What were the costs for the year?

(Based on a hypothetical $10,000 investment)

Key Fund Statistics

What material changes have occurred since the beginning of the fiscal year?

This is a summary of certain changes of the Fund since June 30, 2025. 

At a May 18, 2026 meeting of Fund shareholders, shareholders approved the election of eight Trustees as the Board of Trustees of the Trust. At a May 18, 2026 meeting of Fund shareholders, shareholders approved a new investment advisory agreement between the Fund and the Adviser, to take effect in connection with the closing of the Transaction.

What were the costs for the year?

(Based on a hypothetical $10,000 investment)

Key Fund Statistics

What material changes have occurred since the beginning of the fiscal year?

This is a summary of certain changes of the Fund since June 30, 2025. 

At a May 18, 2026 meeting of Fund shareholders, shareholders approved the election of eight Trustees as the Board of Trustees of the Trust. At a May 18, 2026 meeting of Fund shareholders, shareholders approved a new investment advisory agreement between the Fund and the Adviser, to take effect in connection with the closing of the Transaction.

What were the costs for the year?

(Based on a hypothetical $10,000 investment)

Key Fund Statistics

What material changes have occurred since the beginning of the fiscal year?

This is a summary of certain changes of the Fund since June 30, 2025. 

At a May 18, 2026 meeting of Fund shareholders, shareholders approved the election of eight Trustees as the Board of Trustees of the Trust. At a May 18, 2026 meeting of Fund shareholders, shareholders approved a new investment advisory agreement between the Fund and the Adviser, to take effect in connection with the closing of the Transaction.

What impacted Fund performance over the reporting period?

For the 12-month period ended June 30, 2026, the Janus Henderson Adaptive Risk Managed U.S. Equity Fund  Class A Shares returned 15.52%. Its broad-based benchmark, the  Russell 1000^® Index, returned 22.02%. Its performance benchmark, the S&P 500^® Minimum Volatility Index,  returned 10.11%.

TOP CONTRIBUTORS TO PERFORMANCE

Stock selection in the communication services sector contributed relative to the Russell 1000 Index. Individual contributors included KLA, a leading supplier of advanced inspection equipment used in semiconductor production. Shares rose on expectations for strong demand as chipmakers have expanded capacity to meet the needs of artificial intelligence (AI). Rambus, another contributor, supplies solutions that improve data flow efficiency. Rising demand from data centers helped support its pricing power and earnings growth. Google parent company Alphabet also contributed, reflecting rising demand for Google AI products and expanded AI cloud services. We trimmed the position

TOP DETRACTORS FROM PERFORMANCE

Positioning in the information technology (IT) sector detracted relative to the Russell 1000 Index, as the Fund lacked exposure to several IT stocks that were strong drivers of Index returns. The Fund’s underweight position in Micron Technology also detracted, as the stock was a strong performer for the Index. Micron supplies memory chips and storage solutions to data centers. It has benefited from continued strong AI-driven demand and tight supply in the memory chip market. Relative performance was hindered by an overweight position in Intercontinental Exchange, which owns and manages marketplaces for trading energy futures and other securities. The stock declined on concerns over potential AI disruption to its financial information and trading businesses. Shares of carmaker Ferrari, another detractor, fell on disappointing sales guidance and worries over its electric vehicle strategy. We sold the position.

What impacted Fund performance over the reporting period?

For the 12-month period ended June 30, 2026, the Janus Henderson Adaptive Risk Managed U.S. Equity Fund  Class C Shares returned 14.60%. Its broad-based benchmark, the  Russell 1000^® Index, returned 22.02%. Its performance benchmark, the S&P 500^® Minimum Volatility Index,  returned 10.11%.

