,000

7,971,137

2026-CSMO

CME

Term

SOFR

Month

2.0000%,

5.6254%, 2/15/43

‡,ž

4,699,000

4,740,045

Trust

3.6050%, 12/9/41

2,965,000

2,810,671

3.8560%, 12/9/41

8,218,000

7,805,702

2021-LBA

AV,

CME

Term

SOFR

Month

1.1645%,

4.7905%, 2/15/36

‡,ž

4,448,237

4,446,883

5.1988%, 12/13/42

‡,ž

30,916,000

30,932,538

2025-DIME

CME

Term

SOFR

Month

1.1500%,

4.7754%, 2/15/35

‡,ž

25,165,000

25,054,822

2025-GW

CME

Term

SOFR

Month

1.6000%,

5.2250%, 7/15/42

‡,ž

23,236,000

23,204,336

2025-ROIC

CME

Term

SOFR

Month

1.1438%,

4.7692%, 3/15/30

‡,ž

30,817,630

30,762,981

2025-ROIC

CME

Term

SOFR

Month

1.3935%,

5.0189%, 3/15/30

‡,ž

6,743,827

6,722,743

2025-VLT7

CME

Term

SOFR

Month

1.7000%,

5.3254%, 7/15/44

‡,ž

33,193,493

33,200,754

BXHPP

Trust

CME

Term

SOFR

Month

0.7645%

4.3895

8/15/36

‡

,ž

3,193,000

3,043,235

BXP

Trust

3.3790

6/13/39

4,190,000

4,128,442

CONE

Trust

2024-DFW1

CME

Term

SOFR

Month

1.6417%,

5.2671%, 8/15/41

‡,ž

17,061,000

16,983,303

Janus

Henderson

Balanced

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Commercial

Mortgage-Backed

Securities

(continued)

CONE

Trust

(continued)

2024-DFW1

CME

Term

SOFR

Month

2.2908%,

5.9162%, 8/15/41

‡,ž

12,544,811

12,542,559

Croton

Park

CLO

Ltd.

5.2331

10/15/36

‡

16,432,000

16,468,882

CSTL

Commercial

Mortgage

Trust

4.8510

2/10/43

‡

,ž

5,520,000

5,436,538

DATA

Mortgage

Trust

5.4756

5/10/46

‡

,ž

6,852,820

6,793,931

Fannie

Mae

REMIC

3.0000%, 5/25/48

5,410,225

4,815,357

3.0000%, 11/25/49

7,565,832

6,756,319

FREMF

Mortgage

Trust

5.8219

11/25/28

‡

,ž

5,263,000

4,934,672

CME

Term

SOFR

Month

1.3500%

4.9754

2/15/41

‡

,ž

10,119,000

10,129,219

Mortgage

Securities

Corp.

Trust

CME

Term

SOFR

Month

2.6500%

6.2872

11/25/41

‡

,ž

10,406,498

10,405,455

GWT

CME

Term

SOFR

Month

1.6912%

5.3166

5/15/41

‡

,ž

29,946,000

30,003,124

Hudsons

Bay

Simon

Trust

4.1545

8/5/34

5,195,314

4,985,407

KRE

Commercial

Mortgage

Trust

CME

Term

SOFR

Month

1.3000%

4.9254

3/15/42

‡

,ž

20,395,538

20,368,594

LEX

Mortgage

Trust

5.0361

10/13/33

‡

,ž

6,407,000

6,380,475

LEX

Trust

CME

Term

SOFR

Month

1.3500%

4.9754

3/15/43

‡

,ž

8,800,000

8,801,574

Life

Mortgage

Trust

2021-BMR

CME

Term

SOFR

Month

1.2145%,

4.8395%, 3/15/38

‡,ž

1,642,688

1,629,748

2022-BMR2

A1,

CME

Term

SOFR

Month

1.2952%,

4.9206%, 5/15/39

‡,ž

14,828,995

14,121,697

MIC

Trust

8.7315

12/5/38

‡

,ž

14,644,028

15,449,902

MLTI

Trust

CME

Term

SOFR

Month

1.4000%

5.0213

6/15/31

‡

,ž

18,907,000

18,927,545

National

Commercial

Mortgage

Trust

CME

Term

SOFR

Month

1.3500%

4.9754

6/15/43

‡

,ž

20,547,000

20,559,282

NRTH

Commercial

Mortgage

Trust

CME

Term

SOFR

Month

1.3933%

5.0187

10/15/40

‡

,ž

20,952,000

20,997,794

NYC

Trust

5.0529

6/6/40

‡

,ž

22,680,000

22,575,606

PLYM

Commercial

Mortgage

Trust

CME

Term

SOFR

Month

1.2500%

4.8754

3/15/43

‡

,ž

7,524,000

7,527,559

PNW

Trust

CME

Term

SOFR

Month

1.7113%

5.3367

4/15/41

‡

,ž

16,941,000

16,902,974

SCG

Commercial

Mortgage

Trust

CME

Term

SOFR

Month

1.2000%

4.8254

3/15/35

‡

,ž

29,118,000

29,098,561

SMRT

Commercial

Mortgage

Trust

CME

Term

SOFR

Month

1.0000%

4.6260

1/15/39

‡

,ž

10,990,000

10,986,628

TEXAS

Commercial

Mortgage

Trust

CME

Term

SOFR

Month

1.2931%

4.9185

4/15/42

‡

,ž

8,177,000

8,156,293

TYSN

Mortgage

Trust

6.7991

12/10/33

‡

,ž

23,414,873

24,140,248

VASA

Trust

CME

Term

SOFR

Month

1.0145%

4.6405

7/15/39

‡

,ž

8,413,922

8,245,878

Wells

Fargo

Commercial

Mortgage

Trust

5.2704

3/15/38

‡

,ž

29,711,000

29,574,193

Total

Commercial

Mortgage-Backed

Securities

(cost

$887,720,696)

891,104,989

Mortgage-Backed

Securities

Fannie

Mae

Freddie

Mac

UMBS,

Single

Family,

Year

2.5000%,

TBA, 30

Year

Maturity

70,738,816

59,099,098

3.0000%,

TBA, 30

Year

Maturity

3,968,000

3,460,374

4.5000%,

TBA, 30

Year

Maturity

45,799,760

43,881,025

5.0000%,

TBA, 30

Year

Maturity

59,020,395

57,978,626

6.0000%,

TBA, 30

Year

Maturity

343,461,523

350,209,309

Fannie

Mae

Pool

AL5942,

5.0000%, 7/1/44

78,634

78,736

Pool

AL7381,

4.5000%, 6/1/45

1,564,935

1,554,760

Pool

AT2957,

3.0000%, 5/1/43

1,115,219

1,006,984

Pool

BF0130,

3.5000%, 8/1/56

8,224,656

7,461,733

Pool

BF0167,

3.0000%, 2/1/57

8,399,121

7,218,084

Janus

Henderson

Balanced

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

(continued)

Fannie

Mae

Pool

(continued)

Pool

BF0189,

3.0000%, 6/1/57

157,107

134,678

Pool

BF0598,

2.5000%, 3/1/62

16,368,232

13,562,977

Pool

BF0619,

2.5000%, 3/1/62

49,259,552

40,107,682

Pool

BM7069,

4.5000%, 7/1/50

11,698,622

11,155,440

Pool

MA1363,

3.0000%, 2/1/43

113,335

103,054

Fannie

Mae

Pool

UMBS,

Year

Pool

BO3223,

3.0000%, 10/1/34

509,443

487,003

Pool

BO4725,

2.5000%, 11/1/34

511,895

483,597

Pool

BO5957,

3.0000%, 12/1/34

319,208

305,109

Pool

BO7717,

3.0000%, 11/1/34

247,276

236,886

Pool

FS3713,

2.5000%, 12/1/36

22,100,439

20,763,334

Fannie

Mae

Pool

UMBS,

Year

Pool

323282,

7.5000%, 7/1/28

8,992

9,068

Pool

995757,

6.0000%, 2/1/37

129,399

134,657

Pool

AB7563,

3.0000%, 1/1/43

497,060

452,936

Pool

AL5887,

4.5000%, 10/1/44

1,822,512

1,797,834

Pool

AL6542,

4.5000%, 3/1/45

3,005,738

2,965,038

Pool

AL6842,

4.0000%, 5/1/45

529,402

506,301

Pool

AL6997,

4.5000%, 11/1/42

752,108

743,345

Pool

BH1902,

3.5000%, 12/1/47

252,276

234,317

Pool

BJ4559,

3.5000%, 1/1/48

1,735,738

1,607,979

Pool

BJ4566,

4.0000%, 1/1/48

6,073,637

5,800,255

Pool

BJ4567,

4.0000%, 1/1/48

2,236,199

2,134,107

Pool

BJ5170,

3.5000%, 3/1/48

304,897

283,113

Pool

BJ9181,

5.0000%, 5/1/48

1,768,821

1,772,575

Pool

BK1964,

4.0000%, 3/1/48

1,660,831

1,582,001

Pool

BK2913,

2.5000%, 8/1/50

1,641,839

1,410,138

Pool

BK3211,

4.5000%, 3/1/48

83,645

81,595

Pool

BM3282,

3.5000%, 12/1/47

178,989

166,247

Pool

BM3912,

3.0000%, 3/1/47

3,606,751

3,236,289

Pool

BN0012,

4.5000%, 8/1/48

46,268

45,134

Pool

BN3899,

4.0000%, 12/1/48

650,611

616,963

Pool

BO2983,

3.0000%, 9/1/49

539,388

482,834

Pool

BT2256,

2.5000%, 3/1/52

1,997,833

1,702,473

Pool

BT8021,

5.0000%, 1/1/53

2,237,243

2,226,485

Pool

BV2962,

2.5000%, 3/1/52

668,665

569,974

Pool

BV2965,

2.5000%, 3/1/52

1,558,519

1,328,590

Pool

BV4144,

3.0000%, 3/1/52

9,699,610

8,608,242

Pool

BV4203,

3.5000%, 4/1/52

1,262,789

1,163,630

Pool

BV5152,

2.5000%, 3/1/52

1,523,058

1,298,404

Pool

BV5379,

3.0000%, 4/1/52

8,362,756

7,430,979

Pool

BV5380,

3.0000%, 4/1/52

7,072,040

6,275,252

Pool

BV5393,

3.5000%, 4/1/52

3,594,748

3,312,472

Pool

BV6879,

4.5000%, 4/1/52

1,073,225

1,037,452

Pool

BV7131,

4.5000%, 4/1/52

341,074

329,679

Pool

BV7132,

4.5000%, 4/1/52

427,262

412,981

Pool

BV7632,

4.5000%, 4/1/52

824,449

796,968

Pool

BV8484,

3.5000%, 4/1/52

1,295,895

1,194,135

Pool

BW0072,

4.5000%, 4/1/52

281,411

272,004

Pool

BW0081,

4.5000%, 4/1/52

607,097

586,805

Pool

BW0343,

4.5000%, 5/1/52

1,552,218

1,500,335

Pool

BW1288,

5.0000%, 10/1/52

2,566,366

2,550,517

Pool

BW7369,

5.0000%, 10/1/52

5,633,944

5,606,851

Janus

Henderson

Balanced

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

(continued)

Fannie

Mae

Pool

UMBS,

Year

(continued)

Pool

BX5759,

5.0000%, 1/1/53

791,096

786,958

Pool

BX5969,

5.0000%, 2/1/53

923,192

917,571

Pool

BX7860,

5.5000%, 3/1/53

303,154

307,975

Pool

BX8071,

5.0000%, 3/1/53

476,122

473,049

Pool

BX9351,

5.0000%, 4/1/53

1,058,440

1,051,608

Pool

BY0782,

5.5000%, 4/1/53

179,463

182,472

Pool

BY0866,

5.5000%, 5/1/53

168,046

170,329

Pool

BY1896,

5.5000%, 5/1/53

327,894

331,828

Pool

BY1920,

5.0000%, 5/1/53

576,881

573,157

Pool

BY2783,

5.0000%, 6/1/53

634,432

630,337

Pool

BY3263,

5.0000%, 6/1/53

1,144,491

1,137,104

Pool

BY4284,

5.5000%, 6/1/53

467,597

475,439

Pool

BY6374,

5.5000%, 7/1/53

1,242,988

1,257,900

Pool

BY6690,

5.0000%, 8/1/53

678,542

674,411

Pool

BY7004,

5.5000%, 7/1/53

431,455

438,691

Pool

CA0108,

3.5000%, 8/1/47

604,399

561,373

Pool

CA3683,

4.5000%, 6/1/49

251,397

245,037

Pool

CA4035,

4.5000%, 8/1/49

381,960

372,297

Pool

CA4646,

3.0000%, 2/1/48

2,250,421

2,031,879

Pool

CA5327,

2.5000%, 3/1/50

1,838,015

1,539,988

Pool

CA5573,

4.0000%, 4/1/50

1,622,306

1,533,166

Pool

CA6635,

2.5000%, 8/1/50

40,934,954

35,123,087

Pool

CB0044,

3.0000%, 4/1/51

1,653,009

1,460,628

Pool

CB0456,

2.5000%, 5/1/51

4,477,668

3,748,680

Pool

CB2681,

3.5000%, 1/1/52

1,959,640

1,812,008

Pool

CB2750,

2.5000%, 2/1/52

23,545,185

19,883,909

Pool

CB2907,

3.5000%, 2/1/52

5,274,899

4,877,101

Pool

CB3042,

2.5000%, 3/1/52

7,850,226

6,692,670

Pool

CB3043,

2.5000%, 3/1/52

21,857,636

18,633,600

Pool

CB3240,

3.0000%, 4/1/52

15,545,022

13,758,963

Pool

CB3501,

3.5000%, 5/1/52

6,355,260

5,821,730

Pool

CB4329,

3.5000%, 7/1/52

1,095,072

1,009,667

Pool

CB6686,

4.5000%, 7/1/53

2,746,527

2,667,156

Pool

CB7112,

5.5000%, 9/1/53

20,997,508

21,339,162

Pool

CB7430,

5.5000%, 11/1/53

5,640,223

5,752,946

Pool

CB8134,

5.5000%, 3/1/54

10,408,293

10,597,567

Pool

CB8543,

6.0000%, 5/1/54

31,061,375

32,108,665

Pool

CC0097,

5.5000%, 3/1/55

5,019,416

5,110,818

Pool

FA3182,

6.0000%, 10/1/55

3,853,092

3,959,068

Pool

FA3563,

5.5000%, 11/1/55

5,945,674

6,053,944

Pool

FA4270,

5.0000%, 12/1/55

24,967,384

24,820,787

Pool

FA4600,

2.5000%, 1/1/54

7,927,539

6,670,094

Pool

FM3664,

4.0000%, 3/1/49

2,127,624

2,017,589

Pool

FM5076,

4.0000%, 8/1/50

1,518,132

1,434,717

Pool

FM7159,

2.5000%, 2/1/51

15,927,073

13,340,240

Pool

FS0359,

2.5000%, 1/1/52

10,488,281

8,947,734

Pool

FS0662,

2.5000%, 2/1/52

51,685,893

44,062,140

Pool

FS1081,

2.5000%, 3/1/52

21,044,445

17,939,741

Pool

FS1184,

3.5000%, 3/1/52

3,314,488

3,055,990

Pool

FS1301,

3.5000%, 4/1/52

3,783,399

3,455,125

Pool

FS2144,

3.5000%, 6/1/52

12,762,839

11,767,461

Pool

FS2546,

4.0000%, 3/1/51

369,619

350,503

Pool

FS2713,

4.5000%, 10/1/50

9,166,098

8,941,435

Janus

Henderson

Balanced

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

(continued)

Fannie

Mae

Pool

UMBS,

Year

(continued)

Pool

FS3377,

4.0000%, 5/1/52

7,585,018

7,192,739

Pool

FS5339,

3.0000%, 7/1/52

10,600,704

9,347,069

Pool

FS5491,

3.0000%, 7/1/52

18,578,573

16,375,730

Pool

FS5988,

2.5000%, 3/1/52

19,638,180

16,710,194

Pool

FS6380,

2.5000%, 2/1/52

14,181,391

11,875,889

Pool

FS6926,

2.5000%, 5/1/52

54,469,247

46,374,573

Pool

FS7607,

6.0000%, 3/1/54

4,764,314

4,946,581

Pool

FS7643,

6.0000%, 4/1/54

11,849,029

12,311,920

Pool

FS8037,

6.0000%, 1/1/54

5,555,216

5,773,908

Pool

MA3521,

4.0000%, 11/1/48

4,387,486

4,160,576

Pool

MA3774,

3.0000%, 9/1/49

8,640,901

7,627,980

Pool

MA3908,

4.5000%, 1/1/50

527,671

514,321

Pool

MA4079,

3.0000%, 7/1/50

7,394,266

6,522,062

Pool

MA4378,

2.0000%, 7/1/51

51,622,934

41,594,771

Freddie

Mac

Gold

Pool

SE9056,

4.5000%, 3/1/50

5,029,009

4,791,544

Pool

ZT1145,

4.5000%, 5/1/44

580,285

576,512

Pool

ZT1167,

4.0000%, 4/1/45

16,001

15,477

Freddie

Mac

Gold

Pool,

Year

4.0000

9/1/48

1,211,288

1,149,966

Freddie

Mac

Pool

UMBS,

Year

Pool

QN0783,

3.0000%, 10/1/34

730,452

697,536

Pool

QN0786,

3.0000%, 10/1/34

1,629,315

1,558,399

Pool

QN0951,

2.5000%, 11/1/34

496,760

469,484

Pool

SB0040,

2.5000%, 12/1/33

5,282,138

5,076,376

Pool

SB0116,

2.5000%, 11/1/34

1,881,235

1,778,860

Pool

SB0866,

2.5000%, 6/1/37

17,854,868

16,714,901

Pool

ZK8962,

3.0000%, 9/1/32

1,308,005

1,263,463

Pool

ZK9009,

3.0000%, 10/1/32

667,599

643,797

Pool

ZK9085,

3.0000%, 12/1/32

345,248

333,383

Pool

ZK9163,

3.0000%, 1/1/33

880,210

849,192

Pool

ZS7403,

3.0000%, 5/1/31

4,526,259

4,419,233

Freddie

Mac

Pool

UMBS,

Year

Pool

QA2159,

3.0000%, 8/1/49

685,833

599,976

Pool

QA4936,

3.0000%, 12/1/49

782,455

690,732

Pool

QA5622,

3.0000%, 12/1/49

634,880

560,457

Pool

QA8274,

3.5000%, 3/1/50

558,505

510,763

Pool

QB1708,

2.5000%, 8/1/50

788,188

677,201

Pool

QB2976,

2.5000%, 8/1/50

355,361

305,211

Pool

QB3353,

2.5000%, 9/1/50

1,441,563

1,237,680

Pool

QC5848,

2.5000%, 8/1/51

38,734,589

32,783,347

Pool

QD4842,

2.5000%, 1/1/52

2,113,317

1,800,292

Pool

QD6087,

2.5000%, 1/1/52

3,409,264

2,907,397

Pool

QD6554,

3.0000%, 2/1/52

2,664,545

2,365,139

Pool

QD6555,

3.0000%, 2/1/52

1,730,466

1,538,179

Pool

QD7069,

2.5000%, 2/1/52

5,270,652

4,493,222

Pool

QD8288,

2.5000%, 3/1/52

886,829

755,995

Pool

QD9182,

3.0000%, 3/1/52

2,507,065

2,228,105

Pool

QD9191,

3.5000%, 4/1/52

640,783

590,466

Pool

QD9513,

2.5000%, 2/1/52

3,016,428

2,556,364

Pool

QE0318,

4.5000%, 3/1/52

285,844

276,317

Pool

QE1073,

3.5000%, 4/1/52

833,666

768,203

Pool

QF0488,

5.5000%, 9/1/52

5,466,925

5,560,200

Pool

QF2145,

5.0000%, 10/1/52

355,921

354,210

Janus

Henderson

Balanced

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

(continued)

Freddie

Mac

Pool

UMBS,

Year

(continued)

Pool

QF2386,

5.0000%, 10/1/52

10,351,585

10,282,598

Pool

QF2437,

5.5000%, 10/1/52

329,615

335,607

Pool

QF6841,

5.0000%, 1/1/53

400,999

399,071

Pool

QF7813,

5.0000%, 1/1/53

370,511

368,729

Pool

QF8398,

5.0000%, 3/1/53

1,631,626

1,621,095

Pool

QF9871,

5.0000%, 3/1/53

1,572,542

1,562,391

Pool

QG1442,

5.0000%, 4/1/53

1,796,303

1,780,960

Pool

QG2380,

5.0000%, 5/1/53

5,161,200

5,117,119

Pool

QG2543,

5.5000%, 5/1/53

498,134

504,110

Pool

QG3598,

5.0000%, 5/1/53

3,171,936

3,144,844

Pool

QG3742,

5.0000%, 5/1/53

118,375

117,748

Pool

QG3912,

5.5000%, 6/1/53

1,572,641

1,591,508

Pool

QG3917,

5.0000%, 6/1/53

1,294,340

1,283,285

Pool

QG4676,

5.0000%, 6/1/53

635,816

627,767

Pool

QG4741,

5.5000%, 6/1/53

1,013,799

1,020,220

Pool

QG4742,

5.0000%, 6/1/53

2,178,169

2,149,341

Pool

QG5055,

5.0000%, 6/1/53

1,509,071

1,489,099

Pool

QG5161,

5.0000%, 6/1/53

2,041,913

2,014,889

Pool

QG6693,

5.5000%, 7/1/53

5,222,876

5,293,845

Pool

QG7441,

5.5000%, 7/1/53

2,861,331

2,895,658

Pool

QI2699,

5.5000%, 4/1/54

2,776,370

2,829,593

Pool

RA1087,

4.5000%, 7/1/49

2,497,927

2,430,412

Pool

RA1088,

4.5000%, 7/1/49

461,625

449,947

Pool

RA1188,

4.5000%, 8/1/49

2,455,511

2,389,143

Pool

RA1999,

4.5000%, 1/1/50

1,747,045

1,699,825

Pool

RA5285,

2.5000%, 5/1/51

34,054,766

28,843,635

Pool

RA5906,

2.5000%, 9/1/51

31,400,512

26,743,804

Pool

RA9851,

6.0000%, 9/1/53

31,175,689

32,290,932

Pool

RJ1341,

6.0000%, 4/1/54

22,358,541

23,112,399

Pool

RJ3021,

5.5000%, 12/1/54

39,049,100

39,377,489

Pool

RJ4363,

5.5000%, 6/1/55

1,132,355

1,152,975

Pool

RJ5835,

5.0000%, 1/1/56

64,560,662

64,000,785

Pool

RJ6942,

5.5000%, 6/1/56

5,253,082

5,347,055

Pool

SD0688,

2.5000%, 10/1/51

33,797,092

28,768,517

Pool

SD0931,

2.5000%, 3/1/52

25,698,312

21,842,925

Pool

SD0943,

3.5000%, 4/1/52

2,149,956

1,987,821

Pool

SD1137,

2.5000%, 6/1/51

12,847,647

10,999,698

Pool

SD1143,

4.5000%, 9/1/50

13,544,428

13,212,450

Pool

SD1150,

3.5000%, 6/1/52

4,235,541

3,916,124

Pool

SD1551,

4.0000%, 3/1/50

4,692,685

4,449,990

Pool

SD1840,

3.0000%, 6/1/52

10,572,040

9,318,523

Pool

SD2897,

5.5000%, 5/1/53

3,691,899

3,743,736

Pool

SD3493,

2.5000%, 5/1/52

10,512,926

8,955,243

Pool

SD4009,

6.0000%, 9/1/53

9,620,275

9,988,315

Pool

SD4247,

6.5000%, 11/1/53

10,790,902

11,294,980

Pool

SD4294,

5.5000%, 9/1/53

4,286,440

4,369,441

Pool

SD4668,

6.0000%, 10/1/53

14,607,884

15,019,146

Pool

SD7023,

3.0000%, 6/1/52

14,575,088

12,838,204

Pool

SD7548,

2.5000%, 11/1/51

11,566,571

9,885,540

Pool

SD8040,

4.5000%, 1/1/50

413,651

403,186

Pool

SD8212,

2.5000%, 5/1/52

12,126,112

10,203,543

Pool

SI2017,

4.0000%, 12/1/48

4,926,822

4,671,860

Pool

SL1226,

5.5000%, 5/1/55

7,622,298

7,751,593

Janus

Henderson

Balanced

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

(continued)

Freddie

Mac

Pool

UMBS,

Year

(continued)

Pool

SL3350,

6.0000%, 11/1/55

5,552,484

5,708,823

Pool

SL3985,

5.0000%, 1/1/56

17,852,710

17,642,299

Pool

SL4179,

2.5000%, 1/1/54

9,533,627

8,022,091

Pool

SL4658,

5.0000%, 1/1/56

27,825,865

27,497,911

Pool

SL4976,

5.0000%, 4/1/56

33,239,871

32,847,861

Pool

ZA7158,

4.5000%, 6/1/49

379,311

369,059

Pool

ZM1434,

3.5000%, 7/1/46

1,348,395

1,253,216

Pool

ZM5707,

3.5000%, 2/1/48

1,675,068

1,548,711

Pool

ZM5865,

4.5000%, 3/1/48

77,313

75,418

Pool

ZM5945,

4.0000%, 3/1/48

1,464,409

1,394,902

Pool

ZM6220,

4.0000%, 4/1/48

1,710,191

1,621,744

Pool

ZM6276,

4.0000%, 4/1/48

1,672,376

1,592,438

Pool

ZM6427,

4.0000%, 5/1/48

3,033,401

2,876,521

Pool

ZM7182,

4.5000%, 7/1/48

514,056

501,456

Pool

ZM7926,

5.0000%, 9/1/48

102,383

102,599

Pool

ZN2165,

4.5000%, 12/1/48

1,518,255

1,487,934

Pool

ZS3695,

6.0000%, 4/1/40

1,792,388

1,871,710

Pool

ZT0534,

3.5000%, 12/1/47

4,405,455

4,077,969

Pool

ZT1257,

3.0000%, 1/1/46

330,587

301,287

Pool

ZT1320,

4.0000%, 11/1/48

392,549

372,247

Pool

ZT1633,

4.0000%, 3/1/47

713,480

682,902

Ginnie

Mae

Pool,

Year

Pool

625655,

6.0000%, 1/15/34

35,821

37,111

Pool

784059,

4.0000%, 1/15/45

6,739,859

6,437,946

Pool

784182,

4.5000%, 8/15/46

8,652,021

8,478,032

Pool

BB4357,

4.0000%, 7/15/47

1,543,093

1,463,348

Pool

BC7161,

4.0000%, 8/15/47

222,026

210,552

Pool

BD7109,

4.0000%, 11/15/47

171,755

162,879

Pool

BD7135,

4.0000%, 12/15/47

622,984

590,789

Ginnie

Mae

Pool,

Year

Pool

785843,

2.5000%, 1/20/52

23,835,735

20,277,057

Pool

BB9814,

4.0000%, 8/20/47

150,656

143,071

Pool

BB9817,

4.0000%, 8/20/47

861,820

818,433

Pool

BB9835,

4.0000%, 8/20/47

140,393

133,325

Pool

BH3672,

4.5000%, 5/20/48

181,860

177,067

Pool

BH3673,

4.5000%, 5/20/48

1,009,364

978,131

Pool

MA4068,

3.0000%, 11/20/46

25,022,961

22,547,958

Pool

MA5021,

4.5000%, 2/20/48

810,883

794,094

Pool

MA5264,

4.0000%, 6/20/48

6,516,437

6,172,302

Pool

MA5400,

5.0000%, 8/20/48

2,408,581

2,416,436

Pool

MA5930,

3.5000%, 5/20/49

32,843,583

30,151,529

Pool

MA7255,

2.5000%, 3/20/51

32,030,357

27,377,300

Pool

MA7313,

3.0000%, 4/20/51

21,656,390

19,272,497

Pool

MA7473,

3.0000%, 7/20/51

17,432,311

15,509,353

Pool

MA7535,

3.0000%, 8/20/51

39,743,549

35,356,368

Ginnie

Mae

UMBS,

Single

Family,

Year

2.5000%,

TBA, 30

Year

Maturity

32,578,133

27,820,260

3.5000%,

TBA, 30

Year

Maturity

20,258,806

18,187,931

4.0000%,

TBA, 30

Year

Maturity

11,351,459

10,545,585

5.0000%,

TBA, 30

Year

Maturity

18,848,683

18,582,219

Total

Mortgage-Backed

Securities

(cost

$2,246,746,457)

2,206,068,213

Janus

Henderson

Balanced

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Residential

Mortgage-Backed

Securities

A&D

Mortgage

Trust

5.6990%, 11/25/69

7,138,250

7,144,419

5.2250%, 10/25/70

Ç,ž

5,584,820

5,547,624

Angel

Oak

Mortgage

Trust

2.5930%, 10/25/49

‡,ž

181,367

179,993

2.6200%, 11/25/59

‡,ž

468,381

464,499

2.4100%, 4/25/65

‡,ž

1,364,194

1,311,886

4.9500%, 7/25/68

Ç,ž

20,243,995

20,102,856

5.5150%, 4/25/70

Ç,ž

14,825,742

14,838,947

Bayview

MSR

Opportunity

Master

Fund

Trust

2021-5

AF,

CME

Term

Average

SOFR

Day

0.8500%,

4.4778%, 11/25/51

‡,ž

12,132,509

11,766,777

3.0000%, 12/25/51

‡,ž

9,576,901

8,205,489

Chase

Mortgage

Finance

Corp.

