Janus Henderson VIT Balanced Portfolio

Semi-Annual Shareholder Report

June 30, 2026

Institutional Shares : JABLX

This semi-annual shareholder report contains important information about the Janus Henderson VIT Balanced Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Portfolio at janushenderson.com/VIT. You can also request this information by contacting us at 1-877-335-2687.

What were the costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Portfolio (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Janus Henderson VIT Balanced Portfolio (Institutional Shares/JABLX)	$31	0.62%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized for periods of less than one full year.

Key Portfolio Statistics

Table Summary
Net assets (Millions)	$9,144
Number of portfolio holdings^{Footnote Reference#}	727
Portfolio turnover rate	45%

Footnote	Description
Footnote^#	Does not include derivatives, except purchased options, if any.

What did the Portfolio invest in?

5 Largest equity holdings - (% of net assets)

Table Summary
NVIDIA Corp.	5.7
Alphabet, Inc.	4.5
Microsoft Corp.	3.4
Amazon.com, Inc.	3.1
Apple, Inc.	2.8

Asset Allocation (% of net assets)

Table Summary
Common Stocks	65.1
Corporate Bonds	8.2
Mortgage-Backed Securities	7.5
U.S. Treasury Debt	6.6
Commercial Mortgage-Backed Securities	3.4
Asset-Backed Securities	3.3
Investment Companies	2.4
Residential Mortgage-Backed Securities	2.1
Collateralized Loan Obligations	2.0
Bank Loans	0.9
Investments Purchased with Cash Collateral from Securities Lending	0.1
Other	(1.6)

Top 5 Country Allocations - (% of investments)

Table Summary
United States of America	95.9
Luxembourg	2.3
Ireland	1.4
France	0.2
Netherlands	0.1

Janus Aspen Series

Where can I find more information?

At janushenderson.com/VIT, you can find additional information about the Portfolio, including the Portfolio's:

Prospectus
Financial information
Portfolio holdings

An image of a QR code that, when scanned, navigates the user to the following URL: https://www.janushenderson.com/en-us/advisor/variable-insurance/?tab=documents

You can also request this information by contacting us at 1-877-335-2687.

Janus Aspen Series

109-70-71194I 08-26

Janus Henderson VIT Balanced Portfolio

Semi-Annual Shareholder Report

June 30, 2026

Service Shares :

What were the costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Portfolio (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Janus Henderson VIT Balanced Portfolio (Service Shares)	$44	0.87%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized for periods of less than one full year.

Key Portfolio Statistics

Table Summary
Net assets (Millions)	$9,144
Number of portfolio holdings^{Footnote Reference#}	727
Portfolio turnover rate	45%

Footnote	Description
Footnote^#	Does not include derivatives, except purchased options, if any.

What did the Portfolio invest in?

5 Largest equity holdings - (% of net assets)

Table Summary
NVIDIA Corp.	5.7
Alphabet, Inc.	4.5
Microsoft Corp.	3.4
Amazon.com, Inc.	3.1
Apple, Inc.	2.8

Asset Allocation (% of net assets)

Table Summary
Common Stocks	65.1
Corporate Bonds	8.2
Mortgage-Backed Securities	7.5
U.S. Treasury Debt	6.6
Commercial Mortgage-Backed Securities	3.4
Asset-Backed Securities	3.3
Investment Companies	2.4
Residential Mortgage-Backed Securities	2.1
Collateralized Loan Obligations	2.0
Bank Loans	0.9
Investments Purchased with Cash Collateral from Securities Lending	0.1
Other	(1.6)

Top 5 Country Allocations - (% of investments)

Table Summary
United States of America	95.9
Luxembourg	2.3
Ireland	1.4
France	0.2
Netherlands	0.1

Janus Aspen Series

Where can I find more information?