TOP CONTRIBUTORS TO PERFORMANCE

Stock selection in the communication services sector contributed relative to the Russell 1000 Index. Individual contributors included KLA, a leading supplier of advanced inspection equipment used in semiconductor production. Shares rose on expectations for strong demand as chipmakers have expanded capacity to meet the needs of artificial intelligence (AI). Rambus, another contributor, supplies solutions that improve data flow efficiency. Rising demand from data centers helped support its pricing power and earnings growth. Google parent company Alphabet also contributed, reflecting rising demand for Google AI products and expanded AI cloud services. We trimmed the position

TOP DETRACTORS FROM PERFORMANCE

Positioning in the information technology (IT) sector detracted relative to the Russell 1000 Index, as the Fund lacked exposure to several IT stocks that were strong drivers of Index returns. The Fund’s underweight position in Micron Technology also detracted, as the stock was a strong performer for the Index. Micron supplies memory chips and storage solutions to data centers. It has benefited from continued strong AI-driven demand and tight supply in the memory chip market. Relative performance was hindered by an overweight position in Intercontinental Exchange, which owns and manages marketplaces for trading energy futures and other securities. The stock declined on concerns over potential AI disruption to its financial information and trading businesses. Shares of carmaker Ferrari, another detractor, fell on disappointing sales guidance and worries over its electric vehicle strategy. We sold the position.

What impacted Fund performance over the reporting period?

For the 12-month period ended June 30, 2026, the Janus Henderson Adaptive Risk Managed U.S. Equity Fund  Class D Shares returned 15.78%. Its broad-based benchmark, the  Russell 1000^® Index, returned 22.02%. Its performance benchmark, the S&P 500^® Minimum Volatility Index,  returned 10.11%.

TOP CONTRIBUTORS TO PERFORMANCE

Stock selection in the communication services sector contributed relative to the Russell 1000 Index. Individual contributors included KLA, a leading supplier of advanced inspection equipment used in semiconductor production. Shares rose on expectations for strong demand as chipmakers have expanded capacity to meet the needs of artificial intelligence (AI). Rambus, another contributor, supplies solutions that improve data flow efficiency. Rising demand from data centers helped support its pricing power and earnings growth. Google parent company Alphabet also contributed, reflecting rising demand for Google AI products and expanded AI cloud services. We trimmed the position

TOP DETRACTORS FROM PERFORMANCE

Positioning in the information technology (IT) sector detracted relative to the Russell 1000 Index, as the Fund lacked exposure to several IT stocks that were strong drivers of Index returns. The Fund’s underweight position in Micron Technology also detracted, as the stock was a strong performer for the Index. Micron supplies memory chips and storage solutions to data centers. It has benefited from continued strong AI-driven demand and tight supply in the memory chip market. Relative performance was hindered by an overweight position in Intercontinental Exchange, which owns and manages marketplaces for trading energy futures and other securities. The stock declined on concerns over potential AI disruption to its financial information and trading businesses. Shares of carmaker Ferrari, another detractor, fell on disappointing sales guidance and worries over its electric vehicle strategy. We sold the position.

What impacted Fund performance over the reporting period?

For the 12-month period ended June 30, 2026, the Janus Henderson Adaptive Risk Managed U.S. Equity Fund  Class I Shares returned 15.81%. Its broad-based benchmark, the  Russell 1000^® Index, returned 22.02%. Its performance benchmark, the S&P 500^® Minimum Volatility Index,  returned 10.11%.

TOP CONTRIBUTORS TO PERFORMANCE

Stock selection in the communication services sector contributed relative to the Russell 1000 Index. Individual contributors included KLA, a leading supplier of advanced inspection equipment used in semiconductor production. Shares rose on expectations for strong demand as chipmakers have expanded capacity to meet the needs of artificial intelligence (AI). Rambus, another contributor, supplies solutions that improve data flow efficiency. Rising demand from data centers helped support its pricing power and earnings growth. Google parent company Alphabet also contributed, reflecting rising demand for Google AI products and expanded AI cloud services. We trimmed the position

TOP DETRACTORS FROM PERFORMANCE

Positioning in the information technology (IT) sector detracted relative to the Russell 1000 Index, as the Fund lacked exposure to several IT stocks that were strong drivers of Index returns. The Fund’s underweight position in Micron Technology also detracted, as the stock was a strong performer for the Index. Micron supplies memory chips and storage solutions to data centers. It has benefited from continued strong AI-driven demand and tight supply in the memory chip market. Relative performance was hindered by an overweight position in Intercontinental Exchange, which owns and manages marketplaces for trading energy futures and other securities. The stock declined on concerns over potential AI disruption to its financial information and trading businesses. Shares of carmaker Ferrari, another detractor, fell on disappointing sales guidance and worries over its electric vehicle strategy. We sold the position.