CME

Term

Average

SOFR

Day

1.2000%

4.8278

2/25/50

‡

,ž

11,685,112

11,546,915

Citigroup

Mortgage

Loan

Trust

5.2370

12/25/55

‡

,ž

19,393,723

19,267,715

Connecticut

Avenue

Securities

Trust

2021-R03

1M2,

CME

Term

Average

SOFR

Day

1.6500%,

5.2778%, 12/25/41

‡,ž

9,299,411

9,328,130

2022-R02

2M2,

CME

Term

Average

SOFR

Day

3.0000%,

6.6278%, 1/25/42

‡,ž

11,314,810

11,432,132

2022-R04

1M2,

CME

Term

Average

SOFR

Day

3.1000%,

6.7278%, 3/25/42

‡,ž

887,782

899,354

2022-R05

2M2,

CME

Term

Average

SOFR

Day

3.0000%,

6.6278%, 4/25/42

‡,ž

8,904,122

9,008,494

2023-R06

1M1,

CME

Term

Average

SOFR

Day

1.7000%,

5.3278%, 7/25/43

‡,ž

3,387,485

3,394,324

2023-R07

2M1,

CME

Term

Average

SOFR

Day

1.9500%,

5.5778%, 9/25/43

‡,ž

1,049,202

1,051,089

2023-R08

1M1,

CME

Term

Average

SOFR

Day

1.5000%,

5.1278%, 10/25/43

‡,ž

1,848,351

1,849,500

2024-R01

1M1,

CME

Term

Average

SOFR

Day

1.0500%,

4.6778%, 1/25/44

‡,ž

2,491,605

2,490,092

2024-R03

2M1,

CME

Term

Average

SOFR

Day

1.1500%,

4.7778%, 3/25/44

‡,ž

1,161,012

1,160,851

2025-R01

1M1,

CME

Term

Average

SOFR

Day

1.1000%,

4.7278%, 1/25/45

‡,ž

1,371,973

1,372,610

2025-R02

1M1,

CME

Term

Average

SOFR

Day

1.1500%,

4.7778%, 2/25/45

‡,ž

1,967,660

2025-R05

2M1,

CME

Term

Average

SOFR

Day

1.2000%,

4.8278%, 7/25/45

‡,ž

5,847,629

5,849,983

EFMT

5.2210

11/25/40

,ž

7,333,000

7,316,957

Finance

America

Structured

Securities

Trust

3.5000

2/25/75

9,249,866

8,989,951

Flagstar

Mortgage

Trust

3.0000

12/30/51

‡

,ž

16,770,256

14,389,718

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

REMIC

Trust

2021-HQA3

M2,

CME

Term

Average

SOFR

Day

2.1000%,

5.7278%, 9/25/41

‡,ž

5,220,531

5,234,331

2021-HQA4

M2,

CME

Term

Average

SOFR

Day

2.3500%,

5.9778%, 12/25/41

‡,ž

17,429,528

17,522,797

2022-DNA2

M1A,

CME

Term

Average

SOFR

Day

1.3000%,

4.9278%, 2/25/42

‡,ž

331,213

331,412

2022-DNA2

M2,

CME

Term

Average

SOFR

Day

3.7500%,

7.3778%, 2/25/42

‡,ž

7,710,086

7,844,997

2022-DNA3

M1B,

CME

Term

Average

SOFR

Day

2.9000%,

6.5278%, 4/25/42

‡,ž

8,680,781

8,802,662

Janus

Henderson

Balanced

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Residential

Mortgage-Backed

Securities

(continued)

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

REMIC

Trust

(continued)

2022-DNA3

M2,

CME

Term

Average

SOFR

Day

4.3500%,

7.9778%, 4/25/42

‡,ž

4,906,251

5,035,425

2022-DNA4

M2,

CME

Term

Average

SOFR

Day

5.2500%,

8.8778%, 5/25/42

‡,ž

1,549,942

1,607,199

2022-DNA5

M2,

CME

Term

Average

SOFR

Day

6.7500%,

10.3778%, 6/25/42

‡,ž

829,508

875,325

2022-DNA6

M2,

CME

Term

Average

SOFR

Day

5.7500%,

9.3778%, 9/25/42

‡,ž

3,830,016

4,038,771

2023-HQA2

M1A,

CME

Term

Average

SOFR

Day

2.0000%,

5.6278%, 6/25/43

‡,ž

204,686

204,982

2023-HQA3

M1,

CME

Term

Average

SOFR

Day

1.8500%,

5.4778%, 11/25/43

‡,ž

3,902,285

3,917,396

2024-DNA2

M1,

CME

Term

Average

SOFR

Day

1.2000%,

4.8278%, 5/25/44

‡,ž

1,519,657

1,520,506

2025-DNA1

M1,

CME

Term

Average

SOFR

Day

1.0500%,

4.6778%, 1/25/45

‡,ž

3,190,385

3,189,227

2025-DNA2

M1,

CME

Term

Average

SOFR

Day

1.2000%,

4.8278%, 5/25/45

‡,ž

389,937

389,988

2025-DNA3

M1,

CME

Term

Average

SOFR

Day

1.1000%,

4.7278%, 9/25/45

‡,ž

523,236

523,564

2025-HQA1

M1,

CME

Term

Average

SOFR

Day

1.1500%,

4.7778%, 2/25/45

‡,ž

5,377,229

5,380,710

GCAT

Trust

6.0000

8/25/53

‡

,ž

14,926,631

15,145,473

Homeward

Opportunities

Fund

Trust

5.9890%, 9/25/39

Ç,ž

5,933,350

5,937,421

5.4760%, 3/25/40

Ç,ž

16,625,000

16,631,791

5.2370%, 9/25/40

Ç,ž

8,497,000

8,498,727

J.P.

Morgan

Mortgage

Trust

5.5000

11/25/55

,ž

5,260,026

5,251,237

LHOME

Mortgage

Trust

6.9000%, 5/25/29

Ç,ž

8,285,561

8,294,738

5.9210%, 7/25/39

Ç,ž

22,885,183

22,907,704

5.2390%, 8/25/40

Ç,ž

6,451,000

6,462,254

4.9080%, 1/25/41

Ç,ž

4,200,000

4,164,538

Mello

Mortgage

Capital

Acceptance

2021-INV2

A11,

CME

Term

Average

SOFR

Day

0.9500%,

4.5621%, 8/25/51

‡,ž

8,940,464

8,671,195

2021-INV3

A11,

CME

Term

Average

SOFR

Day

0.9500%,

4.5621%, 10/25/51

‡,ž

11,278,445

10,935,996

4.0000%, 4/25/54

Ç,ž

6,646,530

6,539,408

Morgan

Stanley

Residential

Mortgage

Loan

Trust

4.2500

2/25/65

‡

,ž

9,597,548

9,215,352

New

Residential

Mortgage

Loan

Trust

4.5000%, 2/25/58

‡,ž

751,466

746,128

5.1170%, 9/25/64

‡,ž

10,736,187

10,655,767

5.4430%, 9/25/39

Ç,ž

9,423,000

9,420,007

OBX

Trust

3.0000%, 12/25/51

‡,ž

4,029,144

3,458,218

3.0000%, 12/25/51

‡,ž

10,661,586

9,071,601

5.4700%, 4/25/66

‡,ž

18,500,000

18,473,831

PRET

Trust

4.0000%, 7/25/69

Ç,ž

11,521,809

11,072,848

4.0000%, 8/25/64

Ç,ž

12,307,565

12,042,254

4.1500%, 1/25/70

Ç,ž

21,284,510

20,606,496

PRPM

LLC

3.7500%, 3/25/54

Ç,ž

4,430,107

4,314,900

Janus

Henderson

Balanced

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Residential

Mortgage-Backed

Securities

(continued)

PRPM

LLC

(continued)

4.5000%, 8/25/55

Ç,ž

7,575,119

7,440,872

3.0000%, 5/25/55

Ç,ž

14,871,867

14,202,555

RCKT

Mortgage

Trust

CME

Term

Average

SOFR

Day

0.8000%

4.4278

7/25/51

‡

,ž

7,986,254

7,730,968

Reneu

Redi

Q-1

Trust

5.8920

6/25/41

,ž

11,000,000

10,993,061

Saluda

Grade

Alternative

Mortgage

Trust

7.4390%, 7/25/30

Ç,ž

18,334,250

18,352,384

5.7490%, 3/25/31

Ç,ž

24,074,000

23,742,934

Saluds

Grade

Alternative

Mortgage

Trust

5.3200

10/25/40

,ž

10,000,000

9,952,117

Seasoned

Loans

Structured

Transaction

Trust

4.7500

9/25/60

‡

,ž

1,357,589

1,348,540

Sequoia

Mortgage

Trust

2.5000%, 5/25/43

‡,ž

1,603,091

1,415,887

3.5000%, 3/25/50

‡,ž

649,191

577,065

Toorak

Mortgage

Trust

5.5240

2/25/40

,ž

7,590,000

7,596,515

TVC

Mortgage

Trust

4.9640

2/25/41

,ž

9,701,000

9,612,780

UWM

Mortgage

Trust

CME

Term

Average

SOFR

Day

0.9000%

4.5121

8/25/51

‡

,ž

10,738,545

10,402,753

Total

Residential

Mortgage-Backed

Securities

(cost

606,074,763

)

599,183,572

Common

Stocks

Aerospace

Defense

General

Electric

Co.

815,360

304,724,493

Howmet

Aerospace,

Inc.

644,981

173,409,592

478,134,085

Banks

JPMorgan

Chase

Co.

1,177,341

385,379,029

PNC

Financial

Services

Group,

Inc.

(The)

635,612

156,500,387

541,879,416

Beverages

Monster

Beverage

Corp.

1,727,743

166,070,657

Biotechnology

AbbVie,

Inc.

892,237

224,522,519

Revolution

Medicines,

Inc.

362,309

67,853,229

Vertex

Pharmaceuticals,

Inc.

183,434

91,117,171

383,492,919

Broadline

Retail

Amazon.com,

Inc.

3,656,284

871,438,729

Building

Products

Trane

Technologies

plc

371,432

182,432,541

Capital

Markets

CME

Group,

Inc.

712,339

157,305,821

Goldman

Sachs

Group,

Inc.

(The)

236,597

239,287,108

Intercontinental

Exchange,

Inc.

1,117,959

137,631,933

Morgan

Stanley

1,177,537

246,152,334

780,377,196

Chemicals

Ecolab,

Inc.

360,545

100,451,442

Communications

Equipment

Arista

Networks,

Inc.

953,832

162,036,980

Motorola

Solutions,

Inc.

371,005

154,074,667

316,111,647

Consumer

Finance

American

Express

Co.

940,109

317,991,869

Janus

Henderson

Balanced

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Common

Stocks

(continued)

Consumer

Staples

Distribution

Retail

Costco

Wholesale

Corp.

137,917

129,017,216

Target

Corp.

834,284

108,965,833

237,983,049

Electric

Utilities

American

Electric

Power

Co.,

Inc.

889,332

121,669,511

Duke

Energy

Corp.

1,360,604

172,225,254

Southern

Co.

(The)

813,624

77,871,953

371,766,718

Electrical

Equipment

Eaton

Corp.

plc

461,480

196,645,858

Emerson

Electric

Co.

640,050

91,623,157

Vernova,

Inc.

179,032

210,337,536

498,606,551

Electronic

Equipment,

Instruments

Components

Amphenol

Corp.

Class

1,382,230

243,714,794

Entertainment

Netflix,

Inc.

1,832,063

130,809,298

Walt

Disney

Co.

(The)

2,340,342

225,257,918

356,067,216

Financial

Services

Mastercard,

Inc.

Class

650,972

334,339,219

Visa,

Inc.

Class

663,101

227,503,322

561,842,541

Ground

Transportation

Uber

Technologies,

Inc.

1,276,650

92,123,064

Union

Pacific

Corp.

642,522

174,765,984

266,889,048

Health

Care

Equipment

Supplies

Abbott

Laboratories

2,039,800

185,091,452

Boston

Scientific

Corp.

1,735,583

74,074,682

Intuitive

Surgical,

Inc.

274,673

109,231,959

Stryker

Corp.

645,132

203,113,359

571,511,452

Health

Care

Providers

Services

HCA

Healthcare,

Inc.

212,781

82,961,184

UnitedHealth

Group,

Inc.

305,024

126,777,125

209,738,309

Hotels,

Restaurants

Leisure

Booking

Holdings,

Inc.

662,061

118,005,753

Hilton

Worldwide

Holdings,

Inc.

433,505

143,256,062

McDonald's

Corp.

623,009

168,405,563

Royal

Caribbean

Cruises

Ltd.

511,098

162,288,948

591,956,326

Insurance

Progressive

Corp.

(The)

1,171,432

255,899,320

Interactive

Media

Services

Alphabet,

Inc.

Class

3,592,025

1,269,170,193

Meta

Platforms,

Inc.

Class

271,996

153,212,627

1,422,382,820

Life

Sciences

Tools

Services

Danaher

Corp.

1,036,394

197,412,329

Machinery

Deere

Co.

232,823

147,686,614

Janus

Henderson

Balanced

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Common

Stocks

(continued)

Metals

Mining

Freeport-McMoRan,

Inc.

2,338,742

147,083,484

Oil,

Gas

Consumable

Fuels

Chevron

Corp.

1,221,792

202,524,242

ConocoPhillips

1,312,307

136,427,436

338,951,678

Pharmaceuticals

Eli

Lilly

Co.

356,956

428,143,735

Johnson

1,061,135

269,496,456

Zoetis,

Inc.

Class

692,392

49,755,289

747,395,480

Semiconductors

Semiconductor

Equipment

Advanced

Micro

Devices,

Inc.

265,938

154,486,044

Analog

Devices,

Inc.

240,651

95,579,358

Broadcom,

Inc.

1,846,141

697,379,763

KLA

Corp.

1,514,567

456,960,010

Lam

Research

Corp.

1,145,483

496,372,148

Micron

Technology,

Inc.

535,564

618,196,169

NVIDIA

Corp.

7,947,489

1,590,213,074

4,109,186,566

Software

Cadence

Design

Systems,

Inc.

#,*

322,950

121,209,594

Microsoft

Corp.

2,530,809

944,042,373

1,065,251,967

Specialty

Retail

Home

Depot,

Inc.

(The)

555,363

195,865,423

O'Reilly

Automotive,

Inc.

1,895,366

174,544,255

TJX

Cos.,

Inc.

(The)

1,019,344

154,430,616

524,840,294

Technology

Hardware,

Storage

Peripherals

Apple,

Inc.

2,759,970

798,624,919

Seagate

Technology

Holdings

plc

129,160

124,639,400

923,264,319

Textiles,

Apparel

Luxury

Goods

NIKE,

Inc.

Class

1,910,423

78,422,864

Tobacco

Philip

Morris

International,

Inc.

1,546,221

279,726,841

Total

Common

Stocks

(cost

$8,216,488,615)

18,285,961,081

Investment

Companies

Money

Market

Funds

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6430%

£,∞

(cost

$666,069,217)

666,069,413

666,069,217

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

0.0

Investment

Companies

0.0

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5573%

£,∞

4,325,852

Time

Deposits

0.0

Royal

Bank

Canada,

3.6300%,

7/1/26

4,065,373

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$8,391,225)

8,391,225

U.S.

Treasury

Debt

U.S.

Treasury

Bonds,

4.9402%, 5/15/46

209,661,000

211,233,457

U.S.

Treasury

Bonds,

5.0362%, 2/15/56

262,450,300

254,945,862

U.S.

Treasury

Notes,

4.0439%, 4/30/28

23,697,300

23,526,050

U.S.

Treasury

Notes,

4.0672%, 6/30/28

207,715,200

207,609,720

Janus

Henderson

Balanced

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

U.S.

Treasury

Debt

(continued)

U.S.

Treasury

Notes,

4.1974%, 5/31/31

588,764,300

586,602,428

U.S.

Treasury

Notes,

4.1017%, 6/30/31

465,264,000

463,628,309

U.S.

Treasury

Notes,

4.2974%, 5/31/33

74,964,500

74,683,383

U.S.

Treasury

Notes,

4.3688%, 5/15/36

348,605,400

346,753,434

Total

U.S.

Treasury

Debt

(cost

$2,168,226,898)

2,168,982,643

Total

Investments

(total

cost

18,640,739,709

)

102

28,671,559,004

Liabilities,

net

Cash,

Receivables

and

Other

Assets

(2.1%)

(593,416,223)

Net

Assets

100.0%

$28,078,142,781

Summary

Investments

Country

(Long

Positions)

(unaudited)

Country

Value

Investment

Securities

United

States

America

27,501,703,986

Luxembourg

666,069,217

Ireland

389,608,158

France

50,156,653

Netherlands

27,593,561

Cayman

Islands

24,674,371

Canada

11,753,058

Total

$28,671,559,004

100

Schedule

TBA

sales

commitments

Net

Assets)

Principal

Amounts

Value

Securities

Sold

Short

(0.3)%

Mortgage-Backed

Securities

(0.3)%

Fannie

Mae

Freddie

Mac

UMBS,

Single

Family,

Year,

6.0000%,

TBA,

Year

Maturity

(

93,808,523

)

(

95,823,530

)

Total

Securities

Sold

Short

(proceeds

$95,689,986)

(

95,823,530

)

Summary

Investments

Country

(Short

Positions)

Country

Value

Investment

Securities

United

States

America

(

95,823,530

)

100.0%

Janus

Henderson

Balanced

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Schedule

Affiliated

Investments

Net

Assets)

Affiliate

Affiliated

Investments,

Value

9/30/25

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

Unrealized

Appreciatio

(Depreciation)

Affiliated

Investments,

Value

6/30/26

.............

Held

6/30/26

Dividend

Income

Investment

Companies

Money

Market

Funds

2.4%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6430%

∞

498,324,627

3,595,069,216

(

3,427,183,343

)

(

136,804

)

(

4,479

)

666,069,217

666,069,413

16,656,044

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

0.0%

Investment

Companies

0.0%

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5573%

∞

8,318,846

3,489,180,167

(

3,493,173,161

)

–

4,325,852

119,159

Total

Affiliated

Investments

2.4%

$506,643,473

$7,084,249,383

$(6,920,356,504)

$(136,804)

$(4,479)

$670,395,069

670,395,265

$16,775,203

Schedule

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

Great

British

Pound

8/13/26

180,161,783

(

240,691,014

)

1,672,251

Great

British

Pound

8/13/26

(1,290,875)

1,716,482

(

3,891

)

Great

British

Pound

8/13/26

(22,490,840)

30,197,438

(

359,075

)

Great

British

Pound

8/13/26

(67,514,870)

90,471,479

(

900,203

)

Great

British

Pound

8/13/26

(88,865,198)

119,083,008

(

1,186,475

)

–

Total

$(777,393)

Schedule

Futures

Contracts

Description

Number

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation

(Depreciation)

Futures

Long:

U.S.

Treasury

Year

Notes

13,407

9/30/26

2,763,622,610

(

116,534

)

U.S.

Treasury

Year

Notes

8,307

9/30/26

889,238,391

3,072,294

U.S.

Treasury

Long

Bonds

4,196

9/21/26

476,246,000

11,709,907

U.S.

Treasury

Ultra

Bonds

1,574

9/21/26

182,829,938

3,920,521

Total

Futures

Long

$18,586,188

Futures

Short:

U.S.

Treasury

Year

Notes

2,804

9/21/26

(

308,133,313

)

(

1,066,123

)

U.S.

Treasury

Year

Ultra

Bonds

2,437

9/21/26

(274,086,344)

(3,385,053)

Total

Futures

Short

$(4,451,176)

Total

$14,135,012

Janus

Henderson

Balanced

Fund

Notes

Schedule

Investments

(unaudited)

June

30,

2026

CME

Chicago

Mercantile

Exchange

DAC

Designated

Activity

Company

LLC

Limited

Liability

Company

Limited

Partnership

plc

Public

Limited

Company

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secured

Overnight

Financing

Rate

SOFRINDX

Secured

Overnight

Financing

Rate

Compounded

Index

TBA

(To

Announced)

Securities

are

purchased/sold

forward

commitment

basis

with

approximate

principal

amount

and

defined

maturity

date.

The

actual

principal

and

maturity

date

will

determined

upon

settlement

when

specific

mortgage

pools

are

assigned.

UMBS

Uniform

Mortgage-Backed

Securities

Non-income

producing

security.

Security

valued

using

significant

unobservable

inputs.

The

total

value

Level

securities

the

period

ended

June

30,

2026

$49,100,000,

which

represents

0.2%

net

assets.

Loaned

security;

portion

the

security

loan

June

30,

2026.

June

30,

2026,

securities

lending

transactions

accounted

for

secured

borrowings

with

overnight

and

continuous

contractual

maturity

are

$8,188,310.

Gross

amounts

recognized

liabilities

for

securities

lending

(collateral

received)

$8,391,225,

resulting

the

net

amount

due

the

counterparty

$202,915.

The

Fund

may

invest

certain

securities

that

are

considered

affiliated

companies.

defined

the

Investment

Company

Act

1940,

amended,

affiliated

company

one

which

the

Fund

owns

the

outstanding

voting

securities,

company

which

under

common

ownership

control.

∞

Rate

shown

the

7-day

yield

June

30,

2026.

Net

income

paid

the

securities

lending

agent

and

rebates

paid

the

borrowing

counterparties.

Step

bond.

The

coupon

rate

will

increase

decrease

periodically

based

upon

predetermined

schedule.

The

rate

shown

reflects

the

current

rate.

Perpetual

security.

Perpetual

securities

have

stated

maturity

date,

but

they

may

called/redeemed

the

issuer.

The

date

indicated,

any,

represents

the

call

date.

All

portion

this

position

not

funded,

has

been

purchased

delayed

delivery

when-issued

basis.

applicable,

interest

rates

will

determined

and

interest

will

begin

accrue

future

date.

See

Notes

Financial

Statements.

Securities

sold

under

Rule

144A

the

Securities

Act

1933,

amended,

are

subject

legal

and/or

contractual

restrictions

resale

and

may

not

publicly

sold

without

registration

under

the

1933

Act.

Unless

otherwise

noted,

these

securities

have

been

determined

liquid

accordance

with

the

requirements

Rule

22e-4,

under

the

1940

Act.

The

total

value

144A

securities

the

period

ended

June

30,

2026

$3,748,548,912

which

represents

13.4%

net

assets.

Settlement

delayed

delivery

when-issued

basis

with

final

maturity

TBA

the

future.

Janus

Henderson

Balanced

Fund

Notes

Schedule

Investments

(unaudited)

June

30,

2026

‡

Variable

floating

rate

security.

Rate

shown

the

current

rate

June

30,

2026.

Certain

variable

rate

securities

are

not

based

published

reference

rate

and

spread;

they

are

determined

the

issuer

agent

and

current

market

conditions.

Reference

rate

reset

date

and

may

vary

security,

which

may

not

indicate

reference

rate

and/or

spread

their

description.

The

following

summary

the

inputs

that

were

used

value

the

Fund

investments

securities

and

other

financial

instruments

June

30,

2026

See

Notes

Financial

Statements

for

information.

Valuation

Inputs

Summary

Level

Quoted

Prices

Level

Other

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Total

Assets

Investments

Securities:

Asset-Backed

Securities

—

875,807,357

—

875,807,357

Bank

Loans

—

224,437,536

—

224,437,536

Collateralized

Loan

Obligations

—

547,438,402

—

547,438,402

Corporate

Bonds

—

2,149,014,769

49,100,000

2,198,114,769

Commercial

Mortgage-Backed

Securities

—

891,104,989

—

891,104,989

Mortgage-Backed

Securities

—

2,206,068,213

—

2,206,068,213

Residential

Mortgage-Backed

Securities

—

599,183,572

—

599,183,572

Common

Stocks

18,285,961,081

—

18,285,961,081

U.S.

Treasury

Debt

—

2,168,982,643

—

2,168,982,643

Investment

Companies

—

666,069,217

—

666,069,217

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

8,391,225

—

8,391,225

Total

Investments

Securities

18,285,961,081

10,336,497,923

49,100,000

28,671,559,004

Other

Financial

Instruments

(a)

Forward

Foreign

Currency

Exchange

Contracts

—

1,672,251

—

1,672,251

Futures

Contracts

18,702,722

—

18,702,722

Total

Other

Financial

Instruments

18,702,722

1,672,251

—

20,374,973

Total

Assets

18,304,663,803

10,338,170,174

49,100,000

28,691,933,977

Liabilities

TBA

sales

commitments:

Mortgage-Backed

Securities

—

95,823,530

—

95,823,530

Other

Financial

Instruments

(a)

Forward

Foreign

Currency

Exchange

Contracts

—

2,449,644

—

2,449,644

Futures

Contracts

4,567,710

—

4,567,710

Total

Other

Financial

Instruments

4,567,710

2,449,644

—

7,017,354

Total

Liabilities

4,567,710

98,273,174

—

102,840,884

(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

centrally

cleared

swap

contracts

are

reported

their

unrealized

appreciation/

(depreciation)

measurement

date,

which

represents

the

change

the

contract's

value

from

trade

date.

Written

options,

written

swaptions,

and

OTC

swaps

are

reported

their

market

value

measurement

date.

Janus

Henderson

Contrarian

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Common

Stocks

Aerospace

Defense

Arxis,

Inc.

Class

1,937,365

89,390,021

Howmet

Aerospace,

Inc.

766,246

206,012,900

295,402,921

Banks

Cullen

582,776

90,050,548

PNC

Financial

Services

Group,

Inc.

(The)

970,560

238,971,283

Western

Alliance

Bancorp

1,193,676

98,120,167

427,141,998

Biotechnology

Argenx

(ADR)

144,283

133,861,439

Madrigal

Pharmaceuticals,

Inc.

168,259

90,346,670

Revolution

Medicines,

Inc.

348,053

65,183,366

Vaxcyte,

Inc.

669,842

38,937,915

328,329,390

Broadline

Retail

Amazon.com,

Inc.

801,122

190,939,417

Building

Products

Builders

FirstSource,

Inc.

778,443

69,655,080

Capital

Markets

Blackstone,

Inc.

360,011

42,362,494

Bullish

#,*

1,040,858

24,387,303

Hong

Kong

Exchanges

Clearing

Ltd.

2,229,400

103,620,089

Intercontinental

Exchange,

Inc.

468,031

57,619,297

Robinhood

Markets,

Inc.

Class

816,014

81,829,884

309,819,067

Communications

Equipment

Lumentum

Holdings,

Inc.

254,415

218,303,335

Consumer

Finance

Capital

One

Financial

Corp.

1,190,488

238,835,703

Diversified

Telecommunication

Services

Anterix,

Inc.

634,831

65,349,503

Space

Exploration

Technologies

Corp.

Class

267,048

45,627,821

110,977,324

Electrical

Equipment

Forgent

Power

Solutions,

Inc.

Class

3,248,079

181,437,693

Vertiv

Holdings

Co.

Class

545,752

182,728,685

364,166,378

Health

Care

Equipment

Supplies

Glaukos

Corp.

639,308

89,349,686

Medline,

Inc.

Class

1,605,302

63,313,111

152,662,797

Health

Care

Providers

Services

Surgery

Partners,

Inc.

13,258,236

222,738,365

UnitedHealth

Group,

Inc.

535,384

222,521,652

445,260,017

Hotels,

Restaurants

Leisure

Flutter

Entertainment

plc

786,628

80,369,783

Wingstop,

Inc.

582,188

100,957,221

181,327,004

Industrial

Conglomerates

Co.

860,583

139,336,993

Interactive

Media

Services

Meta

Platforms,

Inc.

Class

112,548

63,397,163

Janus

Henderson

Contrarian

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Common

Stocks

(continued)

Life

Sciences

Tools

Services

Sotera

Health

Co.

5,853,280

103,895,720

Media

Nexstar

Media

Group,

Inc.

Class

630,593

112,617,604

Multi-Utilities

CenterPoint

Energy,

Inc.

2,548,349

112,229,290

Semiconductors

Semiconductor

Equipment

Marvell

Technology,

Inc.

1,018,773

303,482,289

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

(ADR)

620,950

296,547,091

600,029,380

Software

Datadog,

Inc.

Class

335,816

87,433,054

Nebius

Group

Class

1,145,537

316,362,953

Oracle

Corp.

1,435,778

210,413,266

614,209,273

Specialty

Retail

Chewy,

Inc.

Class

2,600,543

51,100,670

Trading

Companies

Distributors

Core

Main,

Inc.

Class

1,704,337

82,234,260

Total

Common

Stocks

(cost

$3,479,203,301)

5,211,870,784

Rights

0.0

Pharmaceuticals

0.0

Pfizer,

Inc.,

CVR

*,¢

(cost

$—)

309,842

1,518,226

Private

Placements

Communications

Equipment

Cesiumastro,

Inc.

Series

*,¢,††

181,846

10,294,102

Cesiumastro,

Inc.

Series

*,¢,††

207,824

14,705,855

Total

Private

Placements

(cost

$24,999,957)

24,999,957

Investment

Companies

Money

Market

Funds

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6430%

£,∞

(cost

$276,660,654)

276,660,670

276,660,654

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

Investment

Companies

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5573%

£,∞

13,994,248

Time

Deposits

Royal

Bank

Canada,

3.6300%,

7/1/26

3,498,562

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$17,492,810)

17,492,810

Total

Investments

(total

cost

3,798,356,722

)

100

5,532,542,431

Liabilities,

net

Cash,

Receivables

and

Other

Assets

(0.9%)

(47,197,699)

Net

Assets

100.0%

$5,485,344,732

Janus

Henderson

Contrarian

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Summary

Investments

Country

(Long

Positions)

(unaudited)

Country

Value

Investment

Securities

United

States

America

4,381,102,902

Netherlands

450,224,392

Taiwan

296,547,091

Luxembourg

276,660,654

Hong

Kong

103,620,089

Cayman

Islands

24,387,303

Total

$5,532,542,431

100

Schedule

Affiliated

Investments

Net

Assets)

Affiliate

Affiliated

Investments,

Value

9/30/25

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

Unrealized

Appreciatio

(Depreciation)

Affiliated

Investments,

Value

6/30/26

.............

Held

6/30/26

Dividend

Income

Common

Stocks

Health

Care

Providers

Services

4.1%

Surgery

Partners,

Inc.

270,059,410

11,828,119

–

(

59,149,164

)

222,738,365

13,258,236

–

Investment

Companies

Money

Market

Funds

5.0%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6430%

∞

19,476,298

1,294,195,597

(

1,037,000,867

)

(

10,374

)

–

276,660,654

276,660,670

1,754,362

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

0.3%

Investment

Companies

0.3%

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5573%

∞

10,207,447

1,051,002,354

(

1,047,215,553

)

–

13,994,248

40,043

Total

Affiliated

Investments

9.4%

$299,743,155

$2,357,026,070

$(2,084,216,420)

$(10,374)

$(59,149,164)

$513,393,267

303,913,155

$1,794,405

Schedule

OTC

Written

Options

Counterparty/

Reference

Asset

Number

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Premiums

Received

Unrealized

Appreciation/

(Depreciation)

Option

Written,

Value

Written

Put

Options:

Goldman

Sachs

Group,

Inc.

(The)

Oracle

Corp.