At janushenderson.com/VIT, you can find additional information about the Portfolio, including the Portfolio's:

Prospectus
Financial information
Portfolio holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Aspen Series

109-70-71195S 08-26

Janus Henderson VIT Enterprise Portfolio

Semi-Annual Shareholder Report

June 30, 2026

Institutional Shares : JAAGX

This semi-annual shareholder report contains important information about the Janus Henderson VIT Enterprise Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Portfolio at janushenderson.com/VIT. You can also request this information by contacting us at 1-877-335-2687.

What were the costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Portfolio (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Janus Henderson VIT Enterprise Portfolio (Institutional Shares/JAAGX)	$37	0.71%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized for periods of less than one full year.

Key Portfolio Statistics

Table Summary
Net assets (Millions)	$1,918
Number of portfolio holdings^{Footnote Reference#}	83
Portfolio turnover rate	14%

Footnote	Description
Footnote^#	Does not include derivatives, except purchased options, if any.

What did the Portfolio invest in?

5 Largest equity holdings - (% of net assets)

Table Summary
Flex Ltd.	5.3
Ferguson Enterprises, Inc.	3.4
ON Semiconductor Corp.	3.2
Revvity, Inc.	2.8
LPL Financial Holdings, Inc.	2.8

Asset Allocation (% of net assets)

Table Summary
Common Stocks	96.2
Investment Companies	3.6
Investments Purchased with Cash Collateral from Securities Lending	0.1
Other	0.1

Top 5 Country Allocations - (% of investments)

Table Summary
United States of America	78.4
Canada	7.2
Netherlands	3.9
Luxembourg	3.6
Ireland	3.6

Janus Aspen Series

Where can I find more information?

At janushenderson.com/VIT, you can find additional information about the Portfolio, including the Portfolio's:

Prospectus
Financial information
Portfolio holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Aspen Series

109-70-71196I 08-26

Janus Henderson VIT Enterprise Portfolio

Semi-Annual Shareholder Report

June 30, 2026

Service Shares

What were the costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Portfolio (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Janus Henderson VIT Enterprise Portfolio (Service Shares)	$50	0.96%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized for periods of less than one full year.

Key Portfolio Statistics

Table Summary
Net assets (Millions)	$1,918
Number of portfolio holdings^{Footnote Reference#}	83
Portfolio turnover rate	14%

Footnote	Description
Footnote^#	Does not include derivatives, except purchased options, if any.

What did the Portfolio invest in?

5 Largest equity holdings - (% of net assets)

Table Summary
Flex Ltd.	5.3
Ferguson Enterprises, Inc.	3.4
ON Semiconductor Corp.	3.2
Revvity, Inc.	2.8
LPL Financial Holdings, Inc.	2.8

Asset Allocation (% of net assets)

Table Summary
Common Stocks	96.2
Investment Companies	3.6
Investments Purchased with Cash Collateral from Securities Lending	0.1
Other	0.1

Top 5 Country Allocations - (% of investments)

Table Summary
United States of America	78.4
Canada	7.2
Netherlands	3.9
Luxembourg	3.6
Ireland	3.6

Janus Aspen Series

Where can I find more information?

At janushenderson.com/VIT, you can find additional information about the Portfolio, including the Portfolio's:

Prospectus
Financial information
Portfolio holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Aspen Series

109-70-71197S 08-26

Janus Henderson VIT Flexible Bond Portfolio

Semi-Annual Shareholder Report

June 30, 2026

Institutional Shares : JAFLX

This semi-annual shareholder report contains important information about the Janus Henderson VIT Flexible Bond Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Portfolio at janushenderson.com/VIT. You can also request this information by contacting us at 1-877-335-2687.

What were the costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Portfolio (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Janus Henderson VIT Flexible Bond Portfolio (Institutional Shares/JAFLX)	$28	0.57%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized for periods of less than one full year.

Key Portfolio Statistics

Table Summary
Net assets (Millions)	$619
Number of portfolio holdings^{Footnote Reference#}	622
Portfolio turnover rate	101%
Weighted average maturity	6.13 Years
Effective duration	5.76 Years

Footnote	Description
Footnote^#	Does not include derivatives, except purchased options, if any.