What impacted Fund performance over the reporting period?

For the 12-month period ended June 30, 2026, the Janus Henderson Adaptive Risk Managed U.S. Equity Fund  Class N Shares returned 15.90%. Its broad-based benchmark, the  Russell 1000^® Index, returned 22.02%. Its performance benchmark, the S&P 500^® Minimum Volatility Index,  returned 10.11%.

TOP CONTRIBUTORS TO PERFORMANCE

Stock selection in the communication services sector contributed relative to the Russell 1000 Index. Individual contributors included KLA, a leading supplier of advanced inspection equipment used in semiconductor production. Shares rose on expectations for strong demand as chipmakers have expanded capacity to meet the needs of artificial intelligence (AI). Rambus, another contributor, supplies solutions that improve data flow efficiency. Rising demand from data centers helped support its pricing power and earnings growth. Google parent company Alphabet also contributed, reflecting rising demand for Google AI products and expanded AI cloud services. We trimmed the position

TOP DETRACTORS FROM PERFORMANCE

Positioning in the information technology (IT) sector detracted relative to the Russell 1000 Index, as the Fund lacked exposure to several IT stocks that were strong drivers of Index returns. The Fund’s underweight position in Micron Technology also detracted, as the stock was a strong performer for the Index. Micron supplies memory chips and storage solutions to data centers. It has benefited from continued strong AI-driven demand and tight supply in the memory chip market. Relative performance was hindered by an overweight position in Intercontinental Exchange, which owns and manages marketplaces for trading energy futures and other securities. The stock declined on concerns over potential AI disruption to its financial information and trading businesses. Shares of carmaker Ferrari, another detractor, fell on disappointing sales guidance and worries over its electric vehicle strategy. We sold the position.

What impacted Fund performance over the reporting period?

For the 12-month period ended June 30, 2026, the Janus Henderson Adaptive Risk Managed U.S. Equity Fund  Class S Shares returned 15.30%. Its broad-based benchmark, the  Russell 1000^® Index, returned 22.02%. Its performance benchmark, the S&P 500^® Minimum Volatility Index,  returned 10.11%.

TOP CONTRIBUTORS TO PERFORMANCE

Stock selection in the communication services sector contributed relative to the Russell 1000 Index. Individual contributors included KLA, a leading supplier of advanced inspection equipment used in semiconductor production. Shares rose on expectations for strong demand as chipmakers have expanded capacity to meet the needs of artificial intelligence (AI). Rambus, another contributor, supplies solutions that improve data flow efficiency. Rising demand from data centers helped support its pricing power and earnings growth. Google parent company Alphabet also contributed, reflecting rising demand for Google AI products and expanded AI cloud services. We trimmed the position

TOP DETRACTORS FROM PERFORMANCE

Positioning in the information technology (IT) sector detracted relative to the Russell 1000 Index, as the Fund lacked exposure to several IT stocks that were strong drivers of Index returns. The Fund’s underweight position in Micron Technology also detracted, as the stock was a strong performer for the Index. Micron supplies memory chips and storage solutions to data centers. It has benefited from continued strong AI-driven demand and tight supply in the memory chip market. Relative performance was hindered by an overweight position in Intercontinental Exchange, which owns and manages marketplaces for trading energy futures and other securities. The stock declined on concerns over potential AI disruption to its financial information and trading businesses. Shares of carmaker Ferrari, another detractor, fell on disappointing sales guidance and worries over its electric vehicle strategy. We sold the position.

What impacted Fund performance over the reporting period?

For the 12-month period ended June 30, 2026, the Janus Henderson Adaptive Risk Managed U.S. Equity Fund  Class T Shares returned 15.63%. Its broad-based benchmark, the  Russell 1000^® Index, returned 22.02%. Its performance benchmark, the S&P 500^® Minimum Volatility Index,  returned 10.11%.