31,000,000

155.00

USD

7/17/2026

4,543,050,000

788,000

(

1,631,454

)

(

2,419,454

)

Total

Written

Put

Options

788,000

(

1,631,454

)

(

2,419,454

)

Average

Ending

Monthly

Value

Derivative

Instruments

During

the

Period

Ended

June

30,

2026

Options:

Average

value

option

contracts

written

$5,998,446

Janus

Henderson

Contrarian

Fund

Notes

Schedule

Investments

(unaudited)

June

30,

2026

Acquisition

Date

Cost

Value

Net

Assets

Cesiumastro,

Inc.

Series

6/30/26

10,294,102

Cesiumastro,

Inc.

Series

6/30/26

14,705,855

Total

24,999,957

ADR

American

Depositary

Receipt

CVR

Contingent

Value

Rights

LLC

Limited

Liability

Company

plc

Public

Limited

Company

Non-income

producing

security.

Security

valued

using

significant

unobservable

inputs.

The

total

value

Level

securities

the

period

ended

June

30,

2026

$26,518,183,

which

represents

0.5%

net

assets.

Loaned

security;

portion

the

security

loan

June

30,

2026.

June

30,

2026,

securities

lending

transactions

accounted

for

secured

borrowings

with

overnight

and

continuous

contractual

maturity

are

$16,901,301.

Gross

amounts

recognized

liabilities

for

securities

lending

(collateral

received)

$17,492,810,

resulting

the

net

amount

due

the

counterparty

$591,509.

The

Fund

may

invest

certain

securities

that

are

considered

affiliated

companies.

defined

the

Investment

Company

Act

1940,

amended,

affiliated

company

one

which

the

Fund

owns

the

outstanding

voting

securities,

company

which

under

common

ownership

control.

∞

Rate

shown

the

7-day

yield

June

30,

2026.

Net

income

paid

the

securities

lending

agent

and

rebates

paid

the

borrowing

counterparties.

††

Schedule

Restricted

Securities

(as

June

30,

2026)

The

Fund

has

registration

rights

for

certain

restricted

securities

held

June

30,

2026.

The

issuer

incurs

all

registration

costs.

Janus

Henderson

Contrarian

Fund

Notes

Schedule

Investments

(unaudited)

June

30,

2026

The

following

summary

the

inputs

that

were

used

value

the

Fund

investments

securities

and

other

financial

instruments

June

30,

2026

See

Notes

Financial

Statements

for

information.

Valuation

Inputs

Summary

Level

Quoted

Prices

Level

Other

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Total

Assets

Investments

Securities:

Common

Stocks

Capital

Markets

206,198,978

103,620,089

—

309,819,067

All

Other

4,902,051,717

—

4,902,051,717

Rights

—

1,518,226

Investment

Companies

—

276,660,654

—

276,660,654

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

17,492,810

—

17,492,810

Private

Placements

—

24,999,957

Total

Assets

5,108,250,695

397,773,553

26,518,183

5,532,542,431

Liabilities

Other

Financial

Instruments

(a)

Options

Written,

Value

—

2,419,454

—

2,419,454

(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

centrally

cleared

swap

contracts

are

reported

their

unrealized

appreciation/

(depreciation)

measurement

date,

which

represents

the

change

the

contract's

value

from

trade

date.

Written

options,

written

swaptions,

and

OTC

swaps

are

reported

their

market

value

measurement

date.

Janus

Henderson

Enterprise

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Common

Stocks

Aerospace

Defense

Arxis,

Inc.

Class

1,831,057

84,484,970

CAE,

Inc.

4,589,521

114,924,117

StandardAero,

Inc.

6,085,562

182,019,160

381,428,247

Biotechnology

Argenx

(ADR)

309,064

286,740,307

Ascendis

Pharma

A/S

455,042

121,368,802

Bridgebio

Pharma,

Inc.

1,909,659

142,231,402

Madrigal

Pharmaceuticals,

Inc.

233,269

125,253,790

Praxis

Precision

Medicines,

Inc.

358,092

119,885,621

Revolution

Medicines,

Inc.

978,312

183,218,272

Vaxcyte,

Inc.

2,269,870

131,947,543

1,110,645,737

Capital

Markets

Cboe

Global

Markets,

Inc.

575,233

139,591,792

Charles

Schwab

Corp.

(The)

1,364,178

125,872,704

LPL

Financial

Holdings,

Inc.

2,226,526

627,167,844

892,632,340

Chemicals

Corteva,

Inc.

4,137,863

350,435,617

Commercial

Services

Supplies

Cimpress

plc

2,355,405

239,544,688

Clean

Harbors,

Inc.

867,641

259,207,749

Global,

Inc.

2,681,209

312,226,788

Rentokil

Initial

plc

(ADR)

6,389,737

182,810,376

Rentokil

Initial

plc

16,467,941

93,250,523

Veralto

Corp.

1,784,987

158,292,647

1,245,332,771

Construction

Engineering

API

Group

Corp.

13,147,907

556,813,861

Consumer

Staples

Distribution

Retail

Dollar

Tree,

Inc.

904,605

109,411,975

Electric

Utilities

Alliant

Energy

Corp.

6,915,472

527,581,359

Electrical

Equipment

Innio

2,478,314

98,017,319

Sensata

Technologies

Holding

plc

7,222,588

344,806,351

442,823,670

Electronic

Equipment,

Instruments

Components

CDW

Corp.

1,411,060

198,451,479

Flex

Ltd.

7,469,353

1,210,558,041

Connectivity

plc

1,079,861

217,710,776

Teledyne

Technologies,

Inc.

848,267

565,709,262

2,192,429,558

Entertainment

Liberty

Media

Corp.-Liberty

Formula

One

Class

731,603

64,044,527

Liberty

Media

Corp.-Liberty

Formula

One

Class

4,700,460

447,201,764

Financial

Services

WEX,

Inc.

2,499,077

352,594,774

Ground

Transportation

Canadian

Pacific

Kansas

City

Ltd.

3,784,687

327,943,128

Hunt

Transport

Services,

Inc.

2,181,248

631,318,609

Janus

Henderson

Enterprise

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Common

Stocks

(continued)

Ground

Transportation

(continued)

TFI

International,

Inc.

1,889,400

271,261,158

1,230,522,895

Health

Care

Equipment

Supplies

Boston

Scientific

Corp.

6,658,970

284,204,840

Cooper

Cos.,

Inc.

(The)

2,524,929

181,062,658

Glaukos

Corp.

708,701

99,048,052

Globus

Medical,

Inc.

Class

2,207,141

174,386,210

ICU

Medical,

Inc.

1,230,753

180,428,390

Lantheus

Holdings,

Inc.

1,132,936

125,687,920

Medline,

Inc.

Class

2,957,481

116,643,051

STERIS

plc

994,302

209,370,172

Teleflex,

Inc.

2,885,870

365,812,881

1,736,644,174

Hotels,

Restaurants

Leisure

Aramark

10,081,068

573,612,769

DoorDash,

Inc.

Class

3,304,598

609,797,469

Entain

plc

11,134,775

82,674,347

1,266,084,585

Insurance

Willis

Towers

Watson

plc

641,071

167,556,727

Interactive

Media

Services

Ziff

Davis,

Inc.

1,581,368

82,816,242

Life

Sciences

Tools

Services

Illumina,

Inc.

1,288,308

226,523,196

Revvity,

Inc.

5,749,380

639,676,019

Waters

Corp.

1,170,078

438,826,053

1,305,025,268

Machinery

Ingersoll

Rand,

Inc.

4,676,941

383,462,393

SPX

Technologies,

Inc.

519,202

127,292,754

510,755,147

Multi-Utilities

Ameren

Corp.

3,512,382

397,039,661

DTE

Energy

Co.

2,204,308

335,870,410

732,910,071

Oil,

Gas

Consumable

Fuels

ONEOK,

Inc.

2,877,348

250,156,635

Passenger

Airlines

Ryanair

Holdings

plc

(ADR)

3,441,065

222,808,959

Ryanair

Holdings

plc

4,513,508

141,319,798

Professional

Services

Broadridge

Financial

Solutions,

Inc.

848,567

116,211,250

TransUnion

2,085,935

150,479,351

Solutions,

Inc.

Class

1,411,452

143,770,501

Verisk

Analytics,

Inc.

Class

633,521

113,736,025

524,197,127

Real

Estate

Management

Development

CoStar

Group,

Inc.

5,532,268

156,673,830

FirstService

Corp.

1,072,101

152,356,273

309,030,103

Semiconductors

Semiconductor

Equipment

KLA

Corp.

1,689,080

509,612,327

NXP

Semiconductors

1,800,147

505,895,311

Janus

Henderson

Enterprise

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Common

Stocks

(continued)

Semiconductors

Semiconductor

Equipment

(continued)

Semiconductor

Corp.

7,509,031

709,903,791

1,725,411,429

Software

AppLovin

Corp.

Class

311,354

160,418,921

Constellation

Software,

Inc.

189,121

356,077,195

Descartes

Systems

Group,

Inc.

(The)

1,369,078

94,794,961

Dynatrace,

Inc.

2,457,390

107,903,995

PTC,

Inc.

2,603,654

295,801,131

Topicus.com,

Inc.

1,001,381

63,849,425

1,078,845,628

Specialized

REITs

Lamar

Advertising

Co.

Class

808,899

126,172,066

Specialty

Retail

Burlington

Stores,

Inc.

546,782

173,220,538

CarMax,

Inc.

3,156,983

166,972,831

Wayfair,

Inc.

Class

2,774,232

256,394,521

596,587,890

Textiles,

Apparel

Luxury

Goods

Gildan

Activewear,

Inc.

Class

5,712,614

294,770,882

Trading

Companies

Distributors

Ferguson

Enterprises,

Inc.

3,174,027

753,291,828

Total

Common

Stocks

(cost

$14,132,513,532)

21,728,283,654

Investment

Companies

Money

Market

Funds

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6430%

£,∞

(cost

$627,384,676)

627,360,577

627,384,676

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

0.0

Investment

Companies

0.0

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5573%

£,∞

1,320,980

Time

Deposits

0.0

Royal

Bank

Canada,

3.6300%,

7/1/26

330,245

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$1,651,225)

1,651,225

Total

Investments

(total

cost

14,761,549,433

)

22,357,319,555

Cash,

Receivables

and

Other

Assets,

net

Liabilities

0.1%

27,272,469

Net

Assets

100.0%

$22,384,592,024

Summary

Investments

Country

(Long

Positions)

(unaudited)

Country

Value

Investment

Securities

United

States

America

17,694,259,807

Canada

1,612,127,714

Netherlands

856,485,043

Ireland

821,384,221

Luxembourg

627,384,676

United

Kingdom

526,291,973

Denmark

121,368,802

Germany

98,017,319

Total

$22,357,319,555

100

Janus

Henderson

Enterprise

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Schedule

Affiliated

Investments

Net

Assets)

Affiliate

Affiliated

Investments,

Value

9/30/25

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

Unrealized

Appreciatio

(Depreciation)

Affiliated

Investments,

Value

6/30/26

.............

Held

6/30/26

Dividend

Income

Common

Stocks

Commercial

Services

Supplies

1.1%

Cimpress

plc

148,484,731

–

91,059,957

239,544,688

2,355,405

–

Financial

Services

1.6%

WEX,

Inc.

393,679,600

–

(

41,084,826

)

352,594,774

2,499,077

–

Health

Care

Equipment

Supplies

1.6%

Teleflex,

Inc.

353,115,053

–

12,697,828

365,812,881

2,885,870

2,943,587

Life

Sciences

Tools

Services

2.9%

Revvity,

Inc.

492,993,035

10,655,993

–

136,026,991

639,676,019

5,749,380

1,181,158

Total

Common

Stocks

$1,388,272,419

$10,655,993

$–

198,699,950

$1,597,628,362

13,489,732

$4,124,745

Investment

Companies

Money

Market

Funds

2.8%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6430%

∞

839,251,009

2,463,365,467

(

2,675,066,233

)

(

138,961

)

(

26,606

)

627,384,676

627,360,577

24,491,792

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

0.0%

Investment

Companies

0.0%

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5573%

∞

–

1,074,418,857

(

1,073,097,877

)

–

1,320,980

754,776

Total

Affiliated

Investments

10.0%

$2,227,523,428

$3,548,440,317

$(3,748,164,110)

$(138,961)

$198,673,344

$2,226,334,018

642,171,289

$29,371,313

Janus

Henderson

Enterprise

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Schedule

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)

Bank

America

Euro

8/19/26

(89,854,000)

104,787,735

(

1,897,842

)

–

Barclays

Bank

plc

Euro

8/19/26

114,418,500

(

133,420,232

)

2,402,056

Euro

8/19/26

17,641,000

(

20,531,340

)

331,009

Euro

8/19/26

(8,920,000)

10,411,535

(

197,433

)

–

$2,535,632

BNP

Paribas

Euro

8/19/26

22,746,000

(

26,509,781

)

463,823

–

Citibank

Euro

8/19/26

41,357,912

(

48,210,914

)

852,854

–

Goldman

Sachs

Group,

Inc.

(The)

Euro

8/19/26

35,860,000

(

41,812,043

)

749,524

Euro

8/19/26

15,810,000

(

18,412,642

)

308,950

–

$1,058,474

HSBC

Bank

USA

Euro

8/19/26

13,963,000

(

15,865,481

)

(

123,251

)

Euro

8/19/26

(23,557,380)

27,459,825

(

484,773

)

–

$(608,024)

JPMorgan

Chase

Bank

Euro

8/19/26

102,763,270

(

119,982,890

)

2,310,868

–

Morgan

Stanley

Co.

Euro

8/19/26

4,895,000

(

5,712,920

)

107,760

–

State

Street

Bank

Trust

Co.

Euro

8/19/26

118,604,000

(

138,318,120

)

2,507,217

–

UBS

Euro

8/19/26

14,156,000

(

16,526,691

)

316,958

Euro

8/19/26

(23,496,000)

27,403,267

(

498,501

)

–

$(181,543)

Total

$7,149,219

Average

Ending

Monthly

Value

Derivative

Instruments

During

the

Period

Ended

June

30,

2026

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

USD

$470,736,035

Average

amounts

sold

USD

1,210,776,769

Total

return

swaps:

Average

notional

amount

16,941,809

Janus

Henderson

Enterprise

Fund

Notes

Schedule

Investments

(unaudited)

June

30,

2026

ADR

American

Depositary

Receipt

LLC

Limited

Liability

Company

plc

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

Non-income

producing

security.

Loaned

security;

portion

the

security

loan

June

30,

2026.

June

30,

2026,

securities

lending

transactions

accounted

for

secured

borrowings

with

overnight

and

continuous

contractual

maturity

are

$1,602,847.

Gross

amounts

recognized

liabilities

for

securities

lending

(collateral

received)

$1,651,225,

resulting

the

net

amount

due

the

counterparty

$48,378.

The

Fund

may

invest

certain

securities

that

are

considered

affiliated

companies.

defined

the

Investment

Company

Act

1940,

amended,

affiliated

company

one

which

the

Fund

owns

the

outstanding

voting

securities,

company

which

under

common

ownership

control.

∞

Rate

shown

the

7-day

yield

June

30,

2026.

Net

income

paid

the

securities

lending

agent

and

rebates

paid

the

borrowing

counterparties.

Janus

Henderson

Enterprise

Fund

Notes

Schedule

Investments

(unaudited)

June

30,

2026

The

following

summary

the

inputs

that

were

used

value

the

Fund

investments

securities

and

other

financial

instruments

June

30,

2026

See

Notes

Financial

Statements

for

information.

Valuation

Inputs

Summary

Level

Quoted

Prices

Level

Other

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Total

Assets

Investments

Securities:

Common

Stocks

Commercial

Services

Supplies

1,152,082,248

93,250,523

—

1,245,332,771

Hotels,

Restaurants

Leisure

1,183,410,238

82,674,347

—

1,266,084,585

Passenger

Airlines

222,808,959

141,319,798

—

364,128,757

All

Other

18,852,737,541

—

18,852,737,541

Investment

Companies

—

627,384,676

—

627,384,676

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

1,651,225

—

1,651,225

Total

Investments

Securities

21,411,038,986

946,280,569

—

22,357,319,555

Other

Financial

Instruments

(a)

Forward

Foreign

Currency

Exchange

Contracts

—

10,351,019

—

10,351,019

Total

Assets

21,411,038,986

956,631,588

—

22,367,670,574

Liabilities

Other

Financial

Instruments

(a)

Forward

Foreign

Currency

Exchange

Contracts

—

3,201,800

—

3,201,800

(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

centrally

cleared

swap

contracts

are

reported

their

unrealized

appreciation/

(depreciation)

measurement

date,

which

represents

the

change

the

contract's

value

from

trade

date.

Written

options,

written

swaptions,

and

OTC

swaps

are

reported

their

market

value

measurement

date.

Janus

Henderson

European

Focus

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Common

Stocks

Aerospace

Defense

Rolls-Royce

Holdings

plc

1,187,756

22,809,407

Safran

49,870

19,718,441

42,527,848

Banks

ABN

AMRO

Bank

(CVA)

¥,ž

329,330

14,007,925

Banco

Bilbao

Vizcaya

Argentaria

726,504

18,226,705

Banco

Santander

1,888,591

26,129,300

Erste

Group

Bank

206,351

27,647,923

FinecoBank

Banca

Fineco

SpA

389,570

9,774,337

NatWest

Group

plc

1,786,539

15,749,484

UniCredit

SpA

209,554

18,749,865

130,285,539

Biotechnology

Argenx

18,933

17,564,117

Building

Products

Cie

Saint-Gobain

122,074

11,052,942

Capital

Markets

UBS

Group

(Registered)

410,731

20,352,098

Chemicals

Air

Liquide

87,561

17,341,580

Linde

plc

27,347

14,191,452

31,533,032

Communications

Equipment

Nokia

OYJ

1,079,907

14,297,054

Construction

Engineering

ACS

Actividades

Construccion

Servicios

70,158

10,360,939

Construction

Materials

CRH

plc

97,534

10,436,138

Electric

Utilities

Iberdrola

912,880

22,785,929

Electrical

Equipment

Accelleron

Industries

85,830

8,824,954

Schneider

Electric

66,817

21,923,484

Siemens

Energy

98,091

18,592,539

49,340,977

Electronic

Equipment,

Instruments

Components

Hexagon

Class

1,167,587

9,660,676

Energy

Equipment

Services

Saipem

SpA

1,776,060

8,925,488

Technip

Energies

225,262

8,527,379

17,452,867

Financial

Services

Investor

Class

315,820

13,122,323

Health

Care

Equipment

Supplies

EssilorLuxottica

62,118

11,655,140

Hotels,

Restaurants

Leisure

TUI

1,118,001

9,253,374

Independent

Power

and

Renewable

Electricity

Producers

RWE

201,798

13,075,301

Insurance

ASR

Nederland

172,832

13,046,673

Machinery

Epiroc

Class

395,574

10,854,800

Janus

Henderson

European

Focus

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Common

Stocks

(continued)

Machinery

(continued)

Knorr-Bremse

81,194

9,428,495

Sandvik

365,173

15,077,636

35,360,931

Metals

Mining

Anglo

American

plc

275,924

13,516,590

Oil,

Gas

Consumable

Fuels

TotalEnergies

280,061

21,757,262

Passenger

Airlines

Ryanair

Holdings

plc

336,108

10,523,680

Pharmaceuticals

Bayer

(Registered)

245,694

13,584,151

Novartis

(Registered)

141,471

22,158,046

Roche

Holding

53,859

22,175,066

57,917,263

Professional

Services

RELX

plc

459,388

14,472,522

Semiconductors

Semiconductor

Equipment

ASM

International

10,397

11,902,532

ASML

Holding

25,856

51,283,191

Infineon

Technologies

145,690

13,602,306

STMicroelectronics

179,608

13,412,580

90,200,609

Textiles,

Apparel

Luxury

Goods

Cie

Financiere

Richemont

(Registered)

73,902

17,152,861

Total

Common

Stocks

(cost

$611,665,298)

708,704,685

Investment

Companies

Money

Market

Funds

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6430%

£,∞

(cost

$12,073,543)

12,073,543

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

Investment

Companies

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5573%

£,∞

5,434,744

Time

Deposits

Royal

Bank

Canada,

3.6300%,

7/1/26

1,358,686

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$6,793,430)

6,793,430

Total

Investments

(total

cost

630,532,271

)

100

727,571,658

Liabilities,

net

Cash,

Receivables

and

Other

Assets

(0.8%)

(5,507,441)

Net

Assets

100.0%

$722,064,217

Janus

Henderson

European

Focus

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Summary

Investments

Country

(Long

Positions)

(unaudited)

Country

Value

Investment

Securities

France

111,976,228

Netherlands

107,804,438

Switzerland

104,075,605

Germany

77,536,166

Spain

77,502,873

United

Kingdom

66,548,003

Sweden

48,715,435

Italy

37,449,690

Austria

27,647,923

United

States

America

20,984,882

Ireland

20,959,818

Finland

14,297,054

Luxembourg

12,073,543

Total

$727,571,658

100

Schedule

Affiliated

Investments

Net

Assets)

Affiliate

Affiliated

Investments,

Value

9/30/25

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

Unrealized

Appreciatio

(Depreciation)

Affiliated

Investments,

Value

6/30/26

.............

Held

6/30/26

Dividend

Income

Investment

Companies

Money

Market

Funds

1.7%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6430%

∞

6,296,595

626,246,863

(

620,463,465

)

(

6,450

)

–

12,073,543

507,227

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

0.7%

Investment

Companies

0.7%

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5573%

∞

–

64,251,056

(

58,816,312

)

–

5,434,744

1,770

Total

Affiliated

Investments

2.4%

$6,296,595

$690,497,919

$(679,279,777)

$(6,450)

$–

$17,508,287

17,508,287

$508,997

Janus

Henderson

European

Focus

Fund

Notes

Schedule

Investments

(unaudited)

June

30,

2026

CVA

Dutch

Certification

EUR

Euro

LLC

Limited

Liability

Company

plc

Public

Limited

Company

Non-income

producing

security.

Loaned

security;

portion

the

security

loan

June

30,

2026.

June

30,

2026,

securities

lending

transactions

accounted

for

secured

borrowings

with

overnight

and

continuous

contractual

maturity

are

$6,694,115.

Gross

amounts

recognized

liabilities

for

securities

lending

(collateral

received)

$6,793,430,

resulting

the

net

amount

due

the

counterparty

$99,315.

The

Fund

may

invest

certain

securities

that

are

considered

affiliated

companies.

defined

the

Investment

Company

Act

1940,

amended,

affiliated

company

one

which

the

Fund

owns

the

outstanding

voting

securities,

company

which

under

common

ownership

control.

∞

Rate

shown

the

7-day

yield

June

30,

2026.

Net

income

paid

the

securities

lending

agent

and

rebates

paid

the

borrowing

counterparties.

Securities

sold

under

Rule

144A

the

Securities

Act

1933,

amended,

are

subject

legal

and/or

contractual

restrictions

resale

and

may

not

publicly

sold

without

registration

under

the

1933

Act.

Unless

otherwise

noted,

these

securities

have

been

determined

liquid

accordance

with

the

requirements

Rule

22e-4,

under

the

1940

Act.

The

total

value

144A

securities

the

period

ended

June

30,

2026

$14,007,925

which

represents

1.9%

net

assets.

Security

purchased

offshore

transaction

exempt

from

registration

under

Regulation

the

Securities

Act

1933.

Janus

Henderson

European

Focus

Fund

Notes

Schedule

Investments

(unaudited)

June

30,

2026

The

following

summary

the

inputs

that

were

used

value

the

Fund

investments

securities

and

other

financial

instruments

June

30,

2026

See

Notes

Financial

Statements

for

information.

Valuation

Inputs

Summary

Level

Quoted

Prices

Level

Other

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Total

Assets

Investments

Securities:

Common

Stocks

Aerospace

Defense

—

42,527,848

—

42,527,848

Banks

—

130,285,539

—

130,285,539

Biotechnology

—

17,564,117

—

17,564,117

Building

Products

—

11,052,942

—

11,052,942

Capital

Markets

—

20,352,098

—

20,352,098

Chemicals

14,191,452

17,341,580

—

31,533,032

Communications

Equipment

—

14,297,054

—

14,297,054

Construction

Engineering

—

10,360,939

—

10,360,939

Electric

Utilities

—

22,785,929

—

22,785,929

Electrical

Equipment

—

49,340,977

—

49,340,977

Electronic

Equipment,

Instruments

Components

—

9,660,676

—

9,660,676

Energy

Equipment

Services

—

17,452,867

—

17,452,867

Financial

Services

—

13,122,323

—

13,122,323

Health

Care

Equipment

Supplies

—

11,655,140

—

11,655,140

Hotels,

Restaurants

Leisure

—

9,253,374

—

9,253,374

Independent

Power

and

Renewable

Electricity

Producers

—

13,075,301

—

13,075,301

Insurance

—

13,046,673

—

13,046,673

Machinery

—

35,360,931

—

35,360,931

Metals

Mining

—

13,516,590

—

13,516,590

Oil,

Gas

Consumable

Fuels

—

21,757,262

—

21,757,262

Passenger

Airlines

—

10,523,680

—

10,523,680

Pharmaceuticals

—

57,917,263

—

57,917,263

Professional

Services

—

14,472,522

—

14,472,522

Semiconductors

Semiconductor

Equipment

—

90,200,609

—

90,200,609

Textiles,

Apparel

Luxury

Goods

—

17,152,861

—

17,152,861

All

Other

10,436,138

—

10,436,138

Investment

Companies

—

12,073,543

—

12,073,543

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

6,793,430

—

6,793,430

Total

Assets

24,627,590

702,944,068

—

727,571,658

Janus

Henderson

Forty

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Common

Stocks

Aerospace

Defense

Boeing

Co.

(The)

1,951,587

422,460,038

Howmet

Aerospace,

Inc.

3,169,674

852,198,551

1,274,658,589

Biotechnology

Argenx

(ADR)

518,956

481,471,808

Madrigal

Pharmaceuticals,

Inc.

338,602

181,812,344

Revolution

Medicines,

Inc.

937,887

175,647,477

Vaxcyte,

Inc.

2,676,774

155,600,873

994,532,502

Broadline

Retail

Amazon.com,

Inc.

6,456,380

1,538,813,609

MercadoLibre,

Inc.

292,107

495,819,501

2,034,633,110

Capital

Markets

Robinhood

Markets,

Inc.

Class

3,045,746

305,427,409

Communications

Equipment

Lumentum

Holdings,

Inc.

807,784

693,127,139

Diversified

Telecommunication

Services

Space

Exploration

Technologies

Corp.

Class

2,048,495

350,005,856

Electrical

Equipment

Eaton

Corp.

plc

2,232,038

951,116,033

Vernova,

Inc.

671,382

788,779,856

1,739,895,889

Financial

Services

Mastercard,

Inc.

Class

622,979

319,962,014

Health

Care

Equipment

Supplies

Medline,

Inc.

Class

5,908,950

233,048,988

Health

Care

Providers

Services

UnitedHealth

Group,

Inc.

1,472,552

612,036,788

Hotels,

Restaurants

Leisure

DoorDash,

Inc.

Class

1,799,817

332,120,231

DraftKings,

Inc.

Class

18,897,050

477,339,483

809,459,714

Interactive

Media

Services

Alphabet,

Inc.

Class

5,359,774

1,893,768,947

Meta

Platforms,

Inc.

Class

1,320,434

743,787,268

2,637,556,215

Services

Shopify,

Inc.

Class

2,023,984

231,098,493

Life

Sciences

Tools

Services

Danaher

Corp.

2,430,539

462,969,069

Pharmaceuticals

Eli

Lilly

Co.

684,952

821,551,977

Semiconductors

Semiconductor

Equipment

Broadcom,

Inc.

3,779,552

1,427,725,768

Lam

Research

Corp.

1,773,200

768,380,756

NVIDIA

Corp.

15,151,753

3,031,714,258

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

(ADR)

3,275,949

1,564,494,964

6,792,315,746

Software

Datadog,

Inc.

Class

3,076,176

800,913,184

Microsoft

Corp.

1,958,815

730,677,171

Oracle

Corp.

5,550,115

813,369,353

Janus

Henderson

Forty

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Common

Stocks

(continued)

Software

(continued)

Palantir

Technologies,

Inc.

Class

1,908,294

222,640,661

2,567,600,369

Technology

Hardware,

Storage

Peripherals

Apple,

Inc.

2,270,720

657,055,539

Trading

Companies

Distributors

Ferguson

Enterprises,

Inc.

953,318

226,250,961

Total

Common

Stocks

(cost

$13,421,507,792)

23,763,186,367

Investment

Companies

Money

Market

Funds

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6430%

£,∞

(cost

$17,325,868)

17,325,874

17,325,868

Total

Investments

(total

cost

13,438,833,660

)

23,780,512,235

Cash,

Receivables

and

Other

Assets,

net

Liabilities

0.1%

15,617,963

Net

Assets

100.0%

$23,796,130,198

Summary

Investments

Country

(Long

Positions)

(unaudited)

Country

Value

Investment

Securities

United

States

America

20,039,185,568

Taiwan

1,564,494,964

Ireland

951,116,033

Uruguay

495,819,501

Netherlands

481,471,808

Canada

231,098,493

Luxembourg

17,325,868

Total

$23,780,512,235

100

Schedule

Affiliated

Investments

Net

Assets)

Affiliate

Affiliated

Investments,

Value

9/30/25

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

Unrealized

Appreciatio

(Depreciation)

Affiliated

Investments,

Value

6/30/26

.............

Held

6/30/26

Dividend

Income

Investment

Companies

Money

Market

Funds

0.1%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6430%

∞

140,520,981

2,394,032,926

(

2,517,221,251

)

(

6,788

)

–

17,325,868

17,325,874

1,906,613

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

N/A

Investment

Companies

N/A

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5573%

∞

–

101,804,848

(

101,804,848

)

–

21,743

Total

Affiliated

Investments

0.1%

$140,520,981

$2,495,837,774

$(2,619,026,099)

$(6,788)

$–

$17,325,868

17,325,874

$1,928,356

Janus

Henderson

Forty

Fund

Notes

Schedule

Investments

(unaudited)

June

30,

2026

ADR

American

Depositary

Receipt

LLC

Limited

Liability

Company

Non-income

producing

security.

The

Fund

may

invest

certain

securities

that

are

considered

affiliated

companies.

defined

the

Investment

Company

Act

1940,

amended,

affiliated

company

one

which

the

Fund

owns

the

outstanding

voting

securities,

company

which

under

common

ownership

control.