What did the Portfolio invest in?

Asset Allocation (% of net assets)

Table Summary
Mortgage-Backed Securities	22.8
Corporate Bonds	21.6
U.S. Treasury Debt	18.6
Asset-Backed Securities	9.4
Commercial Mortgage-Backed Securities	9.3
Investment Companies	8.0
Residential Mortgage-Backed Securities	6.5
Collateralized Loan Obligations	5.5
Bank Loans	3.3
Investments Purchased with Cash Collateral from Securities Lending	0.3
Other	(5.3)

Ratings^† Summary – (% of net assets)

Table Summary
Aaa	18.66
Aa	42.64
A	7.51
Baa	9.96
Ba	11.48
B	2.03
Not Rated	5.86
Other	1.86

Top 5 Areas of Investment (% of net assets)

Table Summary
Mortgage-Backed Security	22.8
U.S. Treasury Debt	18.6
Asset-Backed Security	9.4
Commercial Mortgage-Backed Security	9.3
Financials	6.8

Janus Aspen Series

† The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

At janushenderson.com/VIT, you can find additional information about the Portfolio, including the Portfolio's:

Prospectus
Financial information
Portfolio holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Aspen Series

109-70-71198I 08-26

Janus Henderson VIT Flexible Bond Portfolio

Semi-Annual Shareholder Report

June 30, 2026

Service Shares

What were the costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Portfolio (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Janus Henderson VIT Flexible Bond Portfolio (Service Shares)	$40	0.81%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized for periods of less than one full year.

Key Portfolio Statistics

Table Summary
Net assets (Millions)	$619
Number of portfolio holdings^{Footnote Reference#}	622
Portfolio turnover rate	101%
Weighted average maturity	6.13 Years
Effective duration	5.76 Years

Footnote	Description
Footnote^#	Does not include derivatives, except purchased options, if any.

What did the Portfolio invest in?

Asset Allocation (% of net assets)

Table Summary
Mortgage-Backed Securities	22.8
Corporate Bonds	21.6
U.S. Treasury Debt	18.6
Asset-Backed Securities	9.4
Commercial Mortgage-Backed Securities	9.3
Investment Companies	8.0
Residential Mortgage-Backed Securities	6.5
Collateralized Loan Obligations	5.5
Bank Loans	3.3
Investments Purchased with Cash Collateral from Securities Lending	0.3
Other	(5.3)

Ratings^† Summary – (% of net assets)

Table Summary
Aaa	18.66
Aa	42.64
A	7.51
Baa	9.96
Ba	11.48
B	2.03
Not Rated	5.86
Other	1.86

Top 5 Areas of Investment (% of net assets)

Table Summary
Mortgage-Backed Security	22.8
U.S. Treasury Debt	18.6
Asset-Backed Security	9.4
Commercial Mortgage-Backed Security	9.3
Financials	6.8

Janus Aspen Series

Where can I find more information?

At janushenderson.com/VIT, you can find additional information about the Portfolio, including the Portfolio's:

Prospectus
Financial information
Portfolio holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Aspen Series

109-70-71199S 08-26

Janus Henderson VIT Forty Portfolio

Semi-Annual Shareholder Report

June 30, 2026

Institutional Shares : JACAX

This semi-annual shareholder report contains important information about the Janus Henderson VIT Forty Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Portfolio at janushenderson.com/VIT. You can also request this information by contacting us at 1-877-335-2687.

What were the costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Portfolio (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Janus Henderson VIT Forty Portfolio (Institutional Shares/JACAX)	$28	0.55%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized for periods of less than one full year.

Key Portfolio Statistics

Table Summary
Net assets (Millions)	$992
Number of portfolio holdings	36
Portfolio turnover rate	24%

What did the Portfolio invest in?