TOP CONTRIBUTORS TO PERFORMANCE

Stock selection in the communication services sector contributed relative to the Russell 1000 Index. Individual contributors included KLA, a leading supplier of advanced inspection equipment used in semiconductor production. Shares rose on expectations for strong demand as chipmakers have expanded capacity to meet the needs of artificial intelligence (AI). Rambus, another contributor, supplies solutions that improve data flow efficiency. Rising demand from data centers helped support its pricing power and earnings growth. Google parent company Alphabet also contributed, reflecting rising demand for Google AI products and expanded AI cloud services. We trimmed the position

TOP DETRACTORS FROM PERFORMANCE

Positioning in the information technology (IT) sector detracted relative to the Russell 1000 Index, as the Fund lacked exposure to several IT stocks that were strong drivers of Index returns. The Fund’s underweight position in Micron Technology also detracted, as the stock was a strong performer for the Index. Micron supplies memory chips and storage solutions to data centers. It has benefited from continued strong AI-driven demand and tight supply in the memory chip market. Relative performance was hindered by an overweight position in Intercontinental Exchange, which owns and manages marketplaces for trading energy futures and other securities. The stock declined on concerns over potential AI disruption to its financial information and trading businesses. Shares of carmaker Ferrari, another detractor, fell on disappointing sales guidance and worries over its electric vehicle strategy. We sold the position.

What impacted Fund performance over the reporting period?

For the 12-month period ended June 30, 2026, the Janus Henderson Developed World Bond Fund  Class A Shares returned 4.15%. Its broad-based benchmark, the  Bloomberg Global Aggregate Bond Index (Unhedged), returned 0.62%. Its performance benchmark, the Bloomberg Global Aggregate Credit Index (USD Hedged),  returned 4.47%.

TOP CONTRIBUTORS TO PERFORMANCE

Credit spread exposure and security selection proved to be contributors to relative performance. Investment-grade corporate bonds were the largest asset-level contributor, followed by high-yield bonds and loans. At the sector level, consumer cyclical, consumer non-cyclical, and banking delivered the strongest contributions. At the issuer level, New Zealand government bonds and agency mortgage-backed securities (MBS) were notable contributors. Positions in Bupa Finance, Service Corporation International, and Froneri also added value, supported by attractive carry and favorable spread movements. The use of derivatives was additive overall during the period, particularly the use of forward foreign currency exchange contracts which are used principally when seeking to hedge currency exposure.

TOP DETRACTORS FROM PERFORMANCE

Detractors were concentrated in a limited number of idiosyncratic credit positions. ION Platform Finance and Qlik were the largest detractors, followed by Virgin Media and Electronic Arts. Technology was the weakest-performing sector, reflecting issuer-specific weakness and wider investor concerns about the potential disruptive impact of artificial intelligence. Headwinds from interest rate positioning also weighed on results.

What impacted Fund performance over the reporting period?

For the 12-month period ended June 30, 2026, the Janus Henderson Developed World Bond Fund  Class C Shares returned 3.26%. Its broad-based benchmark, the  Bloomberg Global Aggregate Bond Index (Unhedged), returned 0.62%. Its performance benchmark, the Bloomberg Global Aggregate Credit Index (USD Hedged),  returned 4.47%.

TOP CONTRIBUTORS TO PERFORMANCE

Credit spread exposure and security selection proved to be contributors to relative performance. Investment-grade corporate bonds were the largest asset-level contributor, followed by high-yield bonds and loans. At the sector level, consumer cyclical, consumer non-cyclical, and banking delivered the strongest contributions. At the issuer level, New Zealand government bonds and agency mortgage-backed securities (MBS) were notable contributors. Positions in Bupa Finance, Service Corporation International, and Froneri also added value, supported by attractive carry and favorable spread movements. The use of derivatives was additive overall during the period, particularly the use of forward foreign currency exchange contracts which are used principally when seeking to hedge currency exposure.

TOP DETRACTORS FROM PERFORMANCE

Detractors were concentrated in a limited number of idiosyncratic credit positions. ION Platform Finance and Qlik were the largest detractors, followed by Virgin Media and Electronic Arts. Technology was the weakest-performing sector, reflecting issuer-specific weakness and wider investor concerns about the potential disruptive impact of artificial intelligence. Headwinds from interest rate positioning also weighed on results.