∞

Rate

shown

the

7-day

yield

June

30,

2026.

Net

income

paid

the

securities

lending

agent

and

rebates

paid

the

borrowing

counterparties.

The

following

summary

the

inputs

that

were

used

value

the

Fund

investments

securities

and

other

financial

instruments

June

30,

2026

See

Notes

Financial

Statements

for

information.

Valuation

Inputs

Summary

Level

Quoted

Prices

Level

Other

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Total

Assets

Investments

Securities:

Common

Stocks

23,763,186,367

—

23,763,186,367

Investment

Companies

—

17,325,868

—

17,325,868

Total

Assets

23,763,186,367

17,325,868

—

23,780,512,235

Janus

Henderson

Global

Equity

Income

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Common

Stocks

Air

Freight

Logistics

Deutsche

Post

1,350,567

81,959,261

Banks

ABN

AMRO

Bank

(CVA)

¥,ž

4,282,406

182,150,488

Banco

Sabadell

46,465,269

165,067,493

BNP

Paribas

1,383,453

161,708,085

ING

Groep

2,827,465

89,461,377

Lloyds

Banking

Group

plc

58,995,797

87,068,621

Mizuho

Financial

Group,

Inc.

1,877,600

90,168,848

Nordea

Bank

Abp

10,075,358

191,369,163

Piraeus

Bank

7,067,078

73,641,301

Sumitomo

Mitsui

Financial

Group,

Inc.

2,148,400

84,002,763

United

Overseas

Bank

Ltd.

2,576,000

79,443,540

1,204,081,679

Beverages

Anheuser-Busch

InBev

1,247,965

102,899,737

Carlsberg

A/S

Class

495,378

65,009,510

Davide

Campari-Milano

10,222,357

63,644,291

231,553,538

Biotechnology

AbbVie,

Inc.

353,973

89,073,766

Building

Products

Cie

Saint-Gobain

822,701

74,489,792

Consumer

Finance

OneMain

Holdings,

Inc.

1,675,310

102,143,651

Containers

Packaging

Amcor

plc

3,139,429

136,094,247

Smurfit

Westrock

plc

1,824,651

84,408,355

220,502,602

Diversified

REITs

British

Land

Co.

plc

(The)

18,487,601

101,554,896

Land

Securities

Group

plc

10,918,767

94,363,841

195,918,737

Diversified

Telecommunication

Services

Elisa

OYJ

1,608,433

67,535,971

Infrastrutture

Wireless

Italiane

SpA

¥,ž

5,277,620

37,167,688

Telia

Co.

7,276,614

35,439,674

TELUS

Corp.

6,412,072

67,823,905

207,967,238

Electric

Utilities

Enel

SpA

6,755,802

77,627,840

Origin

Energy

Ltd.

9,388,501

71,385,020

Redeia

Corp.

2,122,123

36,113,390

Terna

Rete

Elettrica

Nazionale

6,766,658

79,178,423

264,304,673

Electrical

Equipment

Schneider

Electric

257,065

84,346,205

Food

Products

Danone

563,691

46,234,172

Health

Care

Equipment

Supplies

Coloplast

A/S

Class

555,111

31,660,652

Medtronic

plc

1,413,693

110,593,203

142,253,855

Janus

Henderson

Global

Equity

Income

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Common

Stocks

(continued)

Household

Durables

Midea

Group

Co.

Ltd.

Class

4,352,900

45,963,347

Taylor

Wimpey

plc

29,115,946

31,193,906

77,157,253

Household

Products

Reckitt

Benckiser

Group

plc

1,102,347

71,878,887

Industrial

Conglomerates

Swire

Pacific

Ltd.

Class

6,227,000

65,096,070

Insurance

Allianz

(Registered)

335,465

158,770,332

AXA

1,977,069

99,092,921

Legal

General

Group

plc

31,361,765

119,120,933

Muenchener

Rueckversicherungs-Gesellschaft

Muenchen

(Registered)

194,171

108,403,490

Standard

Life

plc

7,212,247

79,746,554

565,134,230

Machinery

Daimler

Truck

Holding

1,930,963

93,131,077

Komatsu

Ltd.

2,589,400

101,360,055

194,491,132

Media

Publicis

Groupe

1,136,912

112,379,828

Metals

Mining

Freeport-McMoRan,

Inc.

758,884

47,726,215

Rio

Tinto

plc

1,207,505

114,230,560

161,956,775

Multi-Utilities

E.ON

849,895

17,536,659

Engie

586,380

18,491,072

Sempra

849,643

78,770,402

Veolia

Environnement

1,812,654

75,504,252

190,302,385

Oil,

Gas

Consumable

Fuels

plc

18,467,256

113,676,717

Shell

plc

2,134,061

82,676,934

TotalEnergies

3,342,705

259,686,677

Var

Energi

ASA

17,384,622

71,826,225

527,866,553

Personal

Care

Products

L'Oreal

416,347

182,679,449

Pharmaceuticals

GSK

plc

5,822,716

152,810,759

Merck

Co.,

Inc.

981,210

126,085,485

Pfizer,

Inc.

4,675,000

112,574,000

391,470,244

Professional

Services

Bureau

Veritas

2,514,033

77,019,361

Real

Estate

Management

Development

China

Resources

Land

Ltd.

12,465,500

47,864,621

Semiconductors

Semiconductor

Equipment

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

(ADR)

472,039

225,431,665

Tokyo

Electron

Ltd.

273,900

132,468,491

357,900,156

Specialty

Retail

Home

Depot,

Inc.

(The)

236,689

83,475,477

Janus

Henderson

Global

Equity

Income

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Common

Stocks

(continued)

Specialty

Retail

(continued)

Industria

Diseno

Textil

2,130,794

134,303,470

217,778,947

Technology

Hardware,

Storage

Peripherals

Quanta

Computer,

Inc.

20,539,000

238,657,527

Textiles,

Apparel

Luxury

Goods

Cie

Financiere

Richemont

(Registered)

842,597

195,569,118

LVMH

Moet

Hennessy

Louis

Vuitton

193,565

107,199,632

302,768,750

Tobacco

British

American

Tobacco

plc

3,160,489

194,969,765

Imperial

Brands

plc

4,031,184

149,076,982

344,046,747

Wireless

Telecommunication

Services

KDDI

Corp.

6,782,300

114,420,599

Tele2

Class

4,709,772

81,944,452

196,365,051

Total

Common

Stocks

(cost

$6,794,371,524)

7,267,643,135

Preferred

Stock

Technology

Hardware,

Storage

Peripherals

Samsung

Electronics

Co.

Ltd.

(cost

$62,007,501)

1,483,712

207,802,842

Investment

Companies

Money

Market

Funds

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6430%

£,∞

(cost

$117,530,596)

117,530,596

Total

Investments

(total

cost

6,973,909,621

)

7,592,976,573

Cash,

Receivables

and

Other

Assets,

net

Liabilities

0.9%

65,600,370

Net

Assets

100.0%

$7,658,576,943

Janus

Henderson

Global

Equity

Income

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Summary

Investments

Country

(Long

Positions)

(unaudited)

Country

Value

Investment

Securities

United

Kingdom

1,392,369,355

France

1,298,831,446

United

States

America

639,848,996

Japan

522,420,756

Taiwan

464,089,192

Germany

459,800,819

Spain

335,484,353

Switzerland

331,663,365

Netherlands

271,611,865

Finland

258,905,134

Italy

257,618,242

South

Korea

207,802,842

Ireland

195,001,558

Luxembourg

117,530,596

Sweden

117,384,126

Hong

Kong

112,960,691

Belgium

102,899,737

Denmark

96,670,162

Singapore

79,443,540

Greece

73,641,301

Norway

71,826,225

Australia

71,385,020

Canada

67,823,905

China

45,963,347

Total

$7,592,976,573

100

Schedule

Affiliated

Investments

Net

Assets)

Affiliate

Affiliated

Investments,

Value

9/30/25

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

Unrealized

Appreciatio

(Depreciation)

Affiliated

Investments,

Value

6/30/26

.............

Held

6/30/26

Dividend

Income

Investment

Companies

Money

Market

Funds

1.5%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6430%

∞

–

3,596,815,310

(

3,479,215,021

)

(

69,693

)

–

117,530,596

6,166,587

Schedule

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

Euro

7/21/26

623,066,387

(

721,000,712

)

8,432,546

Great

British

Pound

7/21/26

402,062,606

(

538,305,470

)

4,891,947

–

Total

$13,324,493

Janus

Henderson

Global

Equity

Income

Fund

Notes

Schedule

Investments

(unaudited)

June

30,

2026

ADR

American

Depositary

Receipt

CVA

Dutch

Certification

LLC

Limited

Liability

Company

plc

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

Non-income

producing

security.

The

Fund

may

invest

certain

securities

that

are

considered

affiliated

companies.

defined

the

Investment

Company

Act

1940,

amended,

affiliated

company

one

which

the

Fund

owns

the

outstanding

voting

securities,

company

which

under

common

ownership

control.

∞

Rate

shown

the

7-day

yield

June

30,

2026.

Securities

sold

under

Rule

144A

the

Securities

Act

1933,

amended,

are

subject

legal

and/or

contractual

restrictions

resale

and

may

not

publicly

sold

without

registration

under

the

1933

Act.

Unless

otherwise

noted,

these

securities

have

been

determined

liquid

accordance

with

the

requirements

Rule

22e-4,

under

the

1940

Act.

The

total

value

144A

securities

the

period

ended

June

30,

2026

$219,318,176

which

represents

2.9%

net

assets.

Security

purchased

offshore

transaction

exempt

from

registration

under

Regulation

the

Securities

Act

1933.

Janus

Henderson

Global

Equity

Income

Fund

Notes

Schedule

Investments

(unaudited)

June

30,

2026

The

following

summary

the

inputs

that

were

used

value

the

Fund

investments

securities

and

other

financial

instruments

June

30,

2026

See

Notes

Financial

Statements

for

information.

Valuation

Inputs

Summary

Level

Quoted

Prices

Level

Other

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Total

Assets

Investments

Securities:

Common

Stocks

Air

Freight

Logistics

—

81,959,261

—

81,959,261

Banks

—

1,204,081,679

—

1,204,081,679

Beverages

—

231,553,538

—

231,553,538

Building

Products

—

74,489,792

—

74,489,792

Diversified

REITs

—

195,918,737

—

195,918,737

Diversified

Telecommunication

Services

67,823,905

140,143,333

—

207,967,238

Electric

Utilities

—

264,304,673

—

264,304,673

Electrical

Equipment

—

84,346,205

—

84,346,205

Food

Products

—

46,234,172

—

46,234,172

Health

Care

Equipment

Supplies

110,593,203

31,660,652

—

142,253,855

Household

Durables

—

77,157,253

—

77,157,253

Household

Products

—

71,878,887

—

71,878,887

Industrial

Conglomerates

—

65,096,070

—

65,096,070

Insurance

—

565,134,230

—

565,134,230

Machinery

—

194,491,132

—

194,491,132

Media

—

112,379,828

—

112,379,828

Metals

Mining

47,726,215

114,230,560

—

161,956,775

Multi-Utilities

78,770,402

111,531,983

—

190,302,385

Oil,

Gas

Consumable

Fuels

—

527,866,553

—

527,866,553

Personal

Care

Products

—

182,679,449

—

182,679,449

Pharmaceuticals

238,659,485

152,810,759

—

391,470,244

Professional

Services

—

77,019,361

—

77,019,361

Real

Estate

Management

Development

—

47,864,621

—

47,864,621

Semiconductors

Semiconductor

Equipment

225,431,665

132,468,491

—

357,900,156

Specialty

Retail

83,475,477

134,303,470

—

217,778,947

Technology

Hardware,

Storage

Peripherals

—

238,657,527

—

238,657,527

Textiles,

Apparel

Luxury

Goods

—

302,768,750

—

302,768,750

Tobacco

—

344,046,747

—

344,046,747

Wireless

Telecommunication

Services

—

196,365,051

—

196,365,051

All

Other

411,720,019

—

411,720,019

Preferred

Stocks

Technology

Hardware,

Storage

Peripherals

—

207,802,842

—

207,802,842

Investment

Companies

—

117,530,596

—

117,530,596

Total

Investments

Securities

1,264,200,371

6,328,776,202

—

7,592,976,573

Other

Financial

Instruments

(a)

Forward

Foreign

Currency

Exchange

Contracts

—

13,324,493

—

13,324,493

Total

Assets

1,264,200,371

6,342,100,695

—

7,606,301,066

Janus

Henderson

Global

Life

Sciences

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Common

Stocks

Biotechnology

Molecular

Therapeutics,

Inc.

#,*

788,444

10,486,305

AbbVie,

Inc.

1,077,025

271,022,571

Abivax

(ADR)

242,510

32,316,883

Alnylam

Pharmaceuticals,

Inc.

41,334

12,442,774

Amgen,

Inc.

262,742

95,144,133

Apogee

Therapeutics,

Inc.

207,385

27,526,211

Ardelyx,

Inc.

2,174,460

11,089,746

Argenx

(ADR)

164,585

152,697,025

Ascendis

Pharma

A/S

365,445

97,471,490

Biohaven

Ltd.

1,305,802

19,430,334

Bridgebio

Pharma,

Inc.

1,590,382

118,451,651

Cogent

Biosciences,

Inc.

528,059

20,435,883

Dyne

Therapeutics,

Inc.

2,238,835

49,724,525

Gilead

Sciences,

Inc.

651,660

82,330,724

Ideaya

Biosciences,

Inc.

757,659

28,237,951

Insmed,

Inc.

315,978

33,689,574

Jade

Biosciences,

Inc.

716,799

15,927,274

Lexeo

Therapeutics,

Inc.

561,264

2,612,684

Madrigal

Pharmaceuticals,

Inc.

145,364

78,053,200

Mirum

Pharmaceuticals,

Inc.

#,*

548,565

64,220,504

Neurocrine

Biosciences,

Inc.

134,953

22,744,304

Olema

Pharmaceuticals,

Inc.

658,168

8,233,682

Oruka

Therapeutics,

Inc.

#,*

222,082

21,135,544

Parabilis

Medicines,

Inc.

313,255

8,573,789

Praxis

Precision

Medicines,

Inc.

379,352

127,003,256

Protagonist

Therapeutics,

Inc.

117,651

14,421,660

PTC

Therapeutics,

Inc.

995,577

81,209,216

Regeneron

Pharmaceuticals,

Inc.

22,132

13,800,187

Revolution

Medicines,

Inc.

910,368

170,493,719

Rhythm

Pharmaceuticals,

Inc.

158,123

17,556,397

Scholar

Rock

Holding

Corp.

#,*

325,337

17,893,535

Spyre

Therapeutics,

Inc.

328,592

29,172,398

Tango

Therapeutics,

Inc.

608,319

19,016,052

Travere

Therapeutics,

Inc.

1,413,117

80,279,177

United

Therapeutics

Corp.

114,790

62,196,666

Vaxcyte,

Inc.

942,493

54,787,118

Vertex

Pharmaceuticals,

Inc.

197,846

98,276,044

Xenon

Pharmaceuticals,

Inc.

334,074

20,164,707

2,090,268,893

Health

Care

Equipment

Supplies

Abbott

Laboratories

1,193,133

108,264,889

Becton

Dickinson

Co.

175,886

26,616,828

Boston

Scientific

Corp.

1,530,844

65,336,422

Cooper

Cos.,

Inc.

(The)

266,651

19,121,543

Dexcom,

Inc.

462,075

31,120,751

Edwards

Lifesciences

Corp.

500,885

45,310,057

Glaukos

Corp.

177,436

24,798,455

Globus

Medical,

Inc.

Class

744,421

58,816,703

Insulet

Corp.

116,227

17,695,561

Intuitive

Surgical,

Inc.

283,906

112,903,738

Lantheus

Holdings,

Inc.

508,445

56,406,888

Medline,

Inc.

Class

851,191

33,570,973

Medtronic

plc

549,586

42,994,113

Janus

Henderson

Global

Life

Sciences

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Common

Stocks

(continued)

Health

Care

Equipment

Supplies

(continued)

Penumbra,

Inc.

47,535

15,009,176

STERIS

plc

79,117

16,659,667

Stryker

Corp.

260,477

82,008,579

Teleflex,

Inc.

92,684

11,748,624

768,382,967

Health

Care

Providers

Services

Cencora,

Inc.

123,277

34,884,925

Centene

Corp.

330,456

21,211,971

CVS

Health

Corp.

1,132,543

117,161,573

Elevance

Health,

Inc.

156,583

60,555,343

HCA

Healthcare,

Inc.

188,403

73,456,446

Humana,

Inc.

44,118

17,524,552

McKesson

Corp.

73,813

55,773,103

UnitedHealth

Group,

Inc.

634,279

263,625,381

644,193,294

Health

Care

Technology

HeartFlow,

Inc.

618,055

18,133,734

Life

Sciences

Tools

Services

Danaher

Corp.

502,471

95,710,676

Illumina,

Inc.

92,732

16,305,068

Sotera

Health

Co.

1,013,738

17,993,849

Thermo

Fisher

Scientific,

Inc.

270,088

135,411,320

265,420,913

Pharmaceuticals

AstraZeneca

plc

1,219,979

228,274,798

Crinetics

Pharmaceuticals,

Inc.

377,017

14,107,976

Daiichi

Sankyo

Co.

Ltd.

966,200

15,506,913

Definium

Therapeutics,

Inc.

710,241

33,409,737

Edgewise

Therapeutics,

Inc.

677,076

27,509,598

Eli

Lilly

Co.

455,585

546,442,317

Johnson

1,621,482

411,807,784

Merck

Co.,

Inc.

847,026

108,842,841

Novartis

(ADR)

949,726

148,841,059

Roche

Holding

283,990

116,925,623

Sanofi

1,074,188

91,800,113

Structure

Therapeutics,

Inc.

(ADR)

549,353

29,483,775

Tarsus

Pharmaceuticals,

Inc.

354,297

22,299,453

Teva

Pharmaceutical

Industries

Ltd.

(ADR)

1,883,103

63,799,530

UCB

112,992

33,836,398

1,892,887,915

Total

Common

Stocks

(cost

$3,135,380,622)

5,679,287,716

Rights

0.0

Biotechnology

0.0

Alkermes

plc,

CVR

*,¢

450,200

288,128

Pharmaceuticals

0.0

Novo

Nordisk

A/S,

CVR

*,¢

569,281

370,033

Pfizer,

Inc.,

CVR

*,¢

390,971

1,915,757

2,285,790

Total

Rights

(cost

$658,160)

2,573,918

Private

Placements

Biotechnology

Asher

Biotherapeutics,

Inc.

Series

*,¢,††

1,214,301

381,108

Asher

Biotherapeutics,

Inc.

Series

*,¢,††

2,580,733

809,963

Janus

Henderson

Global

Life

Sciences

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Private

Placements

(continued)

Biotechnology

(continued)

Attralus,

Inc.

*,¢,††

669,935

415,360

Curevo,

Inc.

Series

*,¢,††

1,348,208

12,177,689

Curevo,

Inc.

Series

B-1

*,¢,††

886,774

8,009,786

Sonoma

Biotherapeutics,

Inc.

Class

*,¢,††

669,428

525,501

Sonoma

Biotherapeutics,

Inc.

Series

*,¢,††

1,255,200

985,332

Twinstrand

Biosciences,

Inc.

*,¢,††

344,314

1,380,527

24,685,266

Health

Care

Equipment

Supplies

Element

Biosciences,

Inc.

Series

*,¢,††

425,023

2,461,308

Kardium,

Inc.

*,¢,††

13,234,820

12,237,312

Magnolia

Medical

Technologies,

Inc.

*,¢,††

301,933

350,031

Magnolia

Medical

Technologies,

Inc.

Series

*,¢,††

1,821,718

2,568,621

17,617,272

Health

Care

Providers

Services

0.0

Freenome

Holdings,

Inc.

*,¢,††

680,277

2,041,533

Pharmaceuticals

Eli

Lilly

Co.

Series

*,¢,††

2,031,087

18,345,793

Total

Private

Placements

(cost

$54,208,128)

62,689,864

Private

Investment

Public

Equity

Biotechnology

Mirum

Pharmaceuticals,

Inc.

*,¢,††

(cost

$8,476,591)

123,782

14,491,159

Investment

Companies

Money

Market

Funds

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6430%

£,∞

(cost

$43,117,574)

43,117,581

43,117,574

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

Investment

Companies

0.0

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5573%

£,∞

1,982,440

Time

Deposits

Royal

Bank

Canada,

3.6300%,

7/1/26

5,039,480

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$7,021,920)

7,021,920

Total

Investments

(total

cost

3,248,862,995

)

100

5,809,182,151

Liabilities,

net

Cash,

Receivables

and

Other

Assets

0.0%

(1,695,249)

Net

Assets

100.0%

$5,807,486,902

Janus

Henderson

Global

Life

Sciences

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Summary

Investments

Country

(Long

Positions)

(unaudited)

Country

Value

Investment

Securities

United

States

America

4,708,540,452

Switzerland

265,766,682

United

Kingdom

228,274,798

Netherlands

152,697,025

France

124,116,996

Denmark

97,841,523

Israel

63,799,530

Ireland

43,282,241

Luxembourg

43,117,574

Belgium

33,836,398

Canada

32,402,019

Japan

15,506,913

Total

$5,809,182,151

100

Schedule

Affiliated

Investments

Net

Assets)

Affiliate

Affiliated

Investments,

Value

9/30/25

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

Unrealized

Appreciatio

(Depreciation)

Affiliated

Investments,

Value

6/30/26

.............

Held

6/30/26

Dividend

Income

Investment

Companies

Money

Market

Funds

0.8%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6430%

∞

30,062,294

519,040,970

(

505,984,920

)

(

770

)

–

43,117,574

43,117,581

759,727

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

0.0%

Investment

Companies

0.0%

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5573%

∞

11,307,042

59,879,948

(

69,204,550

)

–

1,982,440

21,143

Total

Affiliated

Investments

0.8%

$41,369,336

$578,920,918

$(575,189,470)

$(770)

$–

$45,100,014

45,100,021

$780,870

Janus

Henderson

Global

Life

Sciences

Fund

Notes

Schedule

Investments

(unaudited)

June

30,

2026

Acquisition

Date

Cost

Value

Net

Assets

Asher

Biotherapeutics,

Inc.

Series

8/23/21

2,438,924

381,108

Asher

Biotherapeutics,

Inc.

Series

4/3/24

2,999,999

809,963

Attralus,

Inc.

8/31/21

5,198,696

415,360

Curevo,

Inc.

Series

3/6/25-10/28/25

3,538,210

12,177,689

Curevo,

Inc.

Series

B-1

2/28/25

1,861,786

8,009,786

Element

Biosciences,

Inc.

Series

6/21/21

8,737,070

2,461,308

Eli

Lilly

Co.

Series

11/10/22

5,330,344

18,345,793

Freenome

Holdings,

Inc.

8/14/20

2,231,817

1,011,410

Freenome

Holdings,

Inc.

11/22/21

2,585,523

1,030,123

Kardium,

Inc.

6/6/25

8,566,105

12,237,312

Magnolia

Medical

Technologies,

Inc.

2/26/25

411,790

350,031

Magnolia

Medical

Technologies,

Inc.

Series

1/10/22

3,092,693

2,568,621

Sonoma

Biotherapeutics,

Inc.

Class

7/23/21-12/14/22

1,984,518

525,501

Sonoma

Biotherapeutics,

Inc.

Series

7/23/21-12/14/22

2,480,652

985,332

Twinstrand

Biosciences,

Inc.

4/30/21

2,750,001

1,380,527

Total

54,208,128

62,689,864

ADR

American

Depositary

Receipt

CVR

Contingent

Value

Rights

LLC

Limited

Liability

Company

plc

Public

Limited

Company

Non-income

producing

security.

Security

valued

using

significant

unobservable

inputs.

The

total

value

Level

securities

the

period

ended

June

30,

2026

$79,754,941,

which

represents

1.4%

net

assets.

Loaned

security;

portion

the

security

loan

June

30,

2026.

June

30,

2026,

securities

lending

transactions

accounted

for

secured

borrowings

with

overnight

and

continuous

contractual

maturity

are

$6,786,266.

Gross

amounts

recognized

liabilities

for

securities

lending

(collateral

received)

$7,021,920,

resulting

the

net

amount

due

the

counterparty

$235,654.

The

Fund

may

invest

certain

securities

that

are

considered

affiliated

companies.

defined

the

Investment

Company

Act

1940,

amended,

affiliated

company

one

which

the

Fund

owns

the

outstanding

voting

securities,

company

which

under

common

ownership

control.

∞

Rate

shown

the

7-day

yield

June

30,

2026.

Net

income

paid

the

securities

lending

agent

and

rebates

paid

the

borrowing

counterparties.

††

Schedule

Restricted

Securities

(as

June

30,

2026)

The

Fund

has

registration

rights

for

certain

restricted

securities

held

June

30,

2026.

The

issuer

incurs

all

registration

costs.

Janus

Henderson

Global

Real

Estate

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Common

Stocks

Diversified

REITs

CapitaLand

Integrated

Commercial

Trust

3,465,150

6,370,799

Merlin

Properties

Socimi

205,000

3,595,490

Stockland

470,440

1,333,212

United

Urban

Investment

Corp.

3,047

3,043,387

14,342,888

Health

Care

REITs

Aedifica

36,000

2,905,091

Janus

Living,

Inc.

Class

257,274

7,394,055

Omega

Healthcare

Investors,

Inc.

141,088

6,727,076

Ventas,

Inc.

144,406

12,823,253

Welltower,

Inc.

128,825

29,239,410

59,088,885

Hotels,

Restaurants

Leisure

Accor

24,000

1,395,439

Hilton

Worldwide

Holdings,

Inc.

18,556

6,132,016

Wyndham

Hotels

Resorts,

Inc.

53,328

4,490,751

12,018,206

Household

Durables

Horton,

Inc.

23,063

3,756,502

Industrial

REITs

Goodman

Group

502,694

10,899,931

Prologis,

Inc.

175,911

23,830,663

Segro

plc

260,000

3,021,743

Terreno

Realty

Corp.

108,190

7,007,466

Tritax

Big

Box

REIT

plc

1,600,000

3,427,865

48,187,668

Services

GDS

Holdings

Ltd.

Class

884,100

3,258,280

Office

REITs

Helical

plc

550,000

1,405,049

Highwoods

Properties,

Inc.

127,035

3,831,376

Japan

Real

Estate

Investment

Corp.

3,836

2,739,728

7,976,153

Real

Estate

Management

Development

Aldar

Properties

PJSC

1,550,000

3,511,777

CapitaLand

Investment

Ltd.

1,487,700

2,872,991

Catena

50,000

2,147,560

CBRE

Group,

Inc.

Class

49,131

6,617,454

China

Resources

Land

Ltd.

1,775,000

6,815,587

CTP

¥,ž

131,345

2,397,926

Fastighets

Balder

Class

376,000

2,006,576

Hongkong

Land

Holdings

Ltd.

641,300

4,588,877

Mitsubishi

Estate

Co.

Ltd.

303,951

7,736,859

Mitsui

Fudosan

Co.

Ltd.

418,800

3,858,723

PSP

Swiss

Property

13,500

2,407,565

Sumitomo

Realty

Development

Co.

Ltd.

107,900

2,482,665

Sun

Hung

Kai

Properties

Ltd.

197,500

2,846,343

TAG

Immobilien

106,619

1,719,427

VGP

23,072

2,222,553

Vonovia

68,000

1,677,995

55,910,878

Residential

REITs

Centurion

Accommodation

Reit

3,468,452

2,850,365

Janus

Henderson

Global

Real

Estate

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Common

Stocks

(continued)

Residential

REITs

(continued)

Comforia

Residential

REIT,

Inc.

3,515

2,230,949

Equity

LifeStyle

Properties,

Inc.

85,305

5,497,907

Mid-America

Apartment

Communities,

Inc.

53,154

7,385,217

17,964,438

Retail

REITs

Agree

Realty

Corp.

78,642

5,956,345

Curbline

Properties

Corp.

230,767

7,015,317

Japan

Metropolitan

Fund

Invest

4,754

3,284,907

Link

REIT

980,900

4,576,141

NETSTREIT

Corp.

289,753

6,122,481

Scentre

Group

2,195,487

5,881,692

Simon

Property

Group,

Inc.

71,118

15,905,541

Tanger,

Inc.

129,289

5,103,037

Unibail-Rodamco-Westfield

53,000

6,199,751

60,045,212

Specialized

REITs

Digital

Realty

Trust,

Inc.

83,300

14,959,014

Equinix,

Inc.

18,793

19,589,635

Lamar

Advertising

Co.

Class

43,378

6,766,100

Public

Storage

39,312

12,513,403

Safestore

Holdings

plc

208,000

1,692,885

55,521,037

Total

Common

Stocks

(cost

$288,706,726)

338,070,147

Investment

Companies

Money

Market

Funds

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6430%

£,∞

(cost

$7,437,402)

7,437,404

7,437,402

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

Investment

Companies

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5573%

£,∞

3,150,526

Time

Deposits

Royal

Bank

Canada,

3.6300%,

7/1/26

787,631

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$3,938,157)

3,938,157

Total

Investments

(total

cost

300,082,285

)

101

349,445,706

Liabilities,

net

Cash,

Receivables

and

Other

Assets

(1.5%)

(5,112,301)

Net

Assets

100.0%

$344,333,405

Janus

Henderson

Global

Real

Estate

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Summary

Investments

Country

(Long

Positions)

(unaudited)

Country

Value

Investment

Securities

United

States

America

222,602,176

Japan

25,377,218

Hong

Kong

18,826,948

Australia

18,114,835

Singapore

12,094,155

United

Kingdom

9,547,542

France

7,595,190

Luxembourg

7,437,402

Belgium

5,127,644

Sweden

4,154,136

Spain

3,595,490

United

Arab

Emirates

3,511,777

Germany

3,397,422

China

3,258,280

Switzerland

2,407,565

Netherlands

2,397,926

Total

$349,445,706

100

Schedule

Affiliated

Investments

Net

Assets)

Affiliate

Affiliated

Investments,

Value

9/30/25

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

Unrealized

Appreciatio

(Depreciation)

Affiliated

Investments,

Value

6/30/26

.............