5 Largest equity holdings - (% of net assets)

Table Summary
NVIDIA Corp.	12.7
Alphabet, Inc.	8.0
Taiwan Semiconductor Manufacturing Co. Ltd.	6.6
Amazon.com, Inc.	6.5
Broadcom, Inc.	6.0

Asset Allocation (% of net assets)

Table Summary
Common Stocks	99.7
Investments Purchased with Cash Collateral from Securities Lending	1.1
Investment Companies	0.3
Other	(1.1)

Top 5 Country Allocations - (% of investments)

Table Summary
United States of America	84.2
Taiwan	6.5
Ireland	3.9
Uruguay	2.1
Netherlands	2.0

Janus Aspen Series

Where can I find more information?

At janushenderson.com/VIT, you can find additional information about the Portfolio, including the Portfolio's:

Prospectus
Financial information
Portfolio holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Aspen Series

109-70-71200I 08-26

Janus Henderson VIT Forty Portfolio

Semi-Annual Shareholder Report

June 30, 2026

Service Shares

What were the costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Portfolio (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Janus Henderson VIT Forty Portfolio (Service Shares)	$40	0.79%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized for periods of less than one full year.

Key Portfolio Statistics

Table Summary
Net assets (Millions)	$992
Number of portfolio holdings	36
Portfolio turnover rate	24%

What did the Portfolio invest in?

5 Largest equity holdings - (% of net assets)

Table Summary
NVIDIA Corp.	12.7
Alphabet, Inc.	8.0
Taiwan Semiconductor Manufacturing Co. Ltd.	6.6
Amazon.com, Inc.	6.5
Broadcom, Inc.	6.0

Asset Allocation (% of net assets)

Table Summary
Common Stocks	99.7
Investments Purchased with Cash Collateral from Securities Lending	1.1
Investment Companies	0.3
Other	(1.1)

Top 5 Country Allocations - (% of investments)

Table Summary
United States of America	84.2
Taiwan	6.5
Ireland	3.9
Uruguay	2.1
Netherlands	2.0

Janus Aspen Series

Where can I find more information?

At janushenderson.com/VIT, you can find additional information about the Portfolio, including the Portfolio's:

Prospectus
Financial information
Portfolio holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Aspen Series

109-70-71201S 08-26

Janus Henderson VIT Global Research Portfolio

Semi-Annual Shareholder Report

June 30, 2026

Institutional Shares : JAWGX

This semi-annual shareholder report contains important information about the Janus Henderson VIT Global Research Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Portfolio at janushenderson.com/VIT. You can also request this information by contacting us at 1-877-335-2687.

What were the costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Portfolio (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Janus Henderson VIT Global Research Portfolio (Institutional Shares/JAWGX)	$41	0.79%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized for periods of less than one full year.

Key Portfolio Statistics

Table Summary
Net assets (Millions)	$1,096
Number of portfolio holdings	120
Portfolio turnover rate	21%

What did the Portfolio invest in?

5 Largest equity holdings - (% of net assets)

Table Summary
NVIDIA Corp.	6.1
Alphabet, Inc.	4.8
Microsoft Corp.	3.6
Amazon.com, Inc.	2.9
Micron Technology, Inc.	2.7

Asset Allocation (% of net assets)

Table Summary
Common Stocks	99.9
Investments Purchased with Cash Collateral from Securities Lending	1.0
Investment Companies	0.1
Other	(1.0)

Top 5 Country Allocations - (% of investments)

Table Summary
United States of America	75.3
Canada	4.1
United Kingdom	3.5
Netherlands	2.3
France	2.3

Janus Aspen Series

Where can I find more information?

At janushenderson.com/VIT, you can find additional information about the Portfolio, including the Portfolio's:

Prospectus
Financial information
Portfolio holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Aspen Series

109-70-71202I 08-26

Janus Henderson VIT Global Research Portfolio

Semi-Annual Shareholder Report

June 30, 2026

Service Shares

What were the costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Portfolio (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Janus Henderson VIT Global Research Portfolio (Service Shares)	$54	1.04%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized for periods of less than one full year.