What impacted Fund performance over the reporting period?

For the 12-month period ended June 30, 2026, the Janus Henderson Developed World Bond Fund  Class D Shares returned 4.15%. Its broad-based benchmark, the  Bloomberg Global Aggregate Bond Index (Unhedged), returned 0.62%. Its performance benchmark, the Bloomberg Global Aggregate Credit Index (USD Hedged),  returned 4.47%.

TOP CONTRIBUTORS TO PERFORMANCE

Credit spread exposure and security selection proved to be contributors to relative performance. Investment-grade corporate bonds were the largest asset-level contributor, followed by high-yield bonds and loans. At the sector level, consumer cyclical, consumer non-cyclical, and banking delivered the strongest contributions. At the issuer level, New Zealand government bonds and agency mortgage-backed securities (MBS) were notable contributors. Positions in Bupa Finance, Service Corporation International, and Froneri also added value, supported by attractive carry and favorable spread movements. The use of derivatives was additive overall during the period, particularly the use of forward foreign currency exchange contracts which are used principally when seeking to hedge currency exposure.

TOP DETRACTORS FROM PERFORMANCE

Detractors were concentrated in a limited number of idiosyncratic credit positions. ION Platform Finance and Qlik were the largest detractors, followed by Virgin Media and Electronic Arts. Technology was the weakest-performing sector, reflecting issuer-specific weakness and wider investor concerns about the potential disruptive impact of artificial intelligence. Headwinds from interest rate positioning also weighed on results.

What impacted Fund performance over the reporting period?

For the 12-month period ended June 30, 2026, the Janus Henderson Developed World Bond Fund  Class I Shares returned 4.40%. Its broad-based benchmark, the  Bloomberg Global Aggregate Bond Index (Unhedged), returned 0.62%. Its performance benchmark, the Bloomberg Global Aggregate Credit Index (USD Hedged),  returned 4.47%.

TOP CONTRIBUTORS TO PERFORMANCE

Credit spread exposure and security selection proved to be contributors to relative performance. Investment-grade corporate bonds were the largest asset-level contributor, followed by high-yield bonds and loans. At the sector level, consumer cyclical, consumer non-cyclical, and banking delivered the strongest contributions. At the issuer level, New Zealand government bonds and agency mortgage-backed securities (MBS) were notable contributors. Positions in Bupa Finance, Service Corporation International, and Froneri also added value, supported by attractive carry and favorable spread movements. The use of derivatives was additive overall during the period, particularly the use of forward foreign currency exchange contracts which are used principally when seeking to hedge currency exposure.

TOP DETRACTORS FROM PERFORMANCE

Detractors were concentrated in a limited number of idiosyncratic credit positions. ION Platform Finance and Qlik were the largest detractors, followed by Virgin Media and Electronic Arts. Technology was the weakest-performing sector, reflecting issuer-specific weakness and wider investor concerns about the potential disruptive impact of artificial intelligence. Headwinds from interest rate positioning also weighed on results.

What impacted Fund performance over the reporting period?

For the 12-month period ended June 30, 2026, the Janus Henderson Developed World Bond Fund  Class N Shares returned 4.40%. Its broad-based benchmark, the  Bloomberg Global Aggregate Bond Index (Unhedged), returned 0.62%. Its performance benchmark, the Bloomberg Global Aggregate Credit Index (USD Hedged),  returned 4.47%.

TOP CONTRIBUTORS TO PERFORMANCE

Credit spread exposure and security selection proved to be contributors to relative performance. Investment-grade corporate bonds were the largest asset-level contributor, followed by high-yield bonds and loans. At the sector level, consumer cyclical, consumer non-cyclical, and banking delivered the strongest contributions. At the issuer level, New Zealand government bonds and agency mortgage-backed securities (MBS) were notable contributors. Positions in Bupa Finance, Service Corporation International, and Froneri also added value, supported by attractive carry and favorable spread movements. The use of derivatives was additive overall during the period, particularly the use of forward foreign currency exchange contracts which are used principally when seeking to hedge currency exposure.