Held

6/30/26

Dividend

Income

Investment

Companies

Money

Market

Funds

2.2%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6430%

∞

3,987,688

88,251,044

(

84,799,965

)

(

1,365

)

–

7,437,402

7,437,404

158,442

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

0.9%

Investment

Companies

0.9%

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5573%

∞

2,232,153

33,604,122

(

32,685,749

)

–

3,150,526

181,532

Total

Affiliated

Investments

3.1%

$6,219,841

$121,855,166

$(117,485,714)

$(1,365)

$–

$10,587,928

10,587,930

$339,974

Janus

Henderson

Global

Real

Estate

Fund

Notes

Schedule

Investments

(unaudited)

June

30,

2026

LLC

Limited

Liability

Company

PJSC

Public

Joint

Stock

Company

plc

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

Non-income

producing

security.

Loaned

security;

portion

the

security

loan

June

30,

2026.

June

30,

2026,

securities

lending

transactions

accounted

for

secured

borrowings

with

overnight

and

continuous

contractual

maturity

are

$3,782,608.

Gross

amounts

recognized

liabilities

for

securities

lending

(collateral

received)

$3,938,157,

resulting

the

net

amount

due

the

counterparty

$155,549.

The

Fund

may

invest

certain

securities

that

are

considered

affiliated

companies.

defined

the

Investment

Company

Act

1940,

amended,

affiliated

company

one

which

the

Fund

owns

the

outstanding

voting

securities,

company

which

under

common

ownership

control.

∞

Rate

shown

the

7-day

yield

June

30,

2026.

Net

income

paid

the

securities

lending

agent

and

rebates

paid

the

borrowing

counterparties.

Securities

sold

under

Rule

144A

the

Securities

Act

1933,

amended,

are

subject

legal

and/or

contractual

restrictions

resale

and

may

not

publicly

sold

without

registration

under

the

1933

Act.

Unless

otherwise

noted,

these

securities

have

been

determined

liquid

accordance

with

the

requirements

Rule

22e-4,

under

the

1940

Act.

The

total

value

144A

securities

the

period

ended

June

30,

2026

$2,397,926

which

represents

0.7%

net

assets.

Security

purchased

offshore

transaction

exempt

from

registration

under

Regulation

the

Securities

Act

1933.

Janus

Henderson

Global

Real

Estate

Fund

Notes

Schedule

Investments

(unaudited)

June

30,

2026

The

following

summary

the

inputs

that

were

used

value

the

Fund

investments

securities

and

other

financial

instruments

June

30,

2026

See

Notes

Financial

Statements

for

information.

Valuation

Inputs

Summary

Level

Quoted

Prices

Level

Other

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Total

Assets

Investments

Securities:

Common

Stocks

Diversified

REITs

—

14,342,888

—

14,342,888

Health

Care

REITs

56,183,794

2,905,091

—

59,088,885

Hotels,

Restaurants

Leisure

10,622,767

1,395,439

—

12,018,206

Industrial

REITs

30,838,129

17,349,539

—

48,187,668

Services

—

3,258,280

—

3,258,280

Office

REITs

3,831,376

4,144,777

—

7,976,153

Real

Estate

Management

Development

6,617,454

49,293,424

—

55,910,878

Residential

REITs

12,883,124

5,081,314

—

17,964,438

Retail

REITs

40,102,721

19,942,491

—

60,045,212

Specialized

REITs

53,828,152

1,692,885

—

55,521,037

All

Other

3,756,502

—

3,756,502

Investment

Companies

—

7,437,402

—

7,437,402

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

3,938,157

—

3,938,157

Total

Assets

218,664,019

130,781,687

—

349,445,706

Janus

Henderson

Global

Research

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Common

Stocks

Aerospace

Defense

BAE

Systems

plc

1,546,756

37,847,150

Boeing

Co.

(The)

176,908

38,295,275

General

Electric

Co.

137,675

51,453,278

Howmet

Aerospace,

Inc.

156,848

42,170,153

169,765,856

Banks

Banco

Bilbao

Vizcaya

Argentaria

2,487,389

62,404,208

BNP

Paribas

260,152

30,408,465

Erste

Group

Bank

456,270

61,133,302

JPMorgan

Chase

Co.

300,343

98,311,274

NatWest

Group

plc

3,142,065

27,699,312

Piraeus

Bank

1,826,537

19,033,122

Resona

Holdings,

Inc.

1,462,900

19,082,220

UniCredit

SpA

688,732

61,624,364

379,696,267

Beverages

Constellation

Brands,

Inc.

Class

236,559

32,902,991

Monster

Beverage

Corp.

417,075

40,089,249

Pernod

Ricard

84,489

6,169,920

79,162,160

Biotechnology

AbbVie,

Inc.

216,884

54,576,690

Argenx

(ADR)

26,961

25,013,607

Ascendis

Pharma

A/S

35,043

9,346,669

Bridgebio

Pharma,

Inc.

64,944

4,837,029

Gilead

Sciences,

Inc.

145,275

18,354,044

Mirum

Pharmaceuticals,

Inc.

49,306

5,772,253

Revolution

Medicines,

Inc.

76,582

14,342,277

United

Therapeutics

Corp.

11,984

6,493,291

Vaxcyte,

Inc.

153,187

8,904,760

Vertex

Pharmaceuticals,

Inc.

38,186

18,968,132

166,608,752

Broadline

Retail

Amazon.com,

Inc.

579,296

138,069,409

MercadoLibre,

Inc.

14,165

24,043,529

162,112,938

Building

Products

Trane

Technologies

plc

79,119

38,860,088

Capital

Markets

Ares

Management

Corp.

Class

286,279

31,865,716

Bank

New

York

Mellon

Corp.

(The)

210,853

30,491,452

Blackstone,

Inc.

204,921

24,113,054

LPL

Financial

Holdings,

Inc.

101,256

28,521,790

Morgan

Stanley

135,569

28,339,344

James's

Place

plc

864,120

13,898,975

157,230,331

Chemicals

Nippon

Sanso

Holdings

Corp.

834,500

30,792,341

Commercial

Services

Supplies

Global,

Inc.

280,339

32,639,992

Communications

Equipment

Arista

Networks,

Inc.

147,718

25,094,334

Janus

Henderson

Global

Research

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Common

Stocks

(continued)

Communications

Equipment

(continued)

Lumentum

Holdings,

Inc.

29,310

25,149,738

50,244,072

Consumer

Finance

Capital

One

Financial

Corp.

224,070

44,952,923

OneMain

Holdings,

Inc.

239,046

14,574,635

59,527,558

Diversified

Telecommunication

Services

Space

Exploration

Technologies

Corp.

Class

#,*

430,909

73,625,112

Electric

Utilities

Xcel

Energy,

Inc.

358,498

28,787,389

Electrical

Equipment

Eaton

Corp.

plc

82,219

35,035,160

Vernova,

Inc.

51,536

60,547,585

Nexans

177,349

29,467,809

Rosebank

Industries

plc

4,483,291

19,695,893

144,746,447

Electronic

Equipment,

Instruments

Components

Amphenol

Corp.

Class

105,677

18,632,969

Entertainment

Liberty

Media

Corp.-Liberty

Formula

One

Class

391,982

37,293,167

Netflix,

Inc.

364,575

26,030,655

Spotify

Technology

51,417

23,607,087

Walt

Disney

Co.

(The)

291,070

28,015,488

114,946,397

Financial

Services

Apollo

Global

Management,

Inc.

162,756

19,255,662

Mastercard,

Inc.

Class

113,620

58,355,232

Visa,

Inc.

Class

174,475

59,860,628

137,471,522

Ground

Transportation

Canadian

Pacific

Kansas

City

Ltd.

388,899

33,720,486

Health

Care

Equipment

Supplies

Boston

Scientific

Corp.

313,503

13,380,308

Globus

Medical,

Inc.

Class

121,600

9,607,616

Intuitive

Surgical,

Inc.

39,004

15,511,111

38,499,035

Hotels,

Restaurants

Leisure

Booking

Holdings,

Inc.

129,586

23,097,409

DoorDash,

Inc.

Class

93,089

17,177,713

Hilton

Worldwide

Holdings,

Inc.

75,647

24,998,308

McDonald's

Corp.

137,588

37,191,412

Royal

Caribbean

Cruises

Ltd.

38,897

12,350,964

Wingstop,

Inc.

13,231

2,294,388

117,110,194

Household

Durables

Lennar

Corp.

Class

156,997

14,206,659

Independent

Power

and

Renewable

Electricity

Producers

RWE

343,361

22,247,735

Vistra

Corp.

312,237

49,530,155

71,777,890

Industrial

Conglomerates

Co.

286,961

46,461,856

Janus

Henderson

Global

Research

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Common

Stocks

(continued)

Insurance

Arthur

Gallagher

Co.

156,228

35,865,262

Beazley

plc

642,441

10,969,661

Progressive

Corp.

(The)

195,957

42,806,807

89,641,730

Interactive

Media

Services

Alphabet,

Inc.

Class

643,772

227,463,961

Meta

Platforms,

Inc.

Class

100,597

56,665,284

284,129,245

Services

Snowflake,

Inc.

Class

140,002

35,630,509

Life

Sciences

Tools

Services

Danaher

Corp.

155,545

29,628,212

Machinery

Atlas

Copco

Class

1,716,135

34,843,583

ATS

Corp.

708,510

20,424,433

Deere

Co.

58,591

37,166,029

92,434,045

Metals

Mining

Teck

Resources

Ltd.

Class

679,925

40,500,151

Vale

2,228,583

33,626,280

74,126,431

Oil,

Gas

Consumable

Fuels

Canadian

Natural

Resources

Ltd.

700,462

27,720,138

Cheniere

Energy,

Inc.

57,308

13,697,185

Chevron

Corp.

153,407

25,428,744

ConocoPhillips

176,449

18,343,638

EOG

Resources,

Inc.

122,512

15,893,482

Suncor

Energy,

Inc.

443,786

23,877,633

Energy

Corp.

606,233

40,150,486

TotalEnergies

269,810

20,960,887

186,072,193

Passenger

Airlines

Ryanair

Holdings

plc

717,942

22,479,060

Personal

Care

Products

Unilever

plc

668,786

40,242,472

Pharmaceuticals

AstraZeneca

plc

183,951

34,419,754

Eli

Lilly

Co.

46,160

55,365,689

Johnson

264,654

67,214,176

Merck

Co.,

Inc.

238,781

30,683,359

187,682,978

Semiconductors

Semiconductor

Equipment

Advanced

Micro

Devices,

Inc.

132,109

76,743,439

Analog

Devices,

Inc.

62,561

24,847,352

Applied

Materials,

Inc.

58,520

42,309,960

ASML

Holding

43,497

86,272,623

Broadcom,

Inc.

314,490

118,798,598

Lam

Research

Corp.

240,343

104,147,832

Micron

Technology,

Inc.

111,022

128,151,585

NVIDIA

Corp.

1,424,117

284,951,571

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

708,000

54,367,214

920,590,174

Janus

Henderson

Global

Research

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Common

Stocks

(continued)

Software

Cadence

Design

Systems,

Inc.

57,042

21,409,004

Datadog,

Inc.

Class

145,195

37,802,970

Microsoft

Corp.

452,361

168,739,700

Oracle

Corp.

110,766

16,232,757

SAP

106,182

16,262,421

260,446,852

Specialty

Retail

O'Reilly

Automotive,

Inc.

355,622

32,749,230

TJX

Cos.,

Inc.

(The)

323,394

48,994,191

81,743,421

Technology

Hardware,

Storage

Peripherals

Apple,

Inc.

311,353

90,093,104

Seagate

Technology

Holdings

plc

57,498

55,485,570

145,578,674

Textiles,

Apparel

Luxury

Goods

Gildan

Activewear,

Inc.

Class

207,439

10,703,853

LVMH

Moet

Hennessy

Louis

Vuitton

37,762

20,913,246

Moncler

SpA

129,994

7,543,094

39,160,193

Trading

Companies

Distributors

Ferguson

Enterprises,

Inc.

126,829

30,261,521

Wireless

Telecommunication

Services

T-Mobile

US,

Inc.

90,360

15,156,083

Total

Common

Stocks

(cost

$2,412,069,155)

4,701,630,104

Investment

Companies

Money

Market

Funds

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6430%

£,∞

(cost

$6,017,363)

6,017,363

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

Investment

Companies

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5573%

£,∞

38,975,508

Time

Deposits

Royal

Bank

Canada,

3.6300%,

7/1/26

9,743,877

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$48,719,385)

48,719,385

Total

Investments

(total

cost

2,466,805,903

)

101

4,756,366,852

Liabilities,

net

Cash,

Receivables

and

Other

Assets

(1.0%)

(48,605,151)

Net

Assets

100.0%

$4,707,761,701

Summary

Investments

Country

(Long

Positions)

(unaudited)

Country

Value

Investment

Securities

United

States

America

3,572,941,058

Canada

197,097,180

United

Kingdom

165,077,324

Netherlands

111,286,230

France

107,920,327

Ireland

96,374,308

Italy

69,167,458

Spain

62,404,208

Austria

61,133,302

Janus

Henderson

Global

Research

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Summary

Investments

Country

(Long

Positions)

(unaudited)

(continued)

Country

Value

Investment

Securities

Sweden

58,450,670

Taiwan

54,367,214

Japan

49,874,561

Germany

38,510,156

Brazil

33,626,280

Uruguay

24,043,529

Jersey

19,695,893

Greece

19,033,122

Denmark

9,346,669

Luxembourg

6,017,363

Total

$4,756,366,852

100

Schedule

Affiliated

Investments

Net

Assets)

Affiliate

Affiliated

Investments,

Value

9/30/25

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

Unrealized

Appreciatio

(Depreciation)

Affiliated

Investments,

Value

6/30/26

.............

Held

6/30/26

Dividend

Income

Investment

Companies

Money

Market

Funds

0.1%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6430%

∞

–

235,722,609

(

229,697,611

)

(

7,635

)

–

6,017,363

122,255

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

0.9%

Investment

Companies

0.9%

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5573%

∞

19,410,600

255,977,685

(

236,412,777

)

–

38,975,508

50,631

Total

Affiliated

Investments

1.0%

$19,410,600

$491,700,294

$(466,110,388)

$(7,635)

$–

$44,992,871

44,992,871

$172,886

Janus

Henderson

Global

Research

Fund

Notes

Schedule

Investments

(unaudited)

June

30,

2026

ADR

American

Depositary

Receipt

LLC

Limited

Liability

Company

plc

Public

Limited

Company

Non-income

producing

security.

Loaned

security;

portion

the

security

loan

June

30,

2026.

June

30,

2026,

securities

lending

transactions

accounted

for

secured

borrowings

with

overnight

and

continuous

contractual

maturity

are

$49,696,681.

Gross

amounts

recognized

liabilities

for

securities

lending

(collateral

received)

$48,719,385,

resulting

the

net

amount

due

the

counterparty

$(977,296).

The

Fund

may

invest

certain

securities

that

are

considered

affiliated

companies.

defined

the

Investment

Company

Act

1940,

amended,

affiliated

company

one

which

the

Fund

owns

the

outstanding

voting

securities,

company

which

under

common

ownership

control.

∞

Rate

shown

the

7-day

yield

June

30,

2026.

Net

income

paid

the

securities

lending

agent

and

rebates

paid

the

borrowing

counterparties.

Janus

Henderson

Global

Research

Fund

Notes

Schedule

Investments

(unaudited)

June

30,

2026

The

following

summary

the

inputs

that

were

used

value

the

Fund

investments

securities

and

other

financial

instruments

June

30,

2026

See

Notes

Financial

Statements

for

information.

Valuation

Inputs

Summary

Level

Quoted

Prices

Level

Other

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Total

Assets

Investments

Securities:

Common

Stocks

Aerospace

Defense

131,918,706

37,847,150

—

169,765,856

Banks

98,311,274

281,384,993

—

379,696,267

Beverages

72,992,240

6,169,920

—

79,162,160

Capital

Markets

143,331,356

13,898,975

—

157,230,331

Chemicals

—

30,792,341

—

30,792,341

Electrical

Equipment

95,582,745

49,163,702

—

144,746,447

Independent

Power

and

Renewable

Electricity

Producers

49,530,155

22,247,735

—

71,777,890

Insurance

78,672,069

10,969,661

—

89,641,730

Machinery

57,590,462

34,843,583

—

92,434,045

Oil,

Gas

Consumable

Fuels

165,111,306

20,960,887

—

186,072,193

Passenger

Airlines

—

22,479,060

—

22,479,060

Personal

Care

Products

—

40,242,472

—

40,242,472

Pharmaceuticals

153,263,224

34,419,754

—

187,682,978

Semiconductors

Semiconductor

Equipment

779,950,337

140,639,837

—

920,590,174

Software

244,184,431

16,262,421

—

260,446,852

Textiles,

Apparel

Luxury

Goods

10,703,853

28,456,340

—

39,160,193

Trading

Companies

Distributors

—

30,261,521

—

30,261,521

All

Other

1,799,447,594

—

1,799,447,594

Investment

Companies

—

6,017,363

—

6,017,363

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

48,719,385

—

48,719,385

Total

Assets

3,880,589,752

875,777,100

—

4,756,366,852

Janus

Henderson

Global

Select

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Common

Stocks

Aerospace

Defense

BAE

Systems

plc

3,285,467

80,391,195

Banks

Banco

Bilbao

Vizcaya

Argentaria

4,769,753

119,664,700

Erste

Group

Bank

913,147

122,347,933

Japan

Post

Bank

Co.

Ltd.

2,755,300

52,491,119

Resona

Holdings,

Inc.

2,033,600

26,526,490

321,030,242

Beverages

Monster

Beverage

Corp.

407,411

39,160,345

Biotechnology

Argenx

(ADR)

50,902

47,225,348

Ascendis

Pharma

A/S

130,455

34,794,958

Bridgebio

Pharma,

Inc.

417,291

31,079,834

Vaxcyte,

Inc.

487,404

28,332,794

141,432,934

Broadline

Retail

Amazon.com,

Inc.

610,283

145,454,850

Capital

Markets

James's

Place

plc

6,933,225

111,517,756

Commercial

Services

Supplies

Rentokil

Initial

plc

4,220,794

23,900,453

Electrical

Equipment

Contemporary

Amperex

Technology

Co.

Ltd.

Class

1,053,588

61,259,139

Eaton

Corp.

plc

103,814

44,237,222

Vernova,

Inc.

69,896

82,118,015

187,614,376

Entertainment

Netflix,

Inc.

422,997

30,201,986

Spotify

Technology

119,190

54,723,705

84,925,691

Health

Care

Equipment

Supplies

Boston

Scientific

Corp.

421,580

17,993,034

Glaukos

Corp.

322,834

45,119,280

63,112,314

Household

Durables

Lennar

Corp.

Class

680,524

61,580,617

Independent

Power

and

Renewable

Electricity

Producers

Vistra

Corp.

266,800

42,322,484

Insurance

AIA

Group

Ltd.

3,032,600

27,815,738

Arthur

Gallagher

Co.

287,028

65,893,018

Daiichi

Life

Group,

Inc.

4,537,500

49,737,667

Progressive

Corp.

(The)

348,966

76,231,623

219,678,046

Interactive

Media

Services

Alphabet,

Inc.

Class

467,525

167,079,409

Tencent

Holdings

Ltd.

637,300

35,122,224

202,201,633

Machinery

Deere

Co.

41,847

26,544,807

Hyundai

Rotem

Co.

Ltd.

237,109

26,490,131

53,034,938

Janus

Henderson

Global

Select

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Common

Stocks

(continued)

Metals

Mining

Freeport-McMoRan,

Inc.

824,339

51,842,680

Teck

Resources

Ltd.

Class

503,158

29,970,916

81,813,596

Oil,

Gas

Consumable

Fuels

ConocoPhillips

833,971

86,699,625

Pharmaceuticals

AstraZeneca

plc

250,428

46,858,512

Eli

Lilly

Co.

35,793

42,931,198

Teva

Pharmaceutical

Industries

Ltd.

(ADR)

330,400

11,193,952

100,983,662

Semiconductors

Semiconductor

Equipment

ASML

Holding

92,446

183,358,828

Broadcom,

Inc.

194,046

73,300,876

NVIDIA

Corp.

1,037,351

207,563,561

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

2,499,000

191,897,837

Tower

Semiconductor

Ltd.

132,915

34,642,966

690,764,068

Software

Microsoft

Corp.

197,324

73,605,799

Specialty

Retail

TJX

Cos.,

Inc.

(The)

342,865

51,944,048

Technology

Hardware,

Storage

Peripherals

Samsung

Electronics

Co.

Ltd.

507,233

110,918,417

Seagate

Technology

Holdings

plc

69,643

67,205,495

178,123,912

Textiles,

Apparel

Luxury

Goods

LVMH

Moet

Hennessy

Louis

Vuitton

45,477

25,185,946

Trading

Companies

Distributors

Ferguson

Enterprises,

Inc.

413,270

98,081,369

Wireless

Telecommunication

Services

T-Mobile

US,

Inc.

132,697

22,257,268

Total

Common

Stocks

(cost

$2,214,958,929)

3,186,817,167

Private

Placements

Communications

Equipment

Cesiumastro,

Inc.

Series

*,¢,††

127,315

7,207,162

Cesiumastro,

Inc.

Series

*,¢,††

145,503

10,295,952

Independent

Power

and

Renewable

Electricity

Producers

Form

Energy,

Inc.

*,¢,††

928,816

9,394,509

Form

Energy,

Inc.

Series

*,¢,††

2,786,451

28,183,559

Software

0.0

Magic

Leap,

Inc.

Class

*,¢,††

19,041

–

Total

Private

Placements

(cost

$54,950,508)

55,081,182

Investment

Companies

Money

Market

Funds

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6430%

£,∞

(cost

$33,060,814)

33,060,835

33,060,814

Total

Investments

(total

cost

2,302,970,251

)

3,274,959,163

Cash,

Receivables

and

Other

Assets,

net

Liabilities

0.1%

3,913,075

Net

Assets

100.0%

$3,278,872,238

Janus

Henderson

Global

Select

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Summary

Investments

Country

(Long

Positions)

(unaudited)

Country

Value

Investment

Securities

United

States

America

1,689,625,197

United

Kingdom

262,667,916

Netherlands

230,584,176

Taiwan

191,897,837

South

Korea

137,408,548

Japan

128,755,276

Austria

122,347,933

Spain

119,664,700

China

96,381,363

Sweden

54,723,705

Israel

45,836,918

Ireland

44,237,222

Denmark

34,794,958

Luxembourg

33,060,814

Canada

29,970,916

Hong

Kong

27,815,738

France

25,185,946

Total

$3,274,959,163

100

Schedule

Affiliated

Investments

Net

Assets)

Affiliate

Affiliated

Investments,

Value

9/30/25

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

Unrealized

Appreciatio

(Depreciation)

Affiliated

Investments,

Value

6/30/26

.............

Held

6/30/26

Dividend

Income

Investment

Companies

Money

Market

Funds

1.0%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6430%

∞

42,218,438

444,796,275

(

453,946,664

)

(

7,235

)

–

33,060,814

33,060,835

1,114,565

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

N/A

Investment

Companies

N/A

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5573%

∞

–

204,128,051

(

204,128,051

)

–

84,006

Total

Affiliated

Investments

1.0%

$42,218,438

$648,924,326

$(658,074,715)

$(7,235)

$–

$33,060,814

33,060,835

$1,198,571

Janus

Henderson

Global

Select

Fund

Notes

Schedule

Investments

(unaudited)

June

30,

2026

Acquisition

Date

Cost

Value

Net

Assets

Cesiumastro,

Inc.

Series

6/30/26

7,207,162

Cesiumastro,

Inc.

Series

6/30/26

10,295,952

Form

Energy,

Inc.

5/4/26

9,288

9,394,509

Form

Energy,

Inc.

Series

5/4/26

28,183,559

Magic

Leap,

Inc.

Class

10/5/17

9,254,547

Total

54,950,508

55,081,182

ADR

American

Depositary

Receipt

LLC

Limited

Liability

Company

plc

Public

Limited

Company

Non-income

producing

security.

Security

valued

using

significant

unobservable

inputs.

The

total

value

Level

securities

the

period

ended

June

30,

2026

$55,081,182,

which

represents

1.7%

net

assets.

The

Fund

may

invest

certain

securities

that

are

considered

affiliated

companies.

defined

the

Investment

Company

Act

1940,

amended,

affiliated

company

one

which

the

Fund

owns

the

outstanding

voting

securities,

company

which

under

common

ownership

control.

∞

Rate

shown

the

7-day

yield

June

30,

2026.

Net

income

paid

the

securities

lending

agent

and

rebates

paid

the

borrowing

counterparties.

††

Schedule

Restricted

Securities

(as

June

30,

2026)

The

Fund

has

registration

rights

for

certain

restricted

securities

held

June

30,

2026.

The

issuer

incurs

all

registration

costs.

Janus

Henderson

Global

Select

Fund

Notes

Schedule

Investments

(unaudited)

June

30,

2026

The

following

summary

the

inputs

that

were

used

value

the

Fund

investments

securities

and

other

financial

instruments

June

30,

2026

See

Notes

Financial

Statements

for

information.

Valuation

Inputs

Summary

Level

Quoted

Prices

Level

Other

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Total

Assets

Investments

Securities:

Common

Stocks

Aerospace

Defense

—

80,391,195

—

80,391,195

Banks

—

321,030,242

—

321,030,242

Capital

Markets

—

111,517,756

—

111,517,756

Commercial

Services

Supplies

—

23,900,453

—

23,900,453

Electrical

Equipment

126,355,237

61,259,139

—

187,614,376

Insurance

142,124,641

77,553,405

—

219,678,046

Interactive

Media

Services

167,079,409

35,122,224

—

202,201,633

Machinery

26,544,807

26,490,131

—

53,034,938

Pharmaceuticals

54,125,150

46,858,512

—

100,983,662

Semiconductors

Semiconductor

Equipment

315,507,403

375,256,665

—

690,764,068

Technology

Hardware,

Storage

Peripherals

67,205,495

110,918,417

—

178,123,912

Textiles,

Apparel

Luxury

Goods

—

25,185,946

—

25,185,946

All

Other

992,390,940

—

992,390,940

Investment

Companies

—

33,060,814

—

33,060,814

Private

Placements

—

55,081,182

Total

Assets

1,891,333,082

1,328,544,899

55,081,182

3,274,959,163

Janus

Henderson

Global

Sustainable

Equity

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Common

Stocks

Automobile

Components

Aptiv

plc

28,693

1,761,176

Banks

Banco

Bilbao

Vizcaya

Argentaria

99,985

2,508,448

Erste

Group

Bank

16,519

2,213,297

4,721,745

Biotechnology

Argenx

(ADR)

3,698

3,430,894

Vertex

Pharmaceuticals,

Inc.

2,070

1,028,231

4,459,125

Broadline

Retail

MercadoLibre,

Inc.

1,480

2,512,137

Building

Products

Advanced

Drainage

Systems,

Inc.

5,297

831,417

Cie

Saint-Gobain

17,162

1,553,898

Trane

Technologies

plc

2,123

1,042,733

3,428,048

Capital

Markets

Intercontinental

Exchange,

Inc.

11,287

1,389,542

S&P

Global,

Inc.

3,753

1,528,447

2,917,989

Commercial

Services

Supplies

Waste

Management,

Inc.

3,206

714,553

Construction

Engineering

API

Group

Corp.

33,339

1,411,907

Stantec,

Inc.

13,661

942,330

2,354,237

Electrical

Equipment

Contemporary

Amperex

Technology

Co.

Ltd.

Class

26,200

2,358,301

Forgent

Power

Solutions,

Inc.

Class

12,761

712,830

Hubbell,

Inc.

Class

1,711

895,195

Legrand

3,272

552,335

Nextpower,

Inc.

Class

12,646

1,506,644

Prysmian

SpA

4,249

713,830

Schneider

Electric

8,394

2,754,175

9,493,310

Electronic

Equipment,

Instruments

Components

Keyence

Corp.

3,500

1,763,557

Keysight

Technologies,

Inc.

5,769

2,019,554

Connectivity

plc

10,005

2,017,108

5,800,219

Entertainment

Nintendo

Co.

Ltd.

13,400

562,779

Spotify

Technology

7,672

3,522,445

4,085,224

Financial

Services

Mastercard,

Inc.

Class

4,163

2,138,117

Ground

Transportation

Uber

Technologies,

Inc.

38,464

2,775,562

Health

Care

Providers

Services

Cardinal

Health,

Inc.

11,279

2,679,439

McKesson

Corp.

3,970

2,999,732

5,679,171

Janus

Henderson

Global

Sustainable

Equity

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Common

Stocks

(continued)

Hotels,

Restaurants

Leisure

Hilton

Worldwide

Holdings,

Inc.

4,753

1,570,677

Industrial

Conglomerates

Hitachi

Ltd.

31,400

872,672

Insurance

AIA

Group

Ltd.

189,800

1,740,892

Arthur

Gallagher

Co.

12,560

2,883,399

Intact

Financial

Corp.

10,163

2,097,745

Progressive

Corp.

(The)

9,798

2,140,373

Tokio

Marine

Holdings,

Inc.

50,000

2,214,236

11,076,645

Machinery

Sandvik

63,373

2,616,609

Westinghouse

Air

Brake

Technologies

Corp.

4,461

1,202,686

3,819,295

Pharmaceuticals

Eli

Lilly

Co.

2,047

2,455,233

Professional

Services

BayCurrent,

Inc.

29,300

1,091,718

Experian

plc

41,627

1,400,082

Jacobs

Solutions,

Inc.

8,770

1,105,020

Verisk

Analytics,

Inc.

Class

9,573

1,718,641

5,315,461

Real

Estate

Management

Development

CBRE

Group,

Inc.

Class

21,257

2,863,105

Semiconductors

Semiconductor

Equipment

ASML

Holding

666

1,320,955

Broadcom,

Inc.

3,706

1,399,942

Disco

Corp.

800

406,625

KLA

Corp.

5,582

1,684,145

Micron

Technology,

Inc.

948

1,094,267

NVIDIA

Corp.

30,832

6,169,175

Semiconductor

Corp.

13,472

1,273,643

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

(ADR)

7,274

3,473,844

16,822,596

Software

Fair

Isaac

Corp.

424

506,587

Microsoft

Corp.

12,121

4,521,375

SAP

8,519

1,304,737

ServiceNow,

Inc.