Key Portfolio Statistics

Table Summary
Net assets (Millions)	$1,096
Number of portfolio holdings	120
Portfolio turnover rate	21%

What did the Portfolio invest in?

5 Largest equity holdings - (% of net assets)

Table Summary
NVIDIA Corp.	6.1
Alphabet, Inc.	4.8
Microsoft Corp.	3.6
Amazon.com, Inc.	2.9
Micron Technology, Inc.	2.7

Asset Allocation (% of net assets)

Table Summary
Common Stocks	99.9
Investments Purchased with Cash Collateral from Securities Lending	1.0
Investment Companies	0.1
Other	(1.0)

Top 5 Country Allocations - (% of investments)

Table Summary
United States of America	75.3
Canada	4.1
United Kingdom	3.5
Netherlands	2.3
France	2.3

Janus Aspen Series

Where can I find more information?

At janushenderson.com/VIT, you can find additional information about the Portfolio, including the Portfolio's:

Prospectus
Financial information
Portfolio holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Aspen Series

109-70-71203S 08-26

Janus Henderson VIT Global Sustainable Equity Portfolio

Semi-Annual Shareholder Report

June 30, 2026

Institutional Shares : JHISX

This semi-annual shareholder report contains important information about the Janus Henderson VIT Global Sustainable Equity Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Portfolio at janushenderson.com/VIT. You can also request this information by contacting us at 1-877-335-2687.

What were the costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Portfolio (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Janus Henderson VIT Global Sustainable Equity Portfolio (Institutional Shares/JHISX)	$39	0.75%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized for periods of less than one full year.

Key Portfolio Statistics

Table Summary
Net assets (Millions)	$13
Number of portfolio holdings^{Footnote Reference#}	58
Portfolio turnover rate	49%

Footnote	Description
Footnote^#	Does not include derivatives, except purchased options, if any.

What did the Portfolio invest in?

5 Largest equity holdings - (% of net assets)

Table Summary
NVIDIA Corp.	5.6
Microsoft Corp.	4.2
Taiwan Semiconductor Manufacturing Co. Ltd.	3.2
Spotify Technology SA	3.1
Argenx SE	3.1

Asset Allocation (% of net assets)

Table Summary
Common Stocks	96.2
Investment Companies	4.2
Other	(0.4)

Top 5 Country Allocations - (% of investments)

Table Summary
United States of America	52.6
Ireland	5.7
Sweden	5.5
Japan	5.3
France	4.4

Janus Aspen Series

Where can I find more information?

At janushenderson.com/VIT, you can find additional information about the Portfolio, including the Portfolio's:

Prospectus
Financial information
Portfolio holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Aspen Series

109-70-71204I 08-26

Janus Henderson VIT Global Sustainable Equity Portfolio

Semi-Annual Shareholder Report

June 30, 2026

Service Shares

What were the costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Portfolio (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Janus Henderson VIT Global Sustainable Equity Portfolio (Service Shares)	$46	0.87%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized for periods of less than one full year.

Key Portfolio Statistics

Table Summary
Net assets (Millions)	$13
Number of portfolio holdings^{Footnote Reference#}	58
Portfolio turnover rate	49%

Footnote	Description
Footnote^#	Does not include derivatives, except purchased options, if any.

What did the Portfolio invest in?

5 Largest equity holdings - (% of net assets)

Table Summary
NVIDIA Corp.	5.6
Microsoft Corp.	4.2
Taiwan Semiconductor Manufacturing Co. Ltd.	3.2
Spotify Technology SA	3.1
Argenx SE	3.1

Asset Allocation (% of net assets)

Table Summary
Common Stocks	96.2
Investment Companies	4.2
Other	(0.4)

Top 5 Country Allocations - (% of investments)

Table Summary
United States of America	52.6
Ireland	5.7
Sweden	5.5
Japan	5.3
France	4.4

Janus Aspen Series

Where can I find more information?