TOP DETRACTORS FROM PERFORMANCE

Detractors were concentrated in a limited number of idiosyncratic credit positions. ION Platform Finance and Qlik were the largest detractors, followed by Virgin Media and Electronic Arts. Technology was the weakest-performing sector, reflecting issuer-specific weakness and wider investor concerns about the potential disruptive impact of artificial intelligence. Headwinds from interest rate positioning also weighed on results.

What impacted Fund performance over the reporting period?

For the 12-month period ended June 30, 2026, the Janus Henderson Developed World Bond Fund  Class S Shares returned 3.86%. Its broad-based benchmark, the  Bloomberg Global Aggregate Bond Index (Unhedged), returned 0.62%. Its performance benchmark, the Bloomberg Global Aggregate Credit Index (USD Hedged),  returned 4.47%.

TOP CONTRIBUTORS TO PERFORMANCE

Credit spread exposure and security selection proved to be contributors to relative performance. Investment-grade corporate bonds were the largest asset-level contributor, followed by high-yield bonds and loans. At the sector level, consumer cyclical, consumer non-cyclical, and banking delivered the strongest contributions. At the issuer level, New Zealand government bonds and agency mortgage-backed securities (MBS) were notable contributors. Positions in Bupa Finance, Service Corporation International, and Froneri also added value, supported by attractive carry and favorable spread movements. The use of derivatives was additive overall during the period, particularly the use of forward foreign currency exchange contracts which are used principally when seeking to hedge currency exposure.

TOP DETRACTORS FROM PERFORMANCE

Detractors were concentrated in a limited number of idiosyncratic credit positions. ION Platform Finance and Qlik were the largest detractors, followed by Virgin Media and Electronic Arts. Technology was the weakest-performing sector, reflecting issuer-specific weakness and wider investor concerns about the potential disruptive impact of artificial intelligence. Headwinds from interest rate positioning also weighed on results.

What impacted Fund performance over the reporting period?

For the 12-month period ended June 30, 2026, the Janus Henderson Developed World Bond Fund  Class T Shares returned 4.14%. Its broad-based benchmark, the  Bloomberg Global Aggregate Bond Index (Unhedged), returned 0.62%. Its performance benchmark, the Bloomberg Global Aggregate Credit Index (USD Hedged),  returned 4.47%.

TOP CONTRIBUTORS TO PERFORMANCE

Credit spread exposure and security selection proved to be contributors to relative performance. Investment-grade corporate bonds were the largest asset-level contributor, followed by high-yield bonds and loans. At the sector level, consumer cyclical, consumer non-cyclical, and banking delivered the strongest contributions. At the issuer level, New Zealand government bonds and agency mortgage-backed securities (MBS) were notable contributors. Positions in Bupa Finance, Service Corporation International, and Froneri also added value, supported by attractive carry and favorable spread movements. The use of derivatives was additive overall during the period, particularly the use of forward foreign currency exchange contracts which are used principally when seeking to hedge currency exposure.

TOP DETRACTORS FROM PERFORMANCE

Detractors were concentrated in a limited number of idiosyncratic credit positions. ION Platform Finance and Qlik were the largest detractors, followed by Virgin Media and Electronic Arts. Technology was the weakest-performing sector, reflecting issuer-specific weakness and wider investor concerns about the potential disruptive impact of artificial intelligence. Headwinds from interest rate positioning also weighed on results.

What impacted Fund performance over the reporting period?

For the 12-month period ended June 30, 2026 , the Janus Henderson Flexible Bond Fund   Class A Shares returned 3.43%. Its broad-based benchmark, the  Bloomberg U.S. Aggregate Bond Index, returned 3.79%.

TOP CONTRIBUTORS TO PERFORMANCE

The diversified overweight to credit spread risk and corresponding underweight to U.S. Treasuries were the key performance drivers relative to the Bloomberg US Aggregate Index in the 12 months to June 30, 2026. Exposure to high-yield corporate bonds was a strong contributor to results. Other off-benchmark allocations to collateralized mortgage obligations (CMOs) and loans also contributed, as did an overweight allocation to commercial mortgage-backed securities (CMBS). Within loans, a position in X Corp (formerly Twitter) benefited from being called due to a corporate merger