9,665

959,541

7,292,240

Technology

Hardware,

Storage

Peripherals

Seagate

Technology

Holdings

plc

2,430

2,344,950

Total

Common

Stocks

(cost

$92,460,497)

107,273,487

Investment

Companies

Money

Market

Funds

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6430%

£,∞

(cost

$4,324,603)

4,324,603

Total

Investments

(total

cost

96,785,100

)

100

111,598,090

Liabilities,

net

Cash,

Receivables

and

Other

Assets

(0.7%)

(827,849)

Net

Assets

100.0%

$110,770,241

Janus

Henderson

Global

Sustainable

Equity

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Summary

Investments

Country

(Long

Positions)

(unaudited)

Country

Value

Investment

Securities

United

States

America

58,523,929

Japan

6,911,587

Ireland

6,221,099

Sweden

6,139,054

France

4,860,408

Netherlands

4,751,849

Luxembourg

4,324,603

Taiwan

3,473,844

Canada

3,040,075

Uruguay

2,512,137

Spain

2,508,448

China

2,358,301

Austria

2,213,297

Hong

Kong

1,740,892

Germany

1,304,737

Italy

713,830

Total

$111,598,090

100

Schedule

Affiliated

Investments

Net

Assets)

Affiliate

Affiliated

Investments,

Value

9/30/25

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

Unrealized

Appreciatio

(Depreciation)

Affiliated

Investments,

Value

6/30/26

.............

Held

6/30/26

Dividend

Income

Investment

Companies

Money

Market

Funds

3.9%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6430%

∞

833,846

52,739,259

(

49,247,761

)

(

741

)

–

4,324,603

65,001

Janus

Henderson

Global

Sustainable

Equity

Fund

Notes

Schedule

Investments

(unaudited)

June

30,

2026

ADR

American

Depositary

Receipt

LLC

Limited

Liability

Company

plc

Public

Limited

Company

Non-income

producing

security.

The

Fund

may

invest

certain

securities

that

are

considered

affiliated

companies.

defined

the

Investment

Company

Act

1940,

amended,

affiliated

company

one

which

the

Fund

owns

the

outstanding

voting

securities,

company

which

under

common

ownership

control.

∞

Rate

shown

the

7-day

yield

June

30,

2026.

The

following

summary

the

inputs

that

were

used

value

the

Fund

investments

securities

and

other

financial

instruments

June

30,

2026

See

Notes

Financial

Statements

for

information.

Valuation

Inputs

Summary

Level

Quoted

Prices

Level

Other

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Total

Assets

Investments

Securities:

Common

Stocks

Banks

—

4,721,745

—

4,721,745

Building

Products

1,874,150

1,553,898

—

3,428,048

Electrical

Equipment

3,114,669

6,378,641

—

9,493,310

Electronic

Equipment,

Instruments

Components

4,036,662

1,763,557

—

5,800,219

Entertainment

3,522,445

562,779

—

4,085,224

Industrial

Conglomerates

—

872,672

—

872,672

Insurance

7,121,517

3,955,128

—

11,076,645

Machinery

1,202,686

2,616,609

—

3,819,295

Professional

Services

2,823,661

2,491,800

—

5,315,461

Semiconductors

Semiconductor

Equipment

15,095,016

1,727,580

—

16,822,596

Software

5,987,503

1,304,737

—

7,292,240

All

Other

34,546,032

—

34,546,032

Investment

Companies

—

4,324,603

—

4,324,603

Total

Assets

79,324,341

32,273,749

—

111,598,090

Janus

Henderson

Global

Technology

and

Innovation

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Common

Stocks

100

Broadline

Retail

Amazon.com,

Inc.

1,025,655

244,454,613

Capital

Markets

Coinbase

Global,

Inc.

Class

109,245

15,970,526

Communications

Equipment

Arista

Networks,

Inc.

717,854

121,949,038

Lumentum

Holdings,

Inc.

163,922

140,654,911

262,603,949

Diversified

Telecommunication

Services

Space

Exploration

Technologies

Corp.

Class

938,614

160,371,588

Electrical

Equipment

Forgent

Power

Solutions,

Inc.

Class

1,234,856

68,979,056

Vernova,

Inc.

84,181

98,900,889

Innio

1,213,194

47,981,823

215,861,768

Electronic

Equipment,

Instruments

Components

Amphenol

Corp.

Class

1,164,905

205,396,050

Entertainment

Spotify

Technology

115,306

52,940,444

Hotels,

Restaurants

Leisure

DoorDash,

Inc.

Class

516,106

95,237,040

Interactive

Media

Services

Alphabet,

Inc.

Class

793,321

280,304,109

Services

Cloudflare,

Inc.

Class

98,455

24,149,042

Quantinuum,

Inc.

Class

227,768

18,617,756

Shopify,

Inc.

Class

368,753

42,104,218

Snowflake,

Inc.

Class

610,195

155,294,628

Twilio,

Inc.

Class

121,476

25,064,143

265,229,787

Semiconductors

Semiconductor

Equipment

Advanced

Micro

Devices,

Inc.

549,923

319,455,770

Analog

Devices,

Inc.

424,085

168,433,839

Applied

Materials,

Inc.

262,917

190,088,991

ARM

Holdings

plc

(ADR)

111,479

39,527,109

ASML

Holding

165,945

329,137,883

Broadcom,

Inc.

1,503,157

567,817,557

Cerebras

Systems,

Inc.

Class

#,*

38,627

8,536,567

KLA

Corp.

1,648,074

497,240,407

Lam

Research

Corp.

1,429,061

619,255,003

Micron

Technology,

Inc.

375,855

433,845,668

NVIDIA

Corp.

6,612,773

1,323,149,750

hynix,

Inc.

248,125

437,883,804

STMicroelectronics

(Registered)

(ADR)

1,456,953

109,111,210

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

22,147,000

1,700,664,821

Tower

Semiconductor

Ltd.

223,143

58,159,991

6,802,308,370

Software

AppLovin

Corp.

Class

74,353

38,308,896

Cadence

Design

Systems,

Inc.

339,502

127,421,891

Datadog,

Inc.

Class

575,753

149,903,051

Guidewire

Software,

Inc.

199,922

24,600,402

Microsoft

Corp.

1,535,098

572,622,256

Nebius

Group

Class

#,*

988,075

272,876,673

Janus

Henderson

Global

Technology

and

Innovation

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Common

Stocks

(continued)

Software

(continued)

Oracle

Corp.

160,452

23,514,241

Palantir

Technologies,

Inc.

Class

682,688

79,649,209

Samsara,

Inc.

Class

321,652

10,431,174

ServiceTitan,

Inc.

Class

584,740

41,346,965

Via

Transportation,

Inc.

Class

740,589

13,434,284

1,354,109,042

Technology

Hardware,

Storage

Peripherals

Apple,

Inc.

1,489,805

431,089,975

Samsung

Electronics

Co.

Ltd.

2,682,160

586,517,321

Seagate

Technology

Holdings

plc

171,827

165,813,055

1,183,420,351

Wireless

Telecommunication

Services

SoftBank

Group

Corp.

1,546,400

58,022,614

Total

Common

Stocks

(cost

$4,440,323,124)

11,196,230,251

Warrants

0.0

Ground

Transportation

0.0

Grab

Holdings

Ltd.,

expires

12/01/26

(cost

$986,182)

333,275

14430

Private

Placements

Real

Estate

Management

Development

Apartment

List,

Inc.

Series

*,¢,††

3,783,673

16,383,304

Software

0.0

Magic

Leap,

Inc.

Class

*,¢,††

18,847

–

Total

Private

Placements

(cost

$22,982,020)

16,383,304

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

Investment

Companies

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5573%

£,∞

162,666,504

162,666,505

Time

Deposits

Royal

Bank

Canada,

3.6300%,

7/1/26

40,666,626

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$203,333,131)

203,333,131

Total

Investments

(total

cost

4,667,624,457

)

102

11,415,961,116

Liabilities,

net

Cash,

Receivables

and

Other

Assets

(2.0%)

(227,402,926)

Net

Assets

100.0%

$11,188,558,190

Janus

Henderson

Global

Technology

and

Innovation

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Summary

Investments

Country

(Long

Positions)

(unaudited)

Country

Value

Investment

Securities

United

States

America

7,681,018,775

Taiwan

1,700,664,821

South

Korea

1,024,401,125

Netherlands

602,014,556

Switzerland

109,111,210

Israel

58,159,991

Japan

58,022,614

Sweden

52,940,444

Germany

47,981,823

Canada

42,104,218

United

Kingdom

39,527,109

Singapore

14,430

Total

$11,415,961,116

100

Schedule

Affiliated

Investments

Net

Assets)

Affiliate

Affiliated

Investments,

Value

9/30/25

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

Unrealized

Appreciatio

(Depreciation)

Affiliated

Investments,

Value

6/30/26

.............

Held

6/30/26

Dividend

Income

Investment

Companies

N/A

Money

Market

Funds

N/A

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6430%

∞

73,501,454

1,308,682,248

(

1,382,186,063

)

2,361

–

1,070,674

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

1.5%

Investment

Companies

1.5%

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5573%

∞

–

655,498,475

(

492,831,970

)

–

162,666,505

162,666,504

1,225,627

Total

Affiliated

Investments

1.5%

$73,501,454

$1,964,180,723

$(1,875,018,033)

$2,361

$–

$162,666,505

162,666,504

$2,296,301

Janus

Henderson

Global

Technology

and

Innovation

Fund

Notes

Schedule

Investments

(unaudited)

June

30,

2026

Acquisition

Date

Cost

Value

Net

Assets

Apartment

List,

Inc.

Series

11/2/20

13,821,757

16,383,304

Magic

Leap,

Inc.

Class

10/5/17

9,160,263

Total

22,982,020

16,383,304

ADR

American

Depositary

Receipt

LLC

Limited

Liability

Company

plc

Public

Limited

Company

Non-income

producing

security.

Security

valued

using

significant

unobservable

inputs.

The

total

value

Level

securities

the

period

ended

June

30,

2026

$16,383,304,

which

represents

0.1%

net

assets.

Loaned

security;

portion

the

security

loan

June

30,

2026.

June

30,

2026,

securities

lending

transactions

accounted

for

secured

borrowings

with

overnight

and

continuous

contractual

maturity

are

$210,512,389.

Gross

amounts

recognized

liabilities

for

securities

lending

(collateral

received)

$203,333,131,

resulting

the

net

amount

due

the

counterparty

$(7,179,258).

The

Fund

may

invest

certain

securities

that

are

considered

affiliated

companies.

defined

the

Investment

Company

Act

1940,

amended,

affiliated

company

one

which

the

Fund

owns

the

outstanding

voting

securities,

company

which

under

common

ownership

control.

∞

Rate

shown

the

7-day

yield

June

30,

2026.

Net

income

paid

the

securities

lending

agent

and

rebates

paid

the

borrowing

counterparties.

††

Schedule

Restricted

Securities

(as

June

30,

2026)

The

Fund

has

registration

rights

for

certain

restricted

securities

held

June

30,

2026.

The

issuer

incurs

all

registration

costs.

Janus

Henderson

Growth

and

Income

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Common

Stocks

Aerospace

Defense

General

Electric

Co.

366,500

136,972,045

RTX

Corp.

585,310

111,050,866

248,022,911

Banks

JPMorgan

Chase

Co.

574,815

188,154,194

PNC

Financial

Services

Group,

Inc.

(The)

346,627

85,346,500

273,500,694

Beverages

Coca-Cola

Co.

(The)

1,502,194

122,083,306

Biotechnology

AbbVie,

Inc.

464,809

116,964,537

Broadline

Retail

eBay,

Inc.

741,910

82,908,443

Building

Products

Trane

Technologies

plc

205,551

100,958,429

Capital

Markets

CME

Group,

Inc.

320,058

70,678,408

Goldman

Sachs

Group,

Inc.

(The)

120,574

121,944,926

Intercontinental

Exchange,

Inc.

462,079

56,886,546

Morgan

Stanley

551,473

115,279,916

364,789,796

Chemicals

Ecolab,

Inc.

194,157

54,094,082

Communications

Equipment

Cisco

Systems,

Inc.

1,355,099

159,169,929

Motorola

Solutions,

Inc.

171,839

71,363,018

230,532,947

Consumer

Finance

American

Express

Co.

413,674

139,925,231

Consumer

Staples

Distribution

Retail

Costco

Wholesale

Corp.

63,615

59,509,924

Target

Corp.

759,121

99,148,794

158,658,718

Diversified

Telecommunication

Services

Verizon

Communications,

Inc.

2,579,994

109,236,946

Electric

Utilities

American

Electric

Power

Co.,

Inc.

434,778

59,481,978

Duke

Energy

Corp.

269,979

34,173,942

93,655,920

Electrical

Equipment

Eaton

Corp.

plc

258,989

110,360,393

Emerson

Electric

Co.

300,155

42,967,188

Vernova,

Inc.

77,270

90,781,432

244,109,013

Electronic

Equipment,

Instruments

Components

Amphenol

Corp.

Class

1,032,999

182,138,384

Entertainment

Walt

Disney

Co.

(The)

1,127,895

108,559,894

Financial

Services

Mastercard,

Inc.

Class

187,559

96,330,302

Visa,

Inc.

Class

508,274

174,383,727

270,714,029

Janus

Henderson

Growth

and

Income

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Common

Stocks

(continued)

Ground

Transportation

Union

Pacific

Corp.

272,908

74,230,976

Health

Care

Equipment

Supplies

Abbott

Laboratories

1,028,273

93,305,492

Medtronic

plc

1,096,149

85,751,736

Stryker

Corp.

314,823

99,118,874

278,176,102

Health

Care

Providers

Services

HCA

Healthcare,

Inc.

94,254

36,748,692

UnitedHealth

Group,

Inc.

155,600

64,672,028

101,420,720

Hotels,

Restaurants

Leisure

Booking

Holdings,

Inc.

298,432

53,192,520

Marriott

International,

Inc.

Class

191,095

70,817,896

McDonald's

Corp.

312,365

84,435,383

Royal

Caribbean

Cruises

Ltd.

258,093

81,952,270

290,398,069

Household

Durables

Garmin

Ltd.

310,907

73,852,849

Insurance

Progressive

Corp.

(The)

450,982

98,517,018

Interactive

Media

Services

Alphabet,

Inc.

Class

1,716,303

606,421,339

Meta

Platforms,

Inc.

Class

149,890

84,431,538

690,852,877

Life

Sciences

Tools

Services

Danaher

Corp.

441,874

84,168,160

Machinery

Deere

Co.

116,418

73,847,430

Metals

Mining

Freeport-McMoRan,

Inc.

997,032

62,703,342

Multi-Utilities

Ameren

Corp.

150,906

17,058,414

WEC

Energy

Group,

Inc.

373,027

43,558,363

60,616,777

Oil,

Gas

Consumable

Fuels

Chevron

Corp.

610,538

101,202,779

EOG

Resources,

Inc.

565,005

73,298,099

174,500,878

Passenger

Airlines

Delta

Air

Lines,

Inc.

796,449

74,595,413

Pharmaceuticals

Eli

Lilly

Co.

169,781

203,640,425

Johnson

517,216

131,357,347

Zoetis,

Inc.

Class

388,065

27,886,351

362,884,123

Semiconductors

Semiconductor

Equipment

Broadcom,

Inc.

854,406

322,751,866

KLA

Corp.

853,890

257,627,152

Lam

Research

Corp.

558,897

242,186,837

Micron

Technology,

Inc.

46,889

54,123,504

NVIDIA

Corp.

1,807,191

361,600,847

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

(ADR)

399,399

190,740,980

Janus

Henderson

Growth

and

Income

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Common

Stocks

(continued)

Semiconductors

Semiconductor

Equipment

(continued)

Texas

Instruments,

Inc.

508,779

151,651,757

1,580,682,943

Software

Microsoft

Corp.

1,221,929

455,803,955

Oracle

Corp.

543,663

79,673,813

535,477,768

Specialty

Retail

Home

Depot,

Inc.

(The)

322,861

113,866,617

TJX

Cos.,

Inc.

(The)

621,499

94,157,099

208,023,716

Technology

Hardware,

Storage

Peripherals

Apple,

Inc.

1,290,012

373,277,872

Dell

Technologies,

Inc.

Class

371,499

160,286,959

Seagate

Technology

Holdings

plc

175,113

168,984,045

702,548,876

Textiles,

Apparel

Luxury

Goods

NIKE,

Inc.

Class

968,028

39,737,549

Tobacco

Philip

Morris

International,

Inc.

761,176

137,704,350

Trading

Companies

Distributors

Ferguson

Enterprises,

Inc.

204,186

48,459,463

Total

Common

Stocks

(cost

$4,845,162,853)

8,654,252,679

Investment

Companies

Money

Market

Funds

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6430%

£,∞

(cost

$8,685,837)

8,685,837

Total

Investments

(total

cost

4,853,848,690

)

100

8,662,938,516

Liabilities,

net

Cash,

Receivables

and

Other

Assets

0.0%

(494,836)

Net

Assets

100.0%

$8,662,443,680

Summary

Investments

Country

(Long

Positions)

(unaudited)

Country

Value

Investment

Securities

United

States

America

8,092,588,292

Ireland

297,070,558

Taiwan

190,740,980

Switzerland

73,852,849

Luxembourg

8,685,837

Total

$8,662,938,516

100

Janus

Henderson

Growth

and

Income

Fund

Notes

Schedule

Investments

(unaudited)

June

30,

2026

ADR

American

Depositary

Receipt

LLC

Limited

Liability

Company

plc

Public

Limited

Company

Non-income

producing

security.

The

Fund

may

invest

certain

securities

that

are

considered

affiliated

companies.

defined

the

Investment

Company

Act

1940,

amended,

affiliated

company

one

which

the

Fund

owns

the

outstanding

voting

securities,

company

which

under

common

ownership

control.

∞

Rate

shown

the

7-day

yield

June

30,

2026.

Net

income

paid

the

securities

lending

agent

and

rebates

paid

the

borrowing

counterparties.

The

following

summary

the

inputs

that

were

used

value

the

Fund

investments

securities

and

other

financial

instruments

June

30,

2026

See

Notes

Financial

Statements

for

information.

Valuation

Inputs

Summary

Level

Quoted

Prices

Level

Other

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Total

Assets

Investments

Securities:

Common

Stocks

8,654,252,679

—

8,654,252,679

Investment

Companies

—

8,685,837

—

8,685,837

Total

Assets

8,654,252,679

8,685,837

—

8,662,938,516

Janus

Henderson

Overseas

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Common

Stocks

Aerospace

Defense

BAE

Systems

plc

5,069,893

124,053,828

Safran

191,962

75,901,170

199,954,998

Automobiles

Ferrari

260,582

96,581,033

Banks

Banco

Bilbao

Vizcaya

Argentaria

7,834,132

196,544,571

Erste

Group

Bank

1,228,657

164,621,517

Japan

Post

Bank

Co.

Ltd.

4,254,100

81,044,703

NatWest

Group

plc

6,694,824

59,019,154

Piraeus

Bank

9,209,597

95,967,061

Resona

Holdings,

Inc.

8,601,000

112,192,337

UniCredit

SpA

1,090,295

97,554,253

806,943,596

Beverages

Davide

Campari-Milano

10,110,760

62,949,490

Heineken

1,241,381

104,422,833

167,372,323

Biotechnology

Argenx

(ADR)

89,503

83,038,199

Ascendis

Pharma

A/S

153,453

40,928,984

123,967,183

Capital

Markets

James's

Place

plc

5,989,611

96,340,156

Chemicals

Nippon

Sanso

Holdings

Corp.

672,300

24,807,299

Shin-Etsu

Chemical

Co.

Ltd.

994,300

43,363,002

68,170,301

Commercial

Services

Supplies

Rentokil

Initial

plc

12,579,170

71,230,167

Diversified

Telecommunication

Services

Deutsche

Telekom

(Registered)

3,403,381

92,764,353

Electrical

Equipment

Contemporary

Amperex

Technology

Co.

Ltd.

Class

1,560,335

90,723,109

Prysmian

SpA

490,244

82,360,744

Schneider

Electric

348,219

114,254,959

287,338,812

Entertainment

Spotify

Technology

152,916

70,208,323

Insurance

AIA

Group

Ltd.

10,643,200

97,621,995

Daiichi

Life

Group,

Inc.

10,595,200

116,138,960

213,760,955

Interactive

Media

Services

Tencent

Holdings

Ltd.

1,644,100

90,607,953

Services

Fujitsu

Ltd.

2,572,900

51,350,158

Machinery

Hyundai

Rotem

Co.

Ltd.

287,453

32,114,629

Metals

Mining

Freeport-McMoRan,

Inc.

2,241,401

140,961,709

Oil,

Gas

Consumable

Fuels

Canadian

Natural

Resources

Ltd.

2,501,318

98,802,061

Janus

Henderson

Overseas

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Common

Stocks

(continued)

Oil,

Gas

Consumable

Fuels

(continued)

Gaztransport

Technigaz

256,933

54,424,575

TotalEnergies

1,008,148

78,320,583

231,547,219

Personal

Care

Products

Unilever

plc

1,316,256

79,020,464

Pharmaceuticals

AstraZeneca

plc

638,592

119,489,319

Roche

Holding

258,660

106,496,643

225,985,962

Professional

Services

Recruit

Holdings

Co.

Ltd.

606,400

42,215,066

Semiconductors

Semiconductor

Equipment

ASM

International

77,371

88,574,667

ASML

Holding

136,848

271,426,443

hynix,

Inc.

134,915

238,094,079

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

4,299,000

330,119,568

928,214,757

Software

SAP

244,066

37,380,197

Specialty

Retail

Industria

Diseno

Textil

1,329,150

83,776,028

Technology

Hardware,

Storage

Peripherals

Samsung

Electronics

Co.

Ltd.

782,318

171,072,217

Textiles,

Apparel

Luxury

Goods

LVMH

Moet

Hennessy

Louis

Vuitton

100,651

55,742,258

Samsonite

Group

¥,ž

29,892,629

52,170,521

107,912,779

Total

Common

Stocks

(cost

$3,080,272,957)

4,516,791,338

Investment

Companies

Money

Market

Funds

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6430%

£,∞

(cost

$65,759,618)

65,759,637

65,759,618

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

Investment

Companies

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5573%

£,∞

5,016,000

Time

Deposits

Royal

Bank

Canada,

3.6300%,

7/1/26

1,254,000

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$6,270,000)

6,270,000

Total

Investments

(total

cost

3,152,302,575

)

4,588,820,956

Cash,

Receivables

and

Other

Assets,

net

Liabilities

0.1%

3,721,075

Net

Assets

100.0%

$4,592,542,031

Janus

Henderson

Overseas

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Summary

Investments

Country

(Long

Positions)

(unaudited)

Country

Value

Investment

Securities

United

Kingdom

549,153,088

Netherlands

547,462,142

Japan

471,111,525

South

Korea

441,280,925

France

378,643,545

Italy

339,445,520

Taiwan

330,119,568

Spain

280,320,599

United

States

America

199,402,230

China

181,331,062

Austria

164,621,517

Germany

130,144,550

Switzerland

106,496,643

Canada

98,802,061

Hong

Kong

97,621,995

Greece

95,967,061

Sweden

70,208,323

Luxembourg

65,759,618

Denmark

40,928,984

Total

$4,588,820,956

100

Schedule

Affiliated

Investments

Net

Assets)

Affiliate

Affiliated

Investments,

Value

9/30/25

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

Unrealized

Appreciatio

(Depreciation)

Affiliated

Investments,

Value

6/30/26

.............

Held

6/30/26

Dividend

Income

Investment

Companies

Money

Market

Funds

1.4%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6430%

∞

100,959,628

681,802,851

(

716,984,290

)

(

18,571

)

–

65,759,618

65,759,637

2,006,081

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

0.1%

Investment

Companies

0.1%

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5573%

∞

30,124,401

442,635,641

(

467,744,042

)

–

5,016,000

1,138,634

Total

Affiliated

Investments

1.5%

$131,084,029

$1,124,438,492

$(1,184,728,332)

$(18,571)

$–

$70,775,618

70,775,637

$3,144,715

Janus

Henderson

Overseas

Fund

Notes

Schedule

Investments

(unaudited)

June

30,

2026

ADR

American

Depositary

Receipt

LLC

Limited

Liability

Company

plc

Public

Limited

Company

Non-income

producing

security.

Loaned

security;

portion

the

security

loan

June

30,

2026.

June

30,

2026,

securities

lending

transactions

accounted

for

secured

borrowings

with

overnight

and

continuous

contractual

maturity

are

$5,914,690.

Gross

amounts

recognized

liabilities

for

securities

lending

(collateral

received)

$6,270,000,

resulting

the

net

amount

due

the

counterparty

$355,310.

The

Fund

may

invest

certain

securities

that

are

considered

affiliated

companies.

defined

the

Investment

Company

Act

1940,

amended,

affiliated

company

one

which

the

Fund

owns

the

outstanding

voting

securities,

company

which

under

common

ownership

control.

∞

Rate

shown

the

7-day

yield

June

30,

2026.

Net

income

paid

the

securities

lending

agent

and

rebates

paid

the

borrowing

counterparties.

Securities

sold

under

Rule

144A

the

Securities

Act

1933,

amended,

are

subject

legal

and/or

contractual

restrictions

resale

and

may

not

publicly

sold

without

registration

under

the

1933

Act.

Unless

otherwise

noted,

these

securities

have

been

determined

liquid

accordance

with

the

requirements

Rule

22e-4,

under

the

1940

Act.

The

total

value

144A

securities

the

period

ended

June

30,

2026

$52,170,521

which

represents

1.1%

net

assets.

Security

purchased

offshore

transaction

exempt

from

registration

under

Regulation

the

Securities

Act

1933.

Janus

Henderson

Overseas

Fund

Notes

Schedule

Investments

(unaudited)

June

30,

2026

The

following

summary

the

inputs

that

were

used

value

the

Fund

investments

securities

and

other

financial

instruments

June

30,

2026

See

Notes

Financial

Statements

for

information.

Valuation

Inputs

Summary

Level

Quoted

Prices

Level

Other

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Total

Assets

Investments

Securities:

Common

Stocks

Aerospace

Defense

—

199,954,998

—

199,954,998

Automobiles

—

96,581,033

—

96,581,033

Banks

—

806,943,596

—

806,943,596

Beverages

—

167,372,323

—

167,372,323

Capital

Markets

—

96,340,156

—

96,340,156

Chemicals

—

68,170,301

—

68,170,301

Commercial

Services

Supplies

—

71,230,167

—

71,230,167

Diversified

Telecommunication

Services

—

92,764,353

—

92,764,353

Electrical

Equipment

—

287,338,812

—

287,338,812

Insurance

—

213,760,955

—

213,760,955

Interactive

Media

Services

—

90,607,953

—

90,607,953

Services

—

51,350,158

—

51,350,158

Machinery

—

32,114,629

—

32,114,629

Oil,

Gas

Consumable

Fuels

98,802,061

132,745,158

—

231,547,219

Personal

Care

Products

—

79,020,464

—

79,020,464

Pharmaceuticals

—

225,985,962

—

225,985,962

Professional

Services

—

42,215,066

—

42,215,066

Semiconductors

Semiconductor

Equipment

—

928,214,757

—

928,214,757

Software

—

37,380,197

—

37,380,197

Specialty

Retail

—

83,776,028

—

83,776,028

Technology

Hardware,

Storage

Peripherals

—

171,072,217

—

171,072,217

Textiles,

Apparel

Luxury

Goods

—

107,912,779

—

107,912,779

All

Other

335,137,215

—

335,137,215

Investment

Companies

—

65,759,618

—

65,759,618

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

6,270,000

—

6,270,000

Total

Assets

433,939,276

4,154,881,680

—

4,588,820,956

Janus

Henderson

Research

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Common

Stocks

Communications

Alphabet,

Inc.

Class

9,517,105

3,362,678,710

Amazon.com,

Inc.

976,589

232,760,222

AppLovin

Corp.

Class

272,178

140,234,271

Arista

Networks,

Inc.

1,717,321

291,738,491

Booking

Holdings,

Inc.

1,130,879

201,567,873

Corning,

Inc.

1,238,914

316,455,803

DoorDash,

Inc.

Class

541,597

99,940,894

Meta

Platforms,

Inc.

Class

1,538,712

866,741,082

Netflix,

Inc.

2,710,327

193,517,348

Space

Exploration

Technologies

Corp.

Class

#,*

6,166,748

1,053,650,563

Spotify

Technology

358,489

164,593,055

Walt

Disney

Co.

(The)

506,599

48,760,154

Wayfair,

Inc.

Class

478,064

44,182,675

7,016,821,141

Consumer,

Cyclical

Aurora

Innovation,

Inc.

Class

#,*

10,061,869

68,621,947

Ferguson

Enterprises,

Inc.

569,676

135,201,205

Hilton

Worldwide

Holdings,

Inc.

625,779

206,794,928

Liberty

Media

Corp.-Liberty

Formula

One

Class

1,561,717

148,581,755

O'Reilly

Automotive,

Inc.

1,705,230

157,034,631

Royal

Caribbean

Cruises

Ltd.

475,263

150,910,260

TJX

Cos.,

Inc.

(The)

1,516,541

229,755,962

1,096,900,688

Consumer,

Non-cyclical

AbbVie,

Inc.

409,032

102,928,812

Argenx

(ADR)

47,682

44,237,929

Boston

Scientific

Corp.

1,214,301

51,826,367

Bridgebio

Pharma,

Inc.

390,963

29,118,924

Constellation

Brands,

Inc.

Class

962,802

133,916,130

Danaher

Corp.

276,506

52,668,863

Eli

Lilly

Co.

711,416

853,293,693

Gilead

Sciences,

Inc.

296,536

37,464,358

Globus

Medical,

Inc.

Class

541,518

42,785,337

Intuitive

Surgical,

Inc.

395,785

157,395,779

Johnson

253,784

64,453,522

Monster

Beverage

Corp.

1,419,562

136,448,299

Procter

Gamble

Co.

(The)

673,157

98,711,743

Revolution

Medicines,

Inc.

412,224

77,201,311

United

Therapeutics

Corp.

51,985

28,167,033

Vaxcyte,

Inc.

854,864

49,693,244

1,960,311,344

Energy

Atlas

Energy

Solutions,

Inc.

Class

1,303,392

21,649,341

Financial

Ares

Management

Corp.

Class

716,248

79,725,565

Arthur

Gallagher

Co.

294,632

67,638,668

Blackstone,

Inc.