At janushenderson.com/VIT, you can find additional information about the Portfolio, including the Portfolio's:

Prospectus
Financial information
Portfolio holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Aspen Series

109-70-71205S 08-26

Janus Henderson VIT Global Technology and Innovation Portfolio

Semi-Annual Shareholder Report

June 30, 2026

Institutional Shares : JGLTX

This semi-annual shareholder report contains important information about the Janus Henderson VIT Global Technology and Innovation Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Portfolio at janushenderson.com/VIT. You can also request this information by contacting us at 1-877-335-2687.

What were the costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Portfolio (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Janus Henderson VIT Global Technology and Innovation Portfolio (Institutional Shares/JGLTX)	$42	0.72%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized for periods of less than one full year.

Key Portfolio Statistics

Table Summary
Net assets (Millions)	$1,869
Number of portfolio holdings	53
Portfolio turnover rate	31%

What did the Portfolio invest in?

5 Largest equity holdings - (% of net assets)

Table Summary
Taiwan Semiconductor Manufacturing Co. Ltd.	14.8
NVIDIA Corp.	12.0
Lam Research Corp.	5.6
Samsung Electronics Co. Ltd.	5.2
Broadcom, Inc.	5.0

Asset Allocation (% of net assets)

Table Summary
Common Stocks	100.0
Investments Purchased with Cash Collateral from Securities Lending	2.9
Investment Companies	0.3
Private Placements	0.1
Warrants	0.0
Other	(3.3)

Top 5 Country Allocations - (% of investments)

Table Summary
United States of America	67.4
Taiwan	14.3
South Korea	9.2
Netherlands	5.2
Switzerland	1.0

Janus Aspen Series

Where can I find more information?

At janushenderson.com/VIT, you can find additional information about the Portfolio, including the Portfolio's:

Prospectus
Financial information
Portfolio holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Aspen Series

109-70-71206I 08-26

Janus Henderson VIT Global Technology and Innovation Portfolio

Semi-Annual Shareholder Report

June 30, 2026

Service Shares

What were the costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Portfolio (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Janus Henderson VIT Global Technology and Innovation Portfolio (Service Shares)	$56	0.97%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized for periods of less than one full year.

Key Portfolio Statistics

Table Summary
Net assets (Millions)	$1,869
Number of portfolio holdings	53
Portfolio turnover rate	31%

What did the Portfolio invest in?

5 Largest equity holdings - (% of net assets)

Table Summary
Taiwan Semiconductor Manufacturing Co. Ltd.	14.8
NVIDIA Corp.	12.0
Lam Research Corp.	5.6
Samsung Electronics Co. Ltd.	5.2
Broadcom, Inc.	5.0

Asset Allocation (% of net assets)

Table Summary
Common Stocks	100.0
Investments Purchased with Cash Collateral from Securities Lending	2.9
Investment Companies	0.3
Private Placements	0.1
Warrants	0.0
Other	(3.3)

Top 5 Country Allocations - (% of investments)

Table Summary
United States of America	67.4
Taiwan	14.3
South Korea	9.2
Netherlands	5.2
Switzerland	1.0

Janus Aspen Series

Where can I find more information?

At janushenderson.com/VIT, you can find additional information about the Portfolio, including the Portfolio's:

Prospectus
Financial information
Portfolio holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Aspen Series

109-70-71207S 08-26

Janus Henderson VIT Mid Cap Value Portfolio

Semi-Annual Shareholder Report

June 30, 2026

Institutional Shares : JAMVX

This semi-annual shareholder report contains important information about the Janus Henderson VIT Mid Cap Value Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Portfolio at janushenderson.com/VIT. You can also request this information by contacting us at 1-877-335-2687.

What were the costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Portfolio (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Janus Henderson VIT Mid Cap Value Portfolio (Institutional Shares/JAMVX)	$36	0.68%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized for periods of less than one full year.

Key Portfolio Statistics

Table Summary
Net assets (Millions)	$123
Number of portfolio holdings	74
Portfolio turnover rate	20%

What did the Portfolio invest in?

