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        <fairValLevel>1</fairValLevel>
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        <name>Madrigal Pharmaceuticals, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NVIDIA Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Amazon.com, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Eli Lilly &amp; Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Danaher Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Howmet Aerospace, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Alphabet, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Medline, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>GE Vernova, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Apple, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>DoorDash, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Boeing Co. (The)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Argenx SE</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Revolution Medicines, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Mastercard, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Lumentum Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>DraftKings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Broadcom, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Datadog, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Meta Platforms, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Vaxcyte, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Palantir Technologies, Inc.</name>
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        <title>Palantir Technologies, Inc., Class A</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Janus Henderson Cash Liquidity Fund LLC</name>
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        <title>Janus Henderson Cash Liquidity Fund LLC</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Microsoft Corp.</name>
        <lei>INR2EJN1ERAN0W5ZP974</lei>
        <title>Microsoft Corp.</title>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>730677171.30000000</valUSD>
        <pctVal>3.069456583984</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Space Exploration Technologies Corp.</name>
        <lei>549300B9WLO96RQCXP87</lei>
        <title>Space Exploration Technologies Corp., Class A</title>
        <cusip>84615Q103</cusip>
        <identifiers>
          <isin value="US84615Q1031"/>
        </identifiers>
        <balance>2048495.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>350005855.70000000</valUSD>
        <pctVal>1.470317974079</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ferguson Enterprises, Inc.</name>
        <lei>2138003JYQMRP3SLX189</lei>
        <title>Ferguson Enterprises, Inc.</title>
        <cusip>31488V107</cusip>
        <identifiers>
          <isin value="US31488V1070"/>
        </identifiers>
        <balance>953318.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>226250960.94000000</valUSD>
        <pctVal>0.950443682884</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MercadoLibre, Inc.</name>
        <lei>549300DKPDN9M5S8GB14</lei>
        <title>MercadoLibre, Inc.</title>
        <cusip>58733R102</cusip>
        <identifiers>
          <isin value="US58733R1023"/>
        </identifiers>
        <balance>292107.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>495819500.73000000</valUSD>
        <pctVal>2.082857506381</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shopify, Inc.</name>
        <lei>549300HGQ43STJLLP808</lei>
        <title>Shopify, Inc., Class A</title>
        <cusip>82509L107</cusip>
        <identifiers>
          <isin value="CA82509L1076"/>
        </identifiers>
        <balance>2023984.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>231098493.12000000</valUSD>
        <pctVal>0.970807381314</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UnitedHealth Group, Inc.</name>
        <lei>549300GHBMY8T5GXDE41</lei>
        <title>UnitedHealth Group, Inc.</title>
        <cusip>91324P102</cusip>
        <identifiers>
          <isin value="US91324P1021"/>
        </identifiers>
        <balance>1472552.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>612036787.76000000</valUSD>
        <pctVal>2.571067526974</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Janus Investment Fund</ncom:nameOfApplicant>
      <ncom:signature>Jesper Nergaard</ncom:signature>
      <ncom:signerName>Jesper Nergaard</ncom:signerName>
      <ncom:title>VP, CFO, Treasurer, and Principal Accounting Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