944,386

111,125,901

Capital

One

Financial

Corp.

331,591

66,523,786

LPL

Financial

Holdings,

Inc.

234,528

66,061,847

Mastercard,

Inc.

Class

849,326

436,213,834

Visa,

Inc.

Class

1,633,327

560,378,160

1,387,667,761

Janus

Henderson

Research

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Common

Stocks

(continued)

Industrial

Co.

1,429,494

231,449,373

Amphenol

Corp.

Class

1,813,103

319,686,321

Boeing

Co.

(The)

1,131,813

245,003,560

Deere

Co.

305,215

193,607,031

Eaton

Corp.

plc

280,163

119,383,057

Vernova,

Inc.

384,191

451,370,638

General

Electric

Co.

1,087,192

406,316,266

Howmet

Aerospace,

Inc.

1,109,866

298,398,573

TFI

International,

Inc.

885,484

127,128,938

Trane

Technologies

plc

440,767

216,487,120

Vertiv

Holdings

Co.

Class

694,130

232,408,607

2,841,239,484

Technology

Advanced

Micro

Devices,

Inc.

1,215,439

706,060,670

Analog

Devices,

Inc.

378,168

150,196,985

Apple,

Inc.

2,624,857

759,528,622

Applied

Materials,

Inc.

912,941

660,056,343

ASML

Holding

(Registered)

(ADR)

115,069

228,922,871

Broadcom,

Inc.

4,619,327

1,744,950,774

Cadence

Design

Systems,

Inc.

626,106

234,990,104

Datadog,

Inc.

Class

1,388,992

361,637,957

KLA

Corp.

2,279,440

687,729,842

Lam

Research

Corp.

2,053,120

889,678,490

Lumentum

Holdings,

Inc.

265,153

227,517,183

Micron

Technology,

Inc.

598,070

690,346,220

Microsoft

Corp.

3,965,615

1,479,253,707

NVIDIA

Corp.

20,476,352

4,097,113,272

Oracle

Corp.

1,945,488

285,111,266

Samsung

Electronics

Co.

Ltd.

(GDR)

50,446

272,552,975

Seagate

Technology

Holdings

plc

542,731

523,735,415

Snowflake,

Inc.

Class

1,617,327

411,609,722

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

(ADR)

655,899

313,237,685

14,724,230,103

Utilities

Fervo

Energy

Co.

Class

772,136

22,569,535

Vistra

Corp.

701,088

111,213,590

133,783,125

Total

Common

Stocks

(cost

$13,313,568,902)

29,182,602,987

Private

Placements

Communications

Cesiumastro,

Inc.

Series

*,¢,††

177,114

10,026,229

Cesiumastro,

Inc.

Series

*,¢,††

202,416

14,323,179

Total

Private

Placements

(cost

$24,349,408)

24,349,408

Investment

Companies

Money

Market

Funds

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6430%

£,∞

(cost

$328,037,994)

328,037,994

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

Investment

Companies

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5573%

£,∞

384,640,357

Janus

Henderson

Research

Fund

Schedule

Investments

(unaudited)

June

30,

2026

Shares/

Principal

Amounts

Value

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(continued)

Time

Deposits

Royal

Bank

Canada,

3.6300%,

7/1/26

97,502,369

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$482,142,726)

482,142,726

Total

Investments

(total

cost

14,148,099,030

)

102

30,017,133,115

Liabilities,

net

Cash,

Receivables

and

Other

Assets

(2.2%)

(644,494,014)

Net

Assets

100.0%

$29,372,639,101

Summary

Investments

Country

(Long

Positions)

(unaudited)

Country

Value

Investment

Securities

United

States

America

28,202,551,491

Ireland

335,870,177

Luxembourg

328,037,994

Taiwan

313,237,685

Netherlands

273,160,800

South

Korea

272,552,975

Sweden

164,593,055

Canada

127,128,938

Total

$30,017,133,115

100

Schedule

Affiliated

Investments

Net

Assets)

Affiliate

Affiliated

Investments,

Value

9/30/25

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

Unrealized

Appreciatio

(Depreciation)

Affiliated

Investments,

Value

6/30/26

.............

Held

6/30/26

Dividend

Income

Investment

Companies

Money

Market

Funds

1.1%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6430%

∞

71,465,851

1,390,631,369

(

1,134,059,691

)

465

–

328,037,994

402,657

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

1.3%

Investment

Companies

1.3%

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5573%

∞

16,099,603

564,581,466

(

196,040,712

)

–

384,640,357

19,437

Total

Affiliated

Investments

2.4%

$87,565,454

$1,955,212,835

$(1,330,100,403)

$465

$–

$712,678,351

712,678,351

$422,094

Janus

Henderson

Research

Fund

Notes

Schedule

Investments

(unaudited)

June

30,

2026

Acquisition

Date

Cost

Value

Net

Assets

Cesiumastro,

Inc.

Series

6/30/26

10,026,229

Cesiumastro,

Inc.

Series

6/30/26

14,323,179

Total

24,349,408

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

LLC

Limited

Liability

Company

plc

Public

Limited

Company

Non-income

producing

security.

Security

valued

using

significant

unobservable

inputs.

The

total

value

Level

securities

the

period

ended

June

30,

2026

$24,349,408,

which

represents

0.1%

net

assets.

Loaned

security;

portion

the

security

loan

June

30,

2026.

June

30,

2026,

securities

lending

transactions

accounted

for

secured

borrowings

with

overnight

and

continuous

contractual

maturity

are

$489,888,009.

Gross

amounts

recognized

liabilities

for

securities

lending

(collateral

received)

$482,142,726,

resulting

the

net

amount

due

the

counterparty

$(7,745,284).

The

Fund

may

invest

certain

securities

that

are

considered

affiliated

companies.

defined

the

Investment

Company

Act

1940,

amended,

affiliated

company

one

which

the

Fund

owns

the

outstanding

voting

securities,

company

which

under

common

ownership

control.

∞

Rate

shown

the

7-day

yield

June

30,

2026.

Net

income

paid

the

securities

lending

agent

and

rebates

paid

the

borrowing

counterparties.

Securities

sold

under

Rule

144A

the

Securities

Act

1933,

amended,

are

subject

legal

and/or

contractual

restrictions

resale

and

may

not

publicly

sold

without

registration

under

the

1933

Act.

Unless

otherwise

noted,

these

securities

have

been

determined

liquid

accordance

with

the

requirements

Rule

22e-4,

under

the

1940

Act.

The

total

value

144A

securities

the

period

ended

June

30,

2026

$272,552,975

which

represents

0.9%

net

assets.

††

Schedule

Restricted

Securities

(as

June

30,

2026)

The

Fund

has

registration

rights

for

certain

restricted

securities

held

June

30,

2026.

The

issuer

incurs

all

registration

costs.

Janus

Henderson

Triton

Fund

Schedule

Investments

(unaudited)

June

30,

2026

100

Shares/

Principal

Amounts

Value

Common

Stocks

Aerospace

Defense

StandardAero,

Inc.

1,724,584

51,582,307

Voyager

Technologies,

Inc.

Class

556,239

17,938,708

69,521,015

Biotechnology

Ascendis

Pharma

A/S

281,917

75,192,902

Biohaven

Ltd.

1,128,284

16,788,866

Bridgebio

Pharma,

Inc.

814,465

60,661,353

Cogent

Biosciences,

Inc.

583,250

22,571,775

Ideaya

Biosciences,

Inc.

1,074,589

40,049,932

Insmed,

Inc.

231,978

24,733,494

Madrigal

Pharmaceuticals,

Inc.

81,634

43,833,376

Mirum

Pharmaceuticals,

Inc.

791,874

92,704,689

Praxis

Precision

Medicines,

Inc.

247,753

82,945,227

Protagonist

Therapeutics,

Inc.

517,089

63,384,770

PTC

Therapeutics,

Inc.

540,743

44,108,406

Revolution

Medicines,

Inc.

563,888

105,604,945

Travere

Therapeutics,

Inc.

1,118,321

63,531,816

Tyra

Biosciences,

Inc.

357,107

11,405,998

Vaxcyte,

Inc.

676,382

39,318,086

Xenon

Pharmaceuticals,

Inc.

468,792

28,296,285

815,131,920

Broadline

Retail

Global-e

Online

Ltd.

1,083,550

37,631,692

Building

Products

Carlisle

Cos.,

Inc.

111,750

40,537,312

Modine

Manufacturing

Co.

228,180

60,928,624

Zurn

Elkay

Water

Solutions

Corp.

1,289,411

65,153,938

166,619,874

Capital

Markets

Cboe

Global

Markets,

Inc.

269,079

65,297,401

Hamilton

Lane,

Inc.

Class

224,259

17,678,337

LPL

Financial

Holdings,

Inc.

284,314

80,085,567

163,061,305

Chemicals

Perimeter

Solutions,

Inc.

1,026,767

36,604,243

Sensient

Technologies

Corp.

804,689

99,210,107

135,814,350

Commercial

Services

Supplies

Clean

Harbors,

Inc.

257,728

76,996,240

Rentokil

Initial

plc

(ADR)

3,458,824

98,956,955

175,953,195

Construction

Engineering

API

Group

Corp.

1,714,663

72,615,978

Legence

Corp.

Class

1,183,029

100,829,562

Sterling

Infrastructure,

Inc.

127,074

106,660,832

280,106,372

Consumer

Staples

Distribution

Retail

Casey's

General

Stores,

Inc.

126,905

100,862,825

Containers

Packaging

Crown

Holdings,

Inc.

872,112

97,519,564

Silgan

Holdings,

Inc.

899,743

41,739,078

139,258,642

Janus

Henderson

Triton

Fund

Schedule

Investments

(unaudited)

June

30,

2026

101

Shares/

Principal

Amounts

Value

Common

Stocks

(continued)

Diversified

Consumer

Services

Bright

Horizons

Family

Solutions,

Inc.

321,810

22,809,893

Driven

Brands

Holdings,

Inc.

1,700,576

23,706,029

Stride,

Inc.

776,099

66,930,778

113,446,700

Diversified

Telecommunication

Services

AST

SpaceMobile,

Inc.

Class

#,*

629,339

55,923,064

Electric

Utilities

NRG

Energy,

Inc.

469,471

68,570,934

Electrical

Equipment

Forgent

Power

Solutions,

Inc.

Class

915,115

51,118,324

Electronic

Equipment,

Instruments

Components

Flex

Ltd.

1,373,649

222,627,293

Itron,

Inc.

337,440

29,198,683

Mirion

Technologies,

Inc.

Class

2,801,535

50,231,523

OSI

Systems,

Inc.

412,315

90,173,290

Teledyne

Technologies,

Inc.

240,934

160,678,885

552,909,674

Financial

Services

Euronet

Worldwide,

Inc.

683,662

50,037,222

Jack

Henry

Associates,

Inc.

200,499

27,616,732

Shift4

Payments,

Inc.

Class

#,*

914,307

44,471,892

Toast,

Inc.

Class

476,463

13,255,201

Walker

Dunlop,

Inc.

637,229

34,856,426

WEX,

Inc.

240,317

33,906,326

204,143,799

Food

Products

Premium

Brands

Holdings

Corp.

Class

605,317

35,898,145

Ground

Transportation

Saia,

Inc.

187,133

78,812,934

Health

Care

Equipment

Supplies

Glaukos

Corp.

1,058,024

147,869,434

Globus

Medical,

Inc.

Class

1,111,347

87,807,527

ICU

Medical,

Inc.

374,990

54,973,534

Lantheus

Holdings,

Inc.

912,296

101,210,118

STERIS

plc

130,726

27,526,974

419,387,587

Health

Care

Providers

Services

HealthEquity,

Inc.

418,746

37,821,139

Lumexa

Imaging

Holdings,

Inc.

#,*

1,025,368

11,566,151

49,387,290

Health

Care

Technology

Waystar

Holding

Corp.

1,301,256

26,714,786

Hotels,

Restaurants

Leisure

Aramark

2,077,454

118,207,133

Churchill

Downs,

Inc.

384,242

34,443,453

Wingstop,

Inc.

166,439

28,862,187

181,512,773

Household

Durables

Cavco

Industries,

Inc.

48,735

29,941,809

Dream

Finders

Homes,

Inc.

Class

864,555

14,922,220

44,864,029

Insurance

Axis

Capital

Holdings

Ltd.

788,955

84,765,325

Janus

Henderson

Triton

Fund

Schedule

Investments

(unaudited)

June

30,

2026

102

Shares/

Principal

Amounts

Value

Common

Stocks

(continued)

Insurance

(continued)

Palomar

Holdings,

Inc.

274,416

34,683,438

119,448,763

Interactive

Media

Services

Ziff

Davis,

Inc.

522,649

27,371,128

Life

Sciences

Tools

Services

Repligen

Corp.

178,457

24,348,673

Revvity,

Inc.

309,301

34,412,829

58,761,502

Machinery

Crane

Co.

289,153

64,501,360

Donaldson

Co.,

Inc.

287,887

25,843,616

Gates

Industrial

Corp.

plc

2,705,215

75,664,864

ITT,

Inc.

288,125

56,979,600

SPX

Technologies,

Inc.

362,944

88,982,980

311,972,420

Oil,

Gas

Consumable

Fuels

Magnolia

Oil

Gas

Corp.

Class

2,609,112

66,741,085

Pharmaceuticals

Crinetics

Pharmaceuticals,

Inc.

486,961

18,222,081

Edgewise

Therapeutics,

Inc.

471,394

19,152,738

Ligand

Pharmaceuticals,

Inc.

494,252

156,228,115

Structure

Therapeutics,

Inc.

(ADR)

467,112

25,069,901

Tarsus

Pharmaceuticals,

Inc.

283,659

17,853,497

236,526,332

Professional

Services

Broadridge

Financial

Solutions,

Inc.

349,439

47,855,671

CACI

International,

Inc.

Class

107,016

49,576,232

SS&C

Technologies

Holdings,

Inc.

1,456,364

90,367,386

TransUnion

366,403

26,432,312

Solutions,

Inc.

Class

457,067

46,556,845

260,788,446

Real

Estate

Management

Development

Colliers

International

Group,

Inc.

240,568

22,562,873

Semiconductors

Semiconductor

Equipment

Entegris,

Inc.

319,411

57,449,262

MACOM

Technology

Solutions

Holdings,

Inc.

232,419

88,405,215

Semiconductor

Corp.

1,032,816

97,642,425

Tower

Semiconductor

Ltd.

439,986

114,677,951

358,174,853

Software

Aurora

Innovation,

Inc.

Class

2,504,939

17,083,684

Blackbaud,

Inc.

774,515

22,941,134

Consensus

Cloud

Solutions,

Inc.

1,234,778

47,106,781

Dynatrace,

Inc.

1,124,995

49,398,530

Klaviyo,

Inc.

Class

1,132,231

17,096,688

Procore

Technologies,

Inc.

491,459

19,963,065

173,589,882

Specialized

REITs

Lamar

Advertising

Co.

Class

374,018

58,339,328

Technology

Hardware,

Storage

Peripherals

GPGI,

Inc.

Class

1,452,995

23,029,971

Textiles,

Apparel

Luxury

Goods

Gildan

Activewear,

Inc.

Class

1,185,495

61,171,542

Janus

Henderson

Triton

Fund

Schedule

Investments

(unaudited)

June

30,

2026

103

Shares/

Principal

Amounts

Value

Common

Stocks

(continued)

Textiles,

Apparel

Luxury

Goods

(continued)

Holding

Class

503,355

17,828,834

79,000,376

Trading

Companies

Distributors

SiteOne

Landscape

Supply,

Inc.

255,359

29,215,623

Total

Common

Stocks

(cost

$3,031,071,216)

5,792,173,811

Rights

Biotechnology

0.0

OmniAb

Operations,

Inc.

340,494

829,035

Life

Sciences

Tools

Services

0.0

OmniAb,

Inc.

340,494

820,284

Pharmaceuticals

Novo

Nordisk

A/S,

CVR

*,¢

358,647

233,121

Pfizer,

Inc.,

CVR

#,*,¢

566,907

2,777,844

Roche

Holding

AG,

CVR

*,¢

2,270,649

772,020

3,782,985

Total

Rights

(cost

$233,121)

5,432,304

Private

Placements

Communications

Equipment

Cesiumastro,

Inc.

*,¢,††

524,386

15,600,955

Health

Care

Equipment

Supplies

Kardium,

Inc.

*,¢,††

16,649,170

15,394,322

Professional

Services

0.0

IntelyCare,

Inc.

*,¢,††

1,023,958

1,167,312

Software

Loadsmart,

Inc.

*,¢,††

377,303

5,444,483

Loadsmart,

Inc.

Series

*,¢,††

1,075,313

15,516,767

Total

Private

Placements

(cost

$80,133,935)

53,123,839

Investment

Companies

Money

Market

Funds

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6430%

£,∞

(cost

$81,444,395)

81,444,402

81,444,395

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

Investment

Companies

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5573%

£,∞

63,459,784

Time

Deposits

Royal

Bank

Canada,

3.6300%,

7/1/26

18,287,258

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$81,747,042)

81,747,042

Total

Investments

(total

cost

3,274,629,709

)

101

6,013,921,391

Liabilities,

net

Cash,

Receivables

and

Other

Assets

(1.5%)

(87,771,753)

Net

Assets

100.0%

$5,926,149,638

Janus

Henderson

Triton

Fund

Schedule

Investments

(unaudited)

June

30,

2026

104

Summary

Investments

Country

(Long

Positions)

(unaudited)

Country

Value

Investment

Securities

United

States

America

5,339,095,029

Canada

163,323,167

Israel

152,309,643

United

Kingdom

98,956,955

Bermuda

84,765,325

Luxembourg

81,444,395

Denmark

75,426,023

Switzerland

18,600,854

Total

$6,013,921,391

100

Schedule

Affiliated

Investments

Net

Assets)

Affiliate

Affiliated

Investments,

Value

9/30/25

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

Unrealized

Appreciatio

(Depreciation)

Affiliated

Investments,

Value

6/30/26

.............

Held

6/30/26

Dividend

Income

Common

Stocks

Software

0.8%

Consensus

Cloud

Solutions,

Inc.

39,222,313

1,258,119

(

3,329,995

)

(

2,565,417

)

12,521,761

47,106,781

1,234,778

–

Investment

Companies

Money

Market

Funds

1.4%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6430%

∞

11,453,320

1,090,553,672

(

1,020,557,991

)

(

4,606

)

–

81,444,395

81,444,402

1,264,305

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

1.1%

Investment

Companies

1.1%

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5573%

∞

60,259,474

859,979,927

(

856,779,617

)

–

63,459,784

25,431

Private

Placements

Professional

Services

0.0%

IntelyCare,

Inc.

*,¢,††

2,324,385

–

(

1,157,073

)

1,167,312

1,023,958

–

Software

0.3%

Loadsmart,

Inc.

Series

*,¢,††

13,151,078

–

2,365,689

15,516,767

1,075,313

–

Total

Private

Placements

$15,475,463

$–

1,208,616

$16,684,079

2,099,271

$–

Total

Affiliated

Investments

3.6%

$126,410,570

$1,951,791,718

$(1,880,667,603)

$(2,570,023)

$13,730,377

$208,695,039

148,238,235

$1,289,736

Janus

Henderson

Triton

Fund

Schedule

Investments

(unaudited)

June

30,

2026

105

Schedule

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)

Bank

America

Canadian

Dollar

8/19/26

8,085,000

(

5,902,020

)

188,086

Canadian

Dollar

8/19/26

1,709,000

(

1,202,574

)

(

5,232

)

Great

British

Pound

8/19/26

(65,853,000)

88,397,116

(

1,030,507

)

–

Barclays

Bank

plc

Canadian

Dollar

8/19/26

25,679,000

(

18,740,722

)

592,534

Canadian

Dollar

8/19/26

(2,111,000)

1,491,355

558

Great

British

Pound

8/19/26

22,005,000

(

29,537,925

)

344,081

Great

British

Pound

8/19/26

(1,859,000)

2,503,443

(

37,124

)

Great

British

Pound

8/19/26

(1,985,000)

2,674,095

(

40,613

)

–

$859,436

BNP

Paribas

Canadian

Dollar

8/19/26

1,542,000

(

1,124,907

)

35,125

–

Citibank

Canadian

Dollar

8/19/26

(58,869,000)

42,975,810

(

1,371,166

)

Great

British

Pound

8/19/26

36,539,000

(

49,035,239

)

559,262

Great

British

Pound

8/19/26

(1,698,000)

2,278,907

(

26,185

)

–

$(838,089)

Goldman

Sachs

Group,

Inc.

(The)

Canadian

Dollar

8/19/26

(9,170,000)

6,695,180

(

214,442

)

Great

British

Pound

8/19/26

27,514,000

(

36,929,731

)

427,144

–

$212,702

HSBC

Bank

USA

Canadian

Dollar

8/19/26

45,721,000

(

33,368,316

)

1,055,793

Great

British

Pound

8/19/26

2,095,000

(

2,810,503

)

31,085

–

$1,086,878

JPMorgan

Chase

Bank

Canadian

Dollar

8/19/26

18,521,000

(

13,531,515

)

442,120

Great

British

Pound

8/19/26

2,117,000

(

2,834,715

)

26,109

Great

British

Pound

8/19/26

(11,155,000)

14,999,882

(

200,639

)

–

$267,590

Morgan

Stanley

Co.

Canadian

Dollar

8/19/26

37,328,000

(

27,268,789

)

887,873

Great

British

Pound

8/19/26

(9,817,000)

13,196,100

(

171,970

)

–

$715,903

State

Street

Bank

Trust

Co.

Canadian

Dollar

8/19/26

1,770,000

(

1,283,949

)

33,032

Canadian

Dollar

8/19/26

(2,058,000)

1,481,097

(

26,641

)

Canadian

Dollar

8/19/26

(7,666,000)

5,599,925

(

182,112

)

Great

British

Pound

8/19/26

74,039,666

(

99,430,681

)

1,202,893

Great

British

Pound

8/19/26

(2,589,000)

3,428,123

6,681

Great

British

Pound

8/19/26

2,145,000

(

2,836,855

)

(

8,898

)

–

$1,024,955

UBS

Canadian

Dollar

8/19/26

2,730,000

(

1,929,648

)

268

–

$268

Total

$2,517,115

Janus

Henderson

Triton

Fund

Notes

Schedule

Investments

(unaudited)

June

30,

2026

107

Acquisition

Date

Cost

Value

Net

Assets

Cesiumastro,

Inc.

1/30/26

15,600,955

IntelyCare,

Inc.

3/29/22

25,081,954

1,167,312

Kardium,

Inc.

6/6/25

10,776,009

15,394,322

Loadsmart,

Inc.

1/4/22

7,168,757

5,444,483

Loadsmart,

Inc.

Series

1/4/22

21,506,260

15,516,767

Total

80,133,935

53,123,839

ADR

American

Depositary

Receipt

CVR

Contingent

Value

Rights

LLC

Limited

Liability

Company

plc

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

Non-income

producing

security.

Security

valued

using

significant

unobservable

inputs.

The

total

value

Level

securities

the

period

ended

June

30,

2026

$56,906,824,

which

represents

1.0%

net

assets.

Loaned

security;

portion

the

security

loan

June

30,

2026.

June

30,

2026,

securities

lending

transactions

accounted

for

secured

borrowings

with

overnight

and

continuous

contractual

maturity

are

$81,281,493.

Gross

amounts

recognized

liabilities

for

securities

lending

(collateral

received)

$81,747,042,

resulting

the

net

amount

due

the

counterparty

$465,549.

The

Fund

may

invest

certain

securities

that

are

considered

affiliated

companies.

defined

the

Investment

Company

Act

1940,

amended,

affiliated

company

one

which

the

Fund

owns

the

outstanding

voting

securities,

company

which

under

common

ownership

control.

∞

Rate

shown

the

7-day

yield

June

30,

2026.

Net

income

paid

the

securities

lending

agent

and

rebates

paid

the

borrowing

counterparties.

††

Schedule

Restricted

Securities

(as

June

30,

2026)

The

Fund

has

registration

rights

for

certain

restricted

securities

held

June

30,

2026.

The

issuer

incurs

all

registration

costs.

Janus

Henderson

Triton

Fund

Notes

Schedule

Investments

(unaudited)

June

30,

2026

108

The

following

summary

the

inputs

that

were

used

value

the

Fund

investments

securities

and

other

financial

instruments

June

30,

2026

See

Notes

Financial

Statements

for

information.

Valuation

Inputs

Summary

Level

Quoted

Prices

Level

Other

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Total

Assets

Investments

Securities:

Common

Stocks

5,792,173,811

—

5,792,173,811

Rights

—

1,649,319

3,782,985

5,432,304

Investment

Companies

—

81,444,395

—

81,444,395

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

81,747,042

—

81,747,042

Private

Placements

—

53,123,839

Total

Investments

Securities

5,792,173,811

164,840,756

56,906,824

6,013,921,391

Other

Financial

Instruments

(a)

Forward

Foreign

Currency

Exchange

Contracts

—

5,832,644

—

5,832,644

Total

Assets

5,792,173,811

170,673,400

56,906,824

6,019,754,035

Liabilities

Other

Financial

Instruments

(a)

Forward

Foreign

Currency

Exchange

Contracts

—

3,315,529

—

3,315,529

Options

Written,

Value

—

10,561,097

—

10,561,097

Total

Other

Financial

Instruments

—

13,876,626

—

13,876,626

Total

Liabilities

—

13,876,626

—

13,876,626

(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

centrally

cleared

swap

contracts

are

reported

their

unrealized

appreciation/

(depreciation)

measurement

date,

which

represents

the

change

the

contract's

value

from

trade

date.

Written

options,

written

swaptions,

and

OTC

swaps

are

reported

their

market

value

measurement

date.

Janus

Henderson

U.S.

Dividend

Income

Fund

Schedule

Investments

(unaudited)

June

30,

2026

109

Shares/

Principal

Amounts

Value

Common

Stocks

Aerospace

Defense

RTX

Corp.

8,028

1,523,152

Banks

JPMorgan

Chase

Co.

8,702

2,848,426

PNC

Financial

Services

Group,

Inc.

(The)

6,084

1,498,002

4,346,428

Beverages

Coca-Cola

Co.

(The)

18,263

1,484,234

Biotechnology

AbbVie,

Inc.

3,993

1,004,798

Amgen,

Inc.

2,049

741,984

1,746,782

Broadline

Retail

eBay,

Inc.

8,048

899,364

Building

Products

Trane

Technologies

plc

1,761

864,933

Capital

Markets

CME

Group,

Inc.

5,734

1,266,239

Goldman

Sachs

Group,

Inc.

(The)

1,576

1,593,919

Intercontinental

Exchange,

Inc.

7,560

930,712

Morgan

Stanley

7,846

1,640,128

5,430,998

Chemicals

Ecolab,

Inc.

2,432

677,580

Communications

Equipment

Cisco

Systems,

Inc.

16,104

1,891,576

Consumer

Finance

American

Express

Co.

4,606

1,557,979

Consumer

Staples

Distribution

Retail

Target

Corp.

9,881

1,290,557

Diversified

Telecommunication

Services

Verizon

Communications,

Inc.

37,059

1,569,078

Electric

Utilities

American

Electric

Power

Co.,

Inc.

7,199

984,895

Duke

Energy

Corp.

8,610

1,089,854

2,074,749

Electrical

Equipment

Eaton

Corp.

plc

3,033

1,292,422

Emerson

Electric

Co.

5,008

716,895

2,009,317

Electronic

Equipment,

Instruments

Components

Amphenol

Corp.

Class

6,703

1,181,873

Entertainment

Walt

Disney

Co.

(The)

14,330

1,379,262

Financial

Services

Visa,

Inc.

Class

2,934

1,006,626

Ground

Transportation

Union

Pacific

Corp.

4,825

1,312,400

Health

Care

Equipment

Supplies

Abbott

Laboratories

14,728

1,336,419

Medtronic

plc

11,746

918,890

Stryker

Corp.

1,784

561,674

2,816,983

Janus

Henderson

U.S.

Dividend

Income

Fund

Schedule

Investments

(unaudited)

June

30,

2026

110

Shares/

Principal

Amounts

Value

Common

Stocks

(continued)

Health

Care

Providers

Services

CVS

Health

Corp.

11,982

1,239,538

UnitedHealth

Group,

Inc.

1,874

778,891

2,018,429

Hotels,

Restaurants

Leisure

Marriott

International,

Inc.

Class

2,053

760,821

McDonald's

Corp.

3,731

1,008,527

Royal

Caribbean

Cruises

Ltd.

2,600

825,578

2,594,926

Household

Durables

Garmin

Ltd.

3,123

741,837

Industrial

Conglomerates

Co.

5,538

896,658

Insurance

Marsh

McLennan

Cos.,

Inc.

6,435

1,072,521

Interactive

Media

Services

Alphabet,

Inc.

Class

4,072

1,438,760

Life

Sciences

Tools

Services

Danaher

Corp.

5,168

984,401

Machinery

Cummins,

Inc.

1,823

1,300,182

Metals

Mining

Freeport-McMoRan,

Inc.

14,356

902,849

Multi-Utilities

WEC

Energy

Group,

Inc.

9,008

1,051,864

Oil,

Gas

Consumable

Fuels

Chevron

Corp.

10,487

1,738,325

ConocoPhillips

10,296

1,070,372

EOG

Resources,

Inc.

5,421

703,267

3,511,964

Passenger

Airlines

Delta

Air

Lines,

Inc.

10,640

996,542

Pharmaceuticals

Johnson

8,236

2,091,697

Zoetis,

Inc.

Class

4,405

316,543

2,408,240

Semiconductors

Semiconductor

Equipment

Applied

Materials,

Inc.

2,574

1,861,002

Broadcom,

Inc.

2,882

1,088,675

NVIDIA

Corp.

4,585

917,413

Texas

Instruments,

Inc.

5,187

1,546,089

5,413,179

Software

Microsoft

Corp.

4,851

1,809,520

Oracle

Corp.

7,261

1,064,100

2,873,620

Specialty

Retail

Home

Depot,

Inc.

(The)

3,201

1,128,929

TJX

Cos.,

Inc.

(The)

6,148

931,422

2,060,351

Technology

Hardware,

Storage

Peripherals

Dell

Technologies,

Inc.

Class

3,928

1,694,775

Seagate

Technology

Holdings

plc

1,449

1,398,285

3,093,060

Janus

Henderson

U.S.