5 Largest equity holdings - (% of net assets)

Table Summary
Alliant Energy Corp.	2.9
Littelfuse, Inc.	2.6
Lamar Advertising Co.	2.5
Everest Group Ltd.	2.3
Agree Realty Corp.	2.2

Asset Allocation (% of net assets)

Table Summary
Common Stocks	98.0
Repurchase Agreements	2.3
Other	(0.3)

Top 5 Country Allocations - (% of investments)

Table Summary
United States of America	91.5
Bermuda	4.0
Canada	2.0
United Kingdom	1.6
Thailand	0.9

Janus Aspen Series

Where can I find more information?

At janushenderson.com/VIT, you can find additional information about the Portfolio, including the Portfolio's:

Prospectus
Financial information
Portfolio holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Aspen Series

109-70-71208I 08-26

Janus Henderson VIT Mid Cap Value Portfolio

Semi-Annual Shareholder Report

June 30, 2026

Service Shares

What were the costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Portfolio (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Janus Henderson VIT Mid Cap Value Portfolio (Service Shares)	$49	0.92%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized for periods of less than one full year.

Key Portfolio Statistics

Table Summary
Net assets (Millions)	$123
Number of portfolio holdings	74
Portfolio turnover rate	20%

What did the Portfolio invest in?

5 Largest equity holdings - (% of net assets)

Table Summary
Alliant Energy Corp.	2.9
Littelfuse, Inc.	2.6
Lamar Advertising Co.	2.5
Everest Group Ltd.	2.3
Agree Realty Corp.	2.2

Asset Allocation (% of net assets)

Table Summary
Common Stocks	98.0
Repurchase Agreements	2.3
Other	(0.3)

Top 5 Country Allocations - (% of investments)

Table Summary
United States of America	91.5
Bermuda	4.0
Canada	2.0
United Kingdom	1.6
Thailand	0.9

Janus Aspen Series

Where can I find more information?

At janushenderson.com/VIT, you can find additional information about the Portfolio, including the Portfolio's:

Prospectus
Financial information
Portfolio holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Aspen Series

109-70-71209S 08-26

Janus Henderson VIT Overseas Portfolio

Semi-Annual Shareholder Report

June 30, 2026

Institutional Shares : JAIGX

This semi-annual shareholder report contains important information about the Janus Henderson VIT Overseas Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Portfolio at janushenderson.com/VIT. You can also request this information by contacting us at 1-877-335-2687.

What were the costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Portfolio (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Janus Henderson VIT Overseas Portfolio (Institutional Shares/JAIGX)	$33	0.61%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized for periods of less than one full year.

Key Portfolio Statistics

Table Summary
Net assets (Millions)	$853
Number of portfolio holdings	46
Portfolio turnover rate	33%

What did the Portfolio invest in?

5 Largest equity holdings - (% of net assets)

Table Summary
Taiwan Semiconductor Manufacturing Co. Ltd.	7.3
ASML Holding NV	6.0
SK hynix, Inc.	5.4
Banco Bilbao Vizcaya Argentaria SA	4.4
Samsung Electronics Co. Ltd.	3.8

Asset Allocation (% of net assets)

Table Summary
Common Stocks	101.0
Investment Companies	1.2
Other	(2.2)

Top 5 Country Allocations - (% of investments)

Table Summary
United Kingdom	12.1
Netherlands	11.8
Japan	10.5
South Korea	9.7
France	8.4

Janus Aspen Series

Where can I find more information?

At janushenderson.com/VIT, you can find additional information about the Portfolio, including the Portfolio's:

Prospectus
Financial information
Portfolio holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Aspen Series

109-70-71210I 08-26

Janus Henderson VIT Overseas Portfolio

Semi-Annual Shareholder Report

June 30, 2026

Service Shares

What were the costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Portfolio (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Janus Henderson VIT Overseas Portfolio (Service Shares)	$45	0.85%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized for periods of less than one full year.