TOP DETRACTORS FROM PERFORMANCE

Yield curve positioning detracted over the period, particularly in the first half of 2026 as short-term yields rose faster than long-term yields. Our overweight position at the front end of the yield curve weighed on relative results as the curve flattened. Against this backdrop of heightened rate sensitivity, we trimmed duration to a modest underweight in the second quarter of 2026 and reduced the size of our positioning for steepening in the yield curve. However, this was insufficient to offset the negative impact as the spread between 10- and 2-year Treasuries continued to narrow. The use of derivatives weighed on results, in particular, the use of futures, which are used to manage interest rate risk, yield curve positioning, and country exposure. Security selection within asset-backed securities (ABS) also detracted.

What impacted Fund performance over the reporting period?

For the 12-month period ended June 30, 2026 , the Janus Henderson Flexible Bond Fund   Class C Shares returned 2.88%. Its broad-based benchmark, the  Bloomberg U.S. Aggregate Bond Index, returned 3.79%.

TOP CONTRIBUTORS TO PERFORMANCE

The diversified overweight to credit spread risk and corresponding underweight to U.S. Treasuries were the key performance drivers relative to the Bloomberg US Aggregate Index in the 12 months to June 30, 2026. Exposure to high-yield corporate bonds was a strong contributor to results. Other off-benchmark allocations to collateralized mortgage obligations (CMOs) and loans also contributed, as did an overweight allocation to commercial mortgage-backed securities (CMBS). Within loans, a position in X Corp (formerly Twitter) benefited from being called due to a corporate merger

TOP DETRACTORS FROM PERFORMANCE

Yield curve positioning detracted over the period, particularly in the first half of 2026 as short-term yields rose faster than long-term yields. Our overweight position at the front end of the yield curve weighed on relative results as the curve flattened. Against this backdrop of heightened rate sensitivity, we trimmed duration to a modest underweight in the second quarter of 2026 and reduced the size of our positioning for steepening in the yield curve. However, this was insufficient to offset the negative impact as the spread between 10- and 2-year Treasuries continued to narrow. The use of derivatives weighed on results, in particular, the use of futures, which are used to manage interest rate risk, yield curve positioning, and country exposure. Security selection within asset-backed securities (ABS) also detracted.

What impacted Fund performance over the reporting period?

For the 12-month period ended June 30, 2026 , the Janus Henderson Flexible Bond Fund   Class D Shares returned 3.82%. Its broad-based benchmark, the  Bloomberg U.S. Aggregate Bond Index, returned 3.79%.

TOP CONTRIBUTORS TO PERFORMANCE

The diversified overweight to credit spread risk and corresponding underweight to U.S. Treasuries were the key performance drivers relative to the Bloomberg US Aggregate Index in the 12 months to June 30, 2026. Exposure to high-yield corporate bonds was a strong contributor to results. Other off-benchmark allocations to collateralized mortgage obligations (CMOs) and loans also contributed, as did an overweight allocation to commercial mortgage-backed securities (CMBS). Within loans, a position in X Corp (formerly Twitter) benefited from being called due to a corporate merger

TOP DETRACTORS FROM PERFORMANCE

Yield curve positioning detracted over the period, particularly in the first half of 2026 as short-term yields rose faster than long-term yields. Our overweight position at the front end of the yield curve weighed on relative results as the curve flattened. Against this backdrop of heightened rate sensitivity, we trimmed duration to a modest underweight in the second quarter of 2026 and reduced the size of our positioning for steepening in the yield curve. However, this was insufficient to offset the negative impact as the spread between 10- and 2-year Treasuries continued to narrow. The use of derivatives weighed on results, in particular, the use of futures, which are used to manage interest rate risk, yield curve positioning, and country exposure. Security selection within asset-backed securities (ABS) also detracted.

What impacted Fund performance over the reporting period?

For the 12-month period ended June 30, 2026 , the Janus Henderson Flexible Bond Fund   Class I Shares returned 3.86%. Its broad-based benchmark, the  Bloomberg U.S. Aggregate Bond Index, returned 3.79%.

TOP CONTRIBUTORS TO PERFORMANCE

The diversified overweight to credit spread risk and corresponding underweight to U.S. Treasuries were the key performance drivers relative to the Bloomberg US Aggregate Index in the 12 months to June 30, 2026. Exposure to high-yield corporate bonds was a strong contributor to results. Other off-benchmark allocations to collateralized mortgage obligations (CMOs) and loans also contributed, as did an overweight allocation to commercial mortgage-backed securities (CMBS). Within loans, a position in X Corp (formerly Twitter) benefited from being called due to a corporate merger

TOP DETRACTORS FROM PERFORMANCE

Yield curve positioning detracted over the period, particularly in the first half of 2026 as short-term yields rose faster than long-term yields. Our overweight position at the front end of the yield curve weighed on relative results as the curve flattened. Against this backdrop of heightened rate sensitivity, we trimmed duration to a modest underweight in the second quarter of 2026 and reduced the size of our positioning for steepening in the yield curve. However, this was insufficient to offset the negative impact as the spread between 10- and 2-year Treasuries continued to narrow. The use of derivatives weighed on results, in particular, the use of futures, which are used to manage interest rate risk, yield curve positioning, and country exposure. Security selection within asset-backed securities (ABS) also detracted.

What impacted Fund performance over the reporting period?

For the 12-month period ended June 30, 2026 , the Janus Henderson Flexible Bond Fund   Class N Shares returned 3.84%. Its broad-based benchmark, the  Bloomberg U.S. Aggregate Bond Index, returned 3.79%.

TOP CONTRIBUTORS TO PERFORMANCE

The diversified overweight to credit spread risk and corresponding underweight to U.S. Treasuries were the key performance drivers relative to the Bloomberg US Aggregate Index in the 12 months to June 30, 2026. Exposure to high-yield corporate bonds was a strong contributor to results. Other off-benchmark allocations to collateralized mortgage obligations (CMOs) and loans also contributed, as did an overweight allocation to commercial mortgage-backed securities (CMBS). Within loans, a position in X Corp (formerly Twitter) benefited from being called due to a corporate merger

TOP DETRACTORS FROM PERFORMANCE

Yield curve positioning detracted over the period, particularly in the first half of 2026 as short-term yields rose faster than long-term yields. Our overweight position at the front end of the yield curve weighed on relative results as the curve flattened. Against this backdrop of heightened rate sensitivity, we trimmed duration to a modest underweight in the second quarter of 2026 and reduced the size of our positioning for steepening in the yield curve. However, this was insufficient to offset the negative impact as the spread between 10- and 2-year Treasuries continued to narrow. The use of derivatives weighed on results, in particular, the use of futures, which are used to manage interest rate risk, yield curve positioning, and country exposure. Security selection within asset-backed securities (ABS) also detracted.

What impacted Fund performance over the reporting period?

For the 12-month period ended June 30, 2026 , the Janus Henderson Flexible Bond Fund   Class R Shares returned 3.18%. Its broad-based benchmark, the  Bloomberg U.S. Aggregate Bond Index, returned 3.79%.

TOP CONTRIBUTORS TO PERFORMANCE

The diversified overweight to credit spread risk and corresponding underweight to U.S. Treasuries were the key performance drivers relative to the Bloomberg US Aggregate Index in the 12 months to June 30, 2026. Exposure to high-yield corporate bonds was a strong contributor to results. Other off-benchmark allocations to collateralized mortgage obligations (CMOs) and loans also contributed, as did an overweight allocation to commercial mortgage-backed securities (CMBS). Within loans, a position in X Corp (formerly Twitter) benefited from being called due to a corporate merger

TOP DETRACTORS FROM PERFORMANCE

Yield curve positioning detracted over the period, particularly in the first half of 2026 as short-term yields rose faster than long-term yields. Our overweight position at the front end of the yield curve weighed on relative results as the curve flattened. Against this backdrop of heightened rate sensitivity, we trimmed duration to a modest underweight in the second quarter of 2026 and reduced the size of our positioning for steepening in the yield curve. However, this was insufficient to offset the negative impact as the spread between 10- and 2-year Treasuries continued to narrow. The use of derivatives weighed on results, in particular, the use of futures, which are used to manage interest rate risk, yield curve positioning, and country exposure. Security selection within asset-backed securities (ABS) also detracted.