Dividend

Income

Fund

Schedule

Investments

(unaudited)

June

30,

2026

111

Shares/

Principal

Amounts

Value

Common

Stocks

(continued)

Textiles,

Apparel

Luxury

Goods

NIKE,

Inc.

Class

13,909

570,964

Tobacco

Philip

Morris

International,

Inc.

9,956

1,801,140

Trading

Companies

Distributors

Ferguson

Enterprises,

Inc.

2,313

548,944

Total

Common

Stocks

(cost

$58,023,076)

71,344,302

Investment

Companies

Money

Market

Funds

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6430%

£,∞

(cost

$204,336)

204,336

Total

Investments

(total

cost

58,227,412

)

71,548,638

Cash,

Receivables

and

Other

Assets,

net

Liabilities

0.3%

245,308

Net

Assets

100.0%

$71,793,946

Summary

Investments

Country

(Long

Positions)

(unaudited)

Country

Value

Investment

Securities

United

States

America

67,526,220

Ireland

3,076,245

Switzerland

741,837

Luxembourg

204,336

Total

$71,548,638

100

Schedule

Affiliated

Investments

Net

Assets)

Affiliate

Affiliated

Investments,

Value

9/30/25

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

Unrealized

Appreciatio

(Depreciation)

Affiliated

Investments,

Value

6/30/26

.............

Held

6/30/26

Dividend

Income

Investment

Companies

Money

Market

Funds

0.3%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6430%

∞

250,053

14,952,379

(

14,998,118

)

–

204,336

4,512

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

N/A

Investment

Companies

N/A

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5573%

∞

–

1,563,924

(

1,563,924

)

–

1,576

Total

Affiliated

Investments

0.3%

$250,053

$16,516,303

$(16,562,042)

$22

$–

$204,336

204,336

$6,088

Janus

Henderson

U.S.

Dividend

Income

Fund

Notes

Schedule

Investments

(unaudited)

June

30,

2026

112

LLC

Limited

Liability

Company

plc

Public

Limited

Company

Non-income

producing

security.

The

Fund

may

invest

certain

securities

that

are

considered

affiliated

companies.

defined

the

Investment

Company

Act

1940,

amended,

affiliated

company

one

which

the

Fund

owns

the

outstanding

voting

securities,

company

which

under

common

ownership

control.

∞

Rate

shown

the

7-day

yield

June

30,

2026.

Net

income

paid

the

securities

lending

agent

and

rebates

paid

the

borrowing

counterparties.

The

following

summary

the

inputs

that

were

used

value

the

Fund

investments

securities

and

other

financial

instruments

June

30,

2026

See

Notes

Financial

Statements

for

information.

Valuation

Inputs

Summary

Level

Quoted

Prices

Level

Other

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Total

Assets

Investments

Securities:

Common

Stocks

71,344,302

—

71,344,302

Investment

Companies

—

204,336

—

204,336

Total

Assets

71,344,302

204,336

—

71,548,638

Janus

Henderson

Venture

Fund

Schedule

Investments

(unaudited)

June

30,

2026

113

Shares/

Principal

Amounts

Value

Common

Stocks

Aerospace

Defense

Applied

Aerospace

Defense,

Inc.

1,101,416

25,090,256

Hawkeye

360,

Inc.

632,107

12,781,204

Loar

Holdings,

Inc.

339,784

27,389,988

StandardAero,

Inc.

876,758

26,223,832

Voyager

Technologies,

Inc.

Class

306,534

9,885,722

101,371,002

Banks

Bancorp,

Inc.

(The)

749,148

46,926,631

Biotechnology

Ascendis

Pharma

A/S

149,479

39,869,039

Biohaven

Ltd.

655,104

9,747,947

Bridgebio

Pharma,

Inc.

637,802

47,503,493

Cogent

Biosciences,

Inc.

348,177

13,474,450

Halozyme

Therapeutics,

Inc.

332,552

26,028,845

Ideaya

Biosciences,

Inc.

672,162

25,051,478

Insmed,

Inc.

119,135

12,702,174

Madrigal

Pharmaceuticals,

Inc.

56,345

30,254,448

Mirum

Pharmaceuticals,

Inc.

469,778

54,996,910

Olema

Pharmaceuticals,

Inc.

307,947

3,852,417

Praxis

Precision

Medicines,

Inc.

146,093

48,910,475

Protagonist

Therapeutics,

Inc.

337,039

41,314,241

PTC

Therapeutics,

Inc.

365,532

29,816,445

Revolution

Medicines,

Inc.

384,421

71,994,365

Travere

Therapeutics,

Inc.

623,983

35,448,474

Tyra

Biosciences,

Inc.

211,594

6,758,312

Vaxcyte,

Inc.

477,244

27,742,194

Xenon

Pharmaceuticals,

Inc.

255,775

15,438,579

540,904,286

Broadline

Retail

Global-e

Online

Ltd.

650,268

22,583,808

Building

Products

CSW

Industrials,

Inc.

99,181

27,602,073

Modine

Manufacturing

Co.

74,510

19,895,660

Zurn

Elkay

Water

Solutions

Corp.

776,906

39,257,060

86,754,793

Capital

Markets

Hamilton

Lane,

Inc.

Class

152,752

12,041,440

LPL

Financial

Holdings,

Inc.

154,858

43,620,402

55,661,842

Chemicals

Perimeter

Solutions,

Inc.

2,223,554

79,269,700

Sensient

Technologies

Corp.

460,729

56,803,279

136,072,979

Commercial

Services

Supplies

Cimpress

plc

394,349

40,105,293

Rentokil

Initial

plc

(ADR)

1,690,570

48,367,208

88,472,501

Construction

Engineering

Legence

Corp.

Class

735,894

62,720,245

Sterling

Infrastructure,

Inc.

33,777

28,351,063

91,071,308

Consumer

Staples

Distribution

Retail

Casey's

General

Stores,

Inc.

77,360

61,484,954

Janus

Henderson

Venture

Fund

Schedule

Investments

(unaudited)

June

30,

2026

114

Shares/

Principal

Amounts

Value

Common

Stocks

(continued)

Diversified

Consumer

Services

Bright

Horizons

Family

Solutions,

Inc.

192,248

13,626,538

Stride,

Inc.

539,349

46,513,458

60,139,996

Diversified

Telecommunication

Services

AST

SpaceMobile,

Inc.

Class

#,*

302,297

26,862,111

Electrical

Equipment

Forgent

Power

Solutions,

Inc.

Class

541,722

30,260,591

Electronic

Equipment,

Instruments

Components

Arlo

Technologies,

Inc.

2,076,732

27,994,347

Bel

Fuse,

Inc.

Class

136,260

45,380,030

Novanta,

Inc.

221,919

36,004,139

OSI

Systems,

Inc.

262,977

57,513,070

166,891,586

Entertainment

Atlanta

Braves

Holdings,

Inc.

Class

688,527

35,734,551

Manchester

United

plc

Class

548,229

12,570,891

48,305,442

Financial

Services

Euronet

Worldwide,

Inc.

321,217

23,509,872

Jack

Henry

Associates,

Inc.

105,845

14,579,090

Shift4

Payments,

Inc.

Class

#,*

495,878

24,119,506

Walker

Dunlop,

Inc.

258,962

14,165,222

WEX,

Inc.

148,218

20,912,078

97,285,768

Food

Products

Mama's

Creations,

Inc.

1,099,780

19,631,073

Once

Upon

Farm

PBC

#,*

388,735

7,961,293

27,592,366

Health

Care

Equipment

Supplies

Carlsmed,

Inc.

#,*

609,059

6,322,032

Glaukos

Corp.

671,790

93,889,370

Globus

Medical,

Inc.

Class

606,792

47,942,636

ICU

Medical,

Inc.

220,993

32,397,574

Lantheus

Holdings,

Inc.

472,383

52,406,170

Procept

Biorobotics

Corp.

890,509

20,107,693

STERIS

plc

73,636

15,505,533

268,571,008

Health

Care

Providers

Services

HealthEquity,

Inc.

215,922

19,502,075

Lumexa

Imaging

Holdings,

Inc.

612,779

6,912,147

26,414,222

Health

Care

Technology

HeartFlow,

Inc.

781,479

22,928,594

Waystar

Holding

Corp.

855,823

17,570,046

40,498,640

Hotels,

Restaurants

Leisure

Aramark

902,482

51,351,226

Inspired

Entertainment,

Inc.

#,*

1,229,285

10,141,601

61,492,827

Household

Durables

Dream

Finders

Homes,

Inc.

Class

562,928

9,716,137

Independent

Power

and

Renewable

Electricity

Producers

Fervo

Energy

Co.

Class

674,057

19,702,686

Janus

Henderson

Venture

Fund

Schedule

Investments

(unaudited)

June

30,

2026

115

Shares/

Principal

Amounts

Value

Common

Stocks

(continued)

Insurance

Baldwin

Insurance

Group,

Inc.

(The)

Class

116,307

3,091,440

Exzeo

Group,

Inc.

599,318

10,110,495

Goosehead

Insurance,

Inc.

Class

320,572

15,547,742

Palomar

Holdings,

Inc.

168,110

21,247,423

RLI

Corp.

238,315

14,077,267

64,074,367

Interactive

Media

Services

Ziff

Davis,

Inc.

491,044

25,715,974

Services

Quantinuum,

Inc.

Class

82,650

6,755,811

Life

Sciences

Tools

Services

Repligen

Corp.

113,007

15,418,675

Machinery

Alamo

Group,

Inc.

143,030

23,527,005

ATS

Corp.

838,630

24,175,442

CECO

Environmental

Corp.

746,022

67,694,036

Enpro,

Inc.

136,220

51,345,405

Gates

Industrial

Corp.

plc

1,338,975

37,451,131

ITT,

Inc.

170,246

33,667,849

Kornit

Digital

Ltd.

674,016

10,952,760

Mayville

Engineering

Co.,

Inc.

474,694

17,782,037

SPX

Technologies,

Inc.

313,544

76,871,582

343,467,247

Oil,

Gas

Consumable

Fuels

California

Resources

Corp.

297,854

15,747,541

Magnolia

Oil

Gas

Corp.

Class

1,243,936

31,819,883

47,567,424

Pharmaceuticals

Claris

Lifesciences

Ltd.

*,¢

5,023,916

3,053,034

Crinetics

Pharmaceuticals,

Inc.

314,817

11,780,452

Edgewise

Therapeutics,

Inc.

311,827

12,669,531

Harrow,

Inc.

#,*

468,451

19,895,114

Ligand

Pharmaceuticals,

Inc.

275,579

87,107,766

Structure

Therapeutics,

Inc.

(ADR)

252,725

13,563,751

Tarsus

Pharmaceuticals,

Inc.

169,879

10,692,184

158,761,832

Professional

Services

Asure

Software,

Inc.

1,553,391

12,333,924

Broadridge

Financial

Solutions,

Inc.

183,189

25,087,734

CACI

International,

Inc.

Class

60,646

28,094,866

CRA

International,

Inc.

115,589

16,448,315

Innodata,

Inc.

351,236

26,546,417

Paylocity

Holding

Corp.

204,143

21,339,068

SS&C

Technologies

Holdings,

Inc.

702,841

43,611,284

Solutions,

Inc.

Class

236,048

24,043,849

197,505,457

Real

Estate

Management

Development

Colliers

International

Group,

Inc.

129,314

12,128,360

FirstService

Corp.

98,789

14,038,905

26,167,265

Semiconductors

Semiconductor

Equipment

MACOM

Technology

Solutions

Holdings,

Inc.

132,287

50,318,006

Nova

Ltd.

#,*

45,291

24,590,296

Janus

Henderson

Venture

Fund

Schedule

Investments

(unaudited)

June

30,

2026

116

Shares/

Principal

Amounts

Value

Common

Stocks

(continued)

Semiconductors

Semiconductor

Equipment

(continued)

Semiconductor

Corp.

366,441

34,643,332

PDF

Solutions,

Inc.

751,580

53,204,348

Tower

Semiconductor

Ltd.

262,619

68,449,016

231,204,998

Software

Aurora

Innovation,

Inc.

Class

1,509,310

10,293,494

Blackbaud,

Inc.

435,294

12,893,408

Cellebrite

Ltd.

766,367

11,188,958

Consensus

Cloud

Solutions,

Inc.

701,906

26,777,714

Descartes

Systems

Group,

Inc.

(The)

564,259

39,085,510

Porch

Group,

Inc.

1,185,918

17,836,207

Procore

Technologies,

Inc.

199,864

8,118,476

Tyler

Technologies,

Inc.

63,749

18,644,032

144,837,799

Specialty

Retail

Valvoline,

Inc.

858,880

33,960,115

Technology

Hardware,

Storage

Peripherals

GPGI,

Inc.

Class

890,095

14,108,006

Textiles,

Apparel

Luxury

Goods

Gildan

Activewear,

Inc.

Class

650,267

33,553,777

Trading

Companies

Distributors

Core

Main,

Inc.

Class

706,538

34,090,458

SiteOne

Landscape

Supply,

Inc.

122,419

14,005,958

48,096,416

Total

Common

Stocks

(cost

$1,961,273,453)

3,506,232,647

Rights

Biotechnology

0.0

OmniAb

Operations,

Inc.

104,942

255,513

Life

Sciences

Tools

Services

0.0

OmniAb,

Inc.

104,942

252,816

Pharmaceuticals

Novo

Nordisk

A/S,

CVR

*,¢

190,961

124,125

Pfizer,

Inc.,

CVR

#,*,¢

301,216

1,475,958

Roche

Holding

AG,

CVR

*,¢

1,117,836

380,064

1,980,147

Total

Rights

(cost

$124,125)

2,488,476

Private

Placements

Biotechnology

Claris

Biotherapeutics,

Inc.

Series

B-1

*,¢,††

670,416

293,307

Claris

Biotherapeutics,

Inc.

Series

B-2

*,¢,††

5,994,888

2,622,764

Galvanize

Therapeutics,

Inc.

*,¢,††

13,743,992

7,281,567

10,197,638

Communications

Equipment

Cesiumastro,

Inc.

*,¢,††

307,536

9,149,473

Health

Care

Equipment

Supplies

Calyxo,

Inc.

Series

*,¢,††

566,893

4,999,996

Kardium,

Inc.

*,¢,††

8,991,217

8,313,549

13,313,545

Professional

Services

0.0

IntelyCare,

Inc.

*,¢,††

384,276

438,075

Real

Estate

Management

Development

Apartment

List,

Inc.

Series

*,¢,††

2,431,401

10,527,966

Janus

Henderson

Venture

Fund

Schedule

Investments

(unaudited)

June

30,

2026

117

Shares/

Principal

Amounts

Value

Private

Placements

(continued)

Software

Loadsmart,

Inc.

*,¢,††

140,312

2,024,702

Loadsmart,

Inc.

Series

*,¢,††

399,891

5,770,427

Total

Private

Placements

(cost

$59,066,593)

51,421,826

Investment

Companies

Money

Market

Funds

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6430%

£,∞

(cost

$61,033,845)

61,033,845

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

Investment

Companies

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5573%

£,∞

36,458,973

Time

Deposits

Royal

Bank

Canada,

3.6300%,

7/1/26

12,597,229

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$49,056,202)

49,056,202

Total

Investments

(total

cost

2,130,554,218

)

101

3,670,232,996

Liabilities,

net

Cash,

Receivables

and

Other

Assets

(1.9%)

(67,806,285)

Net

Assets

100.0%

$3,602,426,711

Summary

Investments

Country

(Long

Positions)

(unaudited)

Country

Value

Investment

Securities

United

States

America

3,180,230,537

Canada

146,734,122

Israel

137,764,838

Luxembourg

61,033,845

United

Kingdom

60,938,099

Ireland

40,105,293

Denmark

39,993,164

India

3,053,034

Switzerland

380,064

Total

$3,670,232,996

100

Janus

Henderson

Venture

Fund

Schedule

Investments

(unaudited)

June

30,

2026

118

Schedule

Affiliated

Investments

Net

Assets)

Affiliate

Affiliated

Investments,

Value

9/30/25

Purchases

Sales

Proceeds

Realized

Gain/(Loss)

Change

Unrealized

Appreciatio

(Depreciation)

Affiliated

Investments,

Value

6/30/26

.............

Held

6/30/26

Dividend

Income

Common

Stocks

Pharmaceuticals

0.1%

Claris

Lifesciences

Ltd.

*,¢

2,197,963

–

855,071

3,053,034

5,023,916

–

Professional

Services

0.3%

Asure

Software,

Inc.

12,869,818

943,888

(

1,162,247

)

(

446,629

)

129,094

12,333,924

1,553,391

–

Total

Common

Stocks

$15,067,781

$943,888

$(1,162,247)

$(446,629)

984,165

$15,386,958

6,577,307

$–

Convertible

Corporate

Bonds

N/A

Claris

Biotherapeutics

Inc

Series

8.0000%,

7/31/26

*,¢

154,340

–

(

156,843

)

2,503

–

Claris

Biotherapeutics

Inc,

8.0000%,

7/31/26

*,¢

221,444

–

(

234,646

)

13,202

–

Total

Convertible

Corporate

Bonds

N/A

$375,784

$–

$(391,489)

$15,705

–

$–

–

$–

Investment

Companies

Money

Market

Funds

1.7%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.6430%

∞

37,026,630

627,927,137

(

603,904,052

)

(

15,870

)

–

61,033,845

1,030,635

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

1.0%

Investment

Companies

1.0%

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.5573%

∞

33,281,722

635,133,739

(

631,956,488

)

–

36,458,973

184,166

Private

Placements

Biotechnology

0.1%

Claris

Biotherapeutics,

Inc.

Series

B-1

*,¢,††

–

234,646

–

58,661

293,307

670,416

–

Claris

Biotherapeutics,

Inc.

Series

B-2

*,¢,††

–

2,622,764

–

2,622,764

5,994,888

–

Professional

Services

0.0%

IntelyCare,

Inc.

*,¢,††

–

9,412,879

–

(

8,974,804

)

438,075

384,276

–

Software

0.2%

Loadsmart,

Inc.

Series

*,¢,††

–

7,997,820

–

(

2,227,393

)

5,770,427

399,891

–

Total

Private

Placements

$–

$20,268,109

$–

(

11,143,536

)

$9,124,573

7,449,471

$–

Total

Affiliated

Investments

3.4%

$85,751,917

$1,284,272,873

$(1,237,414,276)

$(446,794)

$(10,159,371)

$122,004,349

111,519,596

$1,214,801

Janus

Henderson

Venture

Fund

Schedule

Investments

(unaudited)

June

30,

2026

119

Schedule

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)

Bank

America

Canadian

Dollar

8/19/26

(564,000)

411,718

(

13,121

)

Great

British

Pound

8/19/26

(24,441,000)

32,808,132

(

382,467

)

–

Barclays

Bank

plc

Canadian

Dollar

8/19/26

(3,219,000)

2,274,122

851

Canadian

Dollar

8/19/26

6,601,000

(

4,656,330

)

(

8,812

)

Canadian

Dollar

8/19/26

(816,100)

595,596

(

18,831

)

Great

British

Pound

8/19/26

(3,675,100)

4,933,189

(

57,466

)

–

$(84,258)

Citibank

Canadian

Dollar

8/19/26

8,887,900

(

6,488,384

)

207,015

Great

British

Pound

8/19/26

11,660,800

(

15,648,762

)

178,479

Great

British

Pound

8/19/26

(1,541,000)

2,068,196

(

23,764

)

–

$361,730

Goldman

Sachs

Group,

Inc.

(The)

Canadian

Dollar

8/19/26

2,850,000

(

2,077,426

)

63,238

Canadian

Dollar

8/19/26

(2,488,000)

1,784,120

(

25,769

)

Canadian

Dollar

8/19/26

(2,132,000)

1,556,611

(

49,857

)

Great

British

Pound

8/19/26

20,741,000

(

27,838,902

)

321,996

Great

British

Pound

8/19/26

(1,266,000)

1,703,128

(

23,537

)

–

$286,071

HSBC

Bank

USA

Canadian

Dollar

8/19/26

66,035,700

(

48,194,487

)

1,524,901

Great

British

Pound

8/19/26

13,354,400

(

17,915,315

)

198,147

–

$1,723,048

JPMorgan

Chase

Bank

Canadian

Dollar

8/19/26

52,588,500

(

38,421,364

)

1,255,354

Great

British

Pound

8/19/26

15,549,800

(

20,909,472

)

279,686

–

$1,535,040

Morgan

Stanley

Co.

Canadian

Dollar

8/19/26

(2,542,000)

1,847,348

(

50,834

)

Canadian

Dollar

8/19/26

(25,033,000)

18,287,066

(

595,428

)

Great

British

Pound

8/19/26

1,318,000

(

1,742,148

)

(

6,431

)

Great

British

Pound

8/19/26

(6,814,000)

9,159,440

(

119,365

)

–

$(772,058)

State

Street

Bank

Trust

Co.

Canadian

Dollar

8/19/26

(2,906,000)

2,098,255

(

44,490

)

Canadian

Dollar

8/19/26

(10,315,500)

7,535,354

(

245,053

)

Great

British

Pound

8/19/26

16,650,831

(

22,361,034

)

270,519

Great

British

Pound

8/19/26

1,393,000

(

1,864,431

)

16,350

Great

British

Pound

8/19/26

(1,095,000)

1,449,902

2,826

Great

British

Pound

8/19/26

1,962,000

(

2,594,830

)

(

8,139

)

–

$(7,987)

UBS

Canadian

Dollar

8/19/26

3,919,000

(

2,840,510

)

70,824

Canadian

Dollar

8/19/26

3,269,000

(

2,300,914

)

(

9,395

)

–

$61,429

Total

$2,707,427

Janus

Henderson

Venture

Fund

Notes

Schedule

Investments

(unaudited)

June

30,

2026

121

Acquisition

Date

Cost

Value

Net

Assets

Apartment

List,

Inc.

Series

11/2/20

8,881,908

10,527,966

Calyxo,

Inc.

Series

4/1/26

4,999,996

Cesiumastro,

Inc.

1/30/26

9,149,473

Claris

Biotherapeutics,

Inc.

Series

B-1

11/25/25

234,646

293,307

Claris

Biotherapeutics,

Inc.

Series

B-2

11/25/25

2,622,764

Galvanize

Therapeutics,

Inc.

7/7/25-3/20/26

7,281,704

7,281,567

IntelyCare,

Inc.

3/29/22

9,412,879

438,075

Kardium,

Inc.

6/6/25

5,819,475

8,313,549

Loadsmart,

Inc.

1/4/22

2,665,928

2,024,702

Loadsmart,

Inc.

Series

4/1/22

7,997,820

5,770,427

Total

59,066,593

51,421,826

ADR

American

Depositary

Receipt

CVR

Contingent

Value

Rights

Depositary

Interest

LLC

Limited

Liability

Company

plc

Public

Limited

Company

Non-income

producing

security.

Security

valued

using

significant

unobservable

inputs.

The

total

value

Level

securities

the

period

ended

June

30,

2026

$56,455,007,

which

represents

1.6%

net

assets.

Loaned

security;

portion

the

security

loan

June

30,

2026.

June

30,

2026,

securities

lending

transactions

accounted

for

secured

borrowings

with

overnight

and

continuous

contractual

maturity

are

$50,574,385.

Gross

amounts

recognized

liabilities

for

securities

lending

(collateral

received)

$49,056,202,

resulting

the

net

amount

due

the

counterparty

$(1,518,184).

The

Fund

may

invest

certain

securities

that

are

considered

affiliated

companies.

defined

the

Investment

Company

Act

1940,

amended,

affiliated

company

one

which

the

Fund

owns

the

outstanding

voting

securities,

company

which

under

common

ownership

control.

∞

Rate

shown

the

7-day

yield

June

30,

2026.

Net

income

paid

the

securities

lending

agent

and

rebates

paid

the

borrowing

counterparties.

All

portion

the

result

corporate

action.

††

Schedule

Restricted

Securities

(as

June

30,

2026)

The

Fund

has

registration

rights

for

certain

restricted

securities

held

June

30,

2026.

The

issuer

incurs

all

registration

costs.

Janus

Henderson

Venture

Fund

Notes

Schedule

Investments

(unaudited)

June

30,

2026

122

The

following

summary

the

inputs

that

were

used

value

the

Fund

investments

securities

and

other

financial

instruments

June

30,

2026

See

Notes

Financial

Statements

for

information.

Valuation

Inputs

Summary

Level

Quoted

Prices

Level

Other

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Total

Assets

Investments

Securities:

Common

Stocks

Pharmaceuticals

155,708,798

—

3,053,034

158,761,832

All

Other

3,347,470,815

—

3,347,470,815

Rights

—

508,329

1,980,147

2,488,476

Investment

Companies

—

61,033,845

—

61,033,845

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

49,056,202

—

49,056,202

Private

Placements

—

51,421,826

Total

Investments

Securities

3,503,179,613

110,598,376

56,455,007

3,670,232,996

Other

Financial

Instruments

(a)

Forward

Foreign

Currency

Exchange

Contracts

—

4,390,186

—

4,390,186

Total

Assets

3,503,179,613

114,988,562

56,455,007

3,674,623,182

Liabilities

Other

Financial

Instruments

(a)

Forward

Foreign

Currency

Exchange

Contracts

—

1,682,759

—

1,682,759

Options

Written,

Value

—

5,167,010

—

5,167,010

Total

Other

Financial

Instruments

—

6,849,769

—

6,849,769

Total

Liabilities

—

6,849,769

—

6,849,769

(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

centrally

cleared

swap

contracts

are

reported

their

unrealized

appreciation/

(depreciation)

measurement

date,

which

represents

the

change

the

contract's

value

from

trade

date.

Written

options,

written

swaptions,

and

OTC

swaps

are

reported

their

market

value

measurement

date.

Janus

Investment

Fund

Notes

Financial

Statements

June

30,

2026

123

Investment

Valuation

Fund holdings

are

valued

accordance

with

policies

and

procedures

established

the

Adviser

pursuant

Rule

2a-5

under

the

1940

Act

and

approved

and

subject

the

oversight

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities

traded

domestic

securities

exchange

are

generally

valued

readily

available

market

quotations,

which

are

(i)

the

official

prices

(ii)

last

sale

prices

the

primary

market

exchange

which

the

securities

trade.

such

price

lacking

for

the

trading

period

immediately

preceding

the

time

determination,

such

securities

are

generally

valued

their

current

bid

price.

Equity

securities

that

are

traded

foreign

exchange

are

generally

valued

the

closing

prices

such

markets.

the

event

that

there

current

trading

volume

particular

security

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

generally

used

value

the

security.

Foreign

securities

and

currencies

are

converted

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

effect

the

New

York

Stock

Exchange

(“NYSE”).

The

Adviser

will

determine

the

market

value

individual

securities

held

using

prices

provided

one

Adviser-approved

professional

pricing

services

or,

needed,

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

accordance

with

the

evaluated

bid

price

supplied

the

pricing

service

that

intended

reflect

market

value.

The

evaluated

bid

price

supplied

the

pricing

service

evaluation

that

may

consider

factors

such

security

prices,

yields,

maturities,

and

ratings.

Certain

short-

term

securities

maturing

within

days

less

may

evaluated

and

valued

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

evaluated

prices

are

not

readily

available

deemed

unreliable

are

valued

fair

value

determined

good

faith

the

Adviser

pursuant

the

Valuation

Procedures.

Circumstances

which

fair

valuation

may

utilized

include,

but

are

not

limited

to:

(i)

significant

event

that

may

affect

the

securities

single

issuer,

such

merger,

bankruptcy,

significant

issuer-

specific

development;

(ii)

event

that

may

affect

entire

market,

such

natural

disaster

significant

governmental

action;

(iii)

nonsignificant

event

such

market

closing

early

not

opening,

security

trading

halt;

and

(iv)

pricing

non-valued

security

and

restricted

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

“odd-lot”

fixed-income

transactions

which,

due

their

small

size,

may

receive

evaluated

prices

pricing

services

which

reflect

large

block

trade

and

not

what

actually

could

obtained

for

the

odd-lot

position.

The

value

the

securities

other

mutual

funds

held

the

Funds,

any,

will

calculated

using

the

NAV

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

using

fair

valuation.

The

value

the

securities

any

cash

management

pooled

investment

vehicles

that

operate

money

market

funds

held

the

Funds,

any,

will

calculated

using

the

NAV

such

funds.

Valuation

Inputs

Summary

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

market-based

measurement

that

should

determined

based

the

assumptions

that

market

participants

would

use

pricing

asset

liability

and

establishes

hierarchy

that

prioritizes

inputs

valuation

techniques

used

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels:

Level

–

Unadjusted

quoted

prices

active

markets each

Fund

has

the

ability

access

for

identical

assets

liabilities.

Level

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

Level

that

are

observable

for

the

asset

liability

either

directly

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

liabilities

categorized

Level

the

hierarchy

generally

include:

debt

securities

fair

valued

accordance

with

the

evaluated

bid

ask

prices

supplied

pricing

service;

securities

traded

OTC

markets

and

listed

securities

for

which

sales

are

reported

that

are

fair

valued

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

dealers

transacting

market

for

such

securities

pricing

service

approved

the

Fund’s

Trustees;

certain

short-term

debt

securities

with

maturities

days

less

that

are

fair

valued

amortized

cost;

and

equity

securities

foreign

issuers

whose

fair

value

determined

using

systematic

fair

valuation

models

provided

independent

third

parties

order

adjust

for

stale

pricing

which

may

occur

between

the

Janus

Investment

Fund

Notes

Financial

Statements

June

30,

2026

124

certain

foreign

exchanges

and

the

NYSE.

Other

securities

that

may

categorized

Level

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

unregistered

investment

companies,

options,

and

forward

contracts.

Level

–

Unobservable

inputs

for

the

asset

liability

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

market

participant

would

use

valuing

the

asset

liability,

and

that

would

based

the

best

information

available.

There

have

been

significant

changes

valuation

techniques

used

valuing

any

such

positions

held

the

Funds

since

the

beginning

the fiscal

period.

The

inputs

methodology

used

for

fair

valuing

securities

are

not

necessarily

indication

the

risk

associated

with

investing

those

securities.

The

summary

inputs

used

June

30,

2026 to

fair

value

the

Fund’s

investments

securities

and

other

financial

instruments

included

the

“Valuation

Inputs

Summary”

the

Notes

Schedule

Investments

and

Other

Information.

For

additional

information

the

Fund's,

please

refer

the

Funds'

most

recent

semiannual

annual

financial

statements.

125-35-71489

08-26