Key Portfolio Statistics

Table Summary
Net assets (Millions)	$853
Number of portfolio holdings	46
Portfolio turnover rate	33%

What did the Portfolio invest in?

5 Largest equity holdings - (% of net assets)

Table Summary
Taiwan Semiconductor Manufacturing Co. Ltd.	7.3
ASML Holding NV	6.0
SK hynix, Inc.	5.4
Banco Bilbao Vizcaya Argentaria SA	4.4
Samsung Electronics Co. Ltd.	3.8

Asset Allocation (% of net assets)

Table Summary
Common Stocks	101.0
Investment Companies	1.2
Other	(2.2)

Top 5 Country Allocations - (% of investments)

Table Summary
United Kingdom	12.1
Netherlands	11.8
Japan	10.5
South Korea	9.7
France	8.4

Janus Aspen Series

Where can I find more information?

At janushenderson.com/VIT, you can find additional information about the Portfolio, including the Portfolio's:

Prospectus
Financial information
Portfolio holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Aspen Series

109-70-71211S 08-26

Janus Henderson VIT Research Portfolio

Semi-Annual Shareholder Report

June 30, 2026

Institutional Shares : JAGRX

This semi-annual shareholder report contains important information about the Janus Henderson VIT Research Portfolio (the "Portfolio") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Portfolio at janushenderson.com/VIT. You can also request this information by contacting us at 1-877-335-2687.

What were the costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Portfolio (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Janus Henderson VIT Research Portfolio (Institutional Shares/JAGRX)	$40	0.77%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized for periods of less than one full year.

Key Portfolio Statistics

Table Summary
Net assets (Millions)	$784
Number of portfolio holdings	81
Portfolio turnover rate	27%

What did the Portfolio invest in?

5 Largest equity holdings - (% of net assets)

Table Summary
NVIDIA Corp.	14.1
Alphabet, Inc.	11.5
Broadcom, Inc.	6.0
Microsoft Corp.	5.0
Space Exploration Technologies Corp.	3.6

Asset Allocation (% of net assets)

Table Summary
Common Stocks	99.6
Investments Purchased with Cash Collateral from Securities Lending	2.7
Investment Companies	0.9
Private Placements	0.1
Other	(3.3)

Top 5 Country Allocations - (% of investments)

Table Summary
United States of America	94.4
Ireland	1.1
Taiwan	1.0
South Korea	0.9
Netherlands	0.9

Janus Aspen Series

Where can I find more information?

At janushenderson.com/VIT, you can find additional information about the Portfolio, including the Portfolio's:

Prospectus
Financial information
Portfolio holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Aspen Series

109-70-71212I 08-26

Janus Henderson VIT Research Portfolio

Semi-Annual Shareholder Report

June 30, 2026

Service Shares

What were the costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Portfolio (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Janus Henderson VIT Research Portfolio (Service Shares)	$53	1.02%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized for periods of less than one full year.

Key Portfolio Statistics

Table Summary
Net assets (Millions)	$784
Number of portfolio holdings	81
Portfolio turnover rate	27%

What did the Portfolio invest in?

5 Largest equity holdings - (% of net assets)

Table Summary
NVIDIA Corp.	14.1
Alphabet, Inc.	11.5
Broadcom, Inc.	6.0
Microsoft Corp.	5.0
Space Exploration Technologies Corp.	3.6

Asset Allocation (% of net assets)

Table Summary
Common Stocks	99.6
Investments Purchased with Cash Collateral from Securities Lending	2.7
Investment Companies	0.9
Private Placements	0.1
Other	(3.3)

Top 5 Country Allocations - (% of investments)

Table Summary
United States of America	94.4
Ireland	1.1
Taiwan	1.0
South Korea	0.9
Netherlands	0.9

Janus Aspen Series

Where can I find more information?

At janushenderson.com/VIT, you can find additional information about the Portfolio, including the Portfolio's:

Prospectus
Financial information
Portfolio holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Aspen Series

109-70-71213S 08